William Fry M&A Review 2015

14 March 2016

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Mergermarket is pleased to present the fifth edition of the William Fry M&A Review. This year’s report reveals a vibrant Irish M&A scene in 2015, with a significant rise in deal value, from €45.3bn in 2014 to €189bn in 2015, although there was a drop in deal volume, from 120 in 2014 to 104 in 2015. These figures include Pfizer’s acquisition of Allergan announced in November 2015, which was worth €172.6bn, and Medtronic’s acquisition of Covidien in 2014, which was worth €33.9bn. Excluding these deals, Ireland’s M&A sector still recorded a significant increase, with value up 41% on 2014, from €11.4bn to €16.1bn.
Highlights from the report include:
  • Outbound deals account for 50% of transactions: The most notable trend in 2015 is that half of all transactions with an Irish element were outbound, the highest on record for Irish businesses making overseas acquisitions and higher than recorded in other countries such as France (31%); Germany (29%) and the UK (29%).
  • Availability of affordable finance: In large part due to the European Central Bank’s €1.1tn quantitative easing programme, bank borrowing remained readily available and affordable as a source of finance. Ireland also continues to attract capital from debt financiers and private equity sources.
  • TMT sector dominates: A number of key sectors saw strong year-on-year activity by volume, including Telecoms, Media & Technology (29%), Business Services (13%), Leisure (13%) and Pharmaceuticals, Medical and Biotech (12%).

Toppan Vite – M&A Pulse: US Corporate Debt

15 March 2016

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Debt among non-financial US companies from 2008-2015 more than doubled, according to Goldman Sachs Global Investment Research, as companies took advantage of historically low interest rates to borrow cheaply. But with interest rates rising in December and markets taking a turn for the worse at the start of the year, what does the future hold?
Toppan Vite, a trusted financial printing and communications company, in partnership with Mergermarket, is pleased to present the first M&A Pulse newsletter in which US-based senior corporate executives were surveyed to gain insight on trends in US corporate debt issuance.
Key findings include:
  • Cheap borrowing costs headed the reasons for last year’s record issuance for respondents, with 52% saying it was one of the top two reasons. Fifty-two percent of respondents believe that refinancing needs will be paramount for debt issuance in 2016.
  • Over two-thirds (68%) of respondents felt that rising interest rates will have the greatest impact on US corporate debt issuance, followed by turbulent equity markets (48%).
  • The default rate on US corporate debt is expected to decrease in the next year, according to 60% of respondents.
See more and subscribe to Toppan Vite‘s Blog here.
Toppan Vite, a leader in financial printing, delivers a hassle-free experience for mission-critical content for capital markets transactions, financial reporting and regulatory compliance filings, investment companies and insurance providers. Part of the world’s largest printing company with over $13 billion in annual sales, we have the scale, financial strength and commitment to be the partner of choice for mission-critical transactions, any size, across the globe. Learn more at us.toppanvite.com 

Inside Corporate – Wolf Theiss Corporate Monitor FY 2015

17 March 2016

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Mergermarket is pleased to present the fourth edition of INSIDE CORPORATE, a study of M&A activity in Central and Eastern Europe (CEE) and South Eastern Europe (SEE), alongside macroeconomic and legal developments, published in cooperation with WOLF THEISS. This year’s study also includes a survey of 150 senior-level executives about their experiences and outlook on M&A in the CEE/SEE region.
Key findings include:
  • According to survey respondents, Poland, the Czech Republic and Romania are the most likely CEE/SEE countries to attract M&A activity in 2016.
  • In terms of deal drivers, those surveyed said that they are attracted to markets first and foremost by economic growth (85%), followed by the level of infrastructure development (65%) and a stable regulatory/legal framework (55%).
  • The sector regarded as the most likely to see the most distressed opportunities is energy, mining, and utilities, largely due to the sustained low prices for commodities across the board and electricity in most CEE/SEE countries.
  • For private equity firms, TMT will be the most attractive sector in the CEE/SEE region over the next 12 months, according to 80% of PE firms surveyed, followed by consumer (74%) and pharma, medical and biotech (62%).

Monthly M&A Insider – March 2016

18 March 2016

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In the aftermath of last year’s record-breaking dealmaking frenzy, global M&A has shown signs of cooling at the beginning of this year. Global values fell 11.2% this February to US$211.7bn from February 2015’s US$238.5bn, while volume dropped to 927 deals from last year’s 1,371.
Highlights from the report include:
  • Private equity activity picked up sharply- buyouts nearly doubled in value from US$12.6bn in February 2015 to US$24.9bn in February 2016.
  • Industrials & Chemicals accounted for 33% of global market share and rose 131.7% from third place last year to become the top sector for February 2016.
  • Despite domestic market volatility, China was the most acquisitive nation this February with a total of US$78.9bn of announced deals

Dealmakers: Mid-Market M&A in Australia 2016

30 March 2016

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While eclipsed by the record-breaking performance of megadeals in 2015, Australian dealmaking remains firmly rooted in the mid-market. These deals – valued between AU$10m (US$7m) and AU$250m (US$173m) account for 73% of transactions in 2015.
In the face of market volatility this year, Australia is galvanising itself for a sea change towards a knowledge and service based economy characterised by innovation. Mid-market companies must recognise the cards they have been dealt, and prepare to play a winning hand, in order to stay ahead of the game.
In this exclusive report, Dealmakers: Mid-Market M&A in Australia 2016, Pitcher Partners, Australia’s leading mid-market professional services firm, in collaboration with M&A intelligence provider Mergermarket, explores the trends and challenges facing mid-market companies. The report delves into deal activity across sectors, delivering analysis and insights into the untold story of 73% of Australia’s M&A activity.
Key highlights from Dealmakers:
  • Mid-market volumes slipped by 19% compared to the prior year.
  • Deal activity was impacted by significant reductions in energy and mining together with a retreat in foreign capital and private equity.
  • M&A activity was concentrated in the leisure, energy, mining and utilities, business services, and consumer sectors.
  • While representing less than 10% of overall activity, agriculture and construction were the only sectors to report increased activity on 2014.
  • Insights from Pitcher Partners’ Michael Sonego, Simon Johnson, Warwick Face, Matthew Bowles and Andrew Faulkner on the benefits of pre-sale preparation and being sale ready in Australia’s mid-market.
  • Projections on hot sectors and deal drivers to watch for in 2016.

Baltic M&A Monitor 2016

30 March 2016

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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 Estonia, Latvia and Lithuania, along with forecasts for the year ahead.
According to the report, general euro area volatility, sanctions and an economic downturn in Russia cast a shadow over investor sentiment in 2015. As a result, Baltic deal volume and value dipped by 19% (to 48 announced deals) and 46% (to €558m), respectively. However, while overall activity was down, the year’s top three transactions – all Latvian targets above the €100m mark – totalled €410m, indicating that the region does generate larger-sized opportunities.
Other highlights from the report include:
  • In terms of sectors, energy, mining and utilities (EMU) and financial services accounted for 54% of deal value in 2014-2015, with industrials and chemicals reporting the greatest share of overall deal volume (20%).
  • 2015 saw an increase in deal volume for domestic transactions (56% compared to 49% in 2014). However the bulk of M&A value stemmed from inbound deals (75%), the highest since 2011 (80%).
  • Looking ahead, the Mergermarket Heat Chart, which logs ‘companies for sale stories’ for the past 12 months, shows that telecommunications, media and technology (TMT) is generating the highest number of M&A targets (nine), followed by five each for financial services, industrials and chemicals and transportation.

Market Spotlight: Real Estate and M&A

31 March 2016

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Uncertainty in the world economy has put investors between a rock and a hard place, however; in this volatile environment, the real estate sector will be attractive to many buyers. Real estate M&A value reached an eight-year high in 2015, and in the coming 12 months is expected to rise to even greater heights.
According to this month’s Venue® Market Spotlight, 92% of survey respondents predict an increase in M&A activity in the real estate sector over the next year. As for drivers of activity, 80% think investors will seek real estate acquisitions as a safe haven amid stormy economic conditions.
RR Donnelley commissioned Mergermarket to interview professionals based in the US, Europe and Asia-Pacific to gain insight on their predictions regarding real estate M&A activity for the next 12 months.

Good Foundations: Building Healthcare M&A and Real Estate

05 April 2016

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The healthcare industry in North America is changing rapidly. Trends such as increased insurance coverage, the transition to value-based care, and the widespread adoption of new technologies are reshaping the sector. As companies strive to remain competitive, dealmaking is on the rise – the total value of North American healthcare deals rose 28% in 2015 to US$298bn. At the same time, with the urgent need to preserve revenue and invest in the future, healthcare firms are increasingly embracing an innovative way to raise capital: selling real estate assets to third-party capital providers, such as private equity, bond markets, or real estate investment trusts (REITs).
Duff & Phelps, the premier global valuation and corporate finance adviser, commissioned Mergermarket to interview industry professionals and gain insight on health industry dealmaking trends and third-party capital for healthcare real estate.
Key findings include:
  • Almost 90% of respondents expect healthcare M&A to rise over the next year. Respondents cited growing scale and rising consumer demand for healthcare as two primary drivers for M&A.
  • Medical devices are seen as the technology that healthcare companies will look to acquire most in 2016, with 68% saying they will do so. This was followed by cloud computing capability (47%) and data analytics (40%).
  • For healthcare providers that were facilities-based, the majority of companies that have sold real estate to third-party capital providers are happy with the results of their transaction (74%). Just 12% explicitly said they were unsatisfied, mainly because of lease terms.

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Monthly M&A Insider – April 2016

15 April 2016

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Perhaps inevitably, Global M&A at the beginning of this year has found itself cooling down after 2015’s record year of dealmaking, in what could turn out to be a sort of “rebalancing” in 2016. With total deal values reaching US$605.5bn, it was the lowest first-quarter value in two years, and down 22.9% from Q1 2015. Particularly notable has been the drop from the last three quarters, all of which saw activity worth more than US$1tn.
Highlights from the report include:
  • The quarter’s top sector, Industrials & Chemicals, housed the lead transaction involving China National Chemical Corporation’s US$45.9bn bid for Switzerland-based Syngenta AG.
  • One of the most significant trends of the first quarter has been the growing influence of Chinese bidders on foreign targets.
  • The US, with 1,001 deals worth US$241.5bn, continues to be the leading country in North America, accounting for 93.9% of total market share.
  • Even though Brexit looms over the UK, Europe is faring well with a total of 1,303 deals valued at US$174.6bn.


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