Ready to Rebound: Canada's 2024 M&A Landscape

Written By Curtis Cusinato, Angela Blake, Ashley White, Jesse Mighton and Bronwynn Shaw
December 20, 2023

While Canadian M&A activity continued to lag in 2023 as compared to 2021 and early 2022 in terms of transaction value and volume, as reflected in a significant downturn in exits in Q3, there remain a number of reasons for optimism for Canadian M&A as we move into 2024.

Mid-market Canadian M&A remained relatively active in 2023 amid the confluence of geopolitical tensions, rising inflation, higher interest rates, tighter credit markets and significantly reduced access to capital, with the power and utilities and oil & gas sectors leading the way on deal value, boosted by megadeals announced in Q3 and Q4.

The unpredictability in the Canadian M&A market is expected to extend into the new year but recent developments indicate that our M&A landscape north of the border may begin to rebound in 2024.

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