U.S. M&A deal activity decreased in February, going down 26.7% with 1,013 announcements compared to 1,382 in January. However, aggregate M&A spending increased. In February 236.8% more was spent on deals compared to January.
In terms of M&A deal activity, 11 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. The four sectors that witnessed the largest increases in M&A deal volume were: Technology Services (764 vs. 735), Commercial Services (440 vs. 424), Consumer Non-Durables (92 vs. 79), and Health Services (113 vs. 106).
On the other hand, 9 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 decreases in M&A deal volume were: Distribution Services (130 vs. 161), Finance (813 vs. 831), Consumer Services (187 vs. 205), Producer Manufacturing (209 vs. 218), and Health Technology (120 vs. 127).
Topping the list of the largest deals announced in February are: Space Exploration Technologies Corp. acquiring X.AI Corp. for a reported value of $250 billion; Devon Energy Corp.'s agreement to acquire Coterra Energy, Inc. for $21.4 billion; Banco Santander SA's deal to acquire Webster Financial Corp. for $12.2 billion; Danaher Corp. entering an agreement to acquire Masimo Corp. for $9.4 billion; Victory Capital Holdings, Inc.'s proposal to acquire Janus Henderson Group Plc for $8.8 billion.
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