Dealmaking in the last quarter slowed even further, leading total M&A deal value in 2022 to plunge 38% last year compared with 2021. And some dealmakers are not optimistic about a quick rebound in M&A activity early this year.

According to Refinitiv, M&A deal value declined 35% from the first half to the second half of 2022, marking the largest six-month percentage swing since records began in 1980.