In 2022, global M&A struggled to keep pace with a record-setting 2021 and saw aggregate deal values down 37% year-over-year. Deal volumes saw a return to pre-pandemic levels, nearly on par with 2019. Macro environment challenges hindered aggregate deal values, notably in H2 with elevated inflation and the rising rate environment impacting deal financing. Cross-border M&A experienced a notable downturn. Examine the year's M&A activity across sectors and regions, alongside features on cross-border and tech deals.