A defining feature of the European M&A market in 2022 was the exit of US buyers. At the market's peak in late 2021, American acquirers were responsible for nearly half of the consolidation activity across the pond. In the second quarter of 2022, that number fell to less than one-quarter and remained low throughout the year. This year, however, US buyers appear to be quietly returning. Private equity firms have stepped up their M&A activity on European soil and are well on track to beat last year's deal flow.