Led by Latham & Watkins and Baker McKenzie, the largest announced M&A deal of the past week was a health care combination—the merger of Healthpeak Properties and Physicians Realty Trust—worth $21 billion. But there were also several transactions (four) that crossed the $5 billion mark.

This past week was a rarity in 2023, where large and small deals alike were present en masse. However, several prominent dealmakers say it may not be a sign of a deal market resurgence. “Bottom line, M&A has always been and will continue to be lumpy and somewhat unpredictable,” noted Adam Emmerich, partner in Wachtell, Lipton, Rosen & Katz’s corporate group.