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Nearing the bottom? Q2’23 M&A trends in TMT

Weighed down by persistent macroeconomic uncertainty, TMT deal making further weakened in Q2’23. But there are signs of a turnaround.

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After a lackluster start to the year, deal activity faltered again in Q2’23, with deal value falling 32 percent from Q1’23 on a 15 percent decline in deal volume.

Technology transactions suffered another pullback, with deal volume decreasing to 854 from 1,011 in Q1’23 while deal value dropped to $23.9 billion from $47.4 billion. Telecom deal volume cratered as the number of transactions fell to 44 from 74 in Q1’23, but combined deal value remained steady at $5.9 billion from $5.8 billion thanks to a single $5.5 billion transaction. The media subsector bucked the trend: even though deal volume declined to 354 from 382 in Q1’23, deal value more than tripled to $8.4 billion from $2.6 billion. This was mainly due to the third biggest TMT deal for the quarter—Savvy Games’ $4.9 billion bid for mobile game maker Scopely.

Notable M&A trends in TMT in Q2’23 included:

  • Cloudy forecasts: Deal makers struggled against the headwinds from high interest rates, a crisis in regional banks, and fears that the U.S. economy may slide into recession.
  • Shrinking deal value: Total deal value was even lower than that of Q2’20 at the height of the pandemic.
  • No thanks to megadeals: Small transactions drove TMT deal making. Only six transactions topped $1 billion.

However, we see early signs of a turnaround in sentiment. Even at lower valuations than desired, companies in need of cash are now looking at potential carve-out sales. As sellers become more active, this could generate more interest on the buy side as well—building momentum toward a new upswing in deal making in the coming months.

Get your copy of our comprehensive review of the TMT deal trends in Q2’23 and what to expect in H2’23.

Dive into our thinking:

Nearing the bottom?

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