Global M&A activity in 2023 fell approximately 20% compared to 2022, largely due to higher interest rates and mismatched value perception from sellers.
The industry has so far avoided the hard landing that many predicted as government largesse runs out and interest rates increase. However, we do see a long tail of minor bumps and dips as the impact of the Covid pandemic and subsequent excesses gets worked out over time. Keep your seatbelts on, just in case.