« back to reports
Q2 2023
Global M&A Report
July 26, 2023
This report was reuploaded on September 29, 2023, to reflect an update to a deal value.
Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.
Towering cash piles encourage global M&A growth
Between private equity sponsors and corporations, trillions of dollars of dry powder and cash on hand—near all-time highs—are primed for spending on mergers & acquisitions. Ready capital has kept the M&A deal count close to last year’s levels, but the value of those deals is falling much faster. Purchase price multiples have also fallen—down 20% from the peak.
Our Q2 2023 Global M&A Report, sponsored by Liberty GTS and RBC Capital Markets, explains the tug-of-war between the dry powder and cash reserves ready to strike M&A deals and the interest rates making them expensive, with deal multiples broken down by region and sector.
Table of contents
Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.
Towering cash piles encourage global M&A growth
Between private equity sponsors and corporations, trillions of dollars of dry powder and cash on hand—near all-time highs—are primed for spending on mergers & acquisitions. Ready capital has kept the M&A deal count close to last year’s levels, but the value of those deals is falling much faster. Purchase price multiples have also fallen—down 20% from the peak.
Our Q2 2023 Global M&A Report, sponsored by Liberty GTS and RBC Capital Markets, explains the tug-of-war between the dry powder and cash reserves ready to strike M&A deals and the interest rates making them expensive, with deal multiples broken down by region and sector.
Table of contents
| Overview | 4 |
| Deal metrics | 7 |
| Valuation metrics | 8 |
| European M&A | 9 |
| North American M&A | 10 |
| B2B | 11 |
| A word from Liberty GTS | 13 |
| B2C | 15 |
| A word from RBC Capital Markets | 17 |
| Energy | 19 |
| Financial services | 22 |
| Healthcare | 24 |
| IT | 26 |
| Materials & resources | 28 |