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

U.S. M&A deal activity increased in October, going up 9.1% with 1,202 announcements compared to 1,102 in September. However, aggregate M&A spending decreased. In October, 18.9% less was spent on deals compared to September.

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: Health Technology (123 vs. 110), Electronic Technology (78 vs. 69), Miscellaneous (12 vs. 5) and Consumer Non-Durables (92 vs. 87).

On the other hand, 16 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: Commercial Services (386 vs. 548), Finance (591 vs. 715), Distribution Services (168 vs. 229), Consumer Services (202 vs. 250) and Health Services (110 vs. 156).

Topping the list of the largest deals announced in October are: Siemens AG's agreement to acquire Altair Engineering, Inc. for $9.6 billion; Apollo Management LP agreeing to acquire Barnes Group, Inc. for $2.4 billion; TKO Group Holdings, Inc.'s deal to acquire 3 subsidiaries from Endeavor Group Holdings, Inc. for $3.29 billion; Elevance Health, Inc. acquiring CareBridge from Oak HC/FT Management Co. LLC for a reported value of $2.7 billion; Nippon Paint Holdings Co. Ltd.'s agreement to acquire LSF11 A5 Topco LLC from Lone Star Americas Acquisitions LLC for $2.3 billion.

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