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The Stability of the M&A Market in 2023
The M&A market is not quite as volatile as many people might believe it to be. Over the last eight, nine, ten years, the transaction values at yearly level is actually pretty stable. I think more and more boards start to have somebody who is knowledgeable in doing a transaction in the first part of the funnel. But not enough of the board members have been deep in the trenches on either an integration or a separation. That's probably also capability at the board level they will need to build.