M&A deals in 2023 lowest in 12 years

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Private equity deal size $91.45 billion

AHMEDABAD: India's merger and acquisition activities fell to $14.58 billion in calendar year 2023, the lowest in the last 12 years, due to lack of big-ticket deals. Due to the political and border uncertainties that have arisen globally, this situation has led to the fact that deals are expected to remain low for the remainder of the year.

Merger and acquisition activity in 2023 is tipped to be the worst in the last 12 years, both in terms of volume and value, due to rising interest rates along with global border tensions and other factors.

According to Grant Thornton India, the Indian deal market saw 122 deals valued at $2.5 billion in October, 2023, a month-on-month increase of 14 percent in deal volume.

On a year-on-year basis, private equity deal size across domestic, inbound and outbound mergers and acquisitions stood at $91.45 billion for the entire 12-month period of 2022, according to a report compiled by advisory firm Grant Thornton India. This will mark a significant drop in deal values ​​compared to 2022.

In calendar year 2023, total domestic M&A deals decreased from $70.75 billion in 2022 to $8.7 billion in 2023 and outbound decreased from $17.94 billion to $1.69 billion and inbound increased from $2.75 billion to $4.17 billion. is Inbound deals were topped by Walmart's $1.4 billion stake in Flipkart in August, followed by Proximus buying a controlling stake in Root Mobile through Opal for $721 million.

The largest seen in 2023 was Security Realty's acquisition of JP Infratech in bankruptcy, valued at $2.45 billion. In second place was Walmart's 4% stake deal worth $1.4 billion in Flipkart.

The pharmaceuticals and healthcare sector was again the showstopper this year, with 130 deals worth $6.8 billion (January-September) as companies expanded product bases and diversified into new markets.

The biggest deals of 2022 included HDFC Limited-HDFC Bank's $40 billion domestic level merger deal, L&T Mind Tree's $17.7 billion domestic merger and Gautam Adani's $10.5 billion outbound deal to buy a controlling stake in Ambuja Cement from Holcim.


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