Global M&A Deals in 2023 – Top Themes by Sector – Thematic Intelligence

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M And A Deals By Theme And Sector Analysis  Overview

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.


This report provides an overview of merger and acquisition activity globally in 2023 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.

Apollo Global Management
Claure Group
Capricorn Energy
Apollo Global Management
Option Care Health
Millicom International Cellular
Allfunds Group
Tower Semiconductor
NewMed Energy
Liontown Resources
Silicon Motion Technology
John Wood Group
Occidental Petroleum
Harbour Energy
Energy Infrastructure Partners
Energy Transfer
Pioneer Natural Resources
Magellan Midstream Partners
Wintershall Dea
Eni Plenitude
PDC Energy
Evoqua Water Technologies
Crestwood Equity
Dominion Energy Questar
The East Ohio Gas Company
Dominion Energy Gas Distribution
DEO Alternative Fuel
KKR & Co
Vodafone UK
Japan Industrial Partners
Endeavor Group
The Walt Disney
Emerson Electric
Hutchison 3G
World Wrestling Entertainment (WWE)
NBCUniversal Media (Hulu)
National Instruments
Coolabah Metals
Nippon Steel
Carrier Global
Apollo Global Management
Apollo Asset Management
Thomson Resources
Newcrest Mining
United States Steel
Viessmann Climate Solutions
Univar Solutions
Teck Resources
Diversey Holdings
Bristol-Myers Squibb
Merck & Co
Cooper Consumer Health
IQuest Enterprises
Freya Bidco
Elliott Investment Management
Patient Square Capital
Veritas Capital
Karuna Therapeutics
Prometheus Biosciences
Cerevel Therapeutics
Reata Pharmaceuticals
Syneos Health
Dechra Pharmaceuticals
Japan Industrial Partners
Endeavor Group
Freya Bidco
Sheikh Jassim Bin Hamad Al Thani
Tempur Sealy International
WT Microelectronics
Smurfit Kappa
World Wrestling Entertainment (WWE)
Capri Holdings
Dechra Pharmaceuticals
Manchester United
Carrier Global
Mattress Firm Group
Swire Pacific
Future Electronics
Liaoning Asset Management
PNC Bank
Clayton, Dubilier & Rice
China Mobile
Bain Capital
Brookfield Reinsurance
Shengjing Bank
Signature Bridge
First Republic Bank
Focus Financial
China Postal Savings Bank
American Equity Investment
Carrier Global
BAE Systems
Apollo Asset Management
Summit Materials
Georg Fischer
Lone Star Funds
KKR & Co
Viessmann Climate Solutions
Ball Aerospace & Technologies
Vitesco Technologies
Argos USA
Wencor Group
Carlyle Group and Stellex Capital
CIRCOR International
Brookfield Infrastructure
Brookfield Infrastructure
Ontario Teachers' Pension Plan
Bain Capital
ALD Automotive
Allied Universal
Chow Tai Fook
Metropolis Technologies
Triton International
Compass Datacenters
Carrier Global
NWS Holdings
Standard Chartered Bank
SP Plus
Brookfield Infrastructure
Stonepeak Partners
Chow Tai Fook
Lone Star Funds
Alaska Air
Hitachi Rail
Nippon Express Europe
Air France
Shao-Ning Johnny Chou
Cainiao Smart Logistics Network
BJ Russell Holdings
Alibaba Investment
Denlux Logistics Invest
Triton International
Textainer Group
Bollore Logistics
NWS Holdings
Carlyle Group and Stellex Capital
Hawaiian Airlines
Extra Space Storage
Realty Income
Healthpeak Properties
LondonMetric Property
Global Net Lease
Kimco Realty
Primonial REIM
Kennedy-Wilson Holdings
KSL Capital Partners
Regency Centers
Life Storage
Spirit Realty Capital
Physicians Realty Trust
Necessity Retail REIT
RPT Realty
Pacific Western Bank
Hersha Hospitality Trust
Urstadt Biddle Properties
Apollo Asset Management
Apollo Future Mobility
Asbury Automotive Group
Hyundai Motor
Sime Darby
Suvanto Trucks
Vitesco Technologies
WM Motor Global Investment
Zhejiang Zero Run Technology
Jim Koons Automotive
ZF Chassis Modules
UMW Holdings
Brookfield Infrastructure
Stonepeak Partners
China Southern Power Grid
Niagara Energy
HDI International
Brookfield Reinsurance
Triton International
Textainer Group
AlphaCat Managers
Validus Reinsurance
Compania Energetica Veracruz
Enel Generacion
Liberty Mutual Insurance
Almacenes Exito
Argo Group
Abu Dhabi National Oil
Badeel and ACWA Power
Brookfield Asset Management
Bayanat AI
Aristocrat Leisure
International Resources Holdings
Network International
Zain and TASC Towers
Cuprous Capital
Al Shuaibah 1 and Al Shuaibah 2 Solar PV Projects
Mopani Copper Mines

Table of Contents

Review of the global M&A market – 2023

Top M&A deals by sector – 2023

Top M&A deals by geography – 2023

Top themes driving M&A activity – 2023

M&A outlook for 2024

Further reading

Appendix 1: Deal selection criteria

Appendix 2: Our thematic research methodology

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