Abstract circle


US divestitures update: Q2 2023

Despite a slower start in Q1 2023, the divestitures market experienced significant growth in Q2 2023, with companies looking to reorganize resources through carve-outs and spin-offs.

Industrial trends

Our quarterly report focuses on:

  • US divestiture volume, value, and reported multiples.
  • US divestitures by buyer type.
  • US divestitures by industry.
  • Cross-border divestitures activity.

Transaction Trends1
  • Transaction volume
    Divestiture transaction volume increased significantly in Q2 2023 compared to Q1 2023. Number of deals reached 528 in Q2 2023 compared to 286 deals in Q1 2023, a growth of 84.6% quarter over quarter, while overall M&A activity grew by only 11.3%.
  • Transaction size
    In Q2 2023, transactions with deal values above $1 billion accounted for 29.2% of the total disclosed deal volumes compared to 0 deals in Q1 2023. Deals with values less than $250 million accounted for 52.1% of deal volume compared to 71.4% in Q1 2023.
  • Acquiror type
    Domestic strategic buyers accounted for 52.8% of buyers in divestiture transactions in Q2 2023 compared to 73.1% in Q1 2023. Interest from private equity buyers for divestitures, witnessed significant growth, accounting for 28.8% of the buyers in Q2 2023, compared to 1.8% in Q1 2023.
  • Industry focus
    Technology once again emerged as the sector of focus for divestitures in Q2 2023, making up 16.5% of all divestiture transactions, followed by Financial Services at 13.1% and Energy & Power with 12.1%.

neon hair tie

Regional trends2
  • Europe
    Deal activity among European acquirors witnessed extraordinary growth in Q2 2023, growing by 216.7% quarter over quarter. They participated in 38 deals in Q2 2023 up from 12 in Q1.
  • Americas
    Divestiture activity in the Americas almost doubled in Q2 2023 compared to Q1 2023. The Americas completed 436 transactions in Q2 2023 compared to 229 transactions in Q1 2023.
  • Asia
    Divestiture activity in Asia witnessed a 45.5% quarter over quarter increase in Q2 2023 compared to Q1 2023. Asian acquirors closed 16 deals in Q2 compared to 11 in Q1.

interconnecting neon dots and lines

This newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or a recommendation to buy any security. Any reference to or omission of any reference to any company in this newsletter shall not be construed as a recommendation to sell, buy, or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter. This newsletter is published solely for the general information of clients and friends of Deloitte Corporate Finance LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known risks, uncertainties, and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. We and our affiliates and related entities, partners, principals, directors, and employees, including persons involved in the preparation or issuance of this newsletter, may from time to time have “long” and “short” positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. The companies mentioned in this newsletter may be: (i) investment banking clients of Deloitte Corporate Finance LLC; or (ii) clients of Deloitte Financial Advisory Services LLP and its related entities. The decision to include any company for mention or discussion in this newsletter is wholly unrelated to any audit or other services that Deloitte Corporate Finance LLC may provide or to any audit services or any services that any of its affiliates or related entities may provide to such company. No part of this newsletter may be copied or duplicated in any form by any means, or redistributed without the prior written consent of Deloitte Corporate Finance LLC.


1Refinitiv data, as of July 12, 2023.

Did you find this useful?