Healthcare and Life Sciences M&A Outlook

30 June 2014

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The healthcare industry is ripe for mergers and acquisitions. An overwhelming number of respondents believe that M&A in healthcare and life sciences will rise over the next 12 months, according to Healthcare and Life Sciences M&A Outlook, a report sponsored by Bass, Berry & Sims PLC in association with Mergermarket.

The report is based on a series of interviews with healthcare and life sciences professionals and analyzes the expected trajectory and impetus of dealmaking over the coming months and provides a detailed forecast for specific subsectors within healthcare and life sciences.

Highlights include:

  • The main driver of the anticipated rise in overall healthcare is facility and equipment improvement, according to 46% of respondents
  • Within healthcare, hospitals and healthcare providers, and healthcare IT and services, are companies respondents rank as most likely to see consolidation
  • According to respondents, the top challenges for M&A deals in the healthcare and life sciences sectors are regulatory compliance and financial due diligence

Surf’s Up – Deloitte 2015 IPO report

12 March 2015

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Australian equity market ready to ride wave in 2015
 
With $26 billion in equity listed through 74 floats, 2014 was truly a banner year for Australian IPOs. Value totals for the year exceeded raisings for the last three years combined as public listings made a comeback. However, on the heels of underperformance among several listings toward the year’s end, market participants are questioning whether the wave of IPOs is a sustainable trend or a temporary boom.
 
In this exclusive thought leadership publication ‘Surf’s up – Deloitte 2015 IPO report’ Deloitte, in collaboration with Mergermarket, explores recent IPO activity to create an outlook of trends and events in the year ahead. The report also looks at the increasing complexities of structuring an IPO, the move away from a market dominated by resources companies, and private equity exits through the capital market.
 
Highlights from ‘Surf’s up’ include:
 
  • Energy and resources IPOs declined from accounting for 30% of all IPOs in 2013 to 14% in 2014;
  • Healthcare and financial services capital raisings accounted for 59% of all listings. Interest in healthcare is being driven by Australia’s aging population, a segment with increasing medical and aged services demands;
  • Private equity made an exceptional comeback in its ASX participation in 2014 with 17 exits valued at $11.5 billion, double the value of 2013.

Market Spotlight: Cyber Security and M&A

30 June 2014

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Welcome to June’s Venue® Market Spotlight. This month’s edition focuses on Cyber Security and M&A.

Mergermarket, commissioned by RR Donnelley, interviewed US-based investment bankers who generally expect cyber security M&A activity to rise over the next 12 months. Recent data breaches bring to light the importance of companies’ cyber security systems and the need for these companies to protect themselves serves as a catalyst for M&A.

Searching For Secondary Solutions – Houlihan Lokey Quarterly Newsletter

11 March 2015

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Houlihan Lokey and Mergermarket are proud to present the sixth edition of our quarterly newsletter series on corporate finance topics for companies in Asia-Pacific. In this issue, we look at the rapid expansion of secondary private equity franchises in Asia-Pacific.
 
Global secondary transaction volume reached approximately US$27bn in 2013, with 2014 figures expected to rise above $40bn. This has motivated alternative investment managers, led by secondary private equity franchises, to raise large, flexible pools of capital to ease liquidity needs of both general partners and limited partners. Nowhere is this more apparent than within the Asia-Pacific, where the growing secondary market continues to be driven, in part, by expanding opportunities in China and India.
 
In addition to analyzing the trends within the secondary market, the newsletter also features insightful analysis from Houlihan Lokey’s Jeff Hammer, Paul Sanabria, and Jeffrey Wilson, on:
 
  • The characteristics of the private equity secondary market and its participants globally and in Asia-Pacific;
  • The long-term view of Asia-Pacific’s secondary market;
  • Unique advantages of using the secondary market;
  • Challenges faced by both buyers and sellers in the market;
  • And, the attraction of a secondary PE fund for institutional investors.

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Market Spotlight: Venture Capital and Private Equity

31 July 2014

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Welcome to July’s Venue® Market Spotlight. This month’s edition focuses on Venture Capital and Private Equity.

Mergermarket, commissioned by RR Donnelley, interviewed professionals from venture capital (VC) and private equity (PE) firms based in the US, Europe and Asia-Pacific to gain insight on VC/PE activity over the next year, which is expected to rise according to respondents. The high-growth TMT sector remains attractive to firms that are looking for profitable investments due to its direct link to consumers and constant innovation.

Intralinks Deal Flow Indicator – Q2 2014

31 July 2014

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The Intralinks Deal Flow Indicator (DFI) tracks pre-announcement, early-stage M&A deals (sell-side M&A mandates and deals reaching due diligence) across the world, providing a unique predictor of changes in future M&A activity levels.

The Q2 2014 Intralinks DFI report reveals a 16% quarter-on-quarter (QoQ) increase globally in early-stage M&A activity, which should lead to a significant increase in deal announcements in Q4 2014. Intralinks predicts that global announced M&A volumes for 2014 as a whole will, for the first time since 2010, show an annual increase of between 6%-10%. 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 across the globe, this quarterly report reveals exclusive and forward-looking intelligence on upcoming dealmaking trends.

Key findings of the Q2 2014 Intralinks DFI report:

  • The pharmaceuticals sector stands out in Q2 2014, due to a spate of blockbuster transactions.
  • On a QoQ basis, the North American region has seen the largest increase in early-stage M&A activity, with a 22% rise.
  • Latin America is expected to see a substantial increase in announced deals toward the close of 2014, with deals reaching the due diligence phase jumping 21% QoQ, according to the Intralinks DFI.
  • Private equity activity has remained an integral part of Brazilian M&A, with deal value in H1 2014 jumping more than fourfold to US$5.5bn.

The report also features regional snapshots of North AmericaEMEAAsia-Pacific and Latin America, a Brazilian spotlight, and a unique ‘Industry Indicators’ infographic, as well as guest commentary on the recent surge in life sciences M&A by Taylor Wessing.

William Fry M&A Review 2014

09 March 2015

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Mergermarket is pleased to present the fourth edition of the William Fry M&A Review. This report provides a comprehensive overview of developments in the Irish M&A market during 2014, and offers insight into likely trends in the year ahead.
 
Irish M&A activity in 2014 was marked by a return to volumes and values not seen since before the financial crisis. M&A transactions involving Irish targets rose 37% by volume year-on-year (YoY) to 115 deals. In addition, 2014’s deal value of €42.9bn was the highest on Mergermarket record (beginning in 2000).
 
Highlights from the report include:
 
  • A number of key sectors saw strong YoY activity by volume, including Telecoms, Media & Technology (23%), Leisure (17%), Pharmaceuticals, Medical & Biotech (14%), and Financial Services (11%).
  • In 2014, inbound and outbound deals were at the highest point on Mergermarket record.
  • Private equity activity climbed to its highest point in terms of both volume and value in the past seven years.

Dealmakers: Mid-Market M&A in Australia 2015

05 March 2015

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While bulge bracket deals dominate the headlines, the Australian M&A narrative is very much one defined by the middle market (those transactions valued between US$10m (AU$12.8m) and US$250m (AU$320m)). In 2014, these transactions accounted for 68% of all M&A in Australia, highlighting demand for mid-cap companies.
 
In this exclusive report titled ‘Dealmakers: Middle Market M&A in Australia 2015’, Baker Tilly Pitcher Partners, in collaboration with M&A intelligence provider Mergermarket, explores the trends and challenges facing mid-cap companies, as well as the value these businesses offer prospective acquirers. The report also includes a detailed analysis of cross-border deal flow, sectors of interest, and the role of private equity in the middle market.
 
Key highlights from the report found that:
 
  • Middle market M&A increased by 21% in 2014 from the year before. Transactions between US$10m to US$50m (AU$64m) accounted for two of every five deals.
  • Sectors driving M&A deal making from 2013 to 2014 included the business services, consumer and TMT sectors, which all saw deal values increase year over year.
  • Inbound deal flow in 2014 accounted for approximately 40% of transactional volumes. This positive trend is likely to continue throughout 2015 due to the low exchange rate of the Australian dollar, lower commodity prices, and a growing number of free trade agreements, particularly with countries in Asia-Pacific.
  • Private equity activity in Australia’s middle market passed US$15bn (AU$19.2bn). A record 25 mid-cap buyouts were completed worth approximately US$2bn (AU$2.6bn).

William Fry Mid-Year Irish M&A Review

13 August 2014

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Mergermarket is pleased to present the William Fry Mid-Year Irish M&A Review.

This report provides a comprehensive overview of developments in the Irish M&A market during H1 2014, and offers insight into likely trends in the year ahead.

In H1 2014, Irish M&A showed renewed impetus, with a 31.3% increase on H1 2013’s volumes, and the second highest H1 result since 2008. Values also received a dramatic boost, with €39.3bn worth of deals announced in H1 2014 – the highest ever Mergermarket-tracked figure for a half-year period in Irish M&A.

Key findings from the report include:

  • Domestic M&A is on the rise. In H1 2014, nearly one-third (31%) of all deals were domestic, compared to 27% in the whole of 2014.
  • Inversion deals have dominated Irish inbound M&A over the past year, with US-based Medtronic’s blockbuster €33.9bn acquisition of healthcare company Covidien taking place in H1 2014.
  • Ireland has seen a variety of deals in terms of sector and type in H1 2014 – seven different sectors made up the top 10 Irish M&A deals in H1 2014.
  • Irish companies are finding the capital markets are becoming more receptive to listings, with Irish games company King Digital Entertainment, the company behind the “Candy Crush Saga” app, listing for $500m in March being one notable IPO example.

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