European M&A by the Numbers: Q2 2024

The European M&A market experienced a recovery in Q2 2024 on a YoY basis. Transaction values for the period increased 29% despite the volume of deals dropping by 15% (3,524 to 2,986 deals). Two notable transactions include the acquisition of Covestro AG by the Abu Dhabi National Oil Company for $15.4B, marking one of the largest cross-border deals of the quarter, along with consolidation in the Spanish banking sector with the merger of Banco Bilbao Vizcaya Argentaria, S.A. and Banco de Sabadell for a transaction value of $12.3B. The United Kingdom led all European countries in deal activity marking a strong interest for UK assets as they transition to a new labor government.