BDO Horizons 1 | 2024

In this edition of BDO M&A Horizons, we have our bi-year global and regional focus. Our M&A partners across the Globe analyse deal activity and trends in their regions and look ahead at what we can expect for the foreseeable future.

As expected by our deal advisers, global mid-market activity declined in the second half of 2023 but only to a level that was broadly in line with 2021 and still some way ahead of pre-COVID. Total deal volume was down by around 16% on the first half of the year with trade buyers holding up better compared to private equity. Given the surge of deal activity in the wake of COVID that doesn’t feel too bad an outcome and 2022 stands out as an exceptional year. Nevertheless, our M&A teams have completed many deals throughout the year, which has been reflected in BDO being number one financial advisor globally as per Factset 2023 rankings.

The outlook for 2024 feels positive in as much as M&A is expected to benefit from falling inflation and potentially lower interest rates. We expect private equity will continue to invest strongly in 2024.

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