Success is relative, defined by what one is measuring against. The first fiscal quarter of 2022 for M&A could easily be considered a success as it was the seventh consecutive quarter to pass $1 trillion in value. Global M&A deals over $10 billion were up 46% compared to the same period last year. 

But compared to 2021, and really the last two years, Q1 could be considered a “down quarter.” 

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