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

U.S. M&A deal activity decreased in May, going down 10.6% with 949 announcements compared to 1,062 in April. However, aggregate M&A spending increased. In May, 1.7% more was spent on deals compared to April.

In terms of M&A deal activity, 7 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 five sectors that witnessed the largest increases in M&A deal volume were: Consumer Non-Durables (90 vs. 78), Miscellaneous (13 vs. 7), Communications (27 vs. 23), Non-Energy Minerals (55 vs. 52) and Electronic Technology (71 vs. 68). 

On the other hand, 14 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 (528 vs. 777), Commercial Services (390 vs. 514), Consumer Services (210 vs. 314), Distribution Services (156 vs. 258) and Technology Services (586 vs. 686).

Topping the list of the largest deals announced in May are: ConocoPhillips entering an agreement to acquire Marathon Oil Corp. for $17 billion; Permira Advisers LLP's agreement to acquire Squarespace, Inc., for $6 billion; A private group led by CPP Investment Board Infrastructure and Global Infrastructure Management LLC agreeing to acquire ALLETE, Inc., for $3.9 billion; Nippon Life Insurance Co.'s deal to acquire a 20% minority stake in Corebridge Financial, Inc., from American International Group, Inc., for $3.8 billion; Energy Transfer LP agreeing to acquire WTG Midstream LLC from Stonepeak Partners LP, The Davis Estate and Diamondback Energy, Inc., for $3.2 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.