Information on one in three deals worth $2 billion or more leaked to the media last year, even as mergers and acquisitions slumped across the globe.

In total, markets were tipped off to just shy of $800 billion of transactions over the period, according to a Monday report from strategic communications firm H/Advisors.

Asia Pacific was the most porous region, with more than half of deals being detailed before announcement. Western Europe was the next leakiest market at around 48%, followed by the US at just 28%.

“Mergers and acquisitions rank among the most significant and complex events that any corporate leader or boardroom can face,” said Neil Bennett and Tom Johnson, global co-chief executive officers of H/Advisors. “Any business needs to be well-prepared for media interest right from the start of an M&A process.”

Most deal leaks correctly reported the names of parties involved, though accuracy on valuations varied more, according to H/Advisors. The worst sectors for leaks included aerospace and defense, retail, food and tobacco.

Dealmaking tailed off around the world last year after a record-breaking 2021, with inflationary pressures and geopolitical tensions weighing heavily on activity. The downturn has continued into 2023, with bankers having just worked through one of their worst first-half periods in a decade.