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M&A/PE Quarterly Newsletter, Winter 2022

Alerts and newsletters | January 9, 2023

Where Things Stand at the End of 2022
In this Fried Frank M&A/PE Quarterly, we present our fourth annual end-of-the-year summary of “Where Things Stand” in the M&A/PE world. While M&A activity ebbs and flows over time, it endures as a central feature of the global corporate landscape. At the end of 2022, following a record-breaking surge of activity in 2021, we are in a period of decreased M&A activity due to macroeconomic pressures, including a low-growth or recessionary environment, historic inflation, increased cost of capital, more volatility in stock markets, growing geopolitical tensions, and continued supply chain, technology and other post-pandemic challenges. Global M&A deal volume (measured by value) decreased 53% in the third quarter compared to last year, representing the second-lowest volume in any quarter since the first quarter of 2017. Countervailing factors, however, include that U.S. corporations and private equity funds continue to have very high levels of “dry powder,” businesses face ongoing pressures to adapt to a global and high-tech world, and there are opportunities for acquisitions at lower prices than previously available.

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Key Developments in Delaware Law
While there were no dramatic, transformational changes in Delaware law in 2022, the courts reaffirmed, and in some cases expanded, important recent trends. Below, we discuss the key developments; and the decisions mentioned are discussed below under “Key Delaware Decisions.” (A list of the decisions discussed is included at the end of this Quarterly.)

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M&A/PE Quarterly RoundUp

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Decisions Discussed in this Quarterly

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