Following a mixed July, August saw deal activity for both strategic and sponsor transactions improve in the U.S., but decline globally. U.S. total deal value and deal count increased 29% and 17%, respectively, while global total deal value and deal count decreased 24% and 13%, respectively. While both U.S. and global activity remain higher than the low levels of April and May, the discrepancy between the U.S. and global activity may reflect the ongoing uncertainty associated with the COVID-19 pandemic as well as political and socio-economic developments.