Value of M&A deals drop 65% YoY in 9M23

The number of deals likewise declined.

The value of merger and acquisition (M&A) transactions with any Singapore involvement totalled US $35.0b in 9M23, marking a 65% YoY drop. 

The 9M23 record is also the lowest first nine-month total since 2013. Deal volume likewise declined in 9M23, dropping 1% YoY.

According to Refinitiv, deals involving a Singapore target dropped 70% YoY to US$10.2b despite a 13% increase in the number of announced deals. 

In the same period, inbound deals declined 66% to US$6.9 billion, whilst domestic deals fell 75% to US$3.3 billion.

Meanwhile, Singapore's outbound M&A totalled US$18.0 billion in 9M23, down 62% YoY.

Financials are the most targeted sector in Singapore by value, accounting for 35% of M&A involving a Singapore target so far this year. The high technology sector recorded the highest number of deals.

Based on preliminary data from Refinitiv, Deutsche Bank emerged as the top  M&A financial advisor for M&A deals with any Singapore involvement, with a 17% market share.