Global private equity and venture capital-backed entries totaled 957 in December, down 58% from 2,253 in December 2021, according to S&P Global Market Intelligence data.

December saw the smallest monthly deal volume in all of 2022 and was the only month during the year when deals fell below 1,000. The Asia-Pacific region contributed 361 transactions, while Europe and the U.S. saw 285 and 268 transactions, respectively.

Deal value stood at $38.99 billion during the month, down 57% year over year from $90.67 billion.

Large deals drive value

Three billion-dollar transactions boosted deal value in December, including the privatization agreement of California-based Coupa Software Inc. through an acquisition by an investor group that includes Thoma Bravo LP and Abu Dhabi Investment Authority. The deal is all-cash with an enterprise value of $8.0 billion. The transaction is expected to close in the first half of 2023, subject to customary closing conditions, including approval by Coupa shareholders and the receipt of regulatory approvals. The transaction is not subject to a financing condition.

Coupa's financial adviser is Qatalyst Partners LP and its legal adviser is Freshfields Bruckhaus Deringer LLP. Goldman Sachs & Co. LLC and Piper Sandler are financial advisers and Kirkland & Ellis LLP is legal adviser to Thoma Bravo.

Listed aerospace and defense company Maxar Technologies Inc. also agreed to be acquired in a multibillion-dollar deal with Advent International Corp. and British Columbia Investment Management Corp. The agreement, with a transaction value of $6.55 billion, is expected to close mid-2023, subject to customary closing conditions, including approval by Maxar stockholders and receipt of regulatory approvals.

Lastly, South Korean healthcare equipment company Medit Corp. will be acquired for nearly $1.82 billion by MBK Partners.

* Download a spreadsheet with data featured in this story. * Read about global private equity entries in November. * Explore more private equity coverage.

Deal volume was down 44% in 2022's final quarter to 3,220 from 5,777 a year ago. Deal value also fell, dropping 53% year over year to $138.99 billion from $295.05 billion.

The year closed with an aggregate deal value of $705.07 billion across 16,487 private equity entries worldwide, compared to 2021's total deal value of $1.155 trillion across 20,511 announced and completed transactions.

Cross-sector impact

Technology, media and telecommunications was the top sector by deal value in December, accounting for 38% of the total. The industrial and healthcare sectors followed, comprising 28% and 15% of the total, respectively. Deal value declined across nearly all sectors except for industrials and real estate.