Due diligence roadmap: Optimizing the sell-side

20 December 2016

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Sell-side due diligence has grown in popularity in recent years. Companies are increasingly seeing it as a way to improve their chances of impressing buyers while also boosting sales prices and reducing the potential for any slowdown in the transaction process.
 
Both buyers and sellers are beginning to recognize the value in sell-side diligence, which is why Donnelley Financial Solutions, in conjunction with Mergermarket, is pleased to present Due Diligence Roadmap: Optimizing the sell side, the third edition in a series. This report provides the key roles that sell-side diligence plays in preparing a company for a sale, finding a buyer, and lifting value.
 
Key findings include:
 
  • Companies are starting sell-side due diligence early. Seventy-two percent of respondents indicated that they started the process once a decision was made to sell the company or when the Confidential Information Memorandum was drafted.
  • Tax issues are a priority. Thirty-two percent of respondents named the tax situation of a company as the number one or two priority.
  • Sell-side due diligence can increase the value of a sale. Forty percent of respondents said that the most important benefit of carrying out sell-side diligence is the early identification of value critical issues.

A question of quality: How to improve SEC disclosure

21 December 2016

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Financial reporting has evolved in the 83 years since Congress passed the Securities Act of 1933, yet the SEC has been slow to adopt changes to corporate disclosure requirements. Progress is being made, however, through the “disclosure effectiveness” project started in 2013, which prompted a release regarding Regulation S-K in April 2016 and a proposal to eliminate overlapping provisions in July 2016. These efforts to revise disclosure requirements have led to debate among key stakeholders on the right way forward.
 
In order to understand how the reporting community is reacting to the SEC’s proposed changes, Vintage in collaboration with Mergermarket interviewed five industry professionals on their views.
 
Key topics discussed include:
 
  • How effective are the disclosure changes being proposed by the SEC?
  • How can disclosure reform help investors as well as filers?
  • What kinds of measures can companies take on their own?
  • Should there be a sustainability disclosure requirement?

Market Spotlight: 2017 M&A Outlook

22 December 2016

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Despite 2016 falling short of the M&A boom of last year, experts predict M&A activity to increase in 2017. Amid political uncertainty through the UK’s vote to break away from the European Union and the results of the US presidential election, 2016 produced a 20% year-over-year drop in global deal values. However, 2017 is expected to bring a bounce-back in activity, a competitive environment focused on technology, as well as challenges involving political upheaval and regulation.
 
In order to gain a further understanding of these trends and challenges that are expected to shape M&A dealmaking in 2017, Donnelley Financial Solutions commissioned Mergermarket to interview global dealmakers for their insights.
 
Key findings of this survey include:
 
  • 96% of respondents believe the US will be one of the top three countries/regions to see the biggest increase in M&A activity in 2017.
  • Fintech is the sector that will see the greatest increase in global M&A activity, as indicated by 36% of those surveyed.
  • 52% of respondents believe that sluggish growth in emerging markets will be one of the two biggest impediments to global M&A for 2017.

Mid-Market M&A: Dealmaking opportunities in 2017

03 January 2017

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Uncertainty looms over North American mid-market M&A activity for the year ahead amid sliding deal activity and worldwide political volatility. 2016 saw North American mid-market dealmaking decrease through Q3, declining 25% in volume and 19% in value, year-over-year. Despite this drop, however, private equity activity remained strong with 781 PE deals valued at US$1bn. Also, inbound mid-market M&A increased throughout the year, up 21% in North America from Q1-Q3. With a new year ahead, how will these trends continue to shape the market?
 
Mergermarket, on behalf of Firmex, a virtual data room provider, interviewed five experienced dealmakers to find out what they expect from North American mid-market M&A in 2017.
 
Points of discussion include:
 
  • Opportunities, challenges, and trends in the mid-market M&A landscape for 2017.
  • Will increased competition for targets affect private equity volume?
  • The growing role of private debt funds in the mid-market.
  • Analysis of the industrials, consumer, technology and healthcare sectors.

Divesting for growth

10 January 2017

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Divestments can be an important tool to develop value and propel an overall growth strategy. Whether driven by a need to realign a company’s core focus, rising asset valuations, or the impact of the greater digital transition of industry, market observers noted an uptick in divestments over the course of 2016.
 
As we head into 2017, how will this trend evolve? Toppan Vite, a trusted financial printing and communications company, in partnership with Mergermarket, asked four M&A experts to find out.
 
Points of discussion include:
 
  • How effective are divestments as part of a growth strategy?
  • Which elements in the market are driving recent divestment activity?
  • How is the pressure for digital transformation impacting the decision to divest?
  •  
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

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New horizons: how diverse growth strategies can advance digitalisation in the insurance industry

18 January 2017

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Mergermarket, in association with Willis Towers Watson, is pleased to present New horizons, the latest edition of our investigation of M&A trends in the insurance sector. The report canvassed the opinions of 200 senior-level executives within the insurance industry, split equally across the Americas, Asia and EMEA regions.
 
Highlights from the report include:
 
  • Overall, more than half the respondents (58%) said insurance lagged behind other financial services organisations on implementing digital technologies.

Investing in Myanmar

24 January 2017

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Foreign investors overwhelmingly agree: a new Myanmar is opening for business, and conditions in this emerging economy in Southeast Asia will become increasingly friendly to foreign capital in the year ahead. These favorable opinions are founded on the country’s transition from more than 50 years of military rule to a fledgling democracy. Recent elections have put a new government in power that recognizes the need and importance of foreign capital to develop the country and is rolling out measures to encourage further inflows. This, matched with sweeping political and economic reforms, impressive economic growth, and enticing demographics, are giving rise to international interest in Myanmar.
 
To analyse these trends and opportunities, MHM Yangon, in partnership with Mergermarket, canvassed the opinions of several foreign investor groups with experience of operating in the country. Published in this thought leadership piece “INVESTING IN MYANMAR”, their insights show opportunity areas for future investments as well as the challenges and risks foreign investors are likely to face. Among these, the key trends and anticipations for 2017 include:
 
  • INVESTMENT TYPES: While joint ventures/strategic partnerships are most commonly used structures to access the Myanmar market, venture/seed and expansion capital investments as well as M&A will become more commonplace and easier to execute.
  • OPPORTUNITY SECTORS: The manufacturing, infrastructure, TMT and consumer industries will provide the most opportunities for foreign investors.
  • INVESTOR GROUPS: Global private equity funds and multinational corporations will be among the most active participants in Myanmar as foreign investment increases.

Monthly M&A Insider – January 2017

26 January 2017

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2016 may not have surpassed the record highs of last year, with 670 fewer deals and an 18.1% decrease in overall value, but it did provide plenty of trends and milestones to examine for the year ahead.
 
North America ended its third-highest valued year on Mergermarket record (since 2001), with deals totaling US$1.5tn. Meanwhile, Europe claimed the highest volume with 6,756 deals. Energy Mining & Utilities emerged as the top sector thanks in large part to megadeals, 11 of which were worth more than US$10bn. A five-year high in private equity buyouts and US$1.3tn in announced cross-border deals were similarly noteworthy in a year marked by political uncertainty worldwide.
 
Other highlights from this report include:
 
  • AT&T Inc’s high-profile acquisition of Time Warner was the largest deal of the year worth US$105bn.
  • China’s appetite for overseas acquisitions provided one of the leading trends of 2016, as Chinese dealmakers carried out 258 transactions worth US$185.3bn.
  • Three of the top five deals of 2016 involved companies from different countries, including: Germany-based Bayer’s US$63.4bn bid for US-based Monsanto; US-based Qualcomm’s US$45.9bn purchase of Netherlands-based NXP Semiconductors; and China National Chemical’s US$45.9bn acquisition of Switzerland-based Syngenta.

Navigating Change: Canadian M&A Outlook 2017

31 January 2017

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Despite political and economic turbulence around the world, 2016 proved to be among the strongest years on record for Canadian M&A. Heading into 2017, the country is expecting to have another robust year driven by a continual flow of outbound investment activity, according to Navigating change: Canadian M&A in a period of global upheaval, sponsored by Citi in association with Mergermarket. This report surveyed 50 senior Canadian M&A practitioners to gain insight on their predictions for Canadian dealmaking in 2017. 
 
 Key findings include:
 
 
  • 66% of respondents believe Canadian M&A activity will increase in 2017, with 14% looking forward to significant growth and 52% predicating a moderate rise.
  • More than half of respondents (58%) think the lower price of oil is having a positive impact on Canadian M&A.
  • Respondents see the Asia-Pacific region as offering the greatest potential for cross-border deal activity in the year ahead.

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