Joint venture structuring and partnership activity remained at an all-time high in Q3 2021, according to the Ankura Joint Venture Index, our global barometer of venture activity and impact. Companies announced the second-highest number of material new ventures and highest number of joint venture restructurings of any quarter in the last six years. Sustainability partnerships led the way with energy, chemical, industrial, and other companies using partnerships to find ways to reduce their carbon footprints and otherwise improve the sustainability of their operations. Mobility partnerships remained hot with many formed to create charging networks and batteries. Global stock markets also continued to react positively to announcements of new venture formations and restructurings, though the average abnormal returns declined from prior quarters.
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