M&A activity remained strong in June, with 36 announced transactions, edging out May and sustaining the elevated pace in recent months. Disclosed enterprise value topped $3 billion, marking the fifth consecutive month above the $1 billion threshold. Strategic and hybrid acquirers continued to drive volume, while private equity platforms remained selective amid ongoing financing headwinds and a palpable quality divide.

Looking ahead, we anticipate a gradual shift in the mix of acquirers. As visibility improves, particularly around interest rates and credit availability, private equity platforms are expected to re-engage, potentially rebalancing what has been a strategic- and hybrid-led environment. Notably, both “A” and “B” assets continue to command strong multiples, signaling a potential window of opportunity for sellers across other asset classes.

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