Deglobalization Drives 2023 Dealmaking: Chris Hughes

What to Expect in 2023:

Russia’s invasion of Ukraine has put geopolitical risk front of mind for corporate leaders. That could see deglobalization determine M&A priorities.

Boards in the US and Europe have two strategic concerns in a turbulent world — diversifying supply chains, and allocating capital away from riskier markets and toward what they will see as the relative political and economic safe haven of the US. And whether they make cars or smartphones, companies are reassessing their reliance on China.

This would amount to an unwinding of the trends in corporate activity in recent years. Instead of deals being hatched to enter new ...