20th Annual Mergers & Acquisitions Outlook Survey
In the two decades that Dykema has surveyed dealmakers about the U.S. M&A landscape, one dominant theme has emerged: the M&A market is only as strong (or weak) as the underlying economy. Hence the nadir in 2008, the subsequent, steady rise in M&A dealmaking environment during the period of low interest rates that followed, and other events that impacted the overall economy, including fluctuations amid pivotal election years, regulatory evolutions, and, of course, the COVID-19 pandemic.
The question, then, for respondents to Dykema’s 2024 M&A Outlook Survey—our 20th-anniversary edition—is what’s next? The more than 200 dealmakers who took this year’s survey in July and August, including c-suite executives, senior management, bankers, and private equity (PE) professionals at organizations of all sizes across the country, have answers.
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“Big picture: As the economy goes, so goes M&A.” Thomas Vaughn, Former Co-Leader of Dykema’s M&A Practice until 2023 |
In Retrospect: 20 Years of M&A Outlook
The M&A market has gone for quite a ride since we launched our first outlook report two decades ago.
From the dramatic lows of 2008, to the tech-driven surge of 2015, to the post-pandemic SPAC boom, here’s a look back at the moments that transformed the landscape and impacted dealmaking for years to come.
Sectors most likely to see M&A activity in the next 12 months
For the second year in a row, energy, financial services, and healthcare were seen as the sectors most likely to see M&A activity in the next 12 months. But there was one notable difference—healthcare and energy swapped first and third place, while financial services remained in second. Consumer products were a newcomer to the top five, while the tech sector fell one spot to fifth.
| 2023 | Ranking | 2024 | ||||
| Energy and Natural Resources | 1 | Healthcare ▲ +2 | ||||
| Financial Services | 2 | Financial Services — | ||||
| Healthcare | 3 | Energy and Natural Resources ▼ -2 | ||||
| Technology, Media, and Telecoms | 4 | Consumer Products ▲ +3 | ||||
| Industrial/Manufacturing | 5 | Technology, Media, and Telecoms ▼ -1 |
2024 M&A Outlook Survey Team
Remembering Our Friend, Tom Vaughn
Having been a key member of the Dykema team for 44 years and the driving force behind this flagship research effort for more than a decade, our 20th annual report is dedicated to his memory.
Methodology
In July and August 2024, national law firm Dykema distributed its M&A Outlook Survey via email and online panel to a group of CEOs, CFOs, and other senior company officers and executives, as well as bankers, private equity professionals, and advisors engaged in M&A. A total of 235 respondents completed the survey, representing more than a dozen sectors, including financial services, technology, media, telecoms, healthcare, industrial/manufacturing, retail, energy and natural resources, real estate and construction, consumer products, education, logistics, automotive, transportation and mobility, food and beverage and life sciences. To allow for crosstabulation analysis, a higher proportion of respondents were engaged in the automotive, transportation and mobility, healthcare and energy and natural resources sectors. Respondents were located in the U.S. and represent companies with annual revenues from less than $10 million to more than $1 billion.
Due to rounding, percentages in some questions may not add up to 100%.
