U.S. M&A Deal Volume Dropped 5.9% in March 

Despite fewer deals, total spending surged 49.9% from February 

U.S. M&A deal activity fell 5.9% in March, with 892 deals announced compared to 948 in February. Despite fewer deals, total M&A spending surged 49.9% from February, according to FactSet. 

Over the past three months, five of 21 FactSet-tracked sectors saw M&A deal increases compared to the same period last year: Technology Services (747 versus 648), Health Technology (121 versus 96), Energy Minerals (26 versus 19), Miscellaneous (18 versus 13), and Government (1 versus 0). Conversely, 16 sectors experienced declines, with the largest drops in Commercial Services (393 versus 533), Finance (489 versus 621), Consumer Services (143 versus 246), Distribution Services (120 versus 209), and Producer Manufacturing (165 versus 216). 

The largest March deals included: X.AI Corp. acquiring X Corp. for $33 billion, Google LLC acquiring Wiz, Inc. for $32 billion, Sycamore Partners Management LP acquiring Walgreens Boots Alliance, Inc. for $12.5 billion, Rocket Cos., Inc. acquiring Mr. Cooper Group, Inc. for $9.2 billion, and James Hardie Industries Plc acquiring The AZEK Co., Inc. for $8.2 billion.