Deal Drivers EMEA: 2018 Full-Year Edition

20 February 2019

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Mergermarket is pleased to present Deal Drivers EMEA, published in association with Merrill Corporation.      

This report provides an in-depth review of M&A in the EMEA region, offering insights on notable deals, sector performance and trends that impacted dealmaking in 2018.

Highlights of the report include:

  • 2018 saw uneven progress for M&A, with a number of large deals in H1 followed by the worst H2 deal value since 2013. Nevertheless, annual total deal value was up 12% year-on-year to €837.9bn.
  • The TMT sector led the way last year, with total deal value jumping 175% year-on-year to €169.2bn. This was driven by significant transactions, with four of the top 20 largest European deals of the year being TMT deals.
  • Private equity continued to thrive in 2018, with record-high levels of dry powder driving activity. Europe saw buyout deal value reach its highest point this decade, at €170bn.
  • Challenges for the coming year reflect those of 2018, including increasing protectionism, US-China trade wars and tariffs and uncertainty surrounding Brexit.

Baltic M&A Monitor 2019

21 February 2019

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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 Mergermarket data, the Baltic states completed a record year for M&A activity in 2018, with 74 registered deals worth €2.7bn – an increase of 43% and 320%, respectively, compared to 2017.

Other highlights from the report include:

  • Estonia accounted for 43% of total Baltic deal volume in 2018, and saw a record year for transaction value, with just over €2bn-worth of deals. This included the single largest transaction in the region, the €1bn acquisition of a 60% stake in banking company Luminor Group by US-based PE fund Blackstone Group.
  • Lithuania took a 34% share of overall deal volume in the region with 25 transactions – more than double the number of deals seen in 2017.
  • Latvian deal value soared to a total of €394m, second only to the country's record of €426m, achieved in 2015. Volume remained strong, with 17 transactions, the highest since 2013.
  • The technology, media and telecommunications (TMT) sector continued to be a major driver of dealmaking activity in the region. In 2017-2018, TMT accounted for 17% of all deals by volume, more than any other industry. The energy, mining and utilities (EMU) sector also proved buoyant, with three deals in the top 10.
  • Looking ahead, the Mergermarket Heat Chart, which logs ‘companies for sale stories’ for the past six months, shows a total of 52 stories, eight more than this time last year – a sign of the robust investor confidence in the region and a potentially strong pipeline for 2019 and beyond.

Dealmakers: Mid-market M&A in Australia 2019

13 February 2019

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Mergermarket is pleased to present Dealmakers: Mid-market M&A in Australia 2019, published in association with Pitcher Partners.
 
Dealmakers in Australia were certainly busy last year, rounding out 2018 with strong deal flows that saw M&A volumes increase 5% year on year and marking the fourth year of growth for acquisitions and takeovers. With Australia primed and ready for another stellar year of M&A, we look at trends shaping the mid-market and the opportunities that are opening for domestic and foreign investors.  
 
In this fifth issue of the Dealmakers report, we once again spoke with 60 M&A dealmakers for their first-hand insights and expectations regarding activity in the Australian mid-market in 2019 and beyond. 
 
Key highlights include:
  • Deal flow in 2019: 67% of respondents expect an increase in the level of mid-market dealmaking in the next 12 months, and 33% expect it to at least remain the same as current levels.
  • Key investor groups: 92% of respondents expect increases in private equity deals in the year ahead, with 90% saying the same for foreign inbound deals.
  • Federal elections: 95% of dealmakers say that, generally, the upcoming federal election will have either no impact or a positive impact on mid-market M&A, although 30% say that a change in government could have a negative impact on this M&A.

Upward Bound

24 January 2019

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Encouraged by a stable domestic economy, relatively low interest rates and a stronger Canadian dollar, Canada’s dealmakers are optimistic about the M&A outlook for 2019. Dealmakers expect energy deals to continue to dominate activity alongside growing momentum in the mining and tech sectors. Private equity activity is also picking up pace, as dealmakers look to deploy a surfeit of dry powder into Canadian assets. These factors combined look to create a highly competitive deal environment for outbound and domestic activity in the year ahead.

Key findings include:

• 60% of respondents predict a significant increase in the number of outbound transactions by Canadian buyers, while 40% expect the volume of domestic M&A deals to go up significantly as well.

• 50% of respondents said strong IP was one of their main criteria when evaluating targets. Industry consolidation remains a key driver as well, with 42% saying it was one of the central motivations for their most recent deal.

• 34% of respondents said that attractive targets will be less available for their companies next year, as the number of buyers increases and the accessibility of deal financing remains fairly straightforward.

Monthly M&A Insider - January 2019

25 January 2019

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Global deal value in 2018 climbed to the second-highest level since the financial crisis, spurred by strong economic performance in North America and soaring demand for assets by both financial and strategic buyers worldwide. North America led the way among global regions in terms of deal value, while Europe had the highest number of transactions. Energy, Mining & Utilities had the most M&A value of any sector, with four of the top ten deals of the year coming in the sector.

Key findings include:

• North America witnessed 6,324 deals in 2018 with a value of US$1.6trn, a value total that represented 46.5% of the global aggregate.

• PE buyout activity reached a new post-crisis peak with 3,599 buyouts valued at US$556.6bn.

• Cross-border dealmaking fluctuated throughout 2018, but the value total increased 6% to US$1.4trn by year’s end.

H2 2018 global and regional league tables of PR advisors

22 January 2019

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Mergermarket, the leading provider of M&A data and intelligence, has released its 2018 report with league tables. According to the new research, 2018 saw that the number of deals struck over the year fell for the first time since 2010 to 19,232, after steadily rising for close to a decade.

  • The transactions that did make it to the signing table reached USD 3.5tn worth of activity, ranking 2018 as the third-largest year on Mergermarket record (since 2001) by value. Average deal size saw its second-highest total value on record with USD 384.8m, just below the USD 400.3m peak reached in 2015.
  • Chinese buys of US firms fell 94.6% to USD 3bn from a record USD 55.3bn in 2016. Meanwhile, China’s bids in Europe increased 81.7% to USD 60.4bn from USD 33.2bn last year.
  • Cross-border count fell by 6.6% to 6,405, while valuations inched higher to USD 1.35tn from USD 1.27tn the year prior.  

“With so many market-moving factors fluctuating throughout the year, mergers and acquisitions have understandably had a somewhat ambivalent 2018. Intensifying trade tensions, political instability, and increased regulatory scrutiny took their toll on the number of deals struck over the year, though deal values remained relatively high,” commented Elizabeth Lim, Research Editor (Americas) at Mergermarket.

 

M&A Spotlight: CEE - WOLF THEISS Corporate Monitor FY 2018

21 January 2019

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Mergermarket is pleased to present the latest edition of Wolf Theiss Corporate Monitor’s M&A Spotlight on CEE/SEE. This report surveyed 150 senior-level executives regarding their dealmaking experience in the region and offers analysis of M&A activity in the region.
 
Key findings include:
 
 
• 99% of respondents say that their past experiences of doing business in the CEE region would encourage them to invest again.
• 91% of previous investors see Hungary as the strongest area for investment, saying they would invest here again. Austria and the Czech Republic were also seen as strong areas, with 78% and 70% respectively saying they would invest here again. 
• TMT is seen as the most promising area for investment in 2019, while other strong sectors include industrials and chemicals and business and financial services.
• Economic growth looks set to remain steady in 2019, with 38% of respondents expecting the next few months to reflect the fundraising environment of the previous two years and 38% expecting an improvement.
• Potential risks facing dealmakers include uncertainty regarding the impact of Brexit, trade disputes between the US and China and political and economic uncertainty in some European countries.

Taking stock: 2019 Outlook for M&A and IPOs

18 January 2019

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The market is sending mixed signals regarding the appetite for M&A and IPOs as we enter 2019. Volatility has risen sharply in recent months, but last year closed on a high note, with global M&A value reaching the third-highest level on record at US$3.53 trillion. On the IPO front, several of the largest “unicorn” companies—including Uber, Airbnb, and Palantir Technologies—are reportedly gearing up to go public this year. Yet to start the year, the US government shutdown has temporarily frozen the IPO market, putting a damper on the enthusiasm built up in late 2018.

To understand what dealmakers expect from the M&A and IPO markets in the coming year, Mergermarket on behalf of Toppan Merrill spoke with six experts.

Points of discussion include:

• What are the main drivers expected to influence M&A dealmaking in the year ahead?

• After the US IPO market rebounded strongly in 2018 after several years of lower volume, what is the sentiment around public debuts for 2019?

• What are the expectations for access to debt to finance deals in 2019?

Q4 2018 Global M&A Report with league tables of legal advisors

07 January 2019

Download Publication (171.43 KB)

Mergermarket, the leading provider of M&A data and intelligence, has released its 2018 report with league tables. According to the new research, 2018 saw that the number of deals struck over the year fell for the first time since 2010 to 19,232, after steadily rising for close to a decade.

  • The transactions that did make it to the signing table reached USD 3.5tn worth of activity, ranking 2018 as the third-largest year on Mergermarket record (since 2001) by value. Average deal size saw its second-highest total value on record with USD 384.8m, just below the USD 400.3m peak reached in 2015.
  • Chinese buys of US firms fell 94.6% to USD 3bn from a record USD 55.3bn in 2016. Meanwhile, China’s bids in Europe increased 81.7% to USD 60.4bn from USD 33.2bn last year.
  • Cross-border count fell by 6.6% to 6,405, while valuations inched higher to USD 1.35tn from USD 1.27tn the year prior.  

“With so many market-moving factors fluctuating throughout the year, mergers and acquisitions have understandably had a somewhat ambivalent 2018. Intensifying trade tensions, political instability, and increased regulatory scrutiny took their toll on the number of deals struck over the year, though deal values remained relatively high,” commented Elizabeth Lim, Research Editor (Americas) at Mergermarket.

 

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