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  "notes": "The slide highlights the impact of a strong USD on North American outbound M&A activity despite regulatory headwinds.",
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      "text": "NA has been the most targeted by volume, 38% of total in 2023, up from 36% in 2022",
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      "text": "NOTABLE THEMES: Renewed opportunities for US companies; NA buyers account for 1/5 of European M&A; Interest rates as key driver.",
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      "text": "DIRECTIONAL VOLUME FLOWS: Focus on NA targets increased; NA most targeted by volume (38%); EMEA targets saw decline (31%).",
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      "text": "Cross-border M&A volume: $135bn",
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      "text": "Global cross-border transactions continues to face macroeconomic and regulatory challenges, however, the strength of the USD has encouraged North American companies to execute deals",
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      "text": "Source: Dealogic as of 12/31/2023",
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