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Lexology In-Depth: Mergers and Acquisitions – Edition 17

Market participants have adapted to the covid-19 pandemic and supply chain issues, which
resulted in robust private equity activity until around mid-2022. From mid-2022, activity
started to slow down in general, but in particular in the venture capital sector and less so
in the growth capital segment, as investors got more cautious given the macro-economic
downturn. This may cause certain auctions scheduled for 2023 to be postponed until there
is better overall visibility. We would also expect distressed M&A to pick up in 2023 as this
time around no government support schemes are planned.