U.S. M&A activity was mixed in September compared to August, increasing 21% by total deal value but decreasing 22% by total number of deals. Globally, total deal value and number of deals was down a relatively modest 1% and 6%, respectively, in September compared to August. Compared to September 2022, both in the U.S. and globally, the number of deals was down significantly, while total deal value was relatively consistent.