After soaring to record levels in 2021, the global M&A market slowed markedly in 2022 against a challenging economic environment.

So how did deal activity play out and what can we expect in 2023?

When you think about the underlying drivers that we've seen really in the post-Covid M&A world,

I think they're at least as strong as they were.

I think what is different is one the

financing market and clearly the macro is also more uncertain.

I'm Alcinathan and this is exchanges at Goldman Sachs. 22's backdrop of rising rates, economic uncertainty, and geopolitical tensions

who is the challenge for M&A.

To walk us through the past year and the 2023 outlook for M&A,

Stephan Felegoise and Mark Sorrell, the co-heads of the Global Mergers and Acquisitions

Business and Goldman Sachs's Investment Banking Division, join me now.

Stepan, Mark, welcome back to the program.

Thanks for having us.

Stepan, when we last spoke about a year ago,

MNA activity had been absolutely shattering records.

Today the environment is very different.

We are facing sharply higher inflation, interest rates, market volatility.

So how is that more difficult environment impacted deal activity?

Sure, and again, thanks for having us and glad to be back.

It's very interesting. It was really a tale of two halves as I describe it.

The first half of 2022 continued on the torrid volumes that we saw in 2021 and really as we headed into the second half of

2022 is when you saw things slow down and it was overall still quite a good year.

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