Global M&A activity fell 26% in 2023 to $2tr in aggregate deal value compared to $2.7 in 2022. Deal counts also fell by about 23%. Dealmakers struggled with a challenging macro environment, which included turmoil in the US banking sector, tighter borrowing costs, new regulatory scrutiny, and rising geopolitical risk. Average deal values for the year dipped slightly by -4% to $57.2m compared to 2022, but average deal values for Q4 were $75.3m, aided by lower volumes and the return of the mega-deal, with eight announced deals over $10bn. Mega-deals made up 34% of global M&A values for the quarter, the largest share of mega-deals since Q4 2022.