Global dealmaking volume contracted by 22% quarter-over-quarter, reflecting sustained high interest rates and regulatory headwinds across primary markets. Private equity buyouts recorded their lowest activity levels in four years.
Valuation Disconnect
A widening gap between buyer expectations and seller target prices has delayed transaction closings. Deal size averages decreased from $450 million to $310 million across cross-border tech and industrials acquisitions.
Restructuring Gains Ground
Investment banking revenue has shifted toward debt restructuring and liability management services as corporate clients prioritize balance sheet resilience over debt-financed expansion.