ANALYSIS: U.S. M&A Mega Year in Review

2019 was an exciting year to follow mergers and acquisitions. Eye-popping deals involving major industry players and household names dominated the merger headlines, viz. Raytheon Co., Bristol-Myers Squibb Co., Anadarko Petroleum Corp., Tiffany & Co., and Fiserv Inc., just to name a few. But fourth-quarter data are in, and it’s not all good news.

2019 has some impressive stats, including a long list of mega deals, valued at $10 billion or greater, that were both announced and completed in the year (see table within). The middle and large markets, taken separately, however, had their lowest ...