Open for business: M&A in Ukraine

25 April 2016

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Mergermarket is pleased to present the first edition of Open for Business: M&A in Ukraine, published in association with Aequo. This report provides invaluable insight into key trends in Ukraine’s M&A landscape, an outlook for 2016 and beyond.
Although deal volume slowed by 24% in 2015 to 26 deals, the expectation is that 2016 will show a marked improvement in line with legal and tax reforms, ongoing privatisations and consolidation in distressed markets.
Highlights from the report include:
  • Financial services was the strongest sector for deals. In 2014-15, it contributed 43% of total M&A value, up from 7% in 2012-13. More financial services deals are expected in 2016 as the banking sector continues to consolidate.
  • Energy, mining and utilities was the second largest sector by deal value. It made up 29% of all M&A in 2014-15 by value and 13% by volume. The main drivers were privatisation, distressed deals, falling oil prices and efforts to replace Russian gas supply.
  • TMT deals also featured prominently, with notable Ukrainian IT start-ups supporting the sector, making it attractive to both private equity and strategic investors.
  • E-commerce recorded growth rates of more than 30% in the last five years, and still retains significant upside potential as both internet penetration and online shopping’s share of total retail remain substantially lower than those of regional peers.

Toppan Vite – Banking on change

26 April 2016

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Industry consolidation, customer evolution and technological innovation are driving ahead M&A in US financial services in 2016. But as increasing regulation begins to bite and bigger deals are returning to the table, what are the right moves for corporates and sponsors to make?
Toppan Vite, a trusted financial printing and communications company, in partnership with Mergermarket, asked six M&A experts for their thoughts on the year ahead.
Points of discussion:
  • Which parts of the financial services sector are seeing the most consolidation and divestments?
  • Stringent capital requirements and its effects on M&A dealmaking.
  • How is the emergence of fintech affecting M&A activity in US financial services?
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

Learning the new language of shareholders

27 April 2016

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Management teams are facing a formidable new challenge in the growing ranks of activist investors. Rock star activists such as Carl Icahn and Bill Ackman of Pershing Square, are in the lead of a growing movement. While activists can bring innovation and discipline, companies are often caught off-guard by their approach, leading to major disruptions in their strategic plans.
In order to better help prepare firms for activist involvement, improvements in technology have allowed companies to easily reach stakeholders faster and more efficiently. Vintage commissioned Mergermarket to interview five industry professionals to discuss how shareholder practices are changing.
Points of discussion:
  • Trends, legal or otherwise, that are affecting shareholder communications.
  • How have social media and technology affected shareholder communications? How are you advising clients?
  • How can you take into account the views of an activist investor while maintaining corporate strategy and not alienating other shareholders?
  • Publishing CEO compensation and its ratio to “regular employees” goes into effect next year. What risks – and subsequent mitigation – are you expecting to address?

Market Spotlight: Re-coding the deal

28 April 2016

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As M&A activity has fallen off to start the year, companies are looking to take full advantage of the record amount of deal-making done in 2015. As transactions become harder to come by, the pressure is rising on companies to make the most of the deals they have already done. A successful integration is vital to achieving the growth promised by M&A, and in the modern world, IT is often the keystone to this process – expanded access to proprietary data, technology, and IT personnel can open countless doors for a newly combined company.
According to this month’s Venue® Market Spotlight, 32% of respondents cited IT integration as the most important part of PMI, while 56% cited it as a highly important aspect of the process. Furthermore, creating growth opportunities is the most important benefit to be achieved in the IT integration process, according to 36% of respondents.
RR Donnelley commissioned Mergermarket to interview professionals based in the US, Europe and Asia-Pacific to gain insight on their opinions regarding the integration of technology in M&A.

Aviation and Aerospace M&A Quarterly – Q1 2016

05 May 2016

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ICF International (formerly ICF SH&E) is pleased to present the eleventh edition of the Aviation and Aerospace M&A Quarterly, published in association with Mergermarket. The publication highlights M&A activity and trends in the aerospace, aircraft, airline, airport and tourism markets in Q1 2016.
  • Consortium led by OTPP acquires London City Airport from Global Infrastructure Partners.
  • Alaska Air Group agrees to acquire Virgin America for US$2.6bn and merge it with Alaska Airlines.
  • J.F. Lehman & Company agrees to acquire API Technologies Corporation for US$301m.
  • SJ Aviation acquires 50% stake in aircraft leasing company Keystone Holdings for US$11m

Rules of Engagement

09 May 2016

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Changes to Canada’s take-over rules by the Canadian Securities Administrators mark the first time in the country’s history that the guidelines on take-over bids are nationally harmonized. However, they also change the relationship between buyers, targets and their shareholders. What impact will they have, and how will they change Canadian M&A?
Citi commissioned Mergermarket to interview four experts to discuss their thoughts on these changes, set to come into force on May 9.
Points of discussion:
  • The new take-over rules by the Canadian Securities Administrators include a provision that increases the number of days bidders must keep offers open from 35 to 105 – what does this change for targets and bidders?
  • Does the new minimum tender requirement hinder various kinds of deals such as partial bid, minority stakes and attempts to buy companies with significant minority shareholders? Will this make Canada’s M&A market less competitive?
  • What is the outlook for Canadian M&A for the remainder of 2016?

Monthly M&A Insider – May 2016

20 May 2016

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The global cool-down period in M&A activity has continued with the emergence of the second quarter. In April, global deal value reached US$175.8bn with 1,003 deals. Compared to April 2015 with 1,473 transactions worth US$294.3bn, total deal value decreased by 40.3% with 470 fewer deals, making it the lowest-valued month of April since 2013.
Highlights from the report include:
  • Pharma, Medical & Biotech was the leading sector in April 2016 with 81 deals worth US$40.7bn, an increase of 392.6% in value compared to April 2015.
  • North America was the dominant region for M&A in April 2016 with 310 transactions valued at US$87.7bn, accounting for 50% of global total deal value
  • Divestitures within the Energy, Mining & Utilities sector in the Middle East and Africa look set to drive M&A activity within the short-term

Due Diligence Roadmap: Taking The Right Steps

26 May 2016

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In today’s world, where deals can run into the tens of billions of dollars, ensuring that one’s due diligence process is up to scratch is increasingly becoming paramount. Over the past few years, the process of conducting diligence has changed, particularly through technological advancements. The development of online activity, data rooms and other analytical software has increased the amount of data that companies can crunch, as well as vastly reduced the time it takes to conduct the process.
With this in mind, RR Donnelley, in conjunction with Mergermarket, is pleased to present the first of three reports in the Due Diligence Roadmap series. This first report, Taking the Right Steps, pays particular attention to outlining which decisions factor into corporate due diligence processes.
Key findings include:
  • Sixty-four percent of respondents say the priority in due diligence is getting it over quickly in order to capture deal synergies early.
  • Sixty percent use fewer than 20 internal employees when conducting due diligence.
  • Eighty-two percent of those surveyed said financial information was in the top three facets of a target to review during due diligence, while 50% said financial reviews were one of the major things in due diligence that add to deal value

Market Spotlight: The Evolution of Energy M&A

01 June 2016

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Companies in the oil & gas and coal sectors have experienced a harsh about-face in their prospects over the last 18 months, as the price of commodities has plummeted. The sudden turn of events has had a significant effect on M&A activity in the energy industry, which saw an almost 7% drop in value in 2015 along with 357 fewer deals year-on-year. As fossil fuel companies see their debts balloon and their profits shrivel, M&A activity has become centered more around divestments and bankruptcy proceedings.
According to this month’s Venue® Market Spotlight alternative energy firms are continuing to remain active in terms of deal-making, as cited by 72% of respondents who expect to see a significant increase in activity.
RR Donnelley commissioned Mergermarket to interview professionals based in the US, Europe and Asia-Pacific to gain insight on their opinions regarding energy deal-making activity for the next 12 months.

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