Bain – M&A MidYear Report, 2024

In the first half of 2024, companies have shown adaptability in dealmaking amidst higher interest rates and regulatory scrutiny. Strategic M&A activity has remained steady, with the energy and tech sectors attracting the most attention. The energy sector has shifted towards scale consolidation deals, while the tech sector continues to focus on growth-oriented deals. Companies are now looking to create value through a combination of cost synergies and growth, rather than prioritizing one over the other. More deals are now structured to achieve scale synergies, expand into new markets, or introduce new products, with a greater emphasis on stock-only transactions to take advantage of high market valuations. Overall, companies are demonstrating flexibility and sophistication in their approach to M&A, aiming to drive both cost efficiencies and growth in a challenging macro environment.