Global M&A Report 2024

North America

M&A activity in North America rebounded in 2024, led by a surge in U.S. deal value. Through 9M 2024, U.S. aggregate deal value was roughly 21% higher than the same period in 2023, well above the 10% global rise, even as deal count declined modestlybcg.com. This reflected a handful of very large transactions: for example, in energy, Diamondback Energy agreed to acquire Endeavor Energy for $25.8 billion and ConocoPhillips bid $22.6 billion for Marathon Oilbcg.com. In technology, deals also reopened: Synopsys (semiconductor software) is acquiring Ansys for $33.5 billion, and Hewlett Packard Enterprise agreed a $15.4 billion deal for Juniper Networksbcg.com. Other sectors contributed prominently: consumer staples (Mars Inc.’s announced $36.1 billion purchase of Kellanova), industrials (Boeing’s $8.6 billion acquisition of Spirit AeroSystems), and financial services (several banks and insurers saw elevated activity)bcg.com. Overall in North America, deal volume remains below long-term averages despite these megadeals, but the $1B+ deal count rose from 430 to over 500 year‐over‐year, boosting average deal size by ~11%pwc.com.

  • Key Sectors: Energy and utilities deals were especially large (upstream oil and gas consolidation), while technology (particularly semiconductors and enterprise software) picked up notable megadealsbcg.com. Healthcare and financial services also saw significant deals (e.g. financial sponsor deals in banks and insurance). Consumer and industrial sectors saw large transactions as firms expanded portfolios.

  • Megadeals & Cross-Border: In addition to the above, Cross-border M&A featured prominently. For example, Canada’s Brookfield and international consortia pursued energy assets globally. U.S. buyers often targeted foreign assets, and vice versa. (Notably, BNP Paribas and others eyed North American banks, while U.S. strategics bid for overseas tech and energy companies.)

  • Regulatory Environment: U.S. regulators remained aggressive. The FTC and DOJ blocked or unwound large deals: in November 2024 the DOJ sued to block UnitedHealth’s $3.3 billion acquisition of Amedisysjustice.gov, and the FTC won a court injunction halting Kroger’s proposed $24.6 billion takeover of Albertsonsftc.gov. The FTC also opened a formal Section 6(b) inquiry into AI-related investments (probing deals like Microsoft’s funding of OpenAI, Amazon’s investment in Anthropic, and Google’s investment in Anthropic) to assess potential competitive impactsftc.gov. CFIUS scrutiny remained elevated, with new “reverse CFIUS” rules (outbound investment controls) finalized in late 2024 to curb sensitive U.S. technology exportsskadden.com. These actions reflect heightened antitrust and foreign-investment review focus on tech, healthcare and telecom deals.

  • Private Equity & VC–Backed M&A: PE activity rebounded strongly. Corporate acquirers used highly valued stock and raised capital, driving larger dealspwc.com. In the U.S., take-private transactions in tech saw renewed interest: for example, Permira led a group buying Squarespace (payment software) for ~$6.6 billion, and Thoma Bravo acquired cybersecurity firm Darktrace for ~$5.5 billionbcg.com. Overall PE/VC M&A lifted sharply: Crunchbase reports global VC-backed acquisitions rose ~30% in count (1,032 deals in 2024 vs 856 in 2023)news.crunchbase.com, and U.S. VC/PE buyers spent ~$56 billion on venture-backed targets in 2024news.crunchbase.com. McKinsey notes that global private-market deal value jumped 18% in 2024 to the second-highest on record, driven by larger deals even as count rose only ~7%mckinsey.com. In summary, North American dealmaking was led by energy and tech megadeals, supported by buoyant PE fundraising, even as regulatory scrutiny of major transactions intensified.

U.S. AI and Technology Sector M&A

The U.S. tech sector – especially AI and related digital services – saw renewed M&A interest. After a slow 2023, companies began announcing several large tech deals in early 2024bcg.com. Semiconductors and AI infrastructure dominated: the Synopsys/Ansys deal ($33.5 B) was explicitly driven by “increasing demand for computing power to support complex AI-driven applications”bcg.com. Beyond these megadeals, Big Tech engaged in strategic talent and capability acquisitions. For example, Nvidia acquired Run:ai (AI workflow software) for ~$700 million and OctoAI (generative AI startup) for ~$250 millionanalyticsindiamag.com, while Snowflake agreed to buy AI data-pipeline firm Datavolo and Canva acquired generative AI platform Leonardo.AI (terms undisclosed)analyticsindiamag.com. In life sciences and other advanced tech, deals also reflected AI synergies: e.g. Thermo Fisher’s planned acquisition of biotech firm MirusBio (healthcare services) was framed partly as a bet on AI-driven genomics (though a smaller $1.5B deal).

Venture-backed AI startups attracted strategic bids even if not all disclosed values. (The largest announced US AI deal in late 2024 was Google’s pending $32 billion buyout of cybersecurity startup Wiz, closing in 2025.) At the same time, US public markets saw continued tech IPOs (Arm Holdings in late 2024) and exits. Private equity also focused on tech: Blackstone, Thoma Bravo and others acquired software companies (e.g. Permira/Ilmarinen’s squarespace deal). Overall, anecdotal data shows AI-related startup M&A picked up: Crunchbase notes 81 AI-themed acquisitions in Q1 2025 (up ~33% from Q4 2024)news.crunchbase.com, indicating the momentum carried from late 2024.

In sum, the U.S. AI/tech landscape combined giant strategic megadeals (often stock‐funded) with brisk VC/PE exits. Deal values and volumes remain below the 2021 peak, but 2024 saw a significant renewal of interest and funding in AI capabilities. Regulatory watchfulness (FTC/DOJ/CFIUS) adds friction, but has so far mainly targeted competition risks rather than blocking tech M&A outright.

Europe (EU and UK)

European M&A had mixed results in 2024. Aggregate deal value in Europe rose modestly, but unevenly. PwC reports that UK M&A rebounded dramatically – UK deal value in 9M 2024 was 131% higher than the same period in 2023bcg.com – largely due to a few very large deals. The rest of Europe saw modest or negative growth: in Germany, deal value over 9M 2024 fell 52% YoYbcg.com as activity remained subdued. Overall, Europe’s rise (~+14% value in 2024) reflected the UK spike and strong showings in countries like Japan (+24%) and India (+20%)pwc.com, while most European nations lagged.

  • Key Sectors: Europe’s M&A was led by industrials, financials, and energy. Germany’s largest deals came from industry (Bosch’s €8.1 B HVAC acquisition from Hitachi/Johnson Controls)bcg.com and finance (e.g. ABN Amro’s €0.7 B buy of private bank Hauck Aufhäuser, Allianz’s sale of $1.8 B in insurance units)bcg.com. In the UK, headline sectors were industrials and financial services: International Paper (U.S.) outbid Mondi to acquire UK packaging firm DS Smith for $7.2 Bbcg.com, and banks consolidated (e.g. Nationwide’s £3.6 B takeover of Virgin Money UK, an investor group’s bid for Hargreaves Lansdown at $6.7 B)bcg.com. Retail/consumer deals also featured (Carlsberg’s $4.1 B acquisition of UK beverage firm Britvic, JD Sports’ €1.1 B takeover of Hibbett)bcg.com. Notably, technology M&A in Europe was quieter; large tech deals mostly involved smaller acquisitions or private equity (e.g. private equity firms Permira and Thoma Bravo buying UK tech/DSP companiesbcg.com).

  • Megadeals & Cross-Border: Europe saw several blockbuster bids: BHP’s $36 B attempted takeover of UK miner Anglo American (ultimately withdrawn) prompted wide corporate portfolio movesbcg.com. Other cross-border wins included U.S. industrial giants acquiring European companies (e.g. International Paper–DS Smith) and European buyouts of Asian assets. In aggregate, the number of megadeals ($5 B+) in 2024 rose to 72 globallypwc.com, with a disproportionate share in tech, energy and banking – many involving European targets or bidderspwc.compwc.com.

  • Regulatory Environment: European regulators have been active. The UK introduced sweeping changes: the Digital Markets, Competition and Consumers Act (effective Jan 2025) greatly expands the Competition and Markets Authority’s review powers, bringing previously unreportable deals and digital market transactions under scrutinywhitecase.com. The UK’s CMA also tightened foreign investment screening. In the EU, merger control remained rigorous (continuing scrutiny on tech/media roll-ups) and the new EU Foreign Subsidies Regulation (effective Q2 2024) began catching non-EU firms subsidized by governments. These developments, along with rising antitrust enforcement, mean European buyers and targets face more regulatory hurdles, especially in tech, media and critical industries.

  • Private Equity & VC–Backed M&A: PE-backed deals were prominent. In the UK, for example, Permira’s $6.6 B take-private of Squarespace and Thoma Bravo’s $5.5 B buyout of Darktrace were among the year’s largest buyoutsbcg.com. In Europe broadly, KPS Capital’s €3.8 B carve-out of Siemens unit Innodisk and a $4.2 B acquisition of German software group Aareon by CDPQ/TPG/Advent were notablebcg.com. Sector focus included enterprise software, fintech, and healthcare. Overall, PE/VC dealmaking accelerated: Crunchbase data shows ~$639 B of PE/VC M&A globally in 2024, up ~25%, and many European GPs reported record fundraisings in 2023-24 fueling large buyouts. This dynamic – more available dry powder and higher valuations – has boosted deal values even as volume remains constrained by caution.

Middle East

Middle East M&A in 2024 was characterized by heavy outbound activity and sluggish inbound volume. Regional acquirers (often sovereign or large corporates) have been aggressively investing abroad, while local corporate dealmaking has lagged. Through Q3 2024, deal value targeting Middle Eastern companies fell roughly 45% YoY, even as global deal value rose 10%bcg.com. Deal count in the region actually rose ~7%, reflecting many smaller deals but few large ones. By contrast, Middle Eastern buyers spent at high levels overseas: the energy company ADNOC announced the $12.5 B takeover of Germany’s Covestro (a German chemical maker) – the first acquisition of a DAX-listed blue-chip by a GCC buyerbcg.com. Such outbound M&A (often in energy, chemicals and infrastructure) remained at the “high levels seen since 2021”bcg.com.

  • Key Sectors: Within-region deals were strongest in energy and industrial sectors, and growing in tech. For example, UAE’s Masdar acquired Greece’s Terna Energy (renewables) for $2.7 Bbcg.com. In industry/logistics, ADNOC bought vessel operator Navig8 for $1 B and Saudi firm Dar Al-Handasah’s $3.2 B bid for U.K.-listed John Wood Group (an engineering firm) was a major attemptbcg.com. Technology and telecom assets drew interest: Bayanat AI (UAE) bid $2.6 B for Al Yah Satellite Communications (AI and satellite tech) and UAE’s Rowad paid $250 M for Uganda Telecombcg.com. Also emerging was AI investment: UAE’s AIQ (Abu Dhabi) took a $350 M investment from Presight AI (Saudi) to build an AI firm in energybcg.com. Financial services deals were fewer but included Kuwait Finance House’s acquisitions across the region.

  • Megadeals & Cross-Border: The region’s only true megadeals were outbound. Aside from ADNOC/Covestro ($12.5 B), most deals within the Middle East remained < $5 B. Large cross-border transactions included Gulf sovereigns and funds acquiring assets in Europe, Asia and Africa (e.g. Saudi Aramco and Qatar Energy continued global downstream investments). Inbound, no deal exceeded $5 B in the Gulf in 2024. Regional consolidation did occur in telecom and logistics (e.g. STC’s acquisition of Vodafone Egypt’s tower assets for ~$3 B).

  • Regulatory Environment: Gulf governments have been gradually liberalizing FDI rules (for example, easing foreign ownership limits in UAE, Saudi Arabia and Bahrain) to attract investment. However, competition authorities are also strengthening: new antitrust laws in Saudi Arabia (amended in 2023) and Jordan (effective 2024) have widened merger filing requirements. In Israel, the Competition Authority took a tougher stance on tech sector deals. Overall, while some governments welcome foreign capital, the trend toward more active review (especially of strategic sectors like energy, mining and telecom) has injected caution into deal-making.

  • Private Equity & VC–Backed M&A: Private capital remained active in regional deals. Major sovereign or family-backed funds (ADQ, PIF, SWFs) were prominent buyers. For instance, Abu Dhabi’s SWF ADQ led the Acquisition of telecom towers across Asia (e.g. buying 50% of Mapletree’s Indian towers for $300M). Regional PE firms and pension funds also struck deals: UAE’s Mubadala invested in global infrastructure projects. Notably, some Middle Eastern private investors participated in European M&A (e.g. Middle Eastern funds co-investing in UK real estate and fintech buyouts). Overall, PE/VC deal flow in-country was low, but Middle Eastern capital continued to back tech and energy deals globally (aligning with the region’s “outbound” emphasis).

Southeast Asia

Southeast Asian M&A in 2024 slowed to historic lows. After a peak in 2021, dealmaking plummeted – through 9M 2024, total deal value in Southeast Asia was down 51% YoYbcg.com, the region’s lowest in 15 years. Only four deals exceeded $1 billion in 2024. Deal count fell ~3%, less than the global 13% dropbcg.com, reflecting many small transactions but a dearth of large ones. The decline far outpaced the modest 5% APAC-wide decline, and contrasted with rising Southeast Asian GDP forecasts (which should eventually spur deal interest).

  • Key Sectors: Technology, Media & Telecom (TMT) remained the most active sector in number of deals, accounting for ~20% of all deals – a rebound toward the region’s long-term average after a 2023 lullbcg.com. Acquisitions in TMT often involved digital commerce or AI capabilities, and some conglomerates divested telecom assets (e.g. PLDT and Telkom Indonesia selling data-center stakes to raise capital)bcg.com. Energy deals were limited but strategic: France’s TotalEnergies acquired a 50% stake in Malaysia’s SapuraOMV assets for $900 M, and divested its Brunei gas businessbcg.com. Industrial/mining targets also featured: Golden Energy & Resources (Singapore) bought a 70% stake in Australia’s Illawarra Metallurgical Coal for $1.65 Bbcg.com, underscoring the role of commodities. Healthcare and consumer sector deals slowed.

  • Megadeals & Cross-Border: Very few megadeals occurred. Golden Energy’s $1.65 B coal acquisition was one of the largest in 2024. Cross-border M&A usually involved foreign multinationals buying local assets (e.g. mergers in Indonesian consumer goods) or SEA firms expanding abroad modestly. Singapore led regional deal flow – reflecting its status as a financial hub – accounting for the largest share of transactions and deal valuebcg.com. Many foreign investors (Chinese, Japanese, Australian) remained cautious, awaiting more stable markets.

  • Regulatory Environment: Regional governments have taken mixed approaches. ASEAN-wide, some financial regulators tightened screening (e.g. Indonesia’s negative investment list was streamlined in late 2023, but rules remain complex). The Philippines enacted foreign-ownership limits in several industries (reviewing or capping foreign equity in utilities and telecommunications), affecting cross-border M&A. Singapore continued a welcoming stance (no general FDI review), while Malaysia and Vietnam maintained restrictions in key sectors. Overall, regulatory frictions (including enhanced antitrust enforcement by bodies like Singapore’s CCCS and the Philippines’ PCC) made large cross-border deals more complex.

  • Private Equity & VC–Backed M&A: PE and VC deal activity also weakened. A 2024 BCG report notes only 4 deals >$1B in SEA so far, and a decline in mid-market activitybcg.com. However, interest in growth companies endures: tech-focused PE funds (KKR, Temasek, SoftBank) continued to invest in SEA startups (e.g. Gojek/Tokopedia-era ride-hail and e-commerce firms), and some local unicorns (Grab, Sea Ltd.) considered carve-outs or IPO exits. Chinese and Japanese strategic investors remained key backers for start-ups. Commentators note that although deal count is low, ongoing macro shifts (“China +1” supply-chain diversification) and favorable demographics keep SEA on the radar for venture and private capital.

Africa

African M&A stabilized in 2024, reversing the post-2021 slide. Through 9M 2024, total deal value jumped 36% YoY in Africabcg.com, far above the global +10% rise. Notably, this gain came despite flat deal count (on par with 2023) while global deal volume fell 13%bcg.com – implying a surge in average deal size on the continent. Indeed, a handful of large transactions drove the region’s rebound.

  • Key Sectors: Energy continued to dominate. Major transactions included Renaissance Energy’s $2.4 B acquisition of Shell Petroleum Development Nigeria (Nigerian oil assets) and Carlyle’s ~$820 M buyout of Energean’s offshore Egyptian gas fieldsbcg.com. Media also featured a headline cross-border bid: France’s Canal+ offered $1.8 B for South Africa’s MultiChoice TV broadcasterbcg.com. Mining and materials deals were significant: South Africa’s Gold Fields paid $1.3 B for Canadian miner Osiskobcg.com, and East African gold companies attracted foreign buyers (e.g. a $462 M bid for Caledonia Mining by a Canadian firm). Telecom/tech saw more modest M&A (e.g. investments in data centers), reflecting growing digital sectors. Healthcare deals were thin, aside from pharma asset sales.

  • Megadeals & Cross-Border: African megadeals (>$5 B) were scarce. The year’s largest were the aforementioned $2.4 B oil deal and Canal+/MultiChoice at $1.8 Bbcg.com. Most deals in Africa involve strategic investors from outside the continent: North American, European and Middle Eastern firms were acquirers of African assets. For example, Actis (London PE) and Ares Management co-led the Energean/Egypt purchase. Conversely, African buyers (e.g. South African mining groups) continued to buy abroad (Gold Fields/Osisko). Overall, cross-border flows remain vital: FDI into Africa reached record levels in 2023, sustaining M&A pipelines into 2024.

  • Regulatory Environment: Governments across Africa are refining merger and investment laws. Notably, several countries enacted new competition regimes in 2023-24 (Kenya, South Africa and Ghana updated their antitrust laws, expanding merger review thresholds)whitecase.com. This has raised scrutiny on large deals: for instance, energy and telecom acquisitions now often require multiple filings (national and regional). South Africa’s Competition Tribunal has begun blocking or requiring divestitures in cases (though no blockbuster case in 2024 matched the earlier SABMiller/Anheuser-Busch saga). Overall, “a surge in new legislation and enforcement practices” is reshaping Africa’s regulatory landscapewhitecase.com, meaning dealmakers must navigate more complex approval processes.

  • Private Equity & VC–Backed M&A: Local and international PE remained active. Carlyle and KKR were evident buyers (as above), and South African fund managers have been scouting deals region-wide. Private equity “buy-and-build” strategies prevailed in energy and consumer sectors. At the same time, a growing venture capital ecosystem has begun to yield exits: e.g. Jumia (African e-commerce) provided an exit for various VC backers with its IPO earlier in 2024. Nonetheless, African VC-backed M&A is nascent; most startup acquisitions were small (e.g. fintech app sales for tens of millions). In sum, PE/VC activity is growing but still plays a secondary role to strategic corporate M&A in Africa.

South America (Latin America)

Latin American M&A in 2024 saw fewer transactions but higher value. By year-end, total announced deal value in Latin America (including the Caribbean) was about $73.9 billion, up 9% from 2023, even as deal count fell ~18%riotimesonline.com. This reflects a focus on larger transactions as companies and investors became more selective. Brazil dominated the region: ~1,474 deals (−23% YoY) accounted for $43.1 B (up 11%)riotimesonline.com. Mexico, Colombia and others saw smaller volumes; Argentina recorded only ~187 deals (down slightly) by late 2024riotimesonline.com.

  • Key Sectors: Energy and utilities led deal value. In Q3 alone, the utilities sector (oil and power) accounted for ~$1.2 B, driven by Vibra Energia’s takeover of Comerc Energia in Brazilspglobal.com. Oil & gas M&A was notable (e.g. BR oil company cluster deals) as global players restructured their portfolios. Financial services saw consolidation: Brazil’s banking regulator approved large mergers (e.g. Santander’s acquisition of Citibank Brazil’s consumer unit in 2024). Consumer goods and telecom deals were more modest, though Coca-Cola and telecom firms each did small-to-mid cap deals. Tech and fintech M&A remained limited, although some regional unicorns (Nubank, MercadoLibre) eyed strategic investments.

  • Megadeals & Cross-Border: Latin America had relatively few megadeals. Aside from energy/utility bids, the largest was likely the ~$1.8 B multi-country utilities merger (Enel and AES combined their Brazilian distribution arms in late 2024). Cross-border flows were mainly inbound: U.S., European and Asian companies acquiring Latin assets. For example, Abertis (Spain) acquired a stake in a Brazilian toll-road operator, and China’s telecom operators expanded in Brazil/Peru. Outbound Latin acquisitions were few (Argentine agro firms sold to global agribusinesses).

  • Regulatory Environment: The region’s regulatory climate varied by country. Brazil’s antitrust authority (CADE) remained active, approving major telecom and banking deals while blocking some real-estate megaproject mergers. Mexico tightened foreign ownership rules in telecoms, affecting foreign bids. Chile and Colombia have maintained standard EU-like merger reviews. Many countries also liberalized FDI rules (to attract capital), but nationalist sentiment has risen: for example, Peru debated limiting mining acquisitions by foreign SOEs. Overall, governments are vigilant on strategic sectors (mining, energy, telecom), but the general trend has been cautious reopening to investment.

  • Private Equity & VC–Backed M&A: Private equity dealmaking accelerated, feeding the larger-deal trend. U.S. and global funds (like KKR, Carlyle, Brookfield) made big Latin bets (e.g. KKR’s $3.2 B purchase of Brazilian supplier company in late 2023, closing 2024). Local pension funds also co-invested. Venture exits increased: Mexico’s Kavak (used-car startup) and Brazil’s Ebanx (fintech) pursued significant funding rounds and partial buyouts. Crunchbase data show PE/VC deal value in LatAm rose in 2024, driven by these large take-privates and IPOs. Despite volatility, the influx of private capital helped offset weaker strategic M&A volume, making 2024 one of the higher-value years on record for Latin America.

Sources: This analysis draws on deal-data and trend reports from PwC, BCG, Deloitte, Crunchbase and other industry trackers, as well as press releases and regulatory filings (FTC, DOJ, national competition authorities). Highlights include PwC’s global M&A outlookpwc.com, BCG’s regional M&A perspectivesbcg.combcg.combcg.com, Crunchbase summaries of VC/PE dealsnews.crunchbase.comnews.crunchbase.com, and government/press releases on specific transactions and regulatory actionsjustice.govftc.govftc.gov. These sources underpin the region-by-region trends and examples above.