
As with often value-destructive mergers and acquisitions, the numbers aren’t adding up for dealmakers. After a record-breaking $5.8 trillion of activity in 2021, they have endured a staggering reversal of fortune. The slump will last through 2023. Once chief executives and buyout barons recovered from the initial pandemic shock in 2020, they embarked on an epic shopping spree. The following year brought 64% more M&A, according to Refinitiv data, 40% beyond the previous high of $4.1 trillion in 2007, right before the world stared into the financial abyss. The latest comedown is therefore understandable, especially given higher interest rates, which