Small but mighty sub $100M mergers Across all transaction value brackets, 2023 registered a signi昀椀cant decline in the number of M&A transac- tions. Billion-dollar acquisitions may dominate the headlines, but they do not dominate overall M&A activity by volume. In fact, billion-dollar acquisitions typically only account for a low single-digit share of all M&A transac- tions in any given year. In 2023, billion-dollar acquisitions made up just 3% of M&A activity in the year to date. As in every other year, the vast majority (77%) of M&A transactions in 2023 were sized at less than $100M. Number of M&A transations by transaction value and by year, 2019 to 2023YTD >$1B $100M-$1B