Over the last couple years, the M&A space has seen its fair share of ups and downs. Challenging macroeconomic factors— from post-pandemic conditions to burgeoning interest rates and fluctuating inflation— have brought deal activity to record lows.

Despite the decline, several major deals closed in 2023, including ExxonMobil’s acquisition of Pioneer and Pfizer’s merger with Seagen.

M&A Trends and Outlook for 2024