global: A new record for M&A activity in TMT in the first half of 2023, with approximately 8,500 deals announced, 100 more than the previous record of 8,400 set in the first half of 2021. This year, things are different, with transaction volumes down 31% from the first half of the year to less than 6,000 transactions. Overall, 2023 ended the year with volumes down 1% year-on-year. Transaction value in 2023 was down 44% compared to the previous year. This is primarily due to a combination of small transactions and low valuations. Additionally, the number of TMT megadeals decreased from 42 in 2021 to 24 in 2022 and only 11 in 2023.
Asia Pacific: Deal volumes in 2023 were down 7% compared to 2022, with deals in the media and entertainment sector down 13% and technology deals down 7%. However, this was partially offset by his 9% increase in telecommunications transactions. Transaction value in 2023 was down 38% compared to the previous year. This was primarily due to a combination of small deals and low valuations in all three sectors. There were no TMT megadeals in Asia Pacific in 2023, compared to two in 2022.
EMEA: Trading volume in 2023 decreased by 1% compared to 2022. This was due to a 12% decline in media and entertainment sector deals and a 10% decline in communications deals, partially offset by his 1% increase in technology deals. Transaction value in 2023 was down 9% year-on-year, with the technology sector down 22%. However, this was partially offset by increases of 7% and 6% in the telecommunications and media and entertainment sectors, respectively. Deal values in EMEA were boosted by three European telecom megadeals and one large PE-backed media and entertainment megadeal in 2023.
Americas: Transaction volume in 2023 increased by 5% compared to 2022. This is entirely due to the increase in technology trading. Over the same period, communications business trading activity fell by 21%, and media and entertainment trading activity fell by 3%. Transaction value in 2023 decreased by 55% compared to 2022. This is primarily due to the lack of megadeals, particularly those in the technology sector, which have historically favored the Americas region.
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