The second quarter of 2024 recorded a continued decline in deal activity following the rebound in Q4 2023. Total deals reached $528bn, down 9% compared to the same period last year. Deal volume decreased by 15%, dropping from 8,502 deals in Q2 2023 to 7,200 M&A deals in Q2 2024, as reported by GlobalData.

In Q2 2024, the supply chain theme drove 19 M&A deals out of the top 200 M&A deals in Q2 2024 by deal volume, as well as being the most prominent theme by deal value, with a total deal value of $39bn. Other noteworthy themes included ESG (Environmental, Social, and Governance), shale, connectivity, and cloud.

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Key takeaways

Below are the key trends that were observed in Q2 2024.

  • Billion-dollar deals shrank – Q2 2024 saw a fall in the number of mega-deals. These are deals where the transaction value is greater than or equal to $1bn. In Q2 2024, there were 114 mega-deals recorded, which was a decline of 10% compared to Q1 2024 as well as a decline of 3% YoY.
  • TMT continued to dominate M&A deal activity – the technology, media, and telecom (TMT) sector continued to dominate, with 2,138 deals worth $166bn recorded in Q2 2024. The TMT sector also accounted for three out of the top 20 global M&A deals in Q2 2024, driven by several key themes, including AI, big data, cloud, and Internet of Things. TMT was followed by the energy sector (which includes oil & gas and power & utilities) and the basic materials sector (including construction, mining, chemicals, agriculture, and forestry), with deal values of $124bn and $96bn, respectively.
  • North America recorded the highest M&A deal activity – North America continued to dominate M&A deal activity with 3,019 deals worth $257bn recorded in Q2. Nevertheless, APAC, excluding China, saw growth in deal value both on a year-on-year and quarter-on-quarter basis.

Notable deals in Q2 2024

Q2 2024 saw some interesting deals such as ConocoPhillips’ $23bn acquisition of Marathon Oil, an exploration and production (E&P) company, and Silver Lake Partners’ acquisition of Endeavor Group, a global sports and entertainment company for $17bn.

Other prominent deals included Johnson & Johnson acquiring Shockwave Medical, a company specialising in reshaping cardiovascular interventional therapy with intravascular lithotripsy (IVL) technology for a deal value of $13bn, and Abu Dhabi National Oil’s $12bn acquisition of Covestro, a manufacturer of polymers and high-performance plastics.

M&A 2024 outlook

The M&A forecast for the second half of 2024 is cautiously optimistic, as potential rate cuts in certain markets and a generally improving global growth outlook could drive an increase in activity. Nonetheless, mega-deals may encounter obstacles, especially in the US, where antitrust concerns remain a priority for regulators.

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Amid the rapidly shifting global landscape, the integration of ESG principles into M&A strategies is now crucial for long-term success. Nevertheless, the M&A market is poised for a rebound in 2024, supported by falling interest rates and the strategic importance of acquisitions.