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Laxman Pai, Opalesque Asia:

With 29 deals of $10 billion or more in transaction value announced throughout the year large global M&A picked up in 2024, revealed a report.

According to the S&P Global Market Intelligence report, the year started out at a high point, with 10 large deals announced in the first quarter, followed by two slower quarters with five announced deals each.

The fourth quarter brought nine $10 billion-plus deals. Of the three announced in December 2024, two were in the financials sector and one was in the TMT sector, which was active for large M&A deals over the year.

The three December 2024 deals were BlackRock Inc.'s $14.38 billion planned purchase of HPS Investment Partners LLC announced Dec. 3 and two deals announced Dec. 9: Arthur J. Gallagher & Co.'s $13.45 billion planned purchase of AssuredPartners Inc. and Omnicom Group Inc.'s $16.66 billion planned purchase of Interpublic Group of Cos. Inc.

S&P quoted Piper Sandler analyst Paul Newsome as saying that the insurance industry has been consolidating for decades, Newsome said. Smaller insurance firms tend to grow faster than larger entities, making acquisitions the easier way for big firms to grow.

A deal of such a large scale was made possible through a large public offering the firm announced in conjunction with the acquisition. That approach is atypical for Arthur J. Gallagher, which usually funds smaller acquisitions through cash flow and debt, Newsome said.

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