Analysis
US divestitures update: Q4 2024
Divestiture transaction volume continued declining marginally from Q3 2024 to Q4 2024. Divestitures accounted for 24.0% of all M&A transactions in Q4 2024 as compared to 23.4% in Q4 2023.
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.

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Transaction Trends1
- Transaction volume
US divestiture transaction volume declined in Q4 2024 compared to Q3 2024. The number of deals dropped to 516 compared to 527 deals in Q3 2024. Additionally, divestitures made up 24.0% of total M&A activity in Q4 2024 compared to 23.5% in Q3 2024 and 23.4% in Q4 2023.
- Transaction size
In Q4 2024, US transactions with deal values above $1 billion accounted for 31.0% of the total disclosed deal volumes compared to 41.0% of the deals in Q3 2024. Deals with values less than $250 million accounted for 41.0% of deal volume compared to 47.1% in Q3 2024.
- Acquiror type
Domestic strategic buyers accounted for 48.5% of buyers in divestiture transactions in Q4 2024, a decline from 50.8% in Q4 2023. Interest from private equity buyers has filled this gap, accounting for 36.2% of the buyers in Q4 2024, compared to 32.4% in Q4 2023, a new near-term record.
- Industry focus
High technology and industrials remained the areas of focus for divestitures in Q4 2024, making up 18.0% and 13.8% of all divestiture transactions, respectively. Health care accounted for the third-highest concentration, comprising 10.7% of all transactions.

Regional trends2
- Europe
Divestitures deal activity among European acquirors remained constant in Q4 2024. They participated in 38 deals in Q4 2024.
- Americas
Divestiture activity in the Americas decreased 2.3% in Q4 2024 compared to Q3 2024. The Americas completed 429 transactions in Q4 2024 compared to 439 transactions in Q3 2024.
- Asia
Divestiture activity in Asia increased 20.0% quarter over quarter in Q4 2024 compared to Q3 2024. Asian acquirors closed 18 deals in Q4 2024 compared to 15 in Q3 2024.

Previous editions:
Learn more about the trends from 2021-2023 by downloading the following reports
- US divestitures quarterly update: Q3 2024
- US divestitures quarterly update: Q2 2024
- US divestitures quarterly update: Q1 2024
- US divestitures quarterly update: Q4 2023
- US divestitures quarterly update: Q3 2023
- US divestitures quarterly update: Q2 2023
- US divestitures quarterly update: Q1 2023
- US divestitures quarterly update: Q4 2022
- US divestitures quarterly update: Q3 2022
- US divestitures quarterly update: Q2 2022
- US divestitures quarterly update: Q1 2022
- US divestitures quarterly update: Q4 2021
- US divestitures quarterly update: Q3 2021
- US divestitures quarterly update: Q2 2021
- US divestitures quarterly update: Q1 2021
- US divestitures update: 2020 year in review
- US divestitures quarterly update: Q1 2020
- US divestitures quarterly update: Q2 2020
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References
1 Refinitiv data as of January 6, 2025.
2 Ibid.