Our Insights

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 Last year’s Mergers and acquisitions environment was muted due to a number of factors. Global inflation remained high for most of the year, only easing at the end of 2023. Central banks kept interest rates high to contain inflation, which drove up borrowing costs for Mergers and acquisitions buyers. Equity markets were challenging throughout the year, driving down valuations and increasing uncertainty. Large Mergers and acquisitions transactions also faced increased regulatory scrutiny, impacting the number of mega-mergers in 2023. “Capital markets weren’t as open or free-flowing, and 2023 didn’t play out the way we expected, mainly because private equity wasn’t as active as we expected.