U.S. M&A deal activity decreased in March, going down 15.4% with 946 announcements compared to 1,118 in February. Aggregate M&A spending decreased as well. In March, 51.3% less was spent on deals compared to February.
In terms of M&A deal activity, 12 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: Industrial Services (259 vs. 207), Non-Energy Minerals (101 vs. 64), Electronic Technology (91 vs. 69), Utilities (70 vs. 54), and Consumer Non-Durables (100 vs. 86).
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: Finance (563 vs. 730), Technology Services (778 vs. 810), Health Technology (107 vs. 118), Communications (22 vs. 29), and Distribution Services (133 vs. 138).
Topping the list of the largest deals announced in March are: A private group led by Global Infrastructure Management LLC, EQT Infrastructure, The California Public Employees Retirement System, and Qatar Investment Authority entering an definitive agreement to acquire The AES Corp. in a deal valued at $42.2 billion; Sysco Corp. agreeing to acquire JRD Unico, Inc. from Leonard Green & Partners LP for $29.1 billion; McCormick & Co., Inc.'s agreement to acquire the Food Business from Unilever Plc for $15.7 billion; Corebridge Financial, Inc.'s deal to acquire Equitable Holdings, Inc. for $10.6 billion; and Eli Lilly & Co. agreeing to acquire Centessa Pharmaceuticals Plc for $7.3 billion.
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