Fueled by Broadcom Inc.'s /zigman2/quotes/200646538/composite AVGO +1.89% $69.09 billion deal to buy VMware Inc. /zigman2/quotes/209864107/composite VMW -0.13% , the market for mergers and acquisitions booked seven $10 billion-plus deals, according to S&P Global Market Intelligence. May marked the most active month for large corporate purposes since June 2019, with nine M&A deals worth $10 billion or more. The Broadcom deal also stands out as the largest of 2022, just ahead of Microsoft Corp.'s /zigman2/quotes/207732364/composite MSFT -3.17% $68.99 billion acquisition of Activision Blizzard Inc. /zigman2/quotes/200717283/composite ATVI +0.29% , which was announced in January. Thus far in the second quarter, the M&A market has seen 11 deals of $10 billion or larger announced, which already matches the deal count for the full second quarter of 2021. Those 11 deals in this year's second quarter tipped the scales at $294.58 billion, the highest dollar total for a quarter since the second quarter of 2019, when 15 transactions larger than $10 billion weighed in at $409 billion, S&P said. The Financial Select SPDR ETF /zigman2/quotes/209660484/composite XLF +1.00% , an index of large banks that handle M&A deals, is down 9.8%, compared to a drop of 12.7% by the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.63% .
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