Market Spotlight: Government Privatizations and M&A

28 August 2014

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Welcome to Augusts Venue® Market Spotlight. This month’s edition focuses on how government asset sales are influencing global M&A deal-making.

Mergermarket, commissioned by RR Donnelley, interviewed investment bankers based in the US, Europe, and Asia-Pacific who predict there will be an increase in M&A transactions resulting from government privatizations. These types of deals are not only helping government’s regain financial health, but also contribute greatly to a global boost in M&A activity.

Asia-Pacific M&A Barometer Issue 4

04 March 2015

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Ascent Partners and Mergermarket proudly present their latest newsletter analyzing the current trends in the Asia-Pacific M&A markets. Our current issue looks back at M&A activity, as well as private equity buyouts, for 2H 2014, highlighting the growing confidence that has led to a new benchmark for year-on-year growth. Deals in 2H 2014 amounted to US $313bn, a substantial increase of US $66bn from the same period in 2013.
 
Additional highlights from Mergermarket data in 2H 2014 include:
 
  • 2H 2014 saw impressive deal volume, with 1922 deals representing a 24% increase on the same time in 2013.
  • Top sectors included: TMT (302 deals at a value of US $35 billion), Industrials and Chemicals (405 deals at a value of US $57 billion), and Business Services (205 deals accounting for 10.7% of regional growth).
  • Private equity firms yielded US $32 billion in buyouts. India was second only to China with 32 deals representing 18.9% of the regional volume.

Prioritizing Portfolio Valuation – Houlihan Lokey Quarterly Newsletter

10 September 2014

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Houlihan Lokey and Mergermarket are proud to present the fifth edition of our quarterly newsletter series on corporate finance topics for companies in Asia-Pacific. In this issue, we look at the growing need for portfolio valuation services as foreign investors continue to enter Asia-Pacific.

Clear and concise valuation practices are quickly becoming the new standard in Asia. As asset managers and general partners are finding out, a comprehensive valuation on portfolio assets today can help avert fines from regulators and lost confidence from investors tomorrow. Investors, regulators and auditors demand accurate, reliable, and independent valuations of illiquid investments. This has been a major driver in the trend toward independent valuation determination, and, progressively, the need for third-party valuations.

In addition to analyzing market trends and valuation practices, the newsletter includes an exclusive interview with Houlihan Lokey’s Global Head of Portfolio Valuation Cindy Ma and Head of Valuations for Asia-Pacific Dan O’Donnell on:

  • The impact of the financial crisis on investor confidence and desire for more thorough valuation services;
  • How valuation policies and procedures, and a valuation specialist, can help GPs raise new funds;
  • Challenges to the valuation process in China, Hong Kong, and Southeast Asia;
  • Common approaches to valuing an asset;
  • Costs associated with hiring a third-party advisor.

Monthly M&A Insider: September 2014

19 September 2014

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Private equity exits are gearing up for a strong ending to 2014. Global exit activity year-to-date shows that the volume and value of exits have already exceeded the overall total for the first three quarters of 2013. Before this surge, private equity firms struggled during the financial crisis but have since improved and can now exit their investments profitably.

Highlights include:

 

  • In a historic deal, Kinder Morgan Inc. announced the acquisition of its three MLPs – Kinder Morgan Energy Partners, El Paso Pipeline Partners, and Kinder Morgan Management
  • Asia-Pacific deal activity for August showed an increase in both value and volume over July’s figures, as well as a year-on-year increase over the same period last year
  • Brazil remains the most active region in Latin America raking in 164 deals so far this year worth US$28bn

Baltic M&A Monitor

04 March 2015

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Mergermarket is pleased to present the fourth edition of the Baltic M&A Monitor in association with Raidla Lejins & Norcous. This report provides a detailed look at M&A activity in Estonia, Latvia and Lithuania, along with forecasts for the 12 months ahead.
 
According to the report, optimism in the Baltic M&A market prevailed in 2014, with the region taking a cue from the burgeoning global M&A market. The combined deal volume of Estonia, Latvia and Lithuania climbed 4% year-on-year while maintaining relatively stable deal value amounting to €1.02bn, down 7% on the previous year.
 
Highlights from the report include:
 
  • In 2014, inbound M&A volume for the Baltic region increased four percentage points year-on-year (YoY) to 50% of total M&A, while inbound value increased from 19% to 50% of total M&A in the same period.
  • Following Latvia’s entry into the euro last year, Latvian deal value increased 150% to €215m YoY, reaching a seven-year high despite a 12% dip in volume to 15 deals.
  • In terms of sectors, the energy, mining and utilities (EMU), and financial services (FS) sectors accounted for 66% of deal value between them (an even split of 33% each). The largest deal in 2014 took place in the FS sector with RSA Insurance Group’s sale of its Lithuanian business Lietuvos Draudimas to Polish insurer PZU for €180m.
  • Looking ahead, the Mergermarket Heat Chart, which logs ‘companies for sale stories’ for the past 12 months, shows that the industrials and chemicals and TMT sectors are generating the highest amount of potential M&A targets (17 and 16, respectively).

Market Spotlight: 2015 Tech Financing

27 February 2015

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Welcome to February’s Venue® Market Spotlight. This month’s edition focuses on 2015 Tech Financing.
 
In February 2015, RR Donnelley commissioned Mergermarket to interview professionals based in the US, Europe and Asia-Pacific who predict that the technology sector is set for a significant capital boost from PE and VC firms over the next 12 months. Investors continue to put high premiums on technology investments due to skyrocketing valuations that respondents to this month’s survey are only expecting to rise further.

Aviation, Aerospace & Airports M&A Quarterly Q4 2014

26 February 2015

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The fourth quarter of 2014 proved to be another healthy three months for investment activity according to the sixth edition of Aviation, Aerospace & Airports M&A Quarterly, published by global consulting firm ICF International in association with Mergermarket.
 
Highlights include:
 
  • Aviation deal activity centered on rotorcraft, leasing and China.
  • Consolidation in the metals sector an ongoing trend in aerospace.
  • Developing markets continue to be active in the airport space

Market Spotlight: Divestitures and Deal-making

30 September 2014

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Welcome to Septembers Venue® Market Spotlight. This month’s edition focuses on Divestitures and Deal-making.

Mergermarket, commissioned by RR Donnelley, interviewed investment bankers based in the US, Europe and Asia-Pacific who predict divestitures are set to rise over the next coming year. Companies across the globe are working to rationalize their businesses following the financial crisis and are doing so by ridding themselves of non-core or underperforming assets.

Aviation, Aerospace & Airports M&A Quarterly Q2 2014

01 October 2014

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The second quarter of 2014 saw the continuation of a highly active investment environment across all three sectors, according to the fourth edition of Aviation, Aerospace & Airports M&A Quarterly, published by global consulting firm, ICF International (formerly ICF SH&E) in association with Mergermarket.

Highlights include:

  • Demand for advanced technology and equipment drove activity in the aviation sector
  • Several large-cap deals comprised activity in aerospace
  • Airport retail continues to benefit from strong demand and refined merchandising strategies

Tax Inversion: Latest Fad or Lasting Strategy?

02 October 2014

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The US Treasury has just unveiled new measures to rein in the practice of corporate inversions, a strategy where a company relocates its headquarters to a country with a lower tax rate. Are these government efforts to curb inversions enough to keep US-based companies from re-domiciling to escape the country’s higher tax rate? Or, do the benefits of inversions from a tax-saving standpoint outweigh these recent challenges? Toppan Vite commissioned Mergermarket to examine the hot-button issue.

Point of discussion:

  • Drivers behind the significant uptick of tax inversion deals in 2014
  • Measures open to the executive and legislative branches of the government to keep the practice in check
  • Sectors ripe for an influx of inversion deals
  • Different challenges associated with executing these transactions
  • Future of tax inversions deals against the backdrop of political backlash

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