May 16, 2024, Salt Lake City, Utah

MountainWest Capital Network (MWCN) announced the results of its annual Deal Flow Report, which presents a compelling story about Utah’s strong financial business transactions in 2023. The report was introduced at the MWCN Deal Flow event, which took place today at the University of Utah's lofty Ken Garff University Club at Rice Eccles Stadium.

MWCN’s Deal Flow Report is Utah’s only in-depth publication that tracks equity-related financial transactions throughout the state—including mergers and acquisitions, public deals and minority investments.

A big takeaway of the report is that while total number of transactions in Utah dipped in 2023, the overall disclosed value of those deals grew dramatically, from $3.7 billion in 2022 to $39.2 billion, a tenfold increase year over year, and easily surpassing the previous annual record of $31.2 billion in 2021. 

The 2023 report tracked 329 transactions with an average value of mergers and acquisitions at  $1.4 billion, a 50% increase in value over 2022. Minority investments grew modestly, from an average of $15.5 million in 2022 to $16.2 million in 2023, however still not at the previous highs of $25.6 million in 2021. The booming popularity of AI contributed significantly to overall deal volume, with 19 transactions coming from AI-focused businesses. 

The growth and record overall value of Utah’s transactions can be attributed to several prominent deals, including Extra Space Storage’s acquisition of Life Storage, Inc. for $12.7 billion, Silver Lake Technology Management’s acquisition of Qualtrics for $12.5 billion, John Swire & Sons acquisition of Swire Coca Cola for $3.9 billion and NRG Energy’s acquisition of Vivint Smart Home for $2.8 billion. 

“The value of Utah’s deals really hit a great stride in 2023, rebounding from a challenging prior year and showcasing the resiliency and diversity of our state’s economy and business environment,” said Matt Bartholomew, MWCN's Deal Flow Chair. “With deal volume remaining lower, on balance, nationally and in Utah, particularly in the public space, we see a great deal of potential for future growth, particularly in majority and minority capital investments. These types of deals are one of the engines that keep Utah ranked among the top states for business, and we are encouraged to see the continued value acceleration.”

Tech and software development continue to drive the state’s investments, with 43% of the total deals coming from prominent Utah-based companies in those industries. Consumer/retail and healthcare both also saw a slight uptick to 15% of total transactions, and Services dropped from 10% to 2%.

Now in its 27th year, the Deal Flow Report is a publication of the MWCN, a nonprofit organization, created to foster a dynamic flow of information about capital formation and distribution. It does not report on transactions that were either confidential or otherwise not publicly disclosed.

View the full 2023 MWCN Deal Flow Report at

MountainWest Capital Network is Utah's first and largest business networking organization devoted to supporting entrepreneurial success and dedicated to the flow of financial, entrepreneurial and intellectual capital.

Learn more at

Photo credit: Laura Kinser at Kinser Studios

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