US M&A H1 2015: Riding High

29 August 2015

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Mergermarket is pleased to present US M&A H1 2015: Riding High, in association with White & Case. The report looks at drivers behind the continuing boom in M&A in the United States, and what might be in store for the rest of 2015.

In H1 2015, US M&A maintained the positive momentum established in 2014. Using Mergermarket data, the report reveals that total deal value for the first six months of the year was at its highest since 2007. This boom in activity has been underpinned by strong macroeconomic fundamentals: growth in the US economy, rising stock markets, falling unemployment, and sustained low interest rates.

Other highlights include:

  • Inbound value rose by 15 percent to US$163 billion in H1 2015, with Japan a particularly prominent investor. Indeed, Japan’s total H1 spend of US$18.7 billion is higher than its entire 2013 total.
  • TMT was the most active sector in H1 2015 with 449 deals worth US$234 billion, a US$90 billion year-on-year increase. The pharma, medical and biotech sector also saw strong activity with deal value rising from US$104 billion in H1 2014 to US$144 billion in H1 2015.
  • Private equity buyouts fell to 398 in H1 2015, from 456 in H1 2014, suggesting financial sponsors are holding back in the face of high valuations and cash-rich strategic buyers.
  • The potential ramifications of recent stock market volatility on the deal market.

CMS European M&A Outlook 2015

30 September 2015

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Mergermarket is pleased to present the third edition of European M&A Outlook – a study of European M&A activity, published by Mergermarket in association with CMS.

This year’s market research suggests that some of our respondents may be adopting a more cautious view on European economic growth for the year ahead. This sentiment perhaps resonates with the reality that, despite a clear rise in the overall value of M&A activity (up 17% in the first half of 2015), there was also a decrease in the total number of transactions being agreed.

Key findings include:

  • 60% of respondents are positive or very positive about growth in Europe. However, the percentage who are negative about growth prospects in 2015 (14%) has grown by 12 percentage points from the 2014 edition
  • Political uncertainty remains a key concern for European businesses, along with divided opinions on the depreciating value of the euro
  • TMT and industrial and chemicals are tipped by respondents to be the most sought after sectors, with Germany retaining its lead position as the busiest M&A market for the coming year
  • European businesses continue their trend of diversification looking for new sectors to expand into whilst remaining within familiar geographies
  • Investors and corporates are becoming increasingly creative in their attitudes to funding with private equity and non-bank lending being regarded as potential sources of financing showing a move away from traditional banks

Market Spotlight: Consumer M&A

30 September 2015

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Deal-making in the consumer market has managed to keep up with the records set in 2014 – and even in some senses, surpass it, according to respondents in September’s Venue® Market Spotlight. The advent of technology is forcing firms to get up to speed with the latest developments to avoid being left behind.

Elsewhere, rapidly evolving customer tastes and fashions, as well as a growing middle class in emerging markets, is making it necessary for consumer companies to adapt and exploit further opportunities.

RR Donnelley commissioned Mergermarket to interview professionals based in the US, Europe and Asia-Pacific to gain insight on their predictions for consumer M&A in the year ahead.

Toppan Vite PE

13 October 2015

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Private equity’s exit market has become increasingly receptive in recent years, with sponsors selling their portfolio firms at both record volumes and values. Yet as the public markets start to wobble and the number of companies fit for exit dries up, are these levels sustainable? Toppan Vite, in partnership with Mergermarket, asked four industry-wide experts for their thoughts.

Points of discussion:

  • How the IPO markets are holding up for exits given recent uncertainty surrounding China and the western markets’ reactions
  • Biggest challenges facing exits in the coming year
  • Trade sales saw a big increase in 2014 - how does this compare with 2015?

See more and subscribe to Toppan Vite’s Blog here!

Monthly M&A Insider – October 2015

10 October 2015

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Global M&A continues to grow reaching the highest point since the 2008 financial crisis. Rising M&A activity may be an alternative indicator of the evident global economic recovery. Since the peak of the crisis, global deal values have been growing each year suggesting improvement in the overall confidence. The first three quarters of 2015 saw 11,754 deals worth US$2.9tn compared to the same time period of 2014 which saw 12,772 deals worth US$2.4tn.

Highlights from the report include:

  • TMT maintains its position as the top leading sector with 2,146 transactions worth US$530.7bn followed by Energy, Mining & Utilities with 882 deals worth US$476.7bn
  • The US and Canada saw 3,823 deals worth US$1.5tn, which represents 52% of the total global market share
  • YTD activity for the UK saw an impressive increase in value with 993 deals worth US$254.1bn, exceeding the whole of 2014 that saw US$155.5bn worth of deals

 

M&A: Good practices & bad pitfalls

27 October 2015

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The process of conducting an M&A deal has altered substantially over the years. Yet, the basic pillars of how deals are done – targeting, negotiating, due diligence and integrating – have remained constant. Despite this, the rapid pace of change has seen these pillars take on new significance over time to include updates to technology, advent of online data rooms and changing tastes and macro trends.

With all these changes however, dealmakers have had to react accordingly in order to stay competitive in the M&A market and getting these processes down pat is key to any successful deal. With all these factors coming into prominence, Vintage commissioned Mergermarket to closely examine how the dealmaking process has changed.

Points of discussion:

  • What factors – both external and internal – are considered when determining a list of targets?
  • The negotiation and due diligence processes provide acquirers with the know-how of a company – how can acquirers make the most of this opportunity?
  • Key lessons to bear in mind in order to make the most of negotiations

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Market Spotlight: High Valuations

29 September 2015

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Valuations look set to continue to rise, at least in the short term, according to respondents in October’s Venue® Market Spotlight. Eighty percent believe that M&A valuations will rise in the coming 12 months while companies searching for deals will be willing to pay top dollar for assets they think will lead to growth, especially at a time when organic growth is hard to come by.

Factors such as cheap debt, poor organic growth prospects and building corporate cash piles have helped 2015 to become a banner year in terms of M&A. And, according to respondents at least, this could still be the case well into 2016.

RR Donnelley commissioned Mergermarket to interview professionals based in the US, Europe and Asia-Pacific to gain insight on their predictions for M&A valuation’s in the year ahead.

The cutting edge: Shaping the future of digital healthcare

04 November 2015

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Mergermarket is pleased to present The cutting edge: Shaping the future of digital healthcare, in association with White & Case. The report, which surveyed 120 US-based senior-level executives from life sciences and technology companies, finds that digital healthcare is playing an increasingly vital role in overall business strategy, with an overwhelming majority of respondents planning to increase their investment in digital healthcare over the next 18 months.

Life lines: Life sciences M&A and the rise of personalised medicine

08 November 2015

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Mergermarket is pleased to present Life lines: Life sciences M&A and the rise of personalised medicine, published in association with Reed Smith. The second report in Reed Smith’s Deal Dimensions series, Life lines explores the main drivers behind the avid pursuit for cross-border life sciences deals, the challenges faced in executing those deals, and how advances in personalised medicine may change the face of the industry.

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