Deal activity in May down 87% to $4.6 billion

Deal activities fell a steep 87% in May to $4.6 billion in value and by 45% in volume terms to just 106 deals, according to an industry report. May 2022 witnessed four multi-billion-dollar deals totalling $31.5 billion, while the reporting month saw big-ticket transactions, industry tracker Grant Thornton said on Monday.

The domestic market is also experiencing a downturn in deal activity following the turmoil in the global markets as a whole, especially in the global banking sector and the rising interest rates leading to high levels of volatility and uncertainty in the deal street, Shanthi Vijetha, a partner at Grant Thornton said.

M&As saw a steep 98% fall in value and 45% decline in volume compared to last May, recording only 22 deals valued at $675 million as there were practically no cross-broader deals, owing to global macroeconomic challenges, concerns of a potential recession and uncertainty surrounding valuations.


Domestic volumes hit a three-year low with 20 deals, while cross-border activity hit its lowest monthly volume and value to date. The biggest domestic deal was Godrej Consumer Product, snapping up Raymond Consumer Care for ₹2,825 crore (announced in late April and concluded in the reporting month), the retail and consumer sector led the transaction values for the month with 51% of the total M&As.