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Cooley’s 2023 Cross-Border M&A Year in Review: Navigating Choppy Waters into a More Buoyant 2024

Cooley M&A

The higher interest rates escalated borrowing expenses, making mega-deals (deals valued at $5 billion or more) significantly more expensive, due to their heavy reliance on debt financing, and impacted valuation multiples with higher discount rates. The aggressive rate hikes contributed to the decline in M&A activity in 2023.

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