For deal makers, 2024 is a year to look forward to, if only because 2023 wasn’t necessarily one to celebrate.
Despite some notable transactions, the year presented challenges to the bankers and lawyers who advise corporate clients on big takeovers and initial public offerings.
Global M.&A. fell to a 10-year low. About 53,529 deals worth a combined $2.9 trillion were announced, down 17 percent annually by volume, according to data from L.S.E.G.
The busiest sectors included energy — led by Exxon Mobil’s $60 billion takeover of Pioneer Natural Resources and Chevron’s $53 billion acquisition of Hess — and health care, which was topped by Pfizer’s roughly $43 billion purchase of the cancer drug maker Seagen.
The story was worse for I.P.O.s, which tumbled 25 percent year-on-year to a combined $109.8 billion in proceeds, a 14-year low. That’s despite notable market debuts, including those of the semiconductor designer Arm, the grocery delivery app Instacart and the sandal maker Birkenstock.
