India records 382 M&A deals worth ₹1.17 lakh cr in Q3, outpaces global trends

India saw a record 382 M&A deals worth ₹1.17 lakh crore in the third quarter of 2024 between July and September, marking the highest number of deals since Q1 2022, when 404 deals were announced, as per the S&P Global Market Intelligence's latest M&A and equity research report.

In terms of value, the Q3 deal figure is higher than the quarterly average of $12.73 billion in 2021 (₹1.07 lakh crore), as per the report.

“The third-quarter results were higher than the previous three quarters, but they were not too dissimilar from the 2023 third quarter, which recorded 323 deals and a total value of US$14.53 billion,” S&P GMI told Fortune India.

Joe Mantone, the lead author of the report, told Fortune India that India's M&A activity in the third quarter of 2024 mirrored levels seen in 2021, a year that witnessed a global boom in mergers and acquisitions. According to the S&P GMI report, 2021 was a record year for M&A deals, with deals worth $4.03 trillion announced, reflecting a nearly 60% year-on-year growth from 2020.

“Most countries are still far behind the levels they recorded in 2021. But, it remains to be seen if the third quarter was an outlier. M&A activity in India also jumped up in the third quarter of 2023, but was more subdued over the next three quarters,” Mantone added.

While the latest report shows a slight dip in M&A activity in the Asia-Pacific region during Q3 2024, with only 17 deals announced, down from 19 in Q2, India and Japan stood out as the most active M&A markets. The majority of M&A activity in the country was concentrated in the insurance sector.

In the third quarter, the largest deal in India was the pending $37.2 million sale of Paramount Health Services & Insurance TPA to Medi Assist Insurance TPA. Another notable transaction involved Sampada Business Solutions' acquisition of the remaining 1.43% stake in India Insure Risk Management & Insurance Broking Services.

Additionally, India recently witnessed one of its largest healthcare M&A transactions, with Aster DM and Blackstone-backed Quality Care announcing a $5 billion deal. This suggests another potential growth in the value of India's M&A deals in the fourth quarter.