Global Leaks Report 2023


1/3 of all M&A transactions worldwide, valued over $2bn, leaked to the press in 2022.  

This is the inaugural global leaks report by H/Advisors and builds on the analysis done since 2015 in the US market by H/Advisors Abernathy.

The report reveals that leaks in the M&A process have become endemic around the world, with more than a third of all the 267 transactions worth $2bn or more leaking before announcement in 2022.

The report shows that 55% of deals in the APAC region leaked last year ahead of any announcements, only marginally ahead of Western Europe where 48% of deals leaked. By contrast the US was a significantly less risky leak environment with only 28% of deals leaking, while the least risky region was the rest of the Americas.

The new global report also shows that consumer-facing sectors generating high brand awareness tend to be more likely to see M&A deals leak. For example, almost half of all the deals (48%) in the retail, food and tobacco sector leaked ahead of announcement, closely followed by transportation (including the Electric Vehicle sector) at 45%, TMT (technology, media & telecoms) with 36%, and healthcare & pharmaceuticals, also at 36%. Real Estate emerged as the least risky sector.

Other revelations contained in the report include the fact that large deals worth $25bn or more are extremely likely to leak – 80% of the time, and the fact that leaks are usually highly accurate in terms of the names of the parties and valuations.

A full copy of the report is available to download:



Kate Keepax, Global Marketing Director