H/Advisors Abernathy M&A Insights: More Than 60% the Largest Transactions Announced in 2024 Leaked Before Announcement

Proprietary Research Finds 31% of All Announced Deals Valued at $1 Billion and Greater in North America Leaked in 2024

H/Advisors Abernathy, a leading strategic communications advisor, today released its fifth annual research and analysis of pre-announcement leaks of North American M&A transactions announced in 2024.

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H/Advisors Abernathy’s proprietary research – ‘When Deals Spring a Leak Volume V’ –provides corporate leaders, Boards of Directors and M&A advisors with key insights and trends from the past year of dealmaking. Building on the firm’s proprietary database of M&A transactions, our Research & Insights team analyzed announced transactions valued at $1 billion and greater to understand the frequency at which deals leak as well as how a leak may affect perception of the transaction among media and digital audiences.

H/Advisors Abernathy’s data analysis found that 31% of announced transactions valued at $1 billion and greater in 2024 leaked prior to the official announcement. Deals valued at $10 billion or greater continued to leak at a significantly higher rate, at 64% in 2024, a substantial increase from 43% in 2023.

“While numerous factors affected the ability of companies and dealmakers to get transactions across the finish line in 2024, our research shows that the persistent risk of leaked negotiations remains a hurdle that companies and dealmakers must continue to overcome,” said Tom Johnson, CEO of H/Advisors Abernathy. “Having roughly two-thirds of the largest transactions exposed prior to an announcement is an extraordinary number and continues to demand that companies spend time early in the negotiation process preparing to manage through such scenarios.”

Additional key findings from When Deals Spring a Leak Volume V include:

• Transaction leaks are occurring earlier in the deal process, on average, 52 days in advance of an announcement, with 19% of leaks occurring within two days of the deal’s official announcement.
• Entertainment, Leisure and Media remained the “leakiest sector”, increasing to 62% of deals leaking to media before the official announcement, up from 45% in 2023. Deals in the Tech sector also leaked at a substantially higher rate, up to 46% leaking from 26% in 2023.
• On average, leaks rank among the top five most visible news moments of the year for both buyer and target companies.
• Nearly three in four mentions of a leak start with an online news story and then travel to social media, led by X (16% of leak mentions) and LinkedIn (10% of leak mentions) where attention spreads rapidly.

“Amid an M&A market that continues to be unpredictable, leaked transactions and marketplace rumors will continue to pose challenges to dealmakers and companies exploring transactions, as well as their advisors. Our annual analysis of M&A leaks, powered by our proprietary deals database, is one example of how our experienced team harnesses data and analytics to inform client counsel. We are proud to bring a distinctive, customized and results-focused approach as we partner with our clients to successfully navigate transformative transactions,” added Dan Scorpio, Managing Director and head of the M&A practice at H/Advisors Abernathy.

The full report is available for download using this link: https://bit.ly/HAA_M8ALeaks2025

H/Advisors Abernathy consistently ranks as a top M&A advisor in the United States and globally. With a distinctive data-driven practice, senior-led counsel and a tailored approach that incorporates a focus on all stakeholders, our M&A advisory team has established itself as a leader in transformative transactions. H/Advisors Abernathy has advised on more than 1,200 transactions in the past decade, including more than 168 transactions in 2024 with an aggregate value of greater than $225 billion. In 2022, the firm was named The Deal’s “Public Relations Firm of the Year” for M&A and activism defense, and in 2024, the firm was named Private Equity Wire’s “PR and Communications Agency of the Year”.

About H/Advisors Abernathy

A trusted communications advisor, H/Advisors Abernathy specializes in advising CEOs, board directors and senior executives on effective stakeholder communications and engagement. For 40 years, we have been entrusted by clients across sectors to help build, protect and enhance their reputations, boost value and seize new opportunities. H/Advisors Abernathy operates from offices in New York, Los Angeles, Houston, San Francisco, Chicago and Washington, D.C. and is a founding member of the H/Advisors global network of specialized public relations and strategic communications firms.

For more information, please visit https://abernathy.h-advisors.global

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