M&A volume is forecast to grow 20% after sinking 17% last year, and will be almost double the 12% predicted in a similar study conducted in January.

“This would mean a return to near pre-pandemic levels of activity in terms of numbers transactions in 2024 only about 4% below the average number of transactions in 2017-2019,” according to EY-Parthenon Transaction Barometer Report released earlier this month.

Through April, transaction value increased by 69% y/y and transaction volume increased by 22% y/y for transactions above USD 100 million.

The study shows that private equity deal volume will increase by 16% y/y after contracting at 15% last year and compared to 13% forecast in January.

“While transaction volumes would still remain below their 2021 peak, this would represent a faster growth rate than the average annual growth rate of 9% between 2010 and 2019,” the study said.

By April, 429 large transactions (over $100 million) were concluded in the US for a total amount of $657 billion. The largest share was technology – 113 transactions for a total amount of USD 154 billion, followed by the life sciences sector – 72 transactions for a total amount of USD 96 billion and energy – 64 transactions for a total amount of USD 152 billion.

Peter Orszag, CEO of Lazard, an M&A advisory and asset management company (NYSE:LAZ), said M&A is picking up after a “terrible” year last year, and PE deals are starting to pick up a bit.

“(The company’s) strategies are back on the pitch, and the next stage will be to raise the activity of sponsors, private equity,” Orszag said in an interview with CNBC on Wednesday. “This is starting to happen and will accelerate… when the Fed decides to cut interest rates.”

Orszag, former director of the U.S. Office of Management and Budget in the Obama administration, said the focus of some U.S. regulatory agencies on antitrust issues seems “problematic.” He specifically quoted A a fresh task created by the Department of Justice earlier this month that focuses on health care.

“The focus seems to be on vertical integration in healthcare,” Orszag explained. “That would be the last place I would focus because the evidence suggests that vertical integration actually leads to improved health care efficiency.”