2022 Annual M&A/PE Review and 2023 Forecast
After a record-breaking 2021, deal activity in 2022 dropped by 37%, its largest year-over-year decline since 2001. Facing all the 2022 headwinds, including a difficult and uncertain financing market, the Ukraine war, inflation, the continuing effects of the COVID-19 pandemic, supply chain issues, and unfriendly regulators, in many ways the M&A market held up better than expected.
This update highlights many of the challenges experienced in 2022 that continue to unfold in 2023, ranging from the new universal proxy card rules to heightened antitrust scrutiny, expanding FDI regimes across the globe, and the hotly disputed question of whethernon-majority stockholders are controllers.
Against this backdrop, clients once again turned to Jones Day for some of their most significant and complex transactions, whether carve-outs, spin-offs, joint ventures, public company acquisitions, or cross-border transactions. The pages that follow spotlight just a few of the Firm's 2022 engagements across a range of sectors.
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