2022 Mergers and Acquisitions Outlook Survey

The results of Dykema's 2023 Mergers & Acquisitions Outlook Survey are in! This annual survey tracks the marketplace to gauge the direction of the M&A market and economy for the coming year.

As with previous installments of the survey, our firm canvassed senior executives and advisors in the M&A space to ask them to share their observations and insights on how the U.S. economy, political environment, and emerging trends will impact the M&A market in the year to come. Facing inflation, potential recession, and geopolitical uncertainty, business leaders anticipate tempered deal activity over the coming year. 

"One explanation for this bullish outlook: Even with the steady march of rate hikes and price increases, dealmakers who have stockpiled dry powder will be able to capitalize on lowered valuations and engage in deals," said Thomas Vaughn, co-leader of Dykema’s Mergers & Acquisitions practice. "Distressed and turnaround deals also thrive during economic downturns – another factor contributing to this optimism."

"The fact that 80 percent of respondents anticipate an increase in private M&A deal activity speaks to how resilient the dealmaking landscape is," said Frank Ballantine, Dykema M&A Survey Leader. "For now, economic conditions are unlikely to spur a further dramatic slowdown in deals, but instead shift activity toward more promising sectors."

"This mixed outlook suggests we are entering a market of haves and have-nots. Buyers with a large amount of liquidity — and consequently, no need to borrow at high interest rates — expect to take advantage of affordable buying opportunities, while those who have relied on banks to finance their acquisitions see significant obstacles ahead," said Jeff Gifford, leader of Dykema’s Corporate Finance practice group.

To view the full report, click here.