The half-year 2016 edition of Mergermarket's Deal Drivers EMEA reveals a more cautious dealmaking environment, with European investors eyeing political and economic changes in key markets, notably the UK's decision to ultimately leave the EU.
As a result, European deal value dropped 18 per cent to EUR314.7 billion compared to the first six months of 2015.
Deal volume remained relatively stable with 3,222 deals, 2 per cent less than the same period last year, underpinned by deals in the mid-market range.
Paul Francis-Grey, deputy editor EMEA at Mergermarket says: "Global M&A fever has cooled after two frenzied years of dealmaking, with investors pausing to assess economic fundamentals and growth strategies, especially regarding cross-border M&A."