After a generally positive May, both U.S. and global M&A were disappointing in June, continuing some of the downward trends seen earlier in the year. U.S. deal value and deal count fell 56% and 21%, respectively, with strategic and sponsor activity declining at similar rates. Global activity mirrored these trends, with global deal value and deal count falling by 43% and 16%, respectively, with strategic value declining slightly more than sponsor activity globally.