1、H1 2024The evolution of engagement H1 2024Introduction1Global trends2Market analysis11United States12United Kingdom13Western Europe16Asia Pacific17The Rest of the world18Corporate M&A activity19Private Equity21Mid-market activity22Looking forward23A word from Andy VinerContentsWhile 2024 may bring i

2、ts share of uncertainty,there are signs that the markets slight dip could be less about turbulent conditions and more about shifting investor priorities as they prepare for a rapidly evolving future.Could this year be laying the groundwork for an exciting surge of deals ahead?Or perhaps it points to

3、 a more thoughtful,strategic approach to M&A activity.Lets explore some of the key deals that are already shaping the global market in 2024.In the first half of this year,disclosed M&A deal values reached approximately US$60 billion across 630 transactions a modest decline compared to the 655 transa

4、ctions in the same period in 2023.This dip reflects broader hesitations in the market as dealmakers navigate high interest rates,political uncertainty,and valuation gaps.As a result,many have shifted away from large-cap deals toward smaller,more manageable mid-market transactions.These deals,though

5、smaller in scale,offer strategic opportunities,allowing businesses to capitalise on innovation and evolving market trends.The persistence of high interest rates has played a critical role in reshaping the deal environment in 2024.Central banks,particularly in the US and Europe,have maintained a high

6、er for longer approach,which has significantly increased the cost of debt-financed deals.With interest rates squeezing returns,dealmakers are forced to focus more on the potential value creation within each transaction to justify higher costs.Inflation,supply chain disruptions,and elevated debt cost