U.S. Mergers & Acquisitions Monthly Review: May 2023

U.S. M&A deal activity increased in May, going up 10% with 1,201 announcements compared to 1,092 in April. Aggregate M&A spending increased as well. In May, 22.6% more was spent on deals compared to April.

In terms of M&A deal activity over the past three months, no sector saw an increase in M&A deal activity, relative to the same three-month period one year ago. On the other hand, 20 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 four sectors that witnessed the largest declines in M&A deal volume (relative to the same three-month period one year ago) were: Finance (656 vs. 1053), Technology Services (650 vs. 853), Commercial Services (474 vs. 664) and Consumer Services (282 vs. 331).

Topping the list of the largest deals announced in May are: ONEOK, Inc. entering an agreement to acquire Magellan Midstream Partners LP for $13.6 billion; Chevron Corp.'s agreement to acquire PDC Energy, Inc. for $6.3 billion; A private group led by Elliott Investment Management LP, Patient Square Capital and Veritas Capital Fund Management LLC entering an agreement to acquire Syneos Health, Inc. for $4.5 billion; Tempur Sealy International, Inc.'s deal to acquire Mattress Firm Group, Inc. from Steinhoff International Holdings NV for $4.0 billion; A private group led by Josh Harris agreeing to acquire Pro-Football, Inc., doing business as Washington Commanders, from Washington Football, Inc. for a reported value of $6.1 billion.

This blog post is for informational purposes only. The information contained in this blog post is not legal, tax, or investment advice. FactSet does not endorse or recommend any investments and assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this article.