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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.

Building momentum: US M&A 2016

31 January 2017

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Mergermarket is pleased to present Building momentum: US M&A 2016, in association with White & Case. The report looks at the key factors and trends driving dealmaking in the United States, and what might be in store for 2017. Despite relatively slow deal activity across the first nine months of 2016, the US M&A market delivered another strong year following a string of bulge bracket deals in October and November.

Market Spotlight: Tech M&A

31 January 2017

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Last year, M&A in the technology sector came very close to the record-breaking highs of 2015. Companies looking to acquire new technologies helped to create a blockbuster third quarter, which amounted to 550 deals worth US$146.6bn. Top tech deals of 2016 included Qualcomm’s US$47bn acquisition of NXP semiconductors; SoftBank’s US$31.6bn acquisition of ARM Holdings; and Microsoft’s US$26bn acquisition of LinkedIn. After a solid year of M&A activity within the technology sector, dealmakers agree that the market is set to reach even higher levels in 2017.
 
In order to gain an understanding of the opportunities and challenges within the technology sector for the year ahead, Donnelley Financial Solutions commissioned Mergermarket to interview 25 global dealmakers from across the corporate, private equity, and investment banking communities for their views.
 
Key findings of this report include:
 
  • One-fifth (20%) of respondents believed tech dealmaking will increase significantly, while 64% said it will increase somewhat.
  • Most respondents believe the United States will retain its traditional position as the center of technology dealmaking, with 52% saying it will see the largest increase in tech M&A.
  • Twenty percent of respondents think artificial intelligence (AI) targets will draw the most attention from corporates, while nearly one-third of respondents (32%) believe that fintech will be the top tech segment for deals.

Billion Dollar Questions for Acquirers

08 February 2017

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Competition for assets continues to rise and acquirers are finding themselves paying more for their targets. With insight into M&A strategy more sought-after than ever, new sources of information can be particularly valuable. One growing source is the academic research community, which is exploring areas such as the “performance persistence” of acquirers, how to evaluate the advantages of different types of deal advisors, and the relative advantages of buying early or late in an M&A cycle.
 
The findings of academic research into M&A can provide useful insight, but how do they match up with the real-world experience of deal advisors? In order to understand what veteran dealmakers think about this research, Vintage in collaboration with Mergermarket spoke to four leading experts, as well as an M&A researcher, for their views.
 
Key topics discussed include:
 
  • What qualities and practices make for “extraordinary acquirers” in today’s highly competitive market?
  • Why is previous fund performance at private equity firms often not predictive of future fund performance?
  • Is a 2016 working paper correct in saying that late followers in a wave of deal activity can sometimes have an advantage over early movers?

Deal Drivers Americas Full Year 2016

22 February 2017

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Mergermarket is pleased to release the full-year edition of Deal Drivers Americas, in association with Merrill Corporation. This report provides an in-depth review of M&A activity for the full year of 2016, offering insights into how announced deals of FY 2016 will impact M&A for the year ahead.
 
Highlights from the report include:
 
  • Trends in top deals: In the Americas, three out of the top five deals of 2016 involved cross-border acquisitions. Cross-border transaction values alone made up more than 29% of the region’s total for the year, an all-time high.
  • Growing private equity presence: Last year saw a record 1,149 private equity deals for companies in the Americas, with an aggregate value of US$172.4bn. With nearly 3,000 private capital funds raising funds as of January 2017, the size and strength of the sector is set to grow.
  • Region in flux: The Trump administration has already begun to reverse the policies of its predecessor and negotiating with companies on their global development plans. Meanwhile, Latin America continues to suffer from economic contraction, but is expected to slowly climb out of its situation in 2017. Canada, perhaps the most stable economy of the region, is expecting a rise in outbound M&A but also faces the impact of lower commodity prices.

Market Spotlight: PE Buyouts

28 February 2017

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Global private equity buyouts reached a five-year high in 2016, totaling 2,765 deals valued at US$399.4bn. With capital growth accelerating and competition for quality targets increasing, dealmakers are forecasting a flurry of buyout activity in the year ahead.
 
In order to gain a full understanding of private equity buyout activity in 2017, Donnelley Financial Solutions along with Mergermarket interviewed global dealmakers for insight on what types of buyouts and in which sectors we will see the most activity.
 
Key findings include:
 
  • 56% of respondents believe that private equity buyout activity is set to increase in the next 12 months.
  • The majority of those surveyed (60%) view computer software, financial services, and healthcare as the top targets for private equity buyers in the coming year.
  • Respondents predicted the highest amount of cross-border buyout activity will be between Europe and Asia-Pacific in 2017.

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