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US divestitures update: Q1 2024

Divestitures activity remained at near-term record levels in Q1 2024 since showing significant growth in Q2 2023. Divestitures accounted for 26.1% of all M&A transactions in Q1 2024, compared to 10.5% in Q1 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.

Transaction Trends1
  • Transaction volume
    Divestiture transaction volume increased with the number of deals reaching 568 in Q1 2024, compared to 512 deals in Q4 2023 and 286 deals in Q1 2023. Additionally, divestitures made up 26.1% of total M&A activity in Q1 2024, compared to 25.5% in Q4 2023 and 10.5% in Q1 2023.
  • Transaction size
    In Q1 2024, transactions with deal values above $1 billion accounted for 18.0% of the total disclosed deal volumes, compared to 21.0% in Q4 2023. Deals with values less than $250 million accounted for 54.0% of deal volume, compared to 62.5% in Q4 2023.
  • Acquiror type
    Domestic strategic buyers accounted for 53.5% of buyers in divestiture transactions in Q1 2024, a decrease from 73.1% in Q1 2023. Interest from private equity buyers has filled this gap, accounting for 30.6% of the buyers in Q1 2024, compared to 1.8% in Q1 2023, a new near-term record.
  • Industry focus
    High technology and industrials remained as areas of focus for divestitures in Q1 2024, making up 13.0% and 12.7% of all divestiture transactions, respectively. Health care secured the third-highest concentration, comprising 11.8% of all transactions.


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Regional trends2
  • Europe
    Divestitures deal activity among European acquirors witnessed a marginal increase in Q1 2024 of 5.0% quarter over quarter. They participated in 36 deals in Q1 2024, up from 34 in Q4 2023.
  • Americas
    Divestiture activity in the Americas increased by 8.9% in Q1 2024 compared to Q4 2023. The Americas completed 475 transactions in Q1 2024, compared to 436 transactions in Q4 2023.
  • Asia
    Divestiture activity in Asia increased by 27.3% quarter over quarter in Q1 2024, compared to Q4 2023. Asian acquirors closed 14 deals in Q1 2024, compared to 11 in Q4 2023.

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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 April 3, 2024.


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