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The gathering clouds over the economy directly impacted the TMT M&A market in Q3�22, with deal activity decelerating further. Compared to the previous quarter, deal volume fell 20.7 percent to 1,410 from 1,778, and deal value dropped 71.8 percent to $77.6 billion from $275.4 billion.

Technology transactions slid 18.6 percent by volume and 65.6 percent by value from Q2�22. Media deals decreased 23.3 percent by volume and 95.9 percent by value. However, telecom deals broke this double-negative trend: although volume tumbled 34.8 percent, value rose 19.8 percent.

Some notable trends in Q3�22 included:

• Only one transaction topped $10 billion—Adobe’s announcement in September to take over Figma for $20 billion.
• Many private-equity (PE) firms are targeting companies with falling valuations or in need of a business turnaround for take-private transactions.
• Transactions in special-purpose acquisition companies (SPACs) continued to dry up.

M&A trends in TMT are expected to follow economic developments—with activity likely to remain subdued until investors see signs of accelerating growth. But even in a downturn, forward-looking companies can look for attractive assets and use M&A to lay the groundwork for long-term growth.

For the latest market trends and ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø deal professionalsâ€� view of what may lie ahead, download our full Q3â€�22.