$5.9 billion worth of mergers and acquisitions with Irish involvement took place during the first half of the year, according to new data from LSEG Deals Intelligence.
The figure represents ad 73% drop compared to the same period last year.
It is also the lowest total recorded in the first six months of any year since 2011.
But the actual number of deals with Irish connections didn't drop as much, falling 26% versus the same six months a year earlier.
Despite the decrease, it was the fourth highest deal count during the first half ever, the data shows.
"Irish M&A deal values stalled in the first half of 2023 but in a more positive note, the number of deals continues to remain high with the fourth highest first-half deal count of all time," said Ian McFarlane, Ireland Country Manager at London Stock Exchange Group.
"Global M&A deal making continues to remain subdued due to the number of headwinds such as higher interest rates which are at the highest level in more than two decades, stricter antitrust enforcement, continued economic uncertainty and geopolitical tensions.
"The pharmaceutical sector remained the bright spot with a number of acquisitions as companies look to refresh drug pipelines to compensate for a sharp fall in COVID-19 related products."
The largest deal with Irish involvement so far this year was Bausch + Lomb Ireland's agreement to buy the dry eye pharmaceutical assets of Novartis for US$2.5 billion in June.
Deals that involved an Irish target reached $849m during the first six months of the year, a decrease of 90% from 2022 levels and a fourteen-year low.
The number of deals declined 31% from last year.
Inbound deals involving a non-Irish acquirer declined 89% to $804m, while domestic deals declined 94% to $45m.
Irish outbound merger and acquisition activity reached $1.6 billion during the first half of 2023, an 82% decline compared to 2022 levels and a three-year low.
