Global M&A rebounds in first half
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Global M&A is making a comeback, according to new PitchBook data.
Why it matters: The long market downturn has affected everything from investments to acquisitions, and exacerbated the lack of liquidity.
The big picture: Deal activity for the year is currently tracking 10%-15% ahead of 2023 levels both in deal count and deal value.
By the numbers: In Q2, global M&A reached nearly $690 billion across 7,911 deals, though PitchBook estimates an additional 3,297 deals not yet disclosed. That's compared to $734.5 billion across 9,451 in the year-ago quarter.
- North America M&A deal value hit $378.8 billion across 3,233 deals in Q2, up from $500.3 billion across 3,480 deals in Q1. The second quarter of 2023 saw $387.8 billion across 3,952 deals.
- European M&A deal value hit $223.9 billion across 3,246 deals in the quarter, up from $200.7 billion across 3,641 deals in Q1. That's lower compared to $243.5 billion across 4,020 deals in Q2 of 2023.
- For both regions, the median enterprise value/EBITDA multiple for deals announced or closed in the first half of 2024 was unchanged at 9.5x, matching 2023.
- EV/revenue multiples also remained unchanged and identical to 2023 at a median of 1.6x for the first half of the year.
Between the lines: After nearly two years of more timid activity because of higher interest rates, PE-backed M&A appears to be rebounding, representing 41% of deal value in Q2, up from 33.5% in Q1.
The bottom line: M&A optimism is back en vogue.
Go deeper: U.S. tailwinds slow in Q2
