Top M&A trends in 2024: Blueprint for success in the next wave of deals
After a 2023 trough, M&A value is rebounding, and McKinsey's evidence across sectors says the edge goes to programmatic acquirers who rotate their portfolio continuously and execute integration, culture and delay planning with discipline.
Summary
Global M&A value fell 16 percent to $3.1 trillion in 2023, but a 41 percent fourth-quarter jump signals a rebound. Across sector chapters and Asia, programmatic acquirers (two or more small to midsize deals a year) earned the best returns, 2.3 percent median excess TSR, while organic growth destroyed value. Winning deals pair active portfolio rotation (10 to 30 point refresh) and tailored integration with early culture work, since 44 percent of leaders blame cultural friction for failed integrations, and with contingency plans for delays, which hit 30 percent of major deals.
Editor's opinion
Despite a deep 2023 trough, structural shifts such as AI and sustainability should keep M&A central to corporate strategy.
Key concepts
Programmatic M&A · Excess TSR by M&A archetype · Portfolio refresh rate (ponds, rivers, rapids) · 4Rs of managing deal delays · Culture compass · Integration and transformation office