Open Text Corp.'s proposed $6.22 billion acquisition of Micro Focus International PLC stood out as the biggest M&A deal announced in Europe's IT sector in 2022, according to data compiled by S&P Global Market Intelligence.

The transaction, announced in August 2022, is expected to be completed in the first quarter of 2023. The companies announced in a joint statement Dec. 22, 2022, that all regulatory conditions pertaining to Open Text's all-cash offer for Micro Focus have been met and the deal remains subject to court sanctioning of the scheme.

Barclays Bank PLC is the sole financial adviser to Open Text on the deal.

Meanwhile, European IT M&A activity plunged 34.8% year over year in December 2022 to 178 transactions, compared to 273 deals recorded in December 2021. Turkish retail software solutions provider Getir Perakende Lojistik AŞ' acquisition of German rival Gorillas Technologies GmbH for $1.20 billion was the largest deal of the month under review and the sixth-biggest transaction of 2022.

Tandem Diabetes Care Inc.'s agreement to buy Swiss healthcare technology company Sigi for $213.6 million was the second-biggest deal struck in December 2022.

* Check out how M&A in Europe's IT sector fared in November 2022. * Use our Transactions Statistics page to run a custom screen of M&A by industry or geography.

Tandem's deal was trailed by an investor group's offer to acquire Swedish sleep-tracking app provider Sleep Cycle AB for $83.4 million. The investor group comprises GLA Invest AB, MCGA AB and H265 AB.

The top 10 M&A deals in 2022 spanned several subsectors, including application software, IT consulting and other services, systems software, internet services and infrastructure, as well as internet and direct marketing retail.