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2019 global and regional league tables of PR advisors

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Mergermarket, the leading provider of M&A data and intelligence, has published its 2019 report which revealed that global M&A activity in 2019 was down 6.9% on the exceptional 2018 vintage to USD 3.33tn (across 19,322 deals), the sixth successive year at over USD 3tn. While this is up slightly on 2016 and 2017 levels, dealmaking slowed significantly in the latter part of the year, falling by 24.2% in the second half versus 1H19.

  • At USD 389m, the average size of deals with a disclosed value is up from USD 353m in 2018, and the second highest value on Mergermarket record behind 2015, a record year for global M&A. The past year also recorded 38 megadeals (>USD 10bn), also the highest number of such deals since 2015.
  • Hampered by sluggish Eurozone growth and Brexit, European M&A activity has suffered from a lack of big-ticket deals in 2019, posting a 21.9% year-on-year decrease to USD 770.5bn (vs USD 986.4bn in 2018). In contrast, the US market took the lion’s share of global M&A activity.
  • Despite a dip in activity in 2H18, the US was home to 47.2% of global M&A activity in 2019, the highest share since 2001 and the highest post-financial crisis. While APAC was down 17.5%, the US market, up 1.5% on 2018, showed strong resistance throughout, supported by a relatively strong economy and a number of large domestic deals. Indeed, 15 of the top 20 deals of 2019 in value were the result of domestic consolidation among US-based corporations, another record.

Beranger Guille, Global Editorial Analytics Director at Mergermarket commented: “On the back of the longest equity bull market in history, and amid persistently low interest rates, corporates and private equity firms alike have ample cash reserves and appealing debt financing options at their disposal. The feeling that these conditions may not last and the desire to secure future growth are pushing valuations up.”

 

M&A Spotlight: CEE - WOLF THEISS Corporate Monitor FY 2019

13 January 2020

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Mergermarket is pleased to present the latest edition of Wolf Theiss Corporate Monitor’s M&A Spotlight on CEE/SEE. This report surveyed 150 senior-level executives regarding their dealmaking experience in the region and offers analysis of M&A activity in the region.
 
Key findings include:
 
  • Investors’ experience of M&A in CEE/SEE is overwhelmingly positive. 89% of survey respondents say that their past experience of investing in CEE/SEE has made them more likely to invest in the region again.
  • Deal volume in the region held steady in spite of a global drop-off. 481 deals were recorded in 2019, matching 2018’s total, in contrast to the 8% decline in volume witnessed in Western Europe. Also, while deal value fell 17% to €19.6bn in CEE/SEE, this was less steep than the 23% drop in M&A value that Western Europe saw over the same period.
  • Poland has solidified its reputation as a gateway to the region. 2019 saw Poland overtake Austria as the leading investment destination by deal value in 2019, with deals worth €11.6bn in total. As both the largest economy in CEE/SEE and its most populous country, Poland has seen unbroken economic growth for almost three decades and is expected to see continued robust growth in 2020.
  • The consumer and leisure and TMT sectors led the way in terms of deal volume and value respectively. The consumer and leisure sector saw the most activity in 2019 in terms of deal volume, accounting for 22%. Meanwhile TMT established its position as the best-performing sector by value. Entering 2020, these sectors continue to attract the most attention: both were cited by 38% of respondents as sectors in which they are likely to invest, closely followed by industrials and chemicals (34%) and PMB (33%).

2019 Global M&A Report with legal league tables

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Mergermarket, the leading provider of M&A data and intelligence, has published its 2019 report which revealed that global M&A activity in 2019 was down 6.9% on the exceptional 2018 vintage to USD 3.33tn (across 19,322 deals), the sixth successive year at over USD 3tn. While this is up slightly on 2016 and 2017 levels, dealmaking slowed significantly in the latter part of the year, falling by 24.2% in the second half versus 1H19.

  • At USD 389m, the average size of deals with a disclosed value is up from USD 353m in 2018, and the second highest value on Mergermarket record behind 2015, a record year for global M&A. The past year also recorded 38 megadeals (>USD 10bn), also the highest number of such deals since 2015.
  • Hampered by sluggish Eurozone growth and Brexit, European M&A activity has suffered from a lack of big-ticket deals in 2019, posting a 21.9% year-on-year decrease to USD 770.5bn (vs USD 986.4bn in 2018). In contrast, the US market took the lion’s share of global M&A activity.
  • Despite a dip in activity in 2H18, the US was home to 47.2% of global M&A activity in 2019, the highest share since 2001 and the highest post-financial crisis. While APAC was down 17.5%, the US market, up 1.5% on 2018, showed strong resistance throughout, supported by a relatively strong economy and a number of large domestic deals. Indeed, 15 of the top 20 deals of 2019 in value were the result of domestic consolidation among US-based corporations, another record.

Beranger Guille, Global Editorial Analytics Director at Mergermarket commented: “On the back of the longest equity bull market in history, and amid persistently low interest rates, corporates and private equity firms alike have ample cash reserves and appealing debt financing options at their disposal. The feeling that these conditions may not last and the desire to secure future growth are pushing valuations up.”

 

2019 Global M&A Report with financial league tables

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Mergermarket, the leading provider of M&A data and intelligence, has published its 2019 report which revealed that global M&A activity in 2019 was down 6.9% on the exceptional 2018 vintage to USD 3.33tn (across 19,322 deals), the sixth successive year at over USD 3tn. While this is up slightly on 2016 and 2017 levels, dealmaking slowed significantly in the latter part of the year, falling by 24.2% in the second half versus 1H19.

  • At USD 389m, the average size of deals with a disclosed value is up from USD 353m in 2018, and the second highest value on Mergermarket record behind 2015, a record year for global M&A. The past year also recorded 38 megadeals (>USD 10bn), also the highest number of such deals since 2015.
  • Hampered by sluggish Eurozone growth and Brexit, European M&A activity has suffered from a lack of big-ticket deals in 2019, posting a 21.9% year-on-year decrease to USD 770.5bn (vs USD 986.4bn in 2018). In contrast, the US market took the lion’s share of global M&A activity.
  • Despite a dip in activity in 2H18, the US was home to 47.2% of global M&A activity in 2019, the highest share since 2001 and the highest post-financial crisis. While APAC was down 17.5%, the US market, up 1.5% on 2018, showed strong resistance throughout, supported by a relatively strong economy and a number of large domestic deals. Indeed, 15 of the top 20 deals of 2019 in value were the result of domestic consolidation among US-based corporations, another record.

Beranger Guille, Global Editorial Analytics Director at Mergermarket commented: “On the back of the longest equity bull market in history, and amid persistently low interest rates, corporates and private equity firms alike have ample cash reserves and appealing debt financing options at their disposal. The feeling that these conditions may not last and the desire to secure future growth are pushing valuations up.”

 

M&A Preparedness: How to plan for your next transaction

10 January 2020

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The M&A sale process has evolved immensely in recent decades, as buyers have become increasingly sophisticated and demanding. As a result, the preparation process for deal targets has necessarily become more rigorous – posing ongoing challenges for the sell-side of a transaction.

For this report, IHS Markit commissioned Mergermarket to survey dealmakers from corporate entities, investment banks, private equity and venture capital firms to find out how the deal preparation process has evolved and the challenges sellers face that threaten to stall deals or erode value.

Key findings include:

  • 67% of respondents agreed that the time required to make sell-side deal preparations has increased, either moderately (37%) or significantly (30%), in recent years.
  • 37% of respondents cited readying the necessary legal, financial and technical paperwork as the single greatest logistical challenge of sell-side deal preparation.
  • Respondents cited longer due diligence processes, difficulties agreeing on warranties and indemnities, and digital/technological issues as the most pressing issues facing sellers.

Sell-side success

19 November 2019

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Mergermarket is pleased to present Sell-side success, published in association with Imprima. Over the past 15 to 20 years, virtual data rooms and vendor due diligence have given sellers more control in the M&A process. However, sellers also face a growing number of challenges which might impact their chances of success.

Exploring these challenges, alongside trends in vendor due diligence, Mergermarket on behalf of Imprima spoke with five experts from the fields of investment banking, law, technology and academia.

Points of discussion include:

  • The state of M&A for sellers. To prepare for sale processes as early as possible, sellers are often quick to take advantage of virtual data rooms and vendor due diligence. However, preparing for a sale a year or more before the formal process kicks off can generate other challenges.
  • A look at vendor due diligence. The due diligence process has evolved over the years, and is now increasingly a tool for the sell-side, which is used as part of the normal course of running a business optimally.
  • Future for sellers. There are a range of challenges and changes coming for the sell-side. Longer term, technological changes are likely to alter how sellers and their advisors work. Nearer term, conditions for the sell-side are likely to become less favourable, as M&A value and volume have fallen year on year.

At the Crossroads: Exploring M&A in 2019 and Beyond

18 November 2019

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Mergermarket is pleased to present At the Crossroads: Exploring M&A in 2019 and Beyond, published in association with Squire Patton Boggs. The report features global M&A data for 2019 to the third quarter, analysed by region and sector, underscored with insights into what is driving corporates and private equity houses to seek out transactions and where they see most opportunity.

Key highlights include:

  • After a decade-long bull run, M&A markets look to be finally cooling down. In the first three quarters this year, there have been 13,337 M&A deals globally, totalling US$2.4 trillion – a 15% drop in volume and a 14% drop in value compared to 2018. However, 2019 is still one of the highest-performing years thus far for M&A, and total value in the first three quarters is higher than the US$2.2 trillion recorded in the first three quarters of both 2017 and 2016.
  • There is a greater concentration on large-cap deals with the PMB sector leading the way. Of the 50 largest transactions made so far this decade, eight took place in 2019. The largest of these deals was the largest pharmaceutical acquisition in history: Bristol-Myers Squibb’s purchase of biotech company Celgene for US$89.5bn (inclusive of net debt).
  • While PE activity has moderated, there is heightened pressure on private equity firms to deploy the US$1.2 trillion in dry powder that has already been accumulated. PE value has fallen 19% year on year to US$633.5bn in the first three quarters in 2019 and volume dropped 15% to 3,627 deals. However, as well as having record levels of capital at their disposal, easy financing means that PE houses should have the necessary means to transact.

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Buyouts: Market Overview & Financing Trends

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Sister products Debtwire Par and Mergermarket partnered to produce an exclusive overview of US buyout and financing trends, including extensive advisory league tables for deep insight into industry players.

Download the full report to learn more.

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