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STUDIES | M & A

M&A October 2019

ZEW - Zentrum für Europäische Wirtschaftsforschung

M&A REPORT - OKTOBER 2019

The M&A Report is compiled jointly by the Centre for European Economic Research (ZEW) and Bureau van Dijk. The M&A Report semi-annually informs about current topics and developments in the field of worldwide mergers and acquisitions drawing on the Zephyr database. Zephyr provides detailed information on more than one million M&A, IPO and Private Equity transactions worldwide. >more


M&A October 2019

CMS Hasche Sigle / FINANCE

M&A PANEL OKTOBER 2019

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. >more


Global Transactions Forecast 2020

Baker McKenzie

GLOBAL TRANSACTIONS FORECAST 2020: POWERING THROUGH THE DOWNTURN

We are delighted to launch the fifth edition of the Global Transactions Forecast, developed in conjunction with Oxford Economics. In the current report, we offer investors and corporations alike an overview of the latest global deals landscape, including predictions for M&A and IPO activity during 2020-2022, and a closer look at the macroeconomic and financial drivers that underpin projections of transactional appetite globally and regionally. >more


Fintech M&A

Mergermarket

FINTECH M&A: ACQUIRING A COMPETITIVE EDGE IN FINANCIAL SERVICES

Mergermarket is pleased to present Fintech M&A: Acquiring a competitive edge in financial services, published in association with Ropes & Gray. This report takes the temperature of today’s fintech M&A market, including the pace at which deals are taking place, the key areas of focus, the challenges and opportunities identified by core market participants, and their expectations of what lies ahead. >more


Market Risk Premia and Market Returns

I-Advise

IMPLIED MARKET RISK PREMIA AND EXPECTED IMPLIED MARKET RETURNS

The empirical study for the period 2008 to 2018 derives implied market risk premia on the basis of market values and earnings estimates as well as expected implied market returns with a range of assumptions for the sustainable growth rate. The high correlation between implied market returns and the risk-free rate suggests a stable market risk premium rather than a stable expected market return, so that decreases in the risk-free rate are not fully  compensated by an increasing market risk premium. >more


European M&A

CMS / Mergermarket

EUROPEAN M&A OUTLOOK 2019

Mergermarket is pleased to present Storms brewing: European M&A Outlook 2019, published in association with CMS. This report provides invaluable insights into the M&A landscape in Europe in 2019, and the opportunities and challenges facing dealmakers.>more


DACH Capital Market Study as of June 30, 2019

ValueTrust

DACH CAPITAL MARKET STUDY

Now in its fifth version, the DACH Capital Market Study provides a comprehensive data compilation of the capital market parameters as of 30 June 2019 to enable proper enterprise valuation in Germany, Austria and Switzerland. The study serves as a data source and shows trends of the analyzed parameters. It was launched by ValueTrust in cooperation with finexpert and the Institute of Auditing and Sustainability Accounting at the Johannes Kepler University Linz. >more


M&A Report 2019 HY1

Mergermarket

DEAL DRIVERS EMEA: 2019 HALF-YEAR EDITION

This report provides an in-depth review of M&A activity in Europe, the Middle East and North Africa for the first half of 2019, offering insights into how announced deals will impact M&A for the year ahead. Against a backdrop of slowing economic growth globally and geopolitical tensions such as Brexit, the EMEA region saw 3,345 M&A deals valued at €354.3bn in H1 2019. While this represents a drop-off in activity compared to the same period last year (down 17% in volume and 33% in value), appetite for M&A remains in certain areas. >more


Mega Deals

Mergermarket

THE RISE OF THE MEGA DEAL

Mergermarket is pleased to present "The rise of the mega deal", published in association with Imprima. 2018 saw 39 mega deals globally (deals with transaction value above US$10 billion), the second highest number of such deals since the financial crisis. And while the first quarter of the year has seen a dip in M&A activity globally, there have still been 16 mega deals totalling US$535.3 billion in deal value. With this in mind, we asked five experts in M&A from the fields of investment banking, technology and academia to weigh in on trends in mega deal activity and the challenges facing dealmakers at the top end of the market. >more


M&A July 2019 Chemicals und Life Sciences

KPMG

DEAL CAPSULE JULY 2019: TRANSACTIONS IN CHEMICALS & LIFE SCIENCES

In the first half of this year, the transaction volume of mergers and acquisitions in the chemical and life sciences industries increased. The volume of deals announced in the first six months amounts to USD 385 billion. Compared to the previous year ($238 billion), this is an increase of 62 percent. This increase is due in particular to several blockbuster deals. The life sciences sector alone recorded five transactions, each with a volume of more than 10 billion US dollars. The strongest M&A activities are still to be found in the USA and China. This is shown by a KPMG analysis based on figures from Thomson Reuters.  >more


Software M&A

The Boston Consulting Group

WHY SOFTWARE PMIS NEED TO GET AGILE

In the busy realm of software M&A, perception isn’t always reality. For industry players, deals can be a crucial way to boost innovation, the talent pool, and growth. Yet while participants may consider their integration a success, a closer look often reveals a more complicated — and less triumphant — story. Post-merger revenue and value creation don’t always rise to expected levels. Key opportunities and synergies are often slow to develop. Indeed, companies are sometimes unsure if the opportunities they planned to pursue even materialized. >more


M&A Report April 2019

ZEW - Zentrum für Europäische Wirtschaftsforschung

M&A REPORT - APRIL 2019

The M&A Report is compiled jointly by the Centre for European Economic Research (ZEW) and Bureau van Dijk. The M&A Report semi-annually informs about current topics and developments in the field of worldwide mergers and acquisitions drawing on the Zephyr database. Zephyr provides detailed information on more than one million M&A, IPO and Private Equity transactions worldwide. >more


Healthcare PE 2019

Bain & Company

2019 GLOBAL HEALTHCARE PRIVATE EQUITY AND CORPORATE M&A REPORT

Healthcare PE activity rose to record levels yet again in 2018. Total disclosed deal value reached $63.1 billion, the highest recorded since 2006, and deal count grew to 316 from 265 in 2017. North America remains the most active region, and provider and related services remains the most active sector. As we anticipated in last year’s report, PE funds expanded their suite of deal approaches, relying more on partnerships, public markets, nontraditional buyout structures and creative value-creation strategies in order to complete deals in a historically competitive market. >more


Global Corporate Divestment 2019

Ernst & Young

GLOBAL CORPORATE DIVESTMENT STUDY 2019

Digitization is driving spinoffs from major German corporations: the total value of sales in 2018 rose by almost 63 percent year-on-year to 107.7 billion US dollars. By contrast, the number of transactions fell slightly from 516 to 480. The increase in volume in Germany is more pronounced than on the global market for company divestments. >more


DACH Capital Market Study as of 31.12.2018

ValueTrust

DACH CAPITAL MARKET STUDY

The study was elaborated by ValueTrust Financial Advisors SE (ValueTrust) in cooperation with finexpert and the Institute of Auditing and Sustainability Accounting at the Johannes Kepler University Linz. This study provides a data compilation of the capital market parameters as of 31. December 2018 that enables an enterprise valuation in Germany, Austria and Switzerland. It has the purpose to serve as an assistant and data source as well as to show trends of the analyzed parameters. >more


Valuation Practice Squeeze-Outs

I-Advise

STUDIE ZUR BEWERTUNGSPRAXIS BEI GESELLSCHAFTSRECHTLICHEN ANLÄSSEN

The fifth edition of the study on German valuation practice in squeeze-outs, mergers and other legal measures according to German law has been complemented by reports with valuation dates in 2018 and analyses the development of valuation practice since 2010. The study can serve as a reference point for the most important parameters of valuations and offers an overview of solutions to a multitude of valuation questions by valuation professionals. >more


European Capital Market Data

ValueTrust

EUROPEAN CAPITAL MARKET STUDY

ValueTrust presents the second edition of the European Capital Market Study, which serves as a comprehensive compilation of capital market parameters such cost of capital and implied as well as historical risk premiums for European countries. The study also includes trading multiples and total shareholder returns across a wide range of industries. >more


Digital M&A

The Boston Consulting Group

CRACKING THE CODE OF DIGITAL M&A

To get the most value from digital acquisitions, dealmakers need to think more creatively about synergies. Less tangible sources of value — such as scientific acumen and social media influence — are critical to justifying the high price of digital assets. Acquirers must be able to tap into these sources of value to grow their own business, as well as apply their core strengths to accelerate the digital asset’s growth. >more


Chinese Investors

Ernst & Young

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA: UPDATE FEBRUAR 2019

Chinese investors are becoming less and less active in Europe: last year, the number of takeovers and company investments throughout Europe fell by 21 percent to 196, and the investment volume even shrank by 46 percent to 31.2 billion US dollars. Germany also recorded a significant decline - the number of acquisitions and investments fell from 54 to 35. >more


M&A in Disruption 2018

Bain & Company

M&A IN DISRUPTION: 2018 IN REVIEW

The year 2018 will be remembered as the year that the word disruption gained prominence in the business lexicon. Executives grappled with the convergence of e-commerce, data analytics, mobile capabilities, the Internet of Things and other fast-moving digital advances, and found themselves questioning how their business models might be made obsolete and how they should respond. They also tracked the political uncertainty, headlined by US politics, and questioned how their business should navigate the new normal of a disruptive world. For these and other questions facing business leaders, M&A turned out to be a big part of the answer. It played a key role in helping companies deal with disruption even as it fueled the disruption itself. >more


2019 M&A Report Life Science

Ernst & Young

2019 EY M&A FIREPOWER REPORT

Over the past three decades, life sciences companies have used their biological and chemical know-how to create significant value for themselves, their shareholders and most importantly patients. As the health ecosystem evolves and patient, payer and provider stakeholders grow more demanding, will future value be created the same way? Or will data and analytics capabilities be essential for success? In today’s fast-changing environment, it’s very likely that life sciences companies will need access to an array of medical and non-medical data to demonstrate value to their stakeholders. >more


M&A in Transport and Logistic Industry

PwC

M&A IN THE TRANSPORT & LOGISTICS INDUSTRY

2018 was a mixed year for mergers and acquisitions in the transport and logistics industry. A total of 219 deals were announced. This was significantly less than in the previous year 2017 (283 deals). The second half of the year was particularly weak: While 127 mergers & acquisitions were initiated in the first half of the year, only 92 transactions were added between July and December. However, the Brexit and investments from China could reignite M&A activity in Europe in 2019. >more


Global Transactions Forecast 2019

Baker & McKenzie

GLOBAL TRANSACTIONS FORECAST 2019: DEALING WITH THE UNCERTAINTY

The global transactions market remained remarkably robust in 2018 – despite all the macro uncertainty we read about every day. Dealmakers have been taking the long view, in a world where sitting on your hands and waiting for volatility to die down is no longer an option. As such, we are taking a cautiously optimistic view of the year as part of our fourth Global Transactions Forecast. >more


Foreign M&A Acitivities in Germany

PwC

DESTINATION DEUTSCHLAND: M&A AKTIVITÄTEN AUSLÄNDISCHER INVESTOREN 2018

The run on German companies continues. What is special about this: The average deal volume rose once again in 2018. The numbers suggest that German companies have benefitted from the problems of other European locations - i.e. the debt crisis in Southern Europe and later the Brexit. But even beyond such effects, German companies are very popular because they are solidly positioned and still fairly valued. >more