The third quarter of 2024 recorded a rise in M&A deal activity after a continuous decline in deal value following the rebound in Q4 2023.

Total deals reached $582bn, a jump of 18% compared to the same period last year. Deal volume increased by 4%, growing from 7,594 deals in Q3 2023 to 7,890 M&A deals in Q3 2024, as reported by GlobalData.

Supply chain was a key theme driving this positive momentum, with $71bn in supply chain-related transactions across 38 deals among the top 200 deals. Other noteworthy themes included easy & affordable, connectivity, ESG – Environmental, and cloud.

Key M&A takeaways

Below are the key trends that were observed in Q3 2024.

  • Billion-dollar deals up sharply – Q3 2024 saw an increase in the number of mega-deals. These are deals where the transaction value is greater than or equal to $1bn. In Q3 2024, there were 137 mega-deals recorded, which was a growth of 26% compared to Q2 2024 as well as a growth of 33% YoY.
  • TMT continued to dominate M&A deal activity – The technology, media, and telecom (TMT) sector continued to dominate, with 2,333 deals worth $150bn recorded in Q3 2024. The TMT sector also accounted for three out of the top 20 global M&A deals in Q3 2024, driven by several key themes including connectivity AI, big data, cloud, and future of work. TMT was followed by the energy sector (which includes oil & gas and power & utilities) and the basic materials sector (including construction, mining, chemicals, agriculture, and forestry), with deal values of $145bn and $129bn, respectively.
  • North America recorded the highest M&A deal activity – North America continued to dominate M&A deal activity with 3,112 deals worth $325bn recorded in Q3. However, Europe, China, South America, the Middle East, and Africa saw a YoY decline in deal value.

Notable deals in Q3 2024

Q3 2024 saw some interesting deals such as Mars’ $36bn acquisition of Kellanova, an American multinational food manufacturing company, and Verizon Communications’ acquisition of Frontier Communications, an American telecommunications company for $20bn.

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Other prominent deals included China First Heavy Industries merger with China Shipbuilding, a company which carries out the research and development, design and manufacturing, repairing and refitting of ships for a deal value of $16bn, and Blackstone’s $16bn acquisition of AirTrunk, a data centre platform.

M&A outlook The M&A forecast for the last quarter of 2024 is cautiously optimistic, as potential rate cuts in certain markets and a generally improving global economic outlook could drive an increase in activity. Nonetheless, mega-deals may encounter obstacles, especially in the US, where antitrust issues remain a priority for regulators. The M&A market is poised for a further rebound in 2025, supported by falling interest rates and the strategic importance of acquisitions.