The mega $60-billion merger of the HDFC twins, $10.5-billion Adani-Holcim deal, along with $2.7-billion LIC share sale in the June quarter pushed the deal market to an all-time high of $130.3 billion in the first half of 2022, a report said on Wednesday. Deals worth $130.3 billion were more than double than the value recorded in the year-ago period, making it the highest semi-annual period since records began in 1980, according to the data tabulated by Refinitiv. 

The April-June quarter of 2022 saw the strongest deal-making activity, pushing the total deal value to a record $130.3 billion in the first half of the year. This is more than double the deal value of the year-ago period and sets an all-time, semi-annual record by value and number of announced deals since 1980, the report said. 

The report attributes the numbers to the significant growth opportunities in the overall market and domestic consolidations bolstering mergers and acquisitions (M&As), which was led by the $60.4-billion merger between HDFC Bank and its parent Housing Development Finance Corporation, making it the largest-ever deal on record in the country.  

The number of deals grew by 30.3 per cent on-year and saw the busiest-ever period. Target India M&As totalled $122.6 billion, up 123.8 per cent from the same period last year, says the report. 

A notable theme is the growing M&As involving renewable energy and sustainable sectors, which totalled $11.5 billion so far this year, which is 41.7 per cent more than last year's. And the biggest among them is the $10.5-billion deal struck by the Adani group to buy out the Indian assets of the global cement major Holcim-ACC and Ambuja Cements 

However, inbound M&As fell 14.6 per cent to $21.5 billion. The US was the most active foreign acquirer in India with $11.3 billion worth of deals, which was down 7.9 per cent on-year and accounted for 52.3 per cent of the inbound M&As. 

Outbound M&As, on the other hand, totalled $6 billion, 73.6 per cent higher in value, making it the highest first-half period since 2010. The US was the most targeted nation in terms of value from Indian companies with 31 deals worth $4.1 billion or 67.7 per cent of the total, it said.