Another hot quarter for tech, media, and telecom (TMT) deals

TMT M&A had high volume and hefty valuations in Q3’21

Chad Seiler

Chad Seiler

Partner, Advisory, KPMG, LLP

+1 408-367-7603

Phil Wong

Phil Wong

Principal, Advisory, Technology Industry Strategy, KPMG US

+1 617-899-8999

Mark Golovcsenko

Mark Golovcsenko

ESG Strategy Leader, KPMG US

+1 212-954-2373

Greg Corlis

Greg Corlis

Internet of Things Leader, KPMG US

+1 404-398-4422

Joel O'Hair

Joel O'Hair

Specialist MD, Analytics, Strat - Center of Excellence, KPMG US

+1 303-382-7534

Marcus Leach

Marcus Leach

Director, Advisory, KPMG LLP

+1 864-506-4106

In Q3’21, the hot M&A streak in tech, media, and telecom (TMT) continued. There were 2,042 TMT deals with total deal value of $240 billion. The deal volume was the highest quarterly result this year, though the deal value was down 16 percent from the $286 billion in Q2’21. 

PE deal volume and value both rose from Q2’21 to 665 and $88 billion. SPAC deal count declined to 15 from 26, though deal value was up slightly at nearly $30 billion. (Please see the interactive charts below for additional highlights.)

Some Q3’21 highlights:

  • There were several megadeals for technology platforms (e.g., Afterpay, Rocket Science).
  • Sell-side analytics are increasingly important to deal success.
  • There is growing interest in ESG technology companies.
  • The continued build-out of the 5G ecosystem is catalyzing innovation.

Looking ahead to Q4’21 and beyond, some uncertainties are looming for TMT deal making, especially around macroeconomic risks:

  • The Delta variant and global supply-chain disruptions slowed economic growth and supply constraints continue in Q4’21.
  • Accelerated digital transformation remains a major TMT theme for strategic and PE investors.
  • Despite the rapid pace of deal making and high valuations, expect interest in TMT deal making for strategic and PE investors will remain high.

TMT Deal Volume and Deal Value

Technology Deal Volume and Deal Value


Media Deal Volume and Deal Value

Telecom Deal Volume and Deal Value

In this quarterly report, we unpack trends across each of the sectors as well as deep dives on three key areas:

Download the full report to uncover what is happening in these dynamic industries, how deals are being done today—and why.

Another hot quarter for TMT deals
M&A trends in technology, media, and telecom, Q3 21 | Download PDF