Overall 2009 was a bad year for M&A. In 2009 private equity backed M&A totaled $133.8 billion, a 43.5% decrease from 2008. U.S. targeted M&A decreased 24% from 2008, down to $783.4 billion. Overall M&A activity generated by bankruptcy or distressed situations reached a record $320.2 billion. European M&A was down 44 per cent at $718.5 billion.
Asia, however did relatively well considering. Asian (excluding Japan) volumes climbed 9% to $493.1 billion. Japan-targeted M&A activity fell 4% to US$142.2 billion, with 92% of volume generated by domestic deals.