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PREVIOUS STUDIES 2021 | M & A


International Multiples Q3 2021

Clearwater
INTERNATIONAL MULTIPLES HEATMAP: Q3 2021
Unquote is pleased to present the Clearwater International Multiples Heatmap: Q3 2021, published in association with Clearwater International. The report identifies key themes driving European Private Equity (PE) deals’ EV/EBITDA multiples on a quarterly basis. >more


M&A Report November 2021

ZEW
M&A-REPORT OKTOBER / NOVEMBER 2021
The M&A Report is jointly produced by ZEW and Bureau van Dijk. It provides semi-annual information on current topics and developments of worldwide mergers and acquisitions based on the Zephyr database. Zephyr provides daily updated detailed information on more than one million M&A, IPO and private equity transactions worldwide. >more


Global PE Outlook 2022

Mergermarket | Dechert
2022 GLOBAL PRIVATE EQUITY OUTLOOK
In today’s scorching hot private equity market, creativity is king. With unprecedented levels of dry powder, record deal activity, and intense competition, dealmakers need to innovate to stay ahead of the curve. The 2022 Global Private Equity Outlook, an annual report co-published by Dechert LLP and Mergermarket, discusses how PE’s hot streak will fare going into 2022, what headwinds managers may need to navigate, and what strategies they can employ to succeed in the sector’s most active period ever. >more


M&A Dealmakers 2022

Mergermarket | SS&C Intralinks
GLOBAL M&A DEALMAKERS: REPORT 2022
Mergermarket is pleased to present Global M&A Dealmakers: Report 2022, published in association with SS&C Intralinks. Amidst the backdrop of a fast-changing landscape, we surveyed 300 global M&A dealmakers to find out current sentiment and COVID-19’s impact on the future deal environment, along with challenges and opportunities on the horizon. Almost two-thirds (64 percent) of dealmakers in our survey expect the level of M&A activity over the next 12 months to increase. Nearly a quarter (24 percent) expect activity to increase significantly. An overwhelming 83 percent of firms expect to undertake middle-market M&A deals (deals worth less than USD two billion) over the next 12 months. >more


M&A Report 2021

BCG
THE 2021 M&A REPORT: MASTERING THE ART OF BREAKING UP
With M&A activity approaching record levels, companies are turning to divestitures to achieve a variety of corporate objectives, such as raising cash or optimizing the corporate portfolio. The 2021 M&A Report (produced in collaboration with Paderborn University) examines the value creation potential of divestitures and how companies can capture the benefits while managing the costs of these often-complex transactions. >more


Energy Industry

Deloitte
BREAKING NEW GROUND: M&A, TRANSITION AND EVOLUTION IN THE ENERGY INDUSTRY
Mergermarket is pleased to present Breaking new ground: M&A, transition and evolution in the energy industry, published in association with Deloitte. The oil and gas sector is at a crossroads. Sustainability is the watch word and companies’ ESG credentials are now a fundamental part of their operations. We talk to four Deloitte leaders about M&A, renewables, and finding future frontiers. >more


DACH M&A H1 2021

PwC
DACH M&A INSIGHTS: H1 2021
In Germany, Austria and Switzerland, a total of 1696 deals took place in the first half of 2021 - a top figure (2nd half of 2020: 1531 deals). The deal market is thus well on its way to a new record - in the previous peak year of 2019, 1251 deals took place in the first half of the year and 1558 in the second half. Deal values have also increased, from €50.8 billion in the second half of 2020 to €73.6 billion in the first half of 2021. >more


M & A Outlook 2022

CMS
ROAD TO RECOVERY: EUROPEAN M&A OUTLOOK 2022
This report provides invaluable insights into the M&A landscape in Europe in 2021, and the opportunities and challenges facing dealmakers. More than half of all respondents expect the level of European M&A activity over the next 12 months to increase. Corporates that have built up large cash piles through the pandemic and PE firms with record levels of dry powder are eager to make up for time lost in lockdowns to get deal timetables back on track. >more


Energy M & A 2021

SS&C Intralinks
ENERGY M&A REPORT 2021
This report considers energy sector trends, sharing findings from a forward-looking survey of 100 dealmakers from across APAC, EMEA, North America and Latin America. Forty-five percent of all dealmakers expect overall activity in the sector to rise in 2021 while 40 percent anticipate a fall, with fifteen percent saying it will stay the same. By region, Asia-Pacific-based investors are most optimistic, with 64 percent such respondents predicting an increase in activity in the year ahead. However, only 12 percent of those based in Latin America and the Caribbean felt the same. Instead, the majority (72 percent) of Latin America-based respondents expect deal activity to fall. >more


Technology M & A

Mergermarket
FAST FORWARD: HOW TECHNOLOGY M&A IS RESHAPING INDUSTRY
Increased investment in technology has offered answers to many of the challenges brought by the pandemic. Dealmakers have been highly active this year, and this survey of 300 corporate and private equity executives shows they plan to continue investing in technologies that will transform industries through digitalization and the effective harnessing of data. >more


M & A H1 2021

PwC
DACH: M&A INSIGHTS H1 2021
In Germany, Austria and Switzerland, a total of 1696 deals took place in the first half of 2021 - a top figure (2nd half of 2020: 1531 deals). The deal market is thus well on its way to a new record - in the previous peak year of 2019, 1251 deals took place in the first half of the year and 1558 in the second half. Deal values have also increased, from €50.8 billion in the second half of 2020 to €73.6 billion in the first half of 2021. This and more is shown in the analysis "M&A Insights" by the auditing and consulting firm PwC Germany for Germany, Austria and Switzerland (DACH). In it, PwC analyzes how the M&A industry developed in the first half of 2021, what the top deals were and in which sectors the largest transactions by value and volume took place. >more


DACH Capital Market Study June 30, 2021

ValueTrust
DACH CAPITAL MARKET STUDY: JUNE 30, 2021
ValueTrust, finexpert and the Institute of Management Accounting and Auditing at WU Vienna publish the ninth edition of the ValueTrust DACH Capital Market Study. In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions. We present current valuation levels based on stock market multiples and estimate the cost of equity using four different methods for twelve different sectors. >more

 


European Capital Market Data June 30, 2021

ValueTrust
EUROPEAN CAPITAL MARKET STUDY: JUNE 30, 2021
We are pleased to release our eighth edition of the ValueTrust European Capital Market Study. With this study, we provide a data compilation of capital market parameters that enables an enterprise valuation in Europe. The purpose of the study is to serve as a tool and data source as well as to show trends in the parameters analysed. >more



Divestment Study 2021

EY
GLOBAL CORPORATE DIVESTMENT STUDY 2021
Groups around the world are divesting ever larger corporate units. In the first five months of the current year, the volume of divestments worldwide more than doubled compared with the same period last year: Between January and May, the companies surveyed sold off parts of their businesses worth a total of 828 billion US dollars. This represents an increase of a good 123 percent compared with the prior-year period, when divestments were worth just 371 billion US dollars. >more


M&A and ESG

Baker Tilly
THE RISE OF ESG IN THE M&A PROCESS
Dealmakers are more focused on ESG than ever before. In large numbers, many confirm that ESG issues are critical both to their own organizations and also to the way they approach potential transactions. Most say they have even walked away from at least one deal on ESG grounds; many say their view on valuation has been materially affected by ESG considerations that have emerged during due diligence. >more


Carve-out Costs

BCG
DON’T LET CARVE-OUT COSTS COMPROMISE VALUE CREATION
A simple warning should be top of mind for all executives when planning and executing a divestiture: Beware of separation costs. Carving out a business’s operations from the parent company while still running daily operations is tremendously complex and, in most cases, quite expensive. Companies often incur unexpectedly high one-time costs, as well as ongoing costs that arise from transitional services, loss of scale, and inefficient post-divestment cost structures. Moreover, the demands on all levels of the organization can elevate stress and distract from delivering business results. >more


Multiples Heatmap Q1 2021

Clearwater International
CLEARWATER INTERNATIONAL MULTIPLES HEATMAP Q1 2021
Unquote is pleased to present the Clearwater International Multiples Heatmap, published in association with Clearwater International. The report identifies key themes driving European Private Equity (PE) deals’ EV/EBITDA multiples on a quarterly basis. The report shows a renewed sense of confidence in the European PE market which is reflected in a steady increase in valuations over the course of the year. Deal multiples saw four consecutive quarterly increases to reach 11.5x in the first quarter of the year – a new high. >more


M & A April 2021

CMS Hasche Sigle / FINANCE
M&A PANEL APRIL 2021
After the coronavirus crisis largely paralysed the M&A market last year, deal flow is now picking up again and has almost reached pre-crisis levels – despite the pandemic being far from over in terms of economic impact and infections. The findings of this year’s first M&A panel survey by international commercial law firm CMS and FINANCE magazine show how senior staff in the M&A departments of German companies plus investment bankers and M&A consultants assess the market. >more


Global Healthcare PE

Bain & Company
GLOBAL HEALTHCARE PRIVATE EQUITY AND M&A REPORT 2021
Healthcare private equity deal volume increased by 21% to a total of 380 deals in 2020, compared with 313 the year earlier, despite a 14% decline in total global PE activity. Total disclosed deal value fell 17% to $66 billion, which is robust considering the effects of Covid-19. The average size of deals with disclosed values dropped 57%, due in part to a lack of very large deals. The average declines were most pronounced in North America and Europe. For the first time, the Asia-Pacific region logged the most buyouts—41% of global deals — driven primarily by the biopharma sector. North America remained the leader for disclosed value, with 53% of global value. >more


Chinese Investment

Baker McKenzie
REASSESSING THE LANDSCAPE FOR CHINESE INVESTMENT IN NORTH AMERICA AND EUROPE
COVID-19 has slowed China’s global deal making as the pace of outbound FDI has decelerated. In 2020, completed Chinese outbound mergers and acquisitions (M&A) totaled just USD 29 billion, down 45% from USD 53 billion in 2019 — reaching the lowest level in a decade. However, commercial incentives for Chinese companies to invest in European and North America markets remain strong, and several variables are moving in a direction that is supportive of greater outbound deal making in 2021. >more


M&A April 2021

ZEW
M&A-REPORT APRIL 2021
The M&A Report is compiled jointly by 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 and COVID-19

Alvarez & Marsal
YOUR NEXT DEAL WILL BE DIFFERENT: M&A IN A COVID-19 ADJUSTED ECONOMY
As the COVID-19 pandemic spread across the globe in early 2020, its impact on M&A volume was immediate. M&A activity rebounded with announced volumes for the 4th quarter of 2020 exceeding 2019 levels. Still, the pandemic recalibrated the ways in which buyers and sellers analyze and value targets. In the second installment of A&M’s Your Next Deal Will Be Different series, we examine common COVID-19 adjustments that buyers and sellers are making to EBITDA, trends in valuation and forecasts, and trends in contingent consideration provisions. >more


M&A Chemical Industry Outlook 2021

Deloitte
GLOBAL CHEMICAL INDUSTRY MERGERS AND ACQUISITIONS OUTLOOK 2021
While the chemicals industry is experienced in navigating headwinds, the global pandemic brought with it some unique challenges that caused many chemicals companies to focus inward, putting M&A transactions on pause. Despite the pause in M&A caused by COVID-19, 2020 still finished with solid M&A activity in the industry, with over 500 transactions, 8 of which were in excess of $1 billion. How are chemical executives re-prioritizing in the face of this global pandemic heading into 2021? >more


M&A in Automotive Industry

Bain & Company
M&A: DIE UNTERSCHÄTZTE KERNKOMPETENZ IM AUTOMOBILGESCHÄFT
The volume of strategic M&A deals in the automotive industry has more than doubled within five years as the profound change in the industry requires new strategic approaches. With M&A transactions and partnerships, suppliers can secure a leading position in a market in which high-tech and software are playing an increasingly important role. >more


Global M&A Report 2021

Bain & Company
GLOBAL M&A REPORT 2021
In 2020, global M&A business recovered comparatively quickly from the deep slump at the beginning of the year. The robust development in the midst of the Corona crisis underscores the strategic importance that mergers and acquisitions now have for companies. M&A business is also expected to gain further momentum in 2021. >more


Distressed M&A-Study 2021

Deloitte
DISTRESSED M&A-STUDIE 2021
The Deloitte Distressed M&A Study 2021 reflects the expectations and assessments of experts from the areas of financing (equity and debt), restructuring and insolvency on the economic and industry development as well as on current trends in the distressed M&A market, taking into account the COVID 19 pandemic. For this purpose, we surveyed more than 2,000 experienced practitioners for their assessment. The aim is to obtain an informed view of the situation in the German market and to identify trends and possible changes. >more


Cross-Border M&A 2021

Mergermarket
GLOBAL DEALMAKERS: CROSS-BORDER M&A IN 2021
Global M&A was shaken in 2020, however, the impact of Covid-19 may not have been as bad as expected. Deal activity for Q3 and Q4 were among the highest on record as dealmakers spent their way through the crisis. This unprecedented drive helped propel average deal value above that of 2019, averting a lull and more prolonged recovery similar to that in the post-GFC period. As confidence continues to grow, the question arises: Is it onward and upward in 2021? >more


Deal Structures

Mergermarket
CREATIVE DEAL STRUCTURES: ENERGIZING THE M&A MARKET POST-CRISIS
Mergermarket is pleased to present Creative Deal Structures: Energizing the M&A Market Post-Crisis, published in association with Sidley Austin LLP. Creative structures have become increasingly important in bridging the gap between sellers’ expectations and buyers’ willingness to pay. Based on interviews with 150 respondents from US corporates and private equity firms, this report analyzes the ways in which M&A is moving forward in spite of the pandemic. >more


Merger Control

Allen & Overy
GLOBAL TRENDS IN MERGER CONTROL ENFORCEMENT
This report highlights key trends and developments in 2020 global merger control activity, and looks ahead at what to expect in 2021. Despite the impact of the Covid-19 pandemic on global M&A activity in 2020, we saw no let-up in antitrust authorities’ tough approach to merger control enforcement. Considering reforms to merger control rules remained a priority, particularly in the digital sector. As we progress through 2021, we expect to see many of the merger control proposals on the table translate into practice. Going forward, merging parties should prepare for greater scrutiny of M&A, including in relation to foreign investment control reviews, combined with increasingly sophisticated merger control assessments. >more


Software M&A Market

BCG
DECODING THE COMPETITIVE SOFTWARE M&A MARKET
The M&A market for software companies has been booming. The cumulative value of software M&A deals soared to an all-time high in 2020 even as overall M&A activity decreased. And the volume of software deals has continued to grow, approaching the record level of the dot-com bubble. Nontechnology companies and financial sponsors are helping to fuel the hot market, as they increasingly join traditional technology players in pursuing software targets. However, our analysis found that, on average, these nontraditional strategic buyers struggle to create value one and two years after an acquisition. This suggests that they are overpaying for targets or that they are not certain about how to create value. >more


Corporate Valuation

I-ADVISE
STUDIE ZUR UNTERNEHMENSBEWERTUNG BEI GESELLSCHAFTSRECHTLICHEN BEWERTUNGSANLÄSSEN
Now in its seventh edition, the study on company valuations in corporate law valuation events shows the development of valuation practice in squeeze-outs, domination and profit and loss transfer agreements, mergers and changes of legal form in the years 2010 to 2020. With 19 valuation cases in 2020, the number of measures is again approaching the long-term average after a downward trend in previous years. The squeeze-outs also affect very large companies. With a share of 40% of the total number of squeeze-out measures, the merger law squeeze-out reached its peak in 2020. >more


PE and EV/EBITDA Multiples

Clearwater International
MULTIPLES HEATMAP: Q4 2020
The report identifies key themes driving European Private Equity (PE) deals’ EV/EBITDA multiples on a quarterly basis. A strong performance in the second half of the year meant that any drop-off in activity was not as pronounced as was first feared, with 2020 deal value and volume falling by just 5% and 6% year-on-year, respectively. At 11x, average multiples paid in PE-backed transactions across Europe reached a new high in the final quarter of the year. >more


DACH Capital Market Study Dec 31, 2020

ValueTrust
DACH CAPITAL MARKET STUDY
In our DACH Capital Market Study, we derive valuation parameters and cost of equity in a comprehensive manner for Germany, Austria and Switzerland to provide a sound basis for investment decisions, which is paramount in the current uncertain economic environment. We present current valuation levels based on trading multiples and estimate cost of equity according to four different methodologies for twelve different sectors. >more


COVID-19 and Tansport & Logistic

PwC
TRANSPORT & LOGISTICS BAROMETER
The COVID 19 pandemic left deep scars on the global transport and logistics industry in 2020. In view of the enormous challenges, some subsectors such as the freight segment nevertheless proved robust. For example, the momentum in mergers and acquisitions picked up significantly in the last two quarters of the past year after a weak first half. >more


Capital Market Study Dec 31, 2020

ValueTrust
EUROPEAN CAPITAL MARKET STUDY: DECEMBER 31, 2020
ValueTrust has published the seventh edition of the European Capital Market Study (as of December 31, 2020), which is issued semi-annually. In our European Capital Market Study, we show the cost of equity for ten different sectors according to four different methods. >more


M&A Q4 2020

Allen & Overy
M&A INSIGHTS: Q4 2020
Deal activity across regions and sectors came to a near standstill in H1 as the pandemic spread rapidly around the globe. The effect of that has been to depress both deal value and volume for the year as a whole, down by 8% and 9% respectively. But those figures obscure an extraordinarily strong recovery in deal activity that began in the late summer and has continued through the rest of the year, with private equity funds playing a particularly active role in the turnaround. Against that background we are seeing something of a recovery in the value of cross-border transactions, which have been under pressure for some time. However deal volume for the year remains depressed. >more


M&A 2020 in Germany

PwC
DESTINATION DEUTSCHLAND: M&A ACTIVITY OF FOREIGN INVESTORS IN GERMANY IN 2020
In 2020, fewer M&A transactions took place between foreign investors and German companies than in the previous year. The main reason for this is the coronavirus pandemic and its macroeconomic consequences. This is one of the core findings of the report "Destination Germany. M&A Activities of Foreign Investors 2020" by the auditing and consulting firm PricewaterhouseCoopers (PwC). The analysis takes into account all mergers, company acquisitions and sales, leveraged buyouts, spin-offs, privatisations and minority share acquisitions announced between January 1, 2016 and November 15, 2020. >more


High-Tech M&A

Mergermarket | West Monroe
HIGH-TECH M&A DEFIES THE ODDS
Despite disruption and economic upheaval, the appetite for deals in the high-tech & software sector has not waned during the pandemic. Private equity and corporate buyers expect deal activity to remain strong: 70% said they plan to acquire as many as two software/high-tech companies over the next 24 months, and 27% intend to make three or four acquisitions. These are among the principal findings in this new report by West Monroe and Mergermarket. The report explores the demand, strategy, diligence, and post-close process for buyers of high-tech & software companies. As a basis for the report, West Monroe and Mergermarket surveyed 100 private equity and corporate/strategic buyers during the third quarter of 2020. >more


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