麥肯錫-2024年頂級(jí)并購-下一波交易成功藍(lán)圖（英）

M&Apractice

TopM&A

trendsin2024

Blueprintforsuccessinthe

nextwaveofdeals

2024

Ajumpinactivity

inthefourth

quarter(of2023)

pointstoincreasing

optimismreturning

tothemarket.

Thefollowingpeoplewereinstrumentalinhelpingtocreatethisreport:

HameedAllapitchai,RoerichBansal,CharlesBarthold,MatteoCamera,VirginiaCasas,

OliverEngert,BrianGrandfield,SusanGurewitsch,BenjaminHoussard,KameronKordestani,PaulKuderli,MargaretLoeb,PaulMorgan,JamesNewman,LynetteNguyen,EmilyO’Loughlin,SteveSakson,AnneSchultz,RuiSilva,RodrigoSletatt,HowardTomb,FionaVillalobos

Wearedelightedtoshareourinauguralannualreport

ontheglobalM&Amarket,TopM&Atrendsin2024:

Blueprintforsuccessinthenextwaveofdeals.

WhilethevalueofM&Aactivityfellforallof2023,ajumpinthefourthquarter—up41percent

fromthethirdquarterand37percentfromayearearlier—pointstoincreasingoptimismreturningtothemarket,alongwithagrowingappetitetoconsiderM&Aasameanstoadvancestrategy.

Weareprivilegedtosupportourclientsastheyexecutepivotaltransactionsthatwilltransformtheirbusinesses.McKinseypartnerswithclientstomaximizethesuccessoftheirM&Aactivityacrossthedeallifecycle,fromM&Astrategytointegrations,divestitures,andJVs/alliances.

Webringourclientsunrivaledtransactionandintegrationexpertise,deepindustryknowledge,aglobalnetwork,andafocusonbuildinginstitutionalandexecutiveM&Acapabilities.The

M&Aperspectivesweshareherearebuiltfromthisextensiveexperienceandresearch.Wearegratefultotheextendedgroupofcolleagueswhohavehelpedcompilethearticlesandanalysesincludedhere—butmostimportant,wearethankfultoourclientswhotrustustosupportthemontheirM&Ajourneys.

ThisreportoffersperspectivesforM&Aleadersinarangeofindustriesthatwebelievewilldrivedealmakingintheyearahead,aswellasdiscussionsonactivitiescriticaltodeliveringsuccessfulM&Atransactions.

Wehopeyouenjoyreading.

JakeHenry

SeniorPartner,Chicago

Globalco-leader,

McKinsey’sM&APractice

MiekeVanOostende

SeniorPartner,Brussels

Globalco-leader,

McKinsey’sM&APractice

TopM&Atrendsin20241

Will2024launchabrightneweraforM&A?

ByJakeHenryandMiekeVanOostende

Anticipatingwhatcouldbeaninflectionpoint,

manydealmakersarepreparingforasurge—andnewmarketrequirements—intheyearahead.

M&Adealmakershavebeenonawildride.Fromthepandemic-fueledroutin2020to2021’srecord-breakingrecovery,followedbyasteepdeclinein2023,theglobalM&Amarkethasofferedsomethingofamasterclassinvolatility.

Toughenedbytheseswingsandsuccessivemacroeconomic,geopolitical,andregulatory

challenges,manydealmakersareapproachingtheyearaheadnotwithtrepidation,butwitha

healthydoseofoptimism.Yes,theyjustweatheredanexceedinglydifficultyearfordealmaking.Andyes,fewcanrememberatimethatwasmorechallengingforM&A.

Forallof2023,globalM&Aactivitydropped16percentfromayearearlier,to$3.1trillion.1This

contrastswithothermarketbenchmarks,suchastheS&P500,whichclimbed24percentlast

yearonthewingsofahandfuloftechnology-andAI-drivenstocks.Alonger-termviewshowsthedepthofM&A’stroughin2023.Forexample,intheUS,theworld’sbusiestM&Amarket,activitydroppedtoitslowestproportionofS&P500marketvaluein20years.

Withcurveslikethat,wewerenotsurprisedtohearaprovocativequestionatarecentconference:“IsM&Adead?”

Ouransweris:certainlynot.

M&Amarketdurability

AvarietyoffactorssupportstheglobalM&Amarket’sdurability.First,withthebusiness

landscapeexperiencingseismicshifts—rangingfromtheriseofAItothegrowingimportanceofsustainabilityandtheemergenceofamoredemanding,tech-enabledconsumerclass—CEOs

acrossindustriestellusthatM&Aisamorevitalstrategicleverthanever.Organicgrowth—whichnevercomparedwellwiththemosteffectiveM&Astrategy—palesfurtherwhensignificant

strategicshiftsarecalledfor.Thisisespeciallytruewhencompaniesneedtoadaptquickly.

Forexample,ourlatestanalysisofthe“Global2,000”—theworld’slargestglobalpublic

companies—foundthatthosemakingmorethantwosmalltomidsizeddealsannuallyoverten

yearsthrough2022deliveredamedianexcesstotalshareholderreturn(TSR)of2.3percent.ThisprogrammaticapproachoutperformedallotherM&Astrategies,includingorganicgrowth,which

1Marketresultsreflectdealsannounced(andnotwithdrawn)over$25million.

2TopM&Atrendsin2024

actuallydestroyedvalueinthesameperiod.Partofthissuccessstemsfromactivelymanagingportfolios.Programmaticacquirersarenotjustacquisitive;theyalsoactivelydivestnonstrategicassets.InaMcKinseyglobalsurveyonM&A,respondentsfromprogrammaticacquirerswere

morelikelythanotherstosaytheirorganizationsconducteddivestituresinthepastfiveyears.

Strikingly,programmaticdealmakerswiththemostdealsearnedthehighestreturns.Seventypercentoutperformedprogrammaticpeerswhomadefewerdeals.Andtheperformancegap

betweenprogrammaticacquirersandcompaniespursuingorganicgrowthonlywidenedduringtheCOVID-19years.Programmaticacquirersachieved3.9percentexcessTSRinthepast

decade,upfrom2.9percentinthe2010s.EvenwithsomeofthelowestM&Avolumesinrecentyears,ourlatestresearchshowsthatthecaseforprogrammaticM&Aisstrongerthanever(see“

Thesevenhabitsofprogrammaticacquirers

”).

Cashisanotherimportantsourceofballast.Unlikepastmarkets,whenprivateequityand

principalinvestorsdrovemuchglobalM&Aactivity,in2023theyfledtothesidelines,slashing

theiractivity37percentto$560billion,astheywerespookedbyhighcostsofcapital,

uncertaintyaboutcentralbankers’plans,andregulators’morerobustscrutinyofdeals.(Indeed,thevalidityofthislastsourceofuncertaintyhasbeenconfirmedbythelengtheningregulatory

reviewprocess,whichhasextendedonaveragebyabout35percentovertenyears,through

2022,forthe100largestglobaldealsannually.Further,theproportionofcompaniesundergoinglong-terminvestigationsinEuropeandtheUSincreasedabout50percentfrom2017to2022.)

Butprivateequity(PE)investorsmaynotbesorareinthetimesahead.Althoughtheyaccountedforonly18percentofdealactivityin2023,theyarenotlikelytolingeronthesidelinesforlong.

Somefundswillneedtoconsiderexitstrategiesandredeploymentsinthenearterm,andothers,alongwithcorporatedealmakers,maybearousedbythemorethan$2trillioninundeployed

capitalasoftheendof2023.Althoughmacroeconomicandgeopoliticalchallengescould

continuetotemperPEinterest,thatmountainofdrypowdernonethelessbeckons—atemptationthatwillgrowforPEinvestorsandotherdealmakersastheysenseareturntogreatermarket

stability.

Whileweliveindynamictimes,severalfactorspointtoamorefavorablemacroeconomicenvironmentatthiswriting.

Higherinterestrateshavetemperedtheinflationarytrendssoworryingtocentralbankers;

inflationnowhoversjustabove3percentacrosstheUS,Europe,andAsia.Jobgrowthhas

remainedhealthy,withUSunemploymentunder4percentlatelastyear,whiletheEurozone

hithistoriclowsofaround6.5percent.Consumerspendinghasalsoremainedrobustglobally,

withUSretailsalesrisingatanannualrateofabout4percentfromayearearlier.Thisimprovingpicturehasbuoyedeconomists’hopesofasoftlandingfortheUSeconomy—asentimentsharedbymanyinvestorswhoboostedstockmarketreturnsattheendoftheyear.

Althoughinflationfearshavebeenreceding,concernaboutgeopoliticalinstabilityisontherise.Forexample,latelastyear,67percentofrespondentstoaMcKinseysurveycitedgeopolitical

concernsasthetopthreattoglobaleconomicgrowthin2024—thelargestshareidentifyingthisasatoprisksinceshortlyafterthewarinUkrainebegan.Concernsaboutpoliticaltransitions

alsoemergedasatoprisktoglobaleconomicgrowth.

TopM&Atrendsin20243

Thesenearly1,000surveyparticipantsfromabroadrangeofregionsandindustriesremainedlargelypositiveabouttheirowneconomies,with46percentexpectingconditionsintheirhomeeconomiestoimproveinthenextsixmonths,andonly26percentexpectingthemtoworsen.

Butasthemediaremainedrivetedbywarsandfractiouspoliticalconditionsinsomecountries,respondents’optimismabouttheglobaleconomyandtheircompanies’workforcegrowthandprofitsebbedabit(see“

Economicconditionsoutlookduringturbulenttimes

”).

Analysts,meanwhile,aremoresanguineaboutcorporateprospectsfor2024.Weendedthe

yearwithanalystconsensusofabout5percentgrowthinrevenuefortheyearahead,withgainsinEBITDAandnetearningsofaround8to9percent—abountythatwillnotlandevenlyacrossindustries,theybelieve(see“

Whodrovethereturnsin2023?

”).

Whatwecanlearnfrom2023M&Amarketperformance

TheperformanceofvarioussectorsandregionsmayindicatewhichareasofM&Aarelikelyto

recovermostquicklyfromtheglobalM&Amarket’sten-yearlowin2023—adeclinethatfollowedeightyearsofmostlystableactivity.

Forallof2023,globalM&Avaluefell16percentto$3.1trillion—ashowingevenweakerthanthepandemicyearof2020.Whiletheaveragedealsizeincreased14percent,owingtoahandfuloflargedeals,thenumberofcompanieschanginghandsfell27percentfromayearearlier.

Withmacroeconomic,geopolitical,andregulatorypressuresallcurbingexuberance,megadeals(over$10billion)fell17percentto$705billion,butmaintainedtheir23percentshareofglobal

dealactivity.

Exhibit1

Globaldealvalueandvolumefellin2023.

Dealactivity,12010–23

Annualdealvalue,$billion

6,000

5,000

4,000

3,000

2,000

1,000

0

2010201520202023

1Dealsannounced(andnotwithdrawn)ofvaluegreaterthan$25million.Source:Dealogic;McKinseyanalysis

4TopM&Atrendsin2024

Annualnumberofdeals

12,000

10,000

8,000

6,000

4,000

2,000

0

2010201520202023

TheAmericas,buoyedbysurprisinglystrongeconomicgrowthandemploymentfigures,

remainedthemostactivemarketforM&A—accountingformorethanhalfofglobalactivity

in2023.Dealvaluefell7percentto$1.6trillion,adeclinethatwassoftenedbytheactivityofprogrammaticacquirersandahandfulofmegadeals.Takentogether,thevalueofdealsintheAmericasforallof2023onlyslightlytrailsthepandemic-era2020totalof$1.7trillion.

AlsoboostingactivityintheAmericaswasdealmakers’continuingpropensityforlargedeals,astheregionclaimed11oftheworld’s20largestdealsannouncedin2023.Indeed,averagedeal

sizejumped38percentintheregion,toapproximately$670million,evenasthenumberofdealsintheAmericasfell32percent.

M&AmarketsinEuropeandtheMiddleEast(EMEA)hadafarrougher2023,experiencing

greaterchallengesfrommacroeconomicimpacts,aswellasgeopoliticalconflictandvolatileenergycosts.ThevalueofM&AactivityinEMEAfell30percentto$721billionin2023,whiledealvolumedropped29percent.Averagedealsizeremainedstableatapproximately$400million.

Meanwhile,thevalueofM&AtransactionsintheAsiaPacific(APAC)regionfell19percent

toitslowestlevelinadecade,$734billion,butmoreacquirersoutsidetheregionfound

appealingtargetsthere—especiallyinfast-growingeconomiesandcountrieswithrelativelylowgeopoliticalrisk,suchasIndia.Theregionoverallhadnet-positivedealinflowforthefirsttime

infiveyears.Japanwasaparticularbrightspot,withactivityjumping49percent,forexample.GreaterChinadroveonlyabout40percentofoveralldealvalue—itslowestshareinfiveyears.Fourindustriesaccountedforabouttwo-thirdsofdealmakingvalueintheregion:energyandmaterials;advancedindustries;tech,mediaandtelecom;andfinancialservices.Despitethe

complexitiesofvastlydifferentbusinessenvironmentsacrosstheregion,APACcontinuestoaccountforaboutaquarterofglobaldealvalue,upfromjust15percent20yearsago.

WeexpectrobustdealmakinginAPACintheyearstocomeasmultinationalsheadquarteredin

slower-growingregionslookforopportunitiestoscaleup,consolidateoperations,diversify,andadvancedecarbonizationandsustainabilityinitiatives.AWorldDataLabreportprojectsthatAsiawillbehometomorethan80percentoftheworld’s“newconsumers”in2024—tensofmillions

ofpeoplewhocanaffordtospend$12ormoreperdayforthefirsttime.2Brookingspointsout

thattheconsumingclasswilloutnumberthevulnerableandpoorintheregionforthefirsttimeinhistory.3

Industrysectorsalsohadvariedexperiences.Havingclosedaseriesofbehemothdealsthatlongkepttechnology,media,andtelecom(TMT)companiesintopplaceasthemostactive

dealmakers,TMTpassedthatbatonin2023.TheGEMsector(GlobalEnergyandMaterials)hasnowbecomethenewestfulcrumofM&Aactivityglobally,claiming26percentoftransaction

valueascompaniessoughttogrowcorebusinessesordiversifyintoadjacencies—signalingtheircontinuedfaithinfossilfuels.

2The2024WorldConsumerOutlook,WorldDataLab,November9,2023.

3WolfgangFengler,HomiKharas,andJuanCaballero,“Asia’stippingpointintheconsumerclass,”Brookings,June2,2022.

TopM&Atrendsin20245

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Exhibit2

GlobalenergyandmaterialsaccountedforthelargestshareofM&Aactivityin2023.

Dealactivitybysectorshare,2022–23

Announceddeals,1$billion

Announceddeals,1%share

4,0003,652

3,059

2023

2020

6

11

6

8

11

10

25

19

3

4

8

8

9

11

14

17

26

4

2023

2020

Other

Travel,logistics,andinfrastructure

Realestate

ConsumerandretailAdvancedindustries

Financialservices

Healthcare2

Tech,media,andtelcosEnergyandmaterials

Note:Figuresmaynotsumto100%,becauseofrounding.

1Dealsannounced(andnotwithdrawn)ofvaluegreaterthan$25million.

2IncludesLifeSciences.

Source:Dealogic;McKinseyanalysis

Andinadeparturefromrecentyears,whenPEdealmakingaccountedforwellover20percentofglobalactivity,thedominanceofcorporatedealmakinggrewin2023to82percentofdealvalueglobally,evenascorporate-ledvaluefell10percent.

AstopexecutivescontinuedtoevolvetheirstrategiesthroughM&A,theykepttheirfocusclosetohome.Domesticdealsremaineddominant,delivering72percentofdealvalue.However,theproportionofcross-regionaldealactivityincreased—upfourpercentagepointsto17percentin2023—aspandemic-erafearscontinuedtorecede.

6TopM&Atrendsin2024

8

16

76

10

16

73

11

13

76

12

17

72

Exhibit3

Dealsbetweenregionsincreasedin2023.

Domestic,cross-regional,andcross-borderM&Aactivity,$billion

Globalactivity,1$billion

6,000

5,000

4,000

3,000

2,000

1,000

0

20192020202120222023

Globalactivity,1%share

12

15

73

20192020202120222023

Cross-borderwithinregionCross-regional

Domestic

:s(steoin$25million.

Source:Dealogic;McKinseyanalysis

Lookingahead

Whilethetimingofafull-throttleM&Amarketrecoveryisnotentirelyclear,globalM&Aactivity

gatheredsteamtowardtheendof2023,supportingmanyleaders’viewthatopportunitieswouldopenupprecipitously.

ThevalueofglobalM&Aactivityjumped41percentinlastyear’sfourthquarterfromthethird

quarter,and37percentfromayearearlier,to$1trillion.Thenumberofcompanieschanging

handsalsoincreased7percentfromthethirdquarter.Withmanydealmakersregainingasenseofexuberance,averagedealsizejumped32percentfromthethirdquarter,to$550million.

TopM&Atrendsin20247

Exhibit4

Globaldealvaluejumpedinthefourthquarterof2023.

Dealactivity,12020–23

Dealvaluebyquarter,$billionNumberofdealsbyquarter

1,600

1,400

1,200

1,000

800

600

400

200

0

2020202120222023

3,200

2,800

2,400

2,000

1,600

1,200

800

400

0

2020202120222023

1Dealsannounced(andnotwithdrawn)ofvaluegreaterthan$25million.

Source:Dealogic;McKinseyanalysis

AllregionsparticipatedintheM&Amarket’sfourth-quartersurge.Thevalueofcompanies

changinghandsintheAmericasjumped39percentfromthethirdquarter,whiletheaveragedealsizegrew47percent.

EMEAhadanevenstrongerrecoveryinthefourthquarter,withthevalueofdealactivityincreasing60percentfromthethirdquarter,whileaveragedealsizejumped63percent.

OnlynumberslikethesecouldmakeAPAC’simprovementappearsomewhatmuted.ThevalueofAPACM&Aactivityincreased29percentinthefourthquarterfromthethird,and15percentfromayearearlier.APACwastheonlyregionwithanincreaseinthenumberoftransactions.

8TopM&Atrendsin2024

Howtoprepare

Inanticipationofamarketupturn,manyleadingCEOsacrossindustriesandregionsare

groomingtheirM&Ateams—andtheirboards—tobereadytoleap.Companiesareaddressingregionalandindustryshiftswithdealmakingaimedatenhancingorreshapingbusinesses.Inadditiontoacquisitions(increasinglystructuredinwaystomitigaterisk),transactionsoften

includedivestituresandavarietyofpartnerships.Leadingtransactorsarealsoprioritizing

actionsaimedatachievingsuperiorperformanceinM&A,withthemosteffectivedealmakersfindingmanywaystostackthedeckintheirfavor.

Togetreadyforwhatcouldbeawaveoftransactionsin2024,companiescantakeimportantstepsnow:

—Re-evaluateM&Athemesandupdatestrategy,investincapabilitiesandassetsthatwill

effectivelyevolvetheportfolio,andconsiderdivestituresasactivelyasacquisitions.

—ShiftM&Athemestomitigateincreasedgeopoliticalrisks—forexample,byemphasizinglocalizationratherthangeographicexpansion,targetingsectorswithstrongermarket

outlooks,investinginverticalintegration,andstrengtheningsupplychainresiliency.

—Establishahigherbarforvaluecreationtooffsethighercostsofcapital,andthinkbroadlyaboutdifferentkindsofsynergies—notjustcostorrevenue-boundbutalsocapex;notonlycombinational,butalsotransformationalsynergies.

—Pursuepartnershipsandalternativedealstructures—suchasJVs,alliances,andpublicmarketbuyouts—tooffsetthereducedavailabilityofdebtfinancing.

—Usealternativestructurestoreducetransactionrisks,suchasmilestonepayments.

Inthefollowingcollectionofarticles,weofferin-depthdiscussionsontrendsandbestpracticestohelpyounavigatetheglobalM&Aenvironmentin2024.Weofferperspectivesonsomeofthecriticalissueslikelytoinfluenceperformanceinavarietyofsectorsaswellasinsightsonissuesofcentralimportancetoleaders.

TopM&Atrendsin20249

10TopM&Atrendsin2024

Contents

Industrysectorupdatesandemergingtrends

Chemicals:Successthroughtimely,tailoredaction

16

Aschemicalcompaniesworktobreakoutoftwo-plusyearsofunderperformanceintotal

shareholderreturns,M&Acouldplayamajorroleinjump-startinghigherratesofgrowth.We

describerecentdriversofchemicaldeals,includingenteringconsumergoodssectorsandnewgeographies,orimprovingsustainability.Executionmandatesincludetailoringtheintegration

plantomaximizevalue,ensuringoperationalreadinessondayone,andprotectingandnurturingvitaltalent.

TMT:ThoughtfulM&Astrategiesarekeytogrowth

28

Whilethevalueofdealsinthetechnology,media,andtelecommunicationsindustriesfelllast

year,manyplayerscontinuedtopursuedealstooffsetinvestmentcostsandgrowrevenues.Amidindicationsofaresurgenceinactivity,wearguethatthemostsuccessfulplayerswillbepreciseinensuringthattheirdealsandexecutioneffortsalignwiththeircorporatestrategies.

LifesciencesM&Ashowsnewsignsoflife

38

Afterdealvalueinlifesciencespeakedin2021andplummetedasthepandemicended,

dealmakinginthesectorrevivedin2023.Acquiringpre-commercialbiotechassetstofuel

growthreneweddealsuccessforpharmaceuticalcompanies.Managingtheportfoliotoimproveprofitabilityprovidedthekeyformedicaltechnologycompanies.Thecurrentyearpromisestobeanactiveonefordealsacrossthesector.

ReboundoffinancialservicesM&A:Focusongrowthandcapabilities

48

Higherinterestratesboostedbankingprofitsin2023,butmanyoftheworld’sbanksstill

struggledtodeliverreturnsabovethecostofequity.Thegrowingdividebetweentheindustry’soutperformersandotherssuggeststhatdealmakingwillmaintainorgainmomentumin2024,includingdivestments,carve-outs,geographicexits,andrescues—inadditiontoacquisitions

designedtobuildscale,gainnewcapabilities,anddrivegrowth.

TopM&Atrendsin202411

Consumergoods:AchanginglandscapeforsuccessfulM&A

58

Shiftingmacroeconomicsinrecentyearspromptedmanyconsumergoodscompaniesto

changetheirM&Astrategies—fromlargeacquisitionsincorebusinessestosmallerdealsforhigh-growthcompanies,andthenbackagaintothecore.Lookingahead,winnerswilllookfornewwaystogeneratevalue,nomatterwhattheybuy.Somecompanieswilltakemoretime

tostrengthentheirtargetswithnewskillsorfunding.Theywillalsolookatnewintegrationstrategies,sometimesdelayingorforgoingfullintegration.

TheshiftingsandsofM&Aintransportationandlogistics

72

Powerfulforcesaretransformingthetransportationandlogisticsindustryandshapingnew

investmentprioritiesfor2024andbeyond.Leadinginvestorsaresittingonawarchestoffundsandarereadytospendoncethemarketpictureclears,valuationsembracefairermultiples,

andperspectivesonhowtobestcreatevaluesolidify.Would-bedealmakersshouldlaythegroundworkforinvestmentnow.

Dealmakingin2024:Gettingitright

TheportfoliomanagementimperativeanditsM&Aimplications

82

ThepandemicbroughtrecordlevelsofM&Aactivity.Butamorevolatileenvironmentdemands

greaterattentiontoportfoliomanagement:selectingtherightplayingfieldsandmanaging

companyassetsmoretightly.Weurgecompaniestotakeportfoliomanagementveryseriously—whichmeansdecidingwheretoplayandbuildingthecapabilitiesrequiredtowin.

CreatingvaluefromgreenM&A

92

Acrossindustries,companiesincreasinglyseesustainability-linkeddealsasawaytostimulate

growthandimproveoperationswhileraisingtheirenvironmental,social,andgovernance(ESG)profiles.Wenotethatthebest-performingdealsincorporateatailoreddealrationalethatdrivesrevenuesynergies,retainsanddevelopstoptalent,andalignsonacommonmissionandculture.

Leadingthroughuncertainty:NavigatingdelaysinM&Adeals

100

Overthepasttwoyears,unplanneddelayshaveplagued30percentofmajoracquisitions—stallingdealsforsixmonthsonaverage.Toavoiddepletingvalue,momentum,andmorale,dealmakersneedtoanticipatedelaysanddevelopcontingencyplans.

Theculturecompass:Usingearlyinsightstoguideintegrationplanning

108

DespitealltheshiftsaffectingM&Amarkets,someimperativesremainunchanged.Culturehas

alwaysbeenakeydeterminantofM&Asuccess.Itsimportancearguesforthinkingaboutcultureateverystageoftheintegrationeffort,startingwellbeforelaunchingintegrationplanning,and

usingearlyinsightsintotheculturesofbothcompaniestoshapetheintegration.

Whenatransactionforgesatransformation

114

Ascentralbankersworktocombathighinflation,dealmakershavemovedfromnear-zerocost

ofcapitaltoanenvironmentwherethecostofcapitalhasbecomearealfactor.Accordingly,themostsuccessfulacquirersarelookingbeyondcombinationalsynergiestoachievetrueperformancetransformationthroughM&A.

12TopM&Atrendsin2024

SpotlightonAsia

CreatingvaluewithM&AinAsia’sdiversemarketplaces

122

TheAsia-Pacificregioncontinuedtoaccountforaquarterofglobaldealactivityin2023.GreaterChinasawlessactivityforthefourthconsecutiveyear,whiledealmakinginAustraliaandNew

Zealandheldsteady,andactivityinJapanclimbed.Seizingopportunitiesinthisdiversemarketrequiresanuancedgraspoflocalculturesandbusinesspractices.

Wewelcomeyourcommentsonthiscollectionofarticles,whichyoucanaddressto:

MA-outreach@M

ForadditionalperspectivesonM&Amarkettrendsandleadershipinsights,pleaseseeourlatestthinkingat

/manda

.YoucanalsolistentoexpertsdiscussM&AtopicsonourInsidetheStrategyRoompodcastseries:

/itsr

.

TopM&Atrendsin202413

Industry

sectorupdatesandemerging

trends

14TopM&Atrendsin2024

TopM&Atrendsin202415

117

121

114

Chemicals&

agriculture

Factsheet

Dealvalue

Totaldealvaluebytargetregion,$billion(Jan.2020–endofDec.2023)

APAC

EMEA

Americas

Numberofdeals

144

38

28

40

45

46

52

45

35

60

34

35

37

2020

285

2021

345

2022

288

2023

267

16TopM&Atrendsin2024

Fibers

7

1

Plastic

16

Totaldealvalue,

bysub-sector

Percent

76

Chemicals–other

Shareofactivitybysub-sector,FY2023

Agriculture

Agriculture

17

Fibers

Totaldealvolumes,

bys