In Dealmaker’s Digest, read the top 10 latest developments in global transactions. We offer insights into M&A activity across industries and borders.

Key Takeaways

• Annual global M&A activity in 2024 rebounded significantly from 2023’s sluggish deal landscape. Aggregate value of transactions ($100m+) increased 14% across all buyer types, with sponsor-led deals jumping 36% year-over-year.
• Crossborder transactions played a key role for dealmakers in 2024. Inbound U.S. transactions, totaling nearly $350B, jumped 21% from 2023, while outbound U.S. activity rose 18% (surpassing $430B for the year).
• More mega-deals were struck in 2024 compared with 2023; more than 25 U.S. transactions exceeded $10B in value, a 23% increase.

Global M&A Activity Update

Deal Value Trends

Aggregate global monthly deal value¹ decreased moderately in December, down about $20 billion (6%) from November. Total monthly deal value decreased 15% year-over-year.

Transactions involving strategic buyers in December also declined in value (7%) from November. Strategic deal value in December dropped 25% year-over-year.

Financial, or sponsor, buyer transactions in December held steady, decreasing only 4% from November, rounding out a comparably steady Q4 for sponsor acquisitions. Sponsor buyer deal value increased 7% year-over-year.

Deal Count Trends

Global deal count held steady from November to December, ticking up 4%, and rounded out the most active quarter by count for the year. Monthly deal count increased 16% year-over-year.

Strategic buyer deal count in December increased moderately, up 6% from November and 11% year-over-year.

Sponsor buyer deal count in December remained steady month-over-month, decreasing just 1% from November. However, sponsor deal count rose dramatically (28%) year-over-year.

Annual Global M&A Activity (Transactions $100M+)

• M&A activity increased in 2024 by nearly all metrics as dealmakers seized opportunities amid more favorable transacting conditions, including consecutive interest rate cuts and tampered inflation.
• Aggregate value of transactions $100m+ increased significantly in 2024 compared with 2023, up 14% across all buyer types. Aggregate value of sponsor buyer deals led the increase with a 36% jump, while strategic acquisitions held steady, up just 4%.
• The number of transactions valued at $100 million or greater increased 6% globally in 2024 vs 2023. Sponsor acquisitions jumped 24% by count, while acquisitions by strategic buyers held steady (declining a marginal 3%).
• The uptick in 2024 M&A activity was a noticeable rebound following consecutive declines in dealmaking since 2021’s $6.4 trillion record.

Annual U.S. Crossborder Activity

• Inbound U.S. activity in 2024 jumped 21% by deal value from 2023 and held steady by deal count (declining just 3%). The value of U.S. companies acquired by non-U.S. buyers in 2024 totaled nearly $350 billion.
• Outbound activity in 2024 jumped 18% by deal value from 2023 and remained stable by deal count, declining just 3%. The value of non-U.S. companies acquired by U.S. buyers in 2024 totaled over $430 billion.
• Canada-based acquirers drove the most inbound transactions in 2024 (287), followed closely by the UK (278). Japan-based buyers took third at 147 transactions.
• U.S. acquirers most frequently looked to targets in the UK during 2024 (572), with Canada (382) and Germany (198) rounding out the top three ex-U.S. target countries.

Active M&A Industries (U.S. Targets)

By Deal Count

• The software industry once again topped the list of U.S. M&A activity by deal count in December, continuing its streak as the leading industry by volume and rounding out a full year at number one.
• Services industries also remained active, with financial services and other professional services again rounding out the top three sectors in December by deal count.

By Deal Value

• Financial services was the leading U.S. industry by deal value in December, with two of the five largest deals of the month, together totaling more than $25 billion in deal value.
• Media was the second most active by deal value in December, bolstered by Omnicom’s blockbuster acquisition of Interpublic. Software targets were the third most active, at just over $15 billion in deal value.

December Blockbuster Deals

Largest U.S. Media Deal

Omnicom Group has agreed to acquire The Interpublic Group of Companies, Inc. in an all-stock transaction valued at approximately $13.75 billion.

Largest U.S. Asset Management Deal

BlackRock, Inc. has agreed to acquire HPS Investment Partners, LLC in an all-stock transaction valued at approximately $12 billion.

Selected Annual Highlights

More than 35 transactions exceeding $10 billion were announced globally during the year, demonstrative of the comparably favorable market conditions following tempered activity in 2023. Transformative deals were struck in a variety of sectors, including those highlighted below.

2024 M&A Activity Recap

A snapshot of 2024 metrics, and how they stack up against 2023.

1. ^{Unless otherwise noted, charts compiled using Mergermarket data for December 2024 as of January 6, 2025. Aggregate deal values by dollar amount are calculated from the subset of deals with disclosed values.}
2. ^{Medical industry classification principally includes medical devices/technology/services, excluding biotech and pharmaceutical deals.}