Find out how M&A activity held up in 2023 and discover the driving forces influencing dealmaking. How will they impact the M&A market in 2024?

What’s the outlook for
global M&A in 2024?

Explore the global M&A outlook with Anu Aiyengar, Global Head of M&A at J.P. Morgan.

What’s shaping M&A
activity?

M&A momentum materialized through the second half of 2023 with volume up 30% over the first half, culminating in 4Q being the most active quarter of the year. We expect momentum to continue into 2024.

Source: Dealogic, as of 12/31/2023

“For boards and CEOs, there is considerable uncertainty in today’s market. We can provide the insights and judgement to help you evaluate opportunities and add strategic value to your business.”

Dissect the market drivers and inhibitors to discover what’s shaping current M&A activity and where momentum is building.

M&A Drivers

  • Strategic need
    Large cash balance sheets and need for growth provide opportunity for strategics.

  • Corporate clarity, carveouts, divestitures
    Strategic focus and corporate clarity are valued and rewarded by investors.

  • Activism
    Activists continue to focus on M&A as a solution for undervaluation where actionable.

  • Valuation mismatch between public & private markets
    Companies that are undervalued in public markets have potential for higher valuation in the private markets.

  • Financial sponsor activity
    Decade low levels of activity, pressure to return DPI and record dry powder will drive sponsor activity.

M&A Inhibitors

  • Macroeconomic concerns
    De-globalization, de-dollarization and depopulation point to higher interest rates; slightly higher or more volatile inflation; slower growth, especially in developing economies; and lower corporate profits.

  • Geopolitical risk
    Ongoing conflicts in Europe and the Middle East will test board and management team’s confidence.

  • Regulatory risk
    The regulatory approval process has provided an additional layer of complexity for firms to navigate.

  • Elections
    Countries making up over 50% of global GDP will undergo decisive elections this year. The results will both reflect and impact a precarious geopolitical and economic environment.

Related Insights

  • Investment Banking

    Investment Banking

    Providing investment banking solutions, including M&A, capital raising and risk management, for a broad range of corporations, institutions and governments

  • Investment Banking

    Global Shareholder Activism Trends | J.P. Morgan

    Explore key trends in shareholder activism with J.P. Morgan leaders. Find out what's changing and what to watch. How can companies be fully prepared?

  • ESG

    ESG

This material (including market commentary, market data, observations or the like) has been prepared by personnel in the Mergers & Acquisitions Group of JPMorgan Chase & Co. It has not been reviewed, endorsed or otherwise approved by, and is not a work product of, any research department of JPMorgan Chase & Co. and/or its affiliates (“J.P. Morgan”).

Any views or opinions expressed herein are solely those of the individual authors and may differ from the views and opinions expressed by other departments or divisions of J.P. Morgan. This material is for the general information of our clients only and is a “solicitation” only as that term is used within CFTC Rule 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act.
RESTRICTED DISTRIBUTION: This material is distributed by the relevant J.P. Morgan entities that possess the necessary licenses to distribute the material in the respective countries. This material is proprietary and confidential to J.P. Morgan and is for your personal use only. Any distribution, copy, reprints and/or forward to others is strictly prohibited.

This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute investment, legal or tax advice, nor does it constitute an offer or solicitation for the purchase or sale of any financial instrument or a recommendation for any investment product or strategy.
Information contained in this material has been obtained from sources believed to be reliable but no representation or warranty is made by J.P. Morgan as to the quality, completeness, accuracy, fitness for a particular purpose or noninfringement of such information. In no event shall J.P. Morgan be liable (whether in contract, tort, equity or otherwise) for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you in evaluating the merits of participating in any transaction. All information contained herein is as of the date referenced and is subject to change without notice. All market statistics are based on announced transactions. Numbers in various tables may not sum due to rounding.

J.P. Morgan may have positions (long or short), effect transactions, or make markets in securities or financial instruments mentioned herein (or options with respect thereto), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, issuers mentioned herein. All transactions presented herein are for illustration purposes only. J.P. Morgan does not make representations or warranties as to the legal, tax, credit, or accounting treatment of any such transactions, or any other effects similar transactions may have on you or your affiliates. You should consult with your own advisors as to such matters.

The use of any third-party trademarks or brand names is for informational purposes only and does not imply an endorsement by JPMorgan Chase & Co. or that such trademark owner has authorized JPMorgan Chase & Co. to promote its products or services.
J.P. Morgan is the marketing name for the investment banking activities of JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC (member, NYSE), J.P. Morgan Securities plc (authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority), J.P. Morgan SE (Authorised as a credit institution by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB)), J.P. Morgan Securities Australia Limited (ABN 61 003 245 234/AFS Licence No: 238066 and regulated by Australian Securities and Investments Commission) and their investment banking affiliates. J.P. Morgan Securities plc is exempt from the licensing provisions of the Financial and Intermediary Services Act, 2002 (South Africa).

For Brazil: Ombudsman J.P. Morgan: 0800-7700847 / ouvidoria.jp.morgan@jpmorgan.com

For Australia: This material is issued and distributed by J.P. Morgan Securities Australia Limited (ABN 61 003 245 234/ AFS Licence No: 238066) (regulated by ASIC) for the benefit of “wholesale clients” only. This material does not take into account the specific investment objectives, financial situation or particular needs of the recipient. The recipient of thismaterial must not distribute it to any third party or outside Australia without the prior written consent of J.P. Morgan Securities Australia Limited.

© 2023 JPMorgan Chase & Co. All rights reserved.