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

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

  • true

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

  • true

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

  • true

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

  • true

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

  • true

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

M&A Inhibitors

  • true

    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.

  • true

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

  • true

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

  • true

    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.

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