According to Ernst & Young significantly large transactions are being passed up for the smaller strategic mergers and acquisitions.

Global technology M&A value falls 52% YOY on weakened global economy – Ernst & Young – Global.

What are the private equity groups whom are all choking on huge amounts of dry powder to do in 2013? Relieve the pressure with mega deals or return the money to investors?

https://www.axialmarket.com/blog/2012/11/will-mega-deals-relieve-dry-powder-pressure/