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Last year resulted in a record-breaking year for deal volume on Axial, with 10,735 deals coming to market in 2024 a 7.8% The increase happened largely in the second half of the year, with both Q3 and Q4 resulting in 26% and 15% higher dealflow than the same periods in 2023, respectively.
Technology ranked 4th in dealflow but had the highest average pursuit rate, 8.76%, of all sectors. See below for the full Q3 deal activity overview on the Axial platform, and for a more detailed breakdown by industry, check out The SMB M&A Pipeline: Q3 2023.
On October 1, we closed on our acquisition of Global Infrastructure Partners. Our planned acquisition of Preqin is accelerating this exciting private markets data and analytics journey for BlackRock and our clients. increased 5%, reflecting a higher tax rate compared to a year ago. Earnings per share of $11.46
Global mergers and acquisitions rebounded in the first quarter of 2024 compared with a year earlier, driven by mega-deals in the finance, software and energy sectors. It has also provided financing to support acquisitions led by Carlyle Group Inc., It recently committed $350 million to Blackstone Inc.’s KKR & Co.
We intend to launch a strategy focused on triple net lease in Europe, driven by dealflow we already see today. I'd like to end with a couple of comments on tax rates and FRE margins to set the stage for 2024 and beyond. On taxes, the headline here is we expect our effective tax rate to be lower for longer.
While M&A revenues are still low across The Street, I was pleased that we participated in some of the significant deals announced in the quarter, such as Diamondback's merger with Endeavour Energy and Catalent's merger with Nova Holdings. Advisory revenues declined given the low level of announced merger activity last year.
Or are you guys looking to make some acquisitions in that space? We never precluded an acquisition. But with that, we're very disciplined, I think, in how we approach acquisitions, especially these days. And is there any difference in linearity of dealflow during the quarter, this quarter versus previous quarters?
JLL Partners is dedicated to partnering with companies that it can fundamentally help build into market leaders through a combination of strategic mergers and acquisitions, market repositioning, and product and service line expansion. We know how to operate in situations that are not “packaged” for sale.
Excluding the impact of Engineering Solutions in all periods, but including approximately $10 million from this year's tuck-in acquisitions, revenue growth would have been 7%. There's not a lot of dealflow. Trailing 12-month margins have contracted 60 basis points. A question on fixed income indices, please. Thank you, Russell.
In connection with the Eldorado-Caesars merger, we retired the CMBS debt. And with our acquisition of MGP, we were able to retire all of our remaining secured debt and received an investment-grade credit rating from S&P and Fitch in April of 2022. With that, operator, please open the line for questions. Thanks and good morning.
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