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Market environment
• Finally, against all expectations, the US Department of Justice and HPE reached an agreement on the acquisition of Juniper Networks. In addition, around ten transactions were completed, which also contributed to the narrowing of spreads.
• The only negative surprise of the month was the announcement by the European Union of an in-depth investigation into the acquisition of Kellanova by Mars, which had nevertheless obtained approval from the US FTC at the same time.
• As in the previous month, M&A activity remained robust, driven mainly by Europe and Asia, which accounted for almost half of the number of deals announced worldwide. A total of 25 new deals were announced during the month.
• Japan was once again particularly active, notably with the $29 billion acquisition of Toyota Industries by its parent company.
• The return of private equity groups has now been confirmed, accounting for more than a third of buyers during the month.