M&A Year in Review 2023 brochure - Flipbook - Page 2
2
Dear Clients and Friends
Welcome to the 10th edition of our Hogan Lovells M&A Year in Review! We created our M&A Year in Review to
express our gratitude to you – our clients and friends – for the opportunity to work together and for the successes that
we have shared. We hope you enjoy our review of dealmaking during 2023 and our projections for M&A during 2024
in the pages that follow.
Global M&A activity in 2023 slowed to a 10-year low. Aggregate deal volume decreased by 6%, to a three-year low, and
aggregate deal value declined by 17%, marking the 昀椀rst time global deal value failed to reach US$3 trillion since 2013.
A combination of factors led to this decline in dealmaking, including persistent in昀氀ation, heightened cost of capital,
increased regulatory scrutiny, fears of recession, and con昀氀icts in Europe and the Middle East.
During 2023, sponsor-related M&A experienced a signi昀椀cant downturn in both volume and value, with deal value
falling 40% and deal volume down 26%. For strategic M&A, deal value declined by 3% from 2022, and the number of
strategic deals declined 13% during the same period.
Sector activity varied widely during 2023. M&A in the energy and power sector propelled the conversion from
traditional to clean energy, with transaction value exceeding more than US$500 billion and accounting for 17% of
overall M&A value. The technology sector experienced a 47% decline in M&A value compared to 2022, as companies
and investors pursued smaller transactions driven by technology imperatives. Life sciences and health care M&A
remained vibrant in 2023, with deal value increasing by 23% compared to 2022 – a trend driven by high-value
transactions in the biotech and pharmaceutical sectors.
Our M&A Group is grateful to have worked with you over the course of 2023. Your transactions propelled Hogan
Lovells to more than 30 M&A league table rankings worldwide, including for Global M&A and across Europe, France,
Germany, Italy, the Nordics, the United States, Latin America, Asia, Australia, and India.
For the year ahead, we forecast measured optimism for meaningful increases in deal value and deal volume, as set
forth within our 2024 M&A Outlook on pages 76 to 93.
We appreciate the trust that you continue to place in us, and we look forward to supporting you on your M&A
transactions in the year ahead.
Best wishes for continuing success in 2024,
The Hogan Lovells M&A Group
10th
ED
ITION
