In an uncertain market, bold moves will define the future
STATE OF THE MARKET
Introduction
Looking Back at 2022
Looking Ahead to 2023
hot topics
Building New Businesses
Cultural Integration
Buying Engine 2
Telecommunications
Technology
Healthcare & Life Sciences
Retail
Consumer Products
industries
Energy & Natural Resources
Diversified Industrials
Payments
Insurance
Banking
Wealth & Asset Management
Asset management
Middle East
Japan
regions
Brazil
M&A Report 2023
Due Diligence
Table of Contents
Automotive & Mobility
India
Lessons amid Turbulence
Aerospace & Defense
Media & Entertainment
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Introduction
Corporate venture capital
M&A REPORT 2023
When M&A Is the Answer
M&A Report 2023
In an uncertain market, bold moves will define the future
Methodology
China
Key Contacts
India
Lorem ipsum
Welcome to Bain’s fifth M&A global annual report
M&A deal value dropped off in the second half of the year
Source: Dealogic; Bain M&A database 2022 (N=2,845 companies)
Active acquirers outperformed bystanders in the last recession
Annual total shareholder returns (CAGR 2007–2017)
$392B
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Nov
0
No pre-recession acquisitions in 2007
Pre-recession acquisitions in 2007
6.1%
5.5%
3.8%
5.0%
Active
Inactive
Our mission: Improve M&A by sharing practices of the best deal makers
Source: Dealogic
345B
375B
442B
451B
250B
266B
244B
244B
225B
238B
Last year was a challenging one for all dealmakers as inflation, interest rates, geopolitical tensions, and increased regulatory oversight placed unprecedented demand on the skills of deal executives. Throughout it all, though, M&A persevered—not always in the same numbers or with the same processes as in the past, but deals got done.
Overall deal value fell during the year, with multiples dropping from record highs in 2021 and fewer large deals.
But the pace of small deals was surprisingly resilient.
And dealmaker sentiment as we enter 2023 is optimistic.
History tells us that companies making bold moves
during times of turbulence tend to win over the long
term. The mission of this, our fifth annual report: Improve
M&A by sharing the insights of the world's best dealmakers.
Les Baird
Leader of Bain’s Global M&A practice
Dec
000B
400
300
200
100
500
M&A deal value dropped off in the second half of the year
Source: Dealogic
0
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Nov
Dec
000B
238B
225B
244B
244B
266B
250B
451B
442B
375B
345B
$392B
$500B
400
300
200
100
Lessons amid Turbulence
Due Diligence
Buying Engine 2
Brazil
India
Japan
Middle East
Aerospace & Defense
Automotive & Mobility
Banking
Consumer Products
Diversified Industrials
Energy & Natural Resources
Insurance
Payments
Retail
Technology
Telecommunications
Wealth & Asset Management
M&A in 2008-2009
Sources: Dealogic; Bain M&A database 2022 (N=2,845 companies)
Companies that acquired during the last downturn outperformed over the long run
Average total shareholder returns (CAGR 2007–2017)
5.9%
4.7%
for companies that acquired in 2008–2009
for companies that did not acquire
in 2008–2009
Healthcare & Life Sciences
Cultural Integration
Looking Ahead to 2023
Media & Entertainment
Looking Back at 2022
Last year was a challenging one for all dealmakers as inflation, interest rates, geopolitical tensions, and increased regulatory oversight placed unprecedented demand on the skills of deal executives. Throughout it all, though, M&A persevered—not always in the same numbers or with the same processes as in the past, but deals got done.
Overall deal value fell during the year, with multiples dropping from record highs in 2021 and fewer large deals.
But the pace of small deals was surprisingly resilient.
And dealmaker sentiment as we enter 2023 is optimistic.
History tells us that companies making bold moves
during times of turbulence tend to win over the long
term. The mission of this, our fifth annual report: Improve
M&A by sharing the insights of the world's best dealmakers.
Last year was a challenging one for all dealmakers as inflation, interest rates, geopolitical tensions, and increased regulatory oversight placed unprecedented demand on the skills of deal executives. Throughout it all, though, M&A persevered—not always in the same numbers or with the same processes as in the past, but deals got done.
Overall deal value fell during the year, with multiples dropping from record highs in 2021 and fewer large deals.
But the pace of small deals was surprisingly resilient.
And dealmaker sentiment as we enter 2023 is optimistic.
History tells us that companies making bold moves
during times of turbulence tend to win over the long
term. The mission of this, our fifth annual report: Improve
M&A by sharing the insights of the world's best dealmakers.
Brazil