Elite European firms held their own against the international powerhouses in M&A in 2022, rising in Europe-wide and national rankings on roles in the year’s mega-deals despite a general downturn, according to a new report.

For the full-year 2022, European-target M&A had a total value of $850.7 billion, down 39% from 2021 and a three-year low, according to data from Refinitiv.