Bunge Ltd.'s €16.70 billion acquisition of Dutch agribusiness Viterra Ltd. provided a welcome boost to M&A advisers during what has been an otherwise weak first half of dealmaking activity in Europe.

The deal, announced in June, is the largest European transaction so far in 2023, S&P Global Market Intelligence data shows. It also made June the best month for M&A by deal value in 2023 and the busiest month by volume since March.

The combination of US-based Bunge and Viterra creates a global agricultural giant with about $140 billion of combined revenue. Viterra's previous owners, Glencore PLC, Canada Pension Plan Investment Board and British Columbia Investment Management Corp., will take minority stakes in Bunge.

Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. acted as financial advisers on the deal.

European M&A activity remains well below the levels seen in recent years. Deal volumes for the first six months of 2023 were down 23.6% year over year, and deal values were 44.2% lower. The second quarter of 2023 was the weakest quarter for volumes since the same period in 2020.

Global investment banks are set to reveal weak transactions revenues when they report second-quarter earnings over the coming weeks. Citigroup Inc. expects advisory revenues both at the bank and in the wider market to be down 25% year over year. Banks have been cutting thousands of jobs due to the lull in dealmaking activity.

US corporates were responsible for three of the five largest deals in the first half. In addition to Bunge, Carrier Global Corp. bought German heat pump manufacturer Viessmann Climate Solutions SE, while Concentrix Corp. acquired French business outsourcing group Webhelp SAS.

Other big-ticket transactions in June included Bain Capital LP's acquisition of a 20% stake in Intel Corp.'s IMS Nanofabrication GmbH, Assicurazioni Generali SpA's purchase of Liberty Mutual Insurance Co.'s Spanish business, and the split-up and sale of Neptune Energy Group Holdings Ltd. to Eni SpA and Vår Energi AS

– Access the deal profile page for the Bunge-Viterra transaction. – Access the M&A screener tool.