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

U.S. M&A deal activity decreased in March, going down 22.6% with 841 announcements compared to 1,087 in February. Aggregate M&A spending decreased as well. In March, 38.7% less was spent on deals compared to February.

In terms of M&A deal activity, 2 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: Non-Energy Minerals (72 vs. 60) and Miscellaneous (12 vs. 3).

On the other hand, 18 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 (405 vs. 760), Technology Services (609 vs. 757), Consumer Services (229 vs. 323), Commercial Services (503 vs. 579) and Health Services (128 vs. 171).

Topping the list of the largest deals announced in March are: The Home Depot, Inc. agreeing to acquire SRS Distribution, Inc., a portfolio company of Leonard Green & Partners LP and Berkshire Partners LLC, for $18.25 billion; A private group led by Christina Marshall entering an agreement to acquire Tronic LLC from JBB Advanced Technologies LLC for $12.3 billion; International Paper Co. in discussions to acquire DS Smith Plc for $7.2 billion; EQT Corp.'s deal to acquire Equitrans Midstream Corp. for $5.7 billion; Liberty Media Corp.'s agreement to acquire an 86% majority stake in Dorna Sports SL, a portfolio company of Bridgepoint Advisers Ltd. and Canada Pension Plan Investment Board for $3.3 billion.

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