The volume of terminated deals across the globe fell for a sixth straight quarter while private equity's share has been rising since the fourth quarter of 2022, S&P Global Market Intelligence data showed.

Terminated transactions, including whole company, minority stake and asset acquisitions, totaled 38 at the end of the quarter to June 30 compared to 180 in the past year.

Private equity was involved in six of the deals, or more than 15% during the measured period. It was the highest proportion since at least the first quarter of 2020.

Canceled transactions backed by private equity in the second quarter were valued at $6.89 billion, down 75% year over year from $27.57 billion.

For the first six months, there were 104 terminated deals worth about $95.03 billion, with private equity accounting for 14 deals totaling $19.94 billion.

In the first half of 2022, private equity participated in 42 terminated transactions worth $45.26 billion out of a total 391 deals that did not reach completion valued at $203.96 billion.

Private equity firms were potential sellers in three canceled deals in the second quarter, were a potential buyer in one, and were involved in both sides of the transaction in two terminated deals.

– Click here to read about the decline in global private equity exit activity in Q2. – Click here to download a spreadsheet with data used in this feature. – Click here to read more private equity coverage.

As of June 30, there were five canceled deals with private equity participation worth at least $1 billion each. These failed transactions, all of which targeted publicly listed companies, have a combined value of $20.07 billion.

The second quarter saw two failed billion-dollar private equity deals, the latest of which was Arcline Investment Management LP's offer of $1.69 billion, or $57 per share, made June 28 to privatize CIRCOR International Inc., which manufactures flow and motion control products for aerospace and defense and industrial uses. Circor had already received an offer of roughly $1.6 billion, or $49 per share, from KKR & Co. Inc., which then bumped up its offer to $51 per share.

KKR further revised its offer to $56 per share, to which Circor agreed to be acquired, citing the offer's "greater financing certainty and a clearer and faster path to receiving anticipated antitrust approvals." The deal remains on track to close in the fourth quarter, according to a June 29 statement from Circor.

KKR's financial adviser is Citigroup Global Markets Inc., and Kirkland & Ellis LLP is legal adviser. Circor is being advised on the financial aspects of the deal by Evercore Inc. and J.P. Morgan Securities LLC and on the legal aspects by Ropes & Gray LLP.