Monthly M&A Insider: January 2014

17 January 2014

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In H2 2013, the M&A climate was in a strikingly similar position to the same period in 2012: while value declined 3.3% year-on-year (YoY) to US$1.2tn, volume edged up 3.2% to 7,177 deals. Despite not seeing a much-anticipated revival of animal spirits in 2013, there have been encouraging signs of strong activity across certain segments of the M&A landscape:

  • The Real Estate sector increased 26% YoY in volume and 86% YoY in value to a respective 148 deals worth US$82.8bn in H2 2013
  • Globally in the latter half of 2013, exits have risen 19% YoY by volume to 910 deals 6bn
  • North America was home to the top five largest deals of H2 2013

Look out for the next M&A Insider coming out in March which will provide an M&A recap of February 2014.

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Global Corporate Divestment Study 2014

27 January 2014

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Regular, up-to-date and rigorous portfolio reviews are paramount to divestment success. Divesting business units that are no longer strategically aligned allows companies to reallocate capital to higher-growth areas, and helps them create a more focused, better defined organization that investors value.

According to EY’s latest Global corporate divestment study, produced in association with FT Remark, 88% of executives left money on the table with their last divestment. This is despite the fact that 80% who base divestment decisions on their portfolio review experienced a higher valuation multiple in the remaining business after their last divestment.

The study’s empirical analysis also shows that companies following three leading practices are more likely to initiate divestments that deliver a significant increase in valuation multiples and sale prices that exceed expectations.

To discover more about these leading practices, as well as spotlights on five key sectors (consumer products, life sciences, oil & gas, technology, and utilities & power), download the study or visit ey.com.

Harnessing Potential: mid-market integration and managing change

12 May 2015

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Mid-market firms are driving an increase in dealmaking activity, causing the M&A market to return to the highs last seen before the 2007-08 financial crisis, according to Harnessing Potential: mid-market integration and managing change, a report sponsored by West Monroe Partners, in association with Mergermarket.
 
The report based off a series of interviews with North American-based senior M&A practitioners in mid-market companies (US$300m- US$2bn) from the healthcare, manufacturing and distribution, banking and high-tech sectors provides insight on the complexities, challenges and efforts mid-market companies face in their quest to fuel growth through acquisitions.
 
Highlights from the report include:
 
  • 76% of respondents say that communicating changes effectively to staff is one of the most difficult aspects of integration, while 62% say the same for communicating to external parties.
  • The two greatest integration drivers for respondents are product/services integration (80%) and customer integration (67%).
  • Three areas respondents cite as factors their companies could improve on in future integrations are a clear understanding of core deal drivers (67%), better communication strategy and plans (57%) and better integration planning pre-close (47%).

Intralinks Deal Flow Indicator: Q4 2013

29 January 2014

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Q4 2013 Intralinks Deal Flow Indicator – global M&A market poised for recovery in 2014?

The Intralinks Deal Flow Indicator (DFI) tracks pre-announcement, early-stage M&A deals across the world, providing a unique predictor of changes in levels of future M&A activity. The Q4 2013 Intralinks DFI continues the upward trend seen during the earlier part of 2013, with a 17% year-on-year (YoY) increase in the number of global early-stage M&A deals. This strongly suggests 2013 will prove to be the bottom for M&A deal volumes, and that 2014 offers a much brighter prospect for deal makers. This is one of the insights you’ll read about in the latest issue of the Intralinks Deal Flow Indicator report, presented in association with Mergermarket.

Providing in-depth market analysis based on early-stage M&A (sell-side M&A mandates and deals reaching due diligence) across the globe, this quarterly report reveals exclusive and forward-looking intelligence on upcoming dealmaking trends.

What you will discover in the Q4 2013 Intralinks DFI report:

  • The background behind an overall rise in early-stage M&A in 2013, up 15% against 2012.
  • On a YoY basis, North America leads in terms of growth, with the Intralinks DFI up 26%. For 2013 as a whole, EMEA ranks highest with a 24% rise.
  • Early-stage real estate deals surged 82% YoY in Q4 2013, while life sciences also saw strong 63% YoY growth.
  • The effects of due diligence on key M&A outcomes such as the likelihood of deal success and takeover premiums.

The report also features regional snapshots of North AmericaEMEAAsia-Pacific and Latin America, a due diligence spotlight, and a unique ‘Industry Indicators’ infographic, as well as guest commentary by Daniel Confino, co-founder of online deal origination and M&A social network Intralinks DealNexus.

M&A Monthly Insider – May 2015

21 May 2015

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Worldwide M&A took a tumble in 2015 as activity struggled to hit the record-breaking highs of 2014. April saw 917 deals worldwide valued at US$293.1bn, down 21.5% in value and 39% in volume year-on-year (YoY). However, despite the overall fall in numbers across the globe, certain bright spots across sectors and geographies kept activity afloat.
 
Highlights from the report include:
 
  • Energy, Mining & Utilities saw the sector’s value take up nearly half of deal value worldwide in April, with US$126.2bn-worth of acquisitions.
  • The North American Real Estate sector registered five deals collectively worth US$10.3bn, up more than 350% from the same period last year.
  • The Consumer sector in Asia-Pacific saw 83 deals in April worth US$51.3bn, up 94.5% by value compared to April 2014.

Market Spotlight: Initial Public Offerings

30 January 2014

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Welcome to January’s Venue® Market Spotlight. This month’s edition focuses on initial public offerings (IPOs).

Mergermarket, commissioned by RR Donnelley, interviewed investment bankers based in the US and Europe to gain insight on what they believe the trends are going to be in the next year. According to respondents, IPOs are expected to have a good run in 2014, a continuation of the landmark year they had in 2013 when the market saw the most IPOs since the financial crisis.

Inside Corporate – Wolf Theiss Corporate Monitor HY/2 2013

06 February 2014

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Mergermarket is pleased to present the second edition of INSIDE CORPORATE, a study of M&A activity – alongside macroeconomic and legal developments – in Central, Eastern and South Eastern Europe (CEE and SEE), published in cooperation with WOLF THEISS, one of the leading European law firms in CEE/SEE with a focus on international business law.

Drawing from extensive data on CEE/SEE M&A trends, the report offers insight into the economic, political and legal challenges and opportunities facing the region, as well as the outlook for 2014.

Key findings include:

  • In 2013, the CEE region collectively produced 475 deals worth €27.9bn, marking a 10% increase in volumeand a 56% increase in value from 2012. Taken against a still somewhat difficult economic and political background in many parts of the region generally, and the eurozone in particular, these increases strike a note of cautious optimism for the year ahead.
  • The past year has seen a sizeable portion of large-scale M&A driven by foreign buyers. Netherlands-based PPF Group made two of the year’s priciest acquisitions, paying €2.5bn for a 65.9% stake in Telefonica O2 Czech Republic and €1.3bn for a 25% stake in Czech financial services company Generali PPF Holding.
  • Sector trends: The TMT sector accounted for 32.5% of total CEE deal value in 2012-2013 – up from 19.8% in the period from 2008-2011. According to Mergermarket’s Heat Chart, which logs the number of “company for sale” stories announced over the past six months, the consumer and industrials and chemicals sectors – which were the busiest by volume in 2012-2013 – are both generating the highest volume of potential M&A targets going into 2014 (95 and 90 respectively).

Market Spotlight: Cross-border and PE Activity

01 June 2015

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Welcome to May’s Venue® Market Spotlight. This month’s edition focuses on cross-border and private equity (PE).
 
In May 2015, RR Donnelley commissioned Mergermarket to interview professionals based in the US, Europe and Asia-Pacific who expect the level of cross-border PE activity to increase over the next 12 months. This bullish attitude amongst PE executives comes after a year of blockbuster deals, fueled by factors such as the increasing availability of cheap debt and investor demand, building up PE’s dry powder reserves. However, respondents do note that the landscape of today will be different to that of last year.

Aviation and Aerospace M&A Quarterly

09 June 2015

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Q1 2015 proved to be another healthy three months for investment activity across the aircraft, airlines, aerospace and airports sectors according to the seventh edition of Aviation and Aerospace M&A Quarterly, published by global consulting firm ICF International in association with Mergermarket.
 
  • Large deals between leasing companies continue in the aircraft finance space.
  • Aviation in-flight technology remains active for airlines.
  • Metals continue to be acquisition magnets.

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