Global private equity- and venture capital-backed deals totaled $219.46 billion across 1,223 deals in the first six months of 2022, according to S&P Global Market Intelligence data.

The results are less than half of the full-year 2021 total, suggesting a global slowdown in private equity-backed M&A. Last year, there were 3,184 announced and completed deals worth a combined $490.07 billion.

Europe recorded the most number of transactions during the period with 609 deals worth $37.18 billion. The region has led private equity and venture capital dealmaking globally since at least 2019.

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The U.S. was home to the most expensive companies, with aggregate deal volume of $126.82 billion across fewer deals totaling 437.

The first half saw 45 transactions that are worth at least $1 billion compared to more than a hundred in all of 2021.

KKR & Co. Inc.'s offer to buy Australia-based Ramsay Health Care Ltd. topped the deals across the globe in terms of transaction value, at $21.38 billion.

This was followed by the pending acquisition of enterprise software company Citrix Systems Inc. by Vista Equity Partners Management LLC and Evergreen Coast Capital Corp. from a consortium involving Elliott Management Corp., BlackRock Inc., Vanguard Group Inc. and T. Rowe Price Associates Inc. The deal was valued at $16.65 billion. It is expected to close in the third quarter. The buyers plan to merge Citrix with Vista portfolio company TIBCO Software Inc., and the combined group will be led by former Broadcom Inc. executive Tom Krause as CEO.

The technology, media and telecom industry, which includes providers of application software, internet software and services, and IT consulting and other services, was the top destination of private equity and venture capital in the first half.

Data analytics company Nielsen Holdings PLC and application software companies Zendesk Inc. and CDK Global were targets of some of the biggest announced private equity-backed acquisitions during the period. Meanwhile, Thoma Bravo LP completed its acquisition of business-planning software company Anaplan Inc.