According to the market report by the US consulting firm Boston Consulting Group (BCG) for the first nine months of 2024, global M&A activities have been mixed so far this year.

BCG registered approximately 22,400 transactions worldwide, with a total volume of around $1.6 trillion. This marks an increase of about 10 percent compared to the previous year.

Switzerland Significantly Below Last Year

In Europe, the M&A volume increased by 14 percent to $353 billion. However, a closer look at individual countries reveals clear winners and losers. The UK recorded a remarkable increase of 131 percent, accounting for the largest share of European M&A activities since 2015.

Significant gains were also observed in Sweden, the Czech Republic (+68 percent), and France (+29 percent), driven by several larger deals.

In contrast,  transaction volume in Switzerland fell 31 percent compared to the previous year. Germany (-52 percent), Austria (-34 percent), and Italy (-25 percent) also reported significantly lower transaction values.

North America Accounts for Major Share

In contrast, North America once again emerged as a center for M&A activities. Transactions increased by 13 percent, reaching a total value of $958 billion, with the majority ($877 billion) pertaining to targets in North America. This represents 55 percent of the global volume, with most deals involving US companies, according to BCG.

In the Asia-Pacific region, the transaction value decreased by 5 percent to $263 billion, hitting a ten-year low. Significant declines were noted in China (-41 percent) and Australia (-7 percent).

Malaysia (+132 percent), India (+66 percent), Singapore (+48 percent), Japan (+37 percent), and South Korea (+10 percent) showed bright spots.

Authorities Take Longer to Review

BCG also noted longer review processes for deal approvals by competition authorities, particularly for larger transactions. This is attributed to rising protectionism, as well as electoral cycles in key markets increasing uncertainty.

Globally, the time from signing to closing for deals exceeding $2 billion has increased by 11 percent from 2018 to 2022, averaging 191 days.

Private Equity Capital Poised for Action

For transactions over $10 billion, delays were even longer: 40 percent of the deals analyzed by BCG could not be completed within the initially projected timeframe, with 63 percent of these delayed deals requiring at least three additional months to close.

Looking ahead to 2025, BCG remains optimistic: «The $2.1 trillion capital from private equity firms and declining interest rates could stimulate the M&A market.» Furthermore, experts are convinced that the increasing pressure for digitalization will support the long-term recovery of M&A activities.