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STUDIES | M & A


M&A and Digitalization

FINANCE Think Tank
M&A BERATUNG IM DIGITALEN ZEITALTER
Thought Leadership in its purest form: Several times a year, the FINANCE Think Tank gathers the masterminds in the market for a structured exchange of ideas. They discuss relevant topics of today and tomorrow. The findings are summarized in this white paper. >more


European M&A Outlook 2020

CMS
WHO DARES WINS: EUROPEAN M&A OUTLOOK 2020
Mergermarket is pleased to present Who dares wins: European M&A Outlook 2020, published in association with CMS. This report provides invaluable insights into the M&A landscape in Europe in 2020, and the opportunities and challenges facing dealmakers. >more


European Capital Market Study 2020

ValueTrust Financial Advisors
EUROPEAN CAPITAL MARKET STUDY
ValueTrust publishes the sixth edition of the European Capital Market Study (version: June 30, 2020), which analyses the relevant capital cost parameters and multipliers for the European capital market on an aggregated level. >more


M&A H1 2020

Allen & Overy
M&A INSIGHTS H1 2020: ADJUSTING TO ADVERSITY
The Covid-19 coronavirus pandemic has brought the global M&A market to a juddering halt and is likely to radically change dealmaking for the foreseeable future. The figures for H1 make bleak reading: global deal value fell by 41%; the number of transactions declined by 16%; megadeals over USD10 billion were down by 48%, while those over USD5bn were 25% lower. This impact was particularly severe in Q2, as the crisis peaked. “Safety first” is the watchword for most businesses. The priority is to conserve cash and protect revenue streams rather than investing in M&A. Q3 may well see these themes intensify, especially with a severe recession in prospect. >more


Deal Drivers H1 2020

Mergermarket
DEAL DRIVERS EMEA HY 2020
This report provides an in-depth review of M&A activity across the region, including analysis of the ongoing impact of the COVID-19 crisis. The EMEA deal market was hit hard by the spread of COVID-19 in H1 2020. At €266.6bn, aggregate deal value was down 28.1% year on year (YoY) from in H1 2019. Deal volumes fell by almost 35%, collapsing to just 2,619 transactions. The Q2 figures in particular represent the lowest quarterly totals for the region since 2009. Among the hardest hit parts of the economy were the consumer and leisure industries, while a few pre-lockdown megadeals helped to bolster Q1 figures in the financial services and industrials and chemicals sectors. >more


Pharma and Medtech

PwC
DEALS MONITOR EUROPE: PHARMA & MEDTECH
The Deals Monitor Europe analyses the current M&A activities in the European pharmaceutical industry as well as the European MedTech sector. PwC's experts summarise the most important trends and transaction drivers for you every six months. This issue features additional insights on the COVID-19 impact. >more


COVID-19 and M&A

Accenture
COVID-19: MAKING M&A PAY
Accenture Strategy analyzed 800 global M&A transactions, finding that a minority of M&A hit that sweet spot. Just 27% result in operating margin improvement and revenue growth. Even fewer (3%) stand out as high performers with double-digit revenue growth and operating margin improvement above 5%. We delved further to determine what made these deals more successful in the long term and uncovered several factors. >more


German M&A HY1 2020

Allen & Overy
M&A INSIGHTS DEUTSCHLAND - 1. HALBJAHR 2020
The second quarter of 2020 was the first quarter that ended completely and globally under pandemic conditions - with clearly visible traces also in the market for company acquisitions and takeovers. The quality and quantity of transactions reflect the crisis just as much as the reactions of governments. >more


M&A and Uncertainty

Mergermarket
M&A IN THE FACE OF HISTORIC UNCERTAINTY
Mergermarket is pleased to present M&A in the face of historic uncertainty, published in association with Imprima. With the Covid-19 pandemic throwing the global economy into an unprecedented crisis, both M&A value and volume fell in Q1 2020 – by 39% and 25% respectively – with Q2 projected to record a much steeper decline. >more


Market Risk Premium and Expected Returns 2008-2019

I-ADVISE
STUDIE ZU IMPLIZITEN MARKTRISIKOPRÄMIEN UND MARKTRENDITEN 2008-2019
In this study, I-Advise derives not only implicit market risk premiums but also the expected implicit market returns for each quarter in the period 2008 to 2019. The results published in issue 1/2020 of BewertungsPraktiker are included. The study shows a high correlation between implicit market returns and the base rate. It also shows which market risk premiums result from variation of the assumed growth rate. >more


Merger Clearance

BCG
NAVIGATING MERGER CLEARANCE DURING THE CRISIS
Dealmakers should anticipate that the COVID-19 crisis will add to the complexity of regulatory approval. They should prepare for a slower clearance process in the near term and expanded regulatory scrutiny of deals over the long term. The pandemic has, understandably, affected the operations of regulatory authorities. The impacts vary by jurisdiction and include temporary closures, slower processing times, changes to mandatory deadlines, and requests to delay merger filings. Moreover, key factors that affect merger clearance for large deals — anticompetitive concerns, national security issues, and geopolitical considerations — have become more important. >more


European M&A Market 2020 Update

Baker Tilly International / Mergermarket

GLOBAL DEALMAKERS: EUROPEAN M&A MARKET UPDATE 2020

The spread of Covid-19 is causing dealmakers to reconsider or cancel investments into Europe, this after M&A already started posting a decline in the early months of 2020. Even as sentiments shift, respondents still agree that value can be found in Europe and that M&A opportunities are still abundant. However, it remains to be seen how many will put their plans into action as the pandemic and the spectre of recession weigh heavy on dealmakers’ minds. >more


M&A Panel April 2020

CMS Hasche Sigle / FINANCE

M&A PANEL APRIL 2020

For the FINANCE M&A Panel, the FINANCE editorial staff, together with the law firm CMS Hasche Sigle, interview M&A managers in companies and investment bankers anonymously three times a year about their current market assessment. In the evaluation they compile the most exciting statements on deal drivers, deal breakers and financing environment. As this edition shows, orders severly collapsed for M&A advisors due to the corona pandemic. >more


European Capital Market Data

ValueTrust Financial Advisors

EUROPEAN CAPITAL MARKET STUDY

Given the current COVID-19 crisis, ValueTrust released the fifth edition of the European Capital Market Study already in March in order to give decision-makers guidelines with regard to current valuation parameters. The study analyzes the relevant parameters to calculate the cost of capital with the Capital Asset Pricing Model (risk-free rate, market risk premium and beta). Additionally, it determines implied as well as historical market and sector returns. Moreover, this study includes capital structure-adjusted implied sector returns, which serve as an indicator for the unlevered cost of equity. The relevered cost of equity can be calculated by adapting the unlevered cost of equity to the company specific debt situation. This procedure serves as an alternative to the CAPM. >more


M&A and Risk Insurance

Marsh JLT Specialty

TRANSACTIONAL RISK INSURANCE 2019: YEAR IN REVIEW

Transactional risk insurance includes policies that cover risks related to M&A, such as representations and warranties (R&W) insurance, or warranty and indemnity (W&I) insurance, tax insurance, and contingent liability insurance. The report looks back at the market in 2019, which marked the sixth straight year that global M&A value topped $3 trillion, although that was down slightly from the prior year. At the same time, the amount of transactional risk insurance placed by Marsh JLT Specialty increased significantly. >more


COVID-19

Allen & Overy

COVID-19 CORONAVIRUS: CONFRONTING THE UNKNOWN

The Covid-19 coronavirus pandemic is bringing the global transactions market to a near standstill with a sharp slowdown in dealmaking likely to persist until the public health crisis is brought under control. Even then, the market, and the motivations of investors, may look very different. >more


Study on Valuation

I-Advise

STUDIE ZUR UNTERNEHMENSBEWERTUNG BEI GESELLSCHAFTSRECHTLICHEN BEWERTUNGSANLÄSSEN

The sixth edition of the study on the valuation of companies for valuation purposes under company law has been extended to include expert opinions with a valuation date in 2019 and shows the development of valuation practice in squeeze-outs, control and profit transfer agreements, mergers and changes in legal form in the years since 2010. Although the absolute number of cases has increased again compared to the previous year, it should be noted that the majority of cases involved relatively smaller companies. Only two of the companies evaluated were listed on the stock exchange. In two thirds of the cases in 2019, the squeeze-out was preceded by a delisting. >more


Deal Drivers M&A

Mergermarket

DEAL DRIVERS EMEA FY 2019

After several record-breaking years for M&A in EMEA, activity appears to finally be slowing down, albeit gradually. A decline in megadeal activity was responsible for a 16% fall in M&A value to €696bn in 2019 while volume dropped 6% to 7,655 deals. However, PMB had another big year, topping the value chart for the first time this decade with 21% of total M&A value at €145.4bn. This reports provides an in-depth review of M&A activity for 2019, offering insights into how announced deals will impact M&A for the year ahead. >more


M&A Report 2019

Mergermarket

M&A SPOTLIGHT: CEE - WOLF THEISS CORPORATE MONITOR FY 2019

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. Investors’ experience of M&A in CEE/SEE is overwhelmingly positive. 89% of survey respondents say that their past experience of investing in CEE/SEE has made them more likely to invest in the region again. >more


M&A Sale Process

IHS Markit | Mergermarket

M&A PREPAREDNESS: HOW TO PLAN FOR YOUR NEXT TRANSACTION

The M&A sale process has evolved immensely in recent decades, as buyers have become increasingly sophisticated and demanding. As a result, the preparation process for deal targets has necessarily become more rigorous – posing ongoing challenges for the sell-side of a transaction. For this report, IHS Markit commissioned Mergermarket to survey dealmakers from corporate entities, investment banks, private equity and venture capital firms to find out how the deal preparation process has evolved and the challenges sellers face that threaten to stall deals or erode value. >more


International M&A in Germany

PwC

DESTINATION DEUTSCHLAND. M&A-AKTIVITÄTEN AUSLÄNDISCHER INVESTOREN 2019

International investors saw attractive takeover or investment targets in German companies in 2019. U.S. companies in particular participated more frequently in company acquisitions in Germany than in the previous year, and the proportion of private equity investments in deals has reached a new high. These are the findings of the study "Destination Germany. M&A activities of foreign investors 2019" by the auditing and consulting firm PricewaterhouseCoopers. The analysis covers all transactions announced between 1 January 2016 and 15 November 2019. >more


Global M&A 2020

Bain & Company

2020 GLOBAL CORPORATE M&A REPORT

Worries about the global economy and a potential downturn dominated executive discussions in 2019. There were major geopolitical issues to deal with, too, headlined by the chaotic path to Brexit and US-China trade tensions. Executives also grappled with rising regulator intervention in dealmaking that dampened spirits, most notably in Europe. While it has never been easy being an M&A decision maker, the past year introduced multiple layers of unease. >more


M&A Transport and Logistics

PwC

M&A IN THE TRANSPORT & LOGISTICS INDUSTRY

Mergers and acquisitions in the global transport and logistics industry experienced an increase in 2019 - despite the threat of a downturn, brexite confusion and trade disputes between the USA and China. A total of 254 mergers and acquisitions were announced in the industry worldwide, 12 percent more than the previous year and just above the average for the last five years. With 135 transactions, the first half of the year was stronger than the second half, in which 119 mergers and acquisitions were announced. >more


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