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

U.S. M&A deal activity decreased in June, going down 11.4% with 887 announcements compared to 1,001 in May. Aggregate M&A spending decreased as well. In June, 22.3% less was spent on deals compared to May.

In terms of M&A deal activity, 4 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. These four sectors were: Communications (32 vs. 24), Consumer Durables (50 vs. 45), Miscellaneous (13 vs. 9) and Government (1 vs. 0).

On the other hand, 17 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 (462 vs. 716), Commercial Services (384 vs. 510), Distribution Services (151 vs. 253), Consumer Services (203 vs. 304) and Producer Manufacturing (144 vs. 222).

Topping the list of the largest deals announced in June are: Sonoco Products Co. agreeing to acquire Eviosys Packaging Switzerland GmbH for $3.8 billion; Blackstone Corporate Private Equity agreeing to acquire remaining 40% minority stake in Copeland LP from Emerson Electric Co. for $3.5 billion; BlackRock, Inc.'s deal to acquire Preqin Holding Ltd. for $3.2 billion; Cartica Acquisition Corp.'s agreement to acquire Nidar Infrastructure Ltd. for $2.7 billion; a private group led by SM Energy Co. and Northern Oil & Gas, Inc., agreeing to acquire assets related to Uinta Basin oil and gas assets from XCL Resources LLC for $2.6 billion.

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