In 2022, the value of strategic M&A dropped to its lowest level in a decade and the gap between buyer's and seller's valuations remained significant. However, despite the tense environment, some firms took advantage of the fluctuations to pursue their M&A goals.

A successful merger between United Technologies & Rockwell Collins resulted in the world's largest manufacturing of defense and aerospace company. The $135 billion deal was a win for both sellers and buyers, since it allowed them to expand their customer base and increase their revenue.

In another example, LSEG (the owner of Europe's most important financial markets) bought US-based competitor NYSEG in order to establish the world's largest market data provider. This acquisition will allow LSEG to better serve its clients by providing them with complete data, trading tools analytics, risk management solutions across international financial markets.

The success of vertical M&A is also evident in the $70-billion acquisition of Aetna by CVS Health, which transformed the healthcare landscape by the combination of pharmacy and health insurance services into one company. The energy sector also saw a vertical deal in form of ONEOK's acquisition of Magellan Midstream Partners L.P for an astounding $18.8 billion, which is expected to transform the oil and gas infrastructure. In a similar way the state-owned Chinese company ChemChina joined with its competitor Sinochem into the world's biggest industrial chemicals conglomerate. This is an obvious sign that M&A deals it is important to leverage M&A in times of uncertainty and changes.