The global value of corporate mergers and acquisitions (M&A) reached approximately $755.1 billion during the first quarter of 2024, according to data released by the London Stock Exchange Group (LSEG). The total represents a 30% increase compared to the same period in 2023, signaling a shift in corporate deal-making activity after a prolonged downturn.
The increase was driven largely by several high-value transactions, particularly in the technology, financial, and energy sectors. The Americas, led by the United States, accounted for the majority of the quarter’s activity, with U.S. deal-making alone totaling over $460 billion.
Among the most significant transactions of the quarter was Capital One’s agreement to acquire Discover Financial Services in an all-stock deal valued at $35.3 billion. In the technology sector, Synopsys announced its acquisition of software company Ansys for approximately $35 billion. These two deals were the largest announced globally during the period.
Investment bankers and financial analysts cited in reports from various financial news outlets attributed the rise in M&A volume to increased confidence among corporate boards and chief executives. Factors noted included stabilizing inflation, strong equity market performance, and clearer expectations regarding central bank monetary policy.
According to the LSEG data, the number of deals valued at over $10 billion increased significantly compared to the first quarter of the previous year. While overall transaction volume—the total number of deals—remained subdued, the rise in large-scale strategic acquisitions pushed the total value higher.
Activity in Europe and the Asia-Pacific region also showed signs of recovery, though at a more moderate pace than in North America. The data indicates that strategic corporate buyers were more active than private equity firms, which continued to face a more challenging financing environment.
The first-quarter figures mark a departure from the reduced M&A volumes seen throughout 2022 and 2023, when rising interest rates and economic uncertainty led many companies to postpone large-scale transactions. The LSEG report provides a quantitative look at market activity for the period ending March 31, 2024.
