Dec 9, 2021 - Economy

Record-breaking year for mergers and acquisitions

U.S. announced deals, by size
Data: PwC analysis of Refinitiv data; Chart: Baidi Wang/Axios

It’s been a record-shattering year for M&A.

  • And records may be broken again in 2022, Colin Wittmer, PwC’s U.S. deals leader, tells Axios.

The big picture: The market is still awash in capital available for acquisitions — from private equity funds, SPACs and corporate balance sheets — making for fierce competition and more expensive deals, according to a new 2022 outlook report published today by PwC.

What to watch: Technology acquisitions by non-tech companies will be one driver of activity next year, as will acquisitions to diversify or improve supply chain resilience, PwC says.

  • Another driver (or not): more rigorous antitrust reviews by increasingly proactive regulators.

Editor's note: The chart has been corrected to define megadeals as deals of $5 billion or more, not $500 million or more.

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