M&A activity continues to suffer from the lingering effects of the credit crisis. The first half of 2009 saw 1,217 deals worth roughly US$351.2bn, representing a 45.7% decrease in volume compared to this time last year. Of course, financing issues weigh heavily on these figures and are likely to do so for the remainder of this year.
Yet while the volume of M&A transactions continues to slide, value has remained relatively strong given the limited availability of financing: from H1 2008 to H1 2009, value dropped 21% from $444.6bn to $351.2bn, less than half the total decrease in volume. High-profile Healthcare industry mergers have made the most significant contribution to aggregate deal value, with the $64bn merger of Pfizer and Wyeth, the $44.3bn merger of Roche Holding and Genentech Inc., and the $43.2bn acquisition of Schering-Plough Corporation by Merck & Co. almost single-handedly making this industry account for 47.2% of overall deal value.
Table of Contents
Foreword
Survey Findings
Key considerations in the growing market for distressed acquisitions
Notes & Contacts
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