Global M&A Deals in Q1 2024 – Top Themes by Sector – Thematic intelligence

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The global M&A market in Q1 2024 witnessed deals worth $613 billion, a rise of 38% compared to Q1 2024. In terms of deal volume, there was a 13% fall from 8,468 deals in Q1 2023 to 7,248 M&A deals in Q1 2024. The TMT sector led the M&A deal activity, with 2,163 deals worth $186 billion recorded in Q1 2024. Most sectors saw a year-on-year increase in deal activity in Q1 2024. Mega-deals (defined as any deal valued at more than $1 billion), also increase to 121 in Q1 2024 compared to 79 in Q1 2023.

If you want to understand the themes that drive an industry, simply look at the list of recent mergers and acquisitions (M&As). This report analyzes the disruptive themes that have driven M&A activity in Q1 2024 across all sectors including automotive, basic material, business and consumer services, consumer, energy, financial, healthcare, industrials, real estate, technology, media & telecoms, transportation, infrastructure, and logistics.


This report provides an overview of merger and acquisition activity globally in Q1 2024 across all sectors. This report takes a close look at the top deals in all the sectors and identifies the themes driving each of these deals. This report also looks at the deals trend across North America, Europe, China, APAC Ex-China, South America, and Middle east and Africa.

Key Highlights

The global M&A market in 2023 witnessed deals worth $2,223 billion, a decline of 12% compared to 2022. In terms of deal volume, there was a 17% fall from 37,186 deals in 2022 to 30,883 M&A deals in 2023. The energy sector led the M&A deal activity, with 3,559 deals worth $704.2 billion recorded in 2023. Most sectors saw a year-on-year decline in deal activity in 2023. Mega-deals (defined as any deal valued at more than $1 billion), also dipped to lowest since 2019, just 432 in 2023 compared to 816 in 2021.

Reasons to Buy

Companies that invest in the right themes become success stories; those that miss the big themes end up as failures. If you want to understand the themes that drive an industry, simply look at the list of recent mergers and acquisitions (M&As).

This report lists the most notable deals across all sectors to make it easy for our clients to get a view of themes disrupting these sectors and prepare for the future.

Zee Entertainment
Choice Hotels International
Sundown Acquisition
Masonite International
EP Equity Investment
CVC Asia Pacific
Sony Pictures Networks India
Wyndham Hotels & Resorts
Direct Line Insurance Group
Spirit Airlines
PGT Innovations
Advanced Personnel Management
Hewlett Packard Enterprise
Tronic Ventures
Juniper Networks
Jbb Advanced Technologies
Vodafone Italia
Diamondback Energy
Chesapeake Energy
Chord Energy
Endeavor Energy Resources
Equitrans Midstream
Southwestern Energy
NuStar Energy
Japan Investment Corporation
Owens Corning
JSC Mangazeya Plus
JSR (66.7% stake)
Bridgemere Securities
Capital One
Dubilier & Rice
Mubadala Investment
Stone Point Capital
Nationwide Building Society
Discover Financial Services
Truist Insurance
Lloyds Banking
Virgin Money UK
Novo Holdings
Novo Nordisk
Gilead Sciences
Health Care Service
Boston Scientific
CymaBay Therapeutics
Cigna Group

Table of Contents

Executive Summary

Review of the Global M&A Market – Q1 2024

Top M&A Deals by Sector – Q1 2024

Top M&A Deals by Geography – Q1 2024

Top Themes Driving M&A Activity – Q1 2024

Further Reading

Appendix 1: Deal Selection Criteria

Appendix 2: Our Thematic Research Methodology

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