Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more

Light at the end of the tunnel: Q3’23 TMT M&A Trends

TMT deal value rose in Q3’23 amid a resilient economy and expectations of more stable interest rates in the coming months.

In Q3’23, the foreboding clouds hanging over the M&A market in the technology, media, and telecom (TMT) sector began to clear—a little. Overall deal value climbed 35 percent from Q2’23 even as deal volume fell 17 percent.

In the first uptick since Q4’22, technology deal value leaped from $31.6 billion to $54.4 billion on the back of Cisco’s $28 billion bid for cybersecurity firm Splunk, although deal volume continued to decline from 960 to 839. Transactions in the media subsector, where dual Hollywood strikes by writers and actors cast a long shadow, fell 31 percent from 389 in Q2’23 to 268, while deal value dropped 46 percent from $9.2 billion to $5 billion. Telecom deal count rose 12 percent from 50 to 56, but deal value fell 40 percent from $5.9 billion to $3.5 billion.

Notable M&A trends in TMT in Q3’23 included:

  • More positive sentiment: Fears of more interest rate hikes and a recession started to dissipate.
  • Return of a megadeal: Bigger deals, especially the $28 billion Cisco-Splunk transaction, may signal the start of a sustained upturn in deal making.
  • Regulatory pressure: Antitrust regulators continue to be active, scrutinizing in particular acquisitions by large technology companies.

Taken together, these trends could justify guarded optimism for TMT deal makers. However, we believe the nascent rebound in M&A will probably build up slowly, given still-rich valuations of potential targets, high borrowing costs, and an unfavorable regulatory environment.

Download your copy of our comprehensive review of the TMT deal trends in Q3’23 and what to expect in Q4’23.

Dive into our thinking:

Light at the end of the tunnel: Q3’23 TMT M&A Trends

Download PDF

Explore other services tailored to your business

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.