The global mergers and acquisitions (M&A) market experienced significant growth in Q1 2024, with deals amounting to $613bn, according to a recent thematic intelligence report published by GlobalData.

The total represents a substantial 38% increase compared to the same period in 2023. Despite the impressive growth in deal value, the volume of deals fell by 13% from Q1 2023, recording a total of 7,248 deals in Q1 2024.

The Technology, Media, and Telecoms (TMT) sector led the M&A activity in Q1 2024, with a total of 2,163 deals worth $186bn. This sector's performance underscores the continued importance of digital transformation and technological innovation in driving business growth and consolidation.

Interestingly, most sectors witnessed a year-on-year growth in deal activity in Q1 2024, indicating a robust and dynamic M&A market. This growth can be attributed to various factors, including businesses' strategic efforts to expand their market presence, diversify their operations, or acquire new capabilities.

There was also a significant increase in the number of mega-deals, defined as any deal valued at more than $1bn. In Q1 2024, the number of mega-deals rose to 121, up from 79 in Q1 2023. This surge in mega-deals suggests that businesses are not shying away from making large-scale investments to achieve their strategic objectives.

The report concluded that the global M&A market in Q1 2024 demonstrated strong performance, with substantial growth in deal value. Despite a decrease in deal volume, the rise in mega-deals and the robust activity in the TMT sector indicate a vibrant and evolving M&A landscape.