IMAP closes 47 M&A transactions worth over $2 billion in Q1 2023
IMAP closed 47 M&A transactions valued at over $2 billion in the first quarter of 2023. While the figure was down from previous quarters it was not as low as initially expected. At the macro level, interest rate hikes, persistently high inflation, financial market instability, and fears of a recession put a damper on dealmaking activity. At the transaction level, IMAP dealmakers have reported that buyers are placing increasing scrutiny on target business models and projections. Furthermore, with bank financing more expensive and difficult to obtain compared to the exuberance seen in recent