According to this week's annual market report by investment bank LUMA Partners, total global deal value in the space fell to a 10-year low in 2023 with total global deal value dropping below $3tn, a 17% decline from the prior year.
Adding fuel to the fire are rising equity markets and the cost of debt financing, which is beginning to come down," Prohaska Consulting's Wright added. "If rising equity markets and declining debt costs are not a head fake, expect industry M&A to take off in 2024.
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