Largest M&A transactions of 2023 The largest transaction this year is the proposed majority acquisition of Worldpay, by private equity 昀椀rm GTCR for an implied enterprise value of $18.5 billion. Private equity has generally been a strong theme in European tech in 2023, with 昀椀nancial sponsors responsi- ble for three of the top 5 largest M&A transactions in Europe this year. Three of these (SimCorp, Software AG and Kahoot!) involved public-to-private transactions. Top 5 largest M&A transactions by disclosed value, 2023YTD Name HQ Acquirer EV ($B) Acquirer type Worldpay United Kingdom GTCR 18.5 Private Equity SimCorp Denmark Deutsche Börse 4.5 Strategic Software AG Germany EQT 2.9 Private Equity Kahoot! Norway Goldman Sachs Assets Management 1.6 Private Equity Reward Gateway United Kingdom Edenred 1.4 Strategic Notes: S&P Capital IQ Platform, as of date 30 September 2023, for Sources: illustrative purposes only. | 224