It’s been a bumpy beginning for transactions in 2022. While January is never expected to be the most explosive month in dealmaking, this month has been, at best, pedestrian in its output. 

Save Microsoft’s buy of Activision Blizzard last week, the last three weeks have produced only 12 deals over $1 billion. In 2021, by contrast, the weekly total of $1 billion-plus deals sometimes hit a dozen or more.