Baltic M&A Monitor 2020

06 March 2020

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Mergermarket is pleased to present the Baltic M&A Monitor, in association with Ellex. This report provides a detailed look at M&A activity in 2019 in Estonia, Latvia and Lithuania, along with forecasts for the year ahead.
 
With 65 deals worth €1.04bn, 2019 proved to be the second-best year for dealmaking in the Baltic region since the credit crunch (beaten only by the record-breaking 2018) despite muted global economic growth.
 
Other highlights from the report include:
 
  • Estonia saw the highest number of deals for the fourth straight year, accounting for 42% of transactions across the region. The largest single transaction of 2019 across the region came from Estonia: the €410m acquisition by Estonian bank LHV Pank of Danske Bank’s private loans unit.
  • Lithuania was the only Baltic state to see an increase in deal volume in 2019 – narrowly up from 25 to 26. Deal value also increased sixfold to €278m, largely bolstered by the €128m investment in Vinted, an online vintage fashion marketplace, by a group of venture capital investors.
  • While the number of deals in Latvia fell from 19 in 2018 to 12 last year, disclosed deal value reached its third highest total in recent years at €345m.
  • TMT retained its position as the most popular sector in the Baltics for dealmaking in 2018-19, taking up 16% of deal volume during this period. By value, the financial services sector accounted for the largest share at 38% over the same period.

Deal Drivers Asia Pacific FY 2019

05 March 2020

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Mergermarket is pleased to present Deal Drivers Asia Pacific, published in association with Merrill DatasiteOne.
                    
This report provides an in-depth review of M&A in the Asia Pacific region, offering insights on notable deals, sector performance and trends that impacted dealmaking in 2019.
                   
Highlights of the report include:
 
  • Despite a fall in deal value in 2019, the annual total still represented a strong return from the region, delivering a steady year overall. Total deal value in Asia Pacific fell to US$651.5bn in 2019 from the 10-year high of US$777.2bn posted the previous year, a more than 16% decline.
  • This fall in deal value was largely caused by declining activity in the technology, media & telecom (TMT) and energy, mining, and oil & gas (EMOG) sectors, falling 45% and 27% respectively. By comparison, a steady performance for life sciences & healthcare, as well as an impressive showing from the industrials, manufacturing & engineering (IME) sector helped to compensate for these drops. As such, the IME sector delivered the lion’s share of value in 2019; with deals worth US$139.7bn, it accounted for 21.5% of the market.
  • China, the region’s largest economy, has seen growth fall in the face of geopolitical tension, largely due to US-China trade tensions through 2019. Looking ahead, there are signs that the geopolitical headwinds stunting growth may dissipate in 2020 with China and the US having approved ‘phase one’ of a new trade arrangement. 
  • While the coronavirus pandemic could offset these positives, Asia Pacific’s long-term economic outlook remains broadly upbeat and supportive of further M&A growth.

Deal Drivers Americas FY 2019

19 February 2020

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Mergermarket is pleased to present the full-year edition of Deal Drivers Americas, in partnership with Merrill DatasiteOne.
 
The deal market in North America has, on the other hand, recorded steady figures in 2019. Deal value for North American M&A was recorded at US$1.7trn across 6,493 deals in 2019, only fractionally down on 2018 figures. The technology, media & telecom sector accounted for the largest share of deal value at US$300.5bn, closely followed by the life sciences & healthcare sector, which more than doubled its 2018 total of US$120.7bn with transactions worth US$265.7bn in 2019.
 
This report provides an in-depth review of M&A activity for 2019, offering insights into how announced deals will impact M&A for the year ahead.

Deal Drivers EMEA FY 2019

19 February 2020

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Mergermarket is pleased to present the full-year edition of Deal Drivers EMEA, in partnership with Merrill DatasiteOne.
 
After several record-breaking years for M&A in EMEA, activity appears to finally be slowing down, albeit gradually. A decline in megadeal activity was responsible for a 16% fall in M&A value to €696bn in 2019 while volume dropped 6% to 7,655 deals. However, PMB had another big year, topping the value chart for the first time this decade with 21% of total M&A value at €145.4bn.
 
This reports provides an in-depth review of M&A activity for 2019, offering insights into how announced deals will impact M&A for the year ahead.

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Making the best out of distressed M&A

11 February 2020

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Mergermarket is pleased to present Making the best out of distressed M&A, published in association with Imprima. After several buoyant years of growth, the global economy is slowing down, and with it comes the rising likelihood of distressed M&A transactions. Whilst this can generate challenges, an increase in distressed situations could also present an opportunity. Already, strategics and PEs are capitalising on this form of investment.

Exploring these trends, Mergermarket, on behalf of Imprima, spoke with six experts from the fields of investment banking, law, consultancy and academia to share their insights into the drivers, opportunities and pitfalls of distressed dealmaking.

Points of discussion include:

  • Opportunities in distressed M&A are set to increase further. The uncertain global environment means that the upward trend of M&A transactions involving distressed assets is set to continue throughout 2020. While all sectors might be exposed, some are more vulnerable than others, with retail providing some of the most significant opportunities. 
  • The distressed M&A process comes with challenges. Deals are usually met with an accelerated timetable which can cause problems if there is not enough time to value assets and conduct adequate due diligence. Buyers must, therefore, be on alert for such pitfalls.
  • Dealmakers need to be prepared to avoid post-merger issues. M&A strategies often fail to deliver their promised benefits because post-merger integration is poorly executed. The consequences of these failures can be even worse in distressed situations. New technology, like AI, may help with this process.  

Buyouts: Market Overview & Financing Trends

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Sister products Debtwire Par and Mergermarket partnered to produce an exclusive overview of Western European buyouts 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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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.”

 

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