The volume of mergers and acquisitions (M&A) activity in defence and security markets accelerated during 2020 despite the Covid-19 pandemic acting as a headwind against activity. The year closed with 167 transactions tracked by Janes: a strong increase from 124 and 118 in 2019 and 2018 respectively. The aggregate value of deals in the sector came to USD21.25 billion: significantly behind the levels of USD153 billion in 2019, USD82 billion in 2018, and USD60 billion in 2017. The headline totals in those years, however, were bolstered by very small numbers of landscape-changing mergers: specifically, United Technology Corporation's USD30 billion purchase of Rockwell Collins in 2017, the USD33 billion merger of L3 Technologies and Harris Technologies in 2018, and the alliance of UTC and Raytheon (USD121 billion) created in 2019.
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