U.S. Mergers & Acquisitions Monthly Review: August 2024

U.S. M&A deal activity decreased in August, going down 22% with 891 announcements compared to 1,142 in July. Aggregate M&A spending decreased as well. In August, 4% less was spent on deals compared to July.

In terms of M&A deal activity, 5 of the 21 sectors tracked by FactSet saw an increase in M&A deal activity over the past three months relative to the same three-month period one year ago: Technology Services (681 vs. 664), Process Industries (81 vs. 76), Miscellaneous (11 vs. 7), Non-Energy Minerals (50 vs. 47) and Health Technology (104 vs. 103).

On the other hand, 16 of the 21 sectors tracked by FactSet saw a decrease in M&A deal activity over the past three months relative to the same three-month period one year ago. The five sectors that witnessed the largest declines in M&A deal volume were: Finance (511 vs. 689), Commercial Services (349 vs. 513), Consumer Services (188 vs. 306), Distribution Services (149 vs. 215) and Retail Trade (82 vs. 144).

Topping the list of the largest deals announced in August are: Mars, Inc.'s agreement to acquire Kellanova for $28.8 billion; A private group led by TowerBrook Capital Partners LP and Clayton Dubilier & Rice LLC agreeing to acquire the remaining 70.6% stake not owned in R1 RCM, Inc. for $4.3 billion; Advanced Micro Devices, Inc.'s agreement to acquire ZT Group International, Inc. for $5 billion; Kohlberg Kravis Roberts & Co LP acquired Varsity Brands LLC from Bain Capital Private Equity LP and Charlesbank for a rumored $4.8 billion; The Carlyle Group LP's deal to acquire Vantive from Baxter International, Inc. for $3.8 billion.

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