Private equity firms significantly expanded their activities in Europe in 2024 and benefited from favorable valuations of European companies. The total value of European buyout deals over 1 billion USD increased by 78 percent to 133 billion USD, according to an analysis of Dealogic data. In comparison, the rest of the world recorded an increase of only 29 percent to 242 billion USD. The most significant transactions included a 6.9 billion USD consortium for Hargreaves Lansdown, a 5.5 billion USD deal by Thoma Bravo to acquire the British cybersecurity company Darktrace, and the purchase of a 3.8 billion USD stake in French renewable energy developer Neoen by Brookfield. Weak growth prospects, political instability, and geopolitical risks, coupled with the strength of the US dollar, have led US investors to increasingly target European markets. "More stable economies like the UK, the Nordics, and Germany are particularly in demand," said Neil Barlow of Clifford Chance. The value of acquisitions of European companies by private equity firms, where companies were taken private, rose by 44 percent to 52 billion USD. The number of such transactions exceeded the previous year's level of 10 with 15 deals. Simultaneously, the valuation discount of European stocks compared to US securities further widened. In addition to traditional acquisitions, there were increasing ownership changes within the private equity sector. For instance, Goldman Sachs Asset Management acquired the Dutch pharmaceutical company Synthon from BC Partners for over 2 billion Euros in December. Furthermore, EQT sold a stake in the education company Nord Anglia to a consortium that valued the company at 14.5 billion USD, but retained control. While large deals dominated in Europe, the smaller segment (50 million to 1 billion USD) showed stagnation with growth of only 1 percent. In a global comparison, these transactions outside Europe increased by 16 percent. According to Alexis Maskell of BC Partners, the European market is "fragmented and diverse" but offers leading companies at more favorable valuations than their US counterparts. This continues to make Europe attractive to investors, despite existing macroeconomic challenges.