New research finds that M&A markets face some serious headwinds in 2023 in the form of economic slowdowns (if not outright recessions), high inflation (and the resulting rising interest rates, i.e., high capital costs), tight financing markets, rising antitrust activism, a volatile geopolitical climate and increasingly politicized trade. Investors and lenders alike are far more risk-averse, boards are jittery, and consumers fret about spending. Not surprisingly, deal volume and values are down, IPOs nearly ground to a halt earlier in 2023, and large, cross-border deals have become scarce. But for all that, M&A markets march on with strong growth in middle-market deals, add-ons, and advanced technology grabs. Private equity is still packed with dry powder, while the huge surge in deal activity over 2021-2022 schooled a generation of corporate finance departments in the advantages of a more active portfolio management strategy.Â
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