Dealogic - M&A Statshot

Insightful analysis of Merger & Acquisition activity and trends around the world

May 4th 2016

US Withdrawn M&A Volume at Record Annual High

By Sean Stockley

$378.2bn US withdrawn M&A volume at record high

US targeted withdrawn M&A volume is up 64% on full year 2015 ($231.1bn) to $378.2bn in 2016 YTD, already the largest annual volume on record. Despite record high volume boosted by jumbo deals, activity (34 deals) has dropped to the lowest YTD level in 21 years. Average annual volume and activity of US withdrawn deals over the last five years is $243.4bn via 101 deals

Global withdrawn M&A volume stands at $465.5bn in 2016 YTD, up more than double the same 2015 period ($189.9bn). The average YTD level for withdrawn deals is $199.4bn via 333 deals in the last five years. 2007 was peak year for such deals globally with $1.1tr via 826 deals

Five Withdrawn jumbo deals in 2016 YTD

Five jumbo deals* have boosted US withdrawn M&A to a record high volume ($357.8bn), accounting for a 95% share. Seven deals is the annual record for jumbo deal activity which occurred in 2001, 2007 and 2014. Average jumbo activity over the last 10 years is four deals

Pfizer Largest Withdrawn deal on Record

Allergan and Pfizer’s $160.0bn bid became the biggest withdrawn deal on record on April 6, two days after the US Treasury Department announced stricter rules for tax inversions on April 4, 2016

On April 30, Halliburton withdrew its $38.7bn bid for Baker Hughes, becoming the largest withdrawn Oil & Gas M&A deal on record. Before withdrawing the deal, the US Department of Justice sought to block the bid citing it as anti-competitive

$1.04tr Global M&A hits $1tr on April 29

Global M&A volume stands at $1.04tr, reaching the $1tr mark on April 29, down 19% to the lowest volume since the same period of 2013 ($834.5bn). US targeted M&A is down 21% to the lowest YTD volume since 2014 ($368.3bn)

Withdrawn M&A includes rejected and withdrawn deals only

*Jumbo deals are valued at $10bn and over 

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April 20th 2016

EU Acquisitions into UK at Highest Volume in 2015

By Olga Tarabrina

47% EU share of UK targeted M&A at record high

After three consecutive year-on-year decreases, EU (ex UK) acquisitions of UK companies reached an annual record high of $206.0bn in 2015, up from $12.3bn in 2014. EU (ex UK) acquisitions accounted for 47% of total UK targeted M&A in 2015 ($442.4bn), a record high annual share and up from a 10% average share over the previous five years

In 2016 YTD, UK targeted M&A from EU (ex UK) companies stands at $15.3bn, surpassing the 2014 full year total, although down from $72.5bn in 2015 YTD

Two of the biggest UK deals on record are from 2015

Belgian beverage company Anheuser-Busch InBev’s $117.4bn bid for SABMiller, announced in October 2015, is the biggest UK targeted M&A deal on record, while Royal Dutch Shell’s $66.0bn completed acquisition of Oil & Gas firm BG Group, announced in April 2015, is the third largest UK targeted M&A deal on record. Ranking in second place is the $79.6bn merger between UK Healthcare companies SmithKline Beecham and Glaxo Wellcome in December 2000

$14.3bn Deutsche Borse bid for LSE Group

Between 2011 and 2016 YTD, France has been the most active EU (ex UK) acquiror into the UK, with a total of 246 acquisitions ($32.4bn). Germany ranks second for activity with 234 deals over this period, announced for a total of $32.1bn

Deutsche Borse’s pending $14.3bn bid for London Stock Exchange Group is the biggest EU M&A deal in 2016 YTD, and the largest Securities and Commodity Exchanges M&A deal on record globally

$85.3bn UK domestic M&A down 19% in 2015

UK domestic M&A volume was down 19% annually to $85.3bn in 2015, from $105.5bn in 2014. In contrast, domestic activity was up by 7% (1,838 deals), the highest annual total since 2009 (1,919 deals). Domestic M&A volume so far in 2016 stands at $13.9bn (574 deals), the lowest YTD total since 2012 ($11.8bn via 617 deals)

Following two consecutive year-on-year increases, UK acquisitions into the EU (ex UK) decreased 54% annually to $23.2bn in 2015. Total UK outbound M&A of $111.2bn dropped from $118.1bn in 2014, although these are still the biggest two years for such volume since 2007 ($307.3bn)

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March 1st 2016

Global Technology M&A Volume at Highest YTD Levels Since 2000

By Corey Staiti

$71.4bn Highest YTD Volume Since 2000

Global Technology M&A stands at $71.4bn via 1,535 deals so far in 2016, the highest YTD level since 2000 ($92.0bn) and up 53% on 2015 YTD ($46.6bn). It’s the second most targeted sector globally in 2016, accounting for 12% of global M&A volume and 26% of activity. Volume has been driven by 15 $1bn+ deals announced in the sector so far this year, the second highest YTD level on record with $37.4bn behind 2014 ($39.2bn).

2015 was the biggest year on record for global Technology M&A for both volume and activity with $718.2bn (9,537 deals). The sector was the second most targeted in a record breaking year for global M&A ($5tr) and accounted for 14% of annual volume (its highest share)

China Leading acquiring nation for Technology M&A

For the first time, China is the top acquiring nation globally with $34.7bn in 2016 YTD (222 deals) and accounts for a record high volume share (49%). The US is the leading acquiring nation for activity with 493 deals ($21.2bn), up 10% on 2015 YTD (448 deals)

$18.3bn Record Technology cross-border volume

Technology targeted cross-border M&A volume of $18.3bn in 2016 stands at the highest YTD level on record. China is the leading acquiring nation for volume ($10.7bn via 29 deals) and the US for activity ($3.1bn via 82 deals). Tianjin Tianhai’s proposed $6.3bn acquisition of Ingram Micro, announced on February 17, stands as the largest China outbound M&A deal in the sector and also the largest cross-border technology M&A deal since NXP Semiconductors’ $16.8bn acquisition of Freescale Semiconductor, completed in December 2015

CICC China advisor tops ranking

China International Capital Corp (CICC) leads the global technology M&A advisory ranking in 2016 YTD with $10.1bn, followed by Morgan Stanley and Goldman Sachs

 

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February 18th 2016

US Targeted Cross-Border M&A Volume Highest in 17 Years

By Brett Turvey

$48.3bn US targeted cross-border M&A in 2016 YTD

With $48.3bn, US targeted cross-border M&A volume so far in 2016 stands at the highest YTD total since 1999 ($80.9bn), which included the $61.5bn acquisition of Airtouch Communications by Vodafone, the second largest US targeted cross-border M&A transaction on record

China ($23.5bn) and Canada ($18.3bn) lead volume this year so far with record acquisitions into the US. Combined, the two nations account for 87% of US targeted cross-border volume in 2016 YTD, compared with a 49% share in 2015 YTD

China Top cross-border acquiror into US with $23.5bn

Volume from Chinese acquirors into the US already stands at an annual record high of $23.5bn (23 deals) in 2016. Four deals are valued over $3bn, the largest being the pending $6.3bn Tianjin Tianhai Investment Development Co acquisition of Ingram Micro, the second largest China acquisition into the US on record. The four deals combined account for over 86% of US targeted volume from Chinese acquirors so far this year

In full year 2015, China ranked as the eighth biggest cross-border acquiring nation into the US, with $20.6bn via 115 deals

$11.4bn Fortis deal leads Canada volume into US

Canada volume into the US is up 95% year-on-year to $18.3bn via 43 deals in 2016, the highest YTD volume on record. Fortis’s pending acquisition of ITC Holdings, valued at $11.4bn, accounts for 63% volume. Canada was the top cross-border acquiring nation into the US in 2015, with an annual record high of $130.8bn, over double the previous record of $54.3bn set in 2010

$150.0bn total US targeted M&A down 9% Y-o-Y

2015 was a landmark year for total US targeted M&A, with volume surpassing the $2tr mark for the first time on record ($2.46tr). 2016 YTD however has started at the slowest pace in four years, with $150.0bn, down 9% from the same period last year ($164.8bn) and the lowest YTD total since 2012 ($96.1bn)

 

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February 11th 2016

Financial Sponsor M&A Declines in 2016 YTD

By Keith Drakos and Andrea Krok

$9.7bn FS entry volume declines year-on-year

2016 YTD volume for global financial sponsor (FS) M&A entries is down 39% year-on-year to $9.7bn (171 deals). It’s the third consecutive YTD drop but the previous three years have finished higher, peaking in 2015 with $289.4bn, an eight year high since the record private equity years of 2006 ($685.9bn) and 2007 ($688.3bn). So far this year, activity is down 32%

Last year, nine $5.0bn+ deals accounted for 20% of overall entry volume, the third highest behind 2007 (24 deals) and 2006 (21 deals). Such deals have been rare at the beginning of a year. 2006 and 2013 were the only other YTD periods on record with a $5bn+ deal

A decline in midsize deals* so far this year have impacted volume, accounting for an 8% share of global entry M&A activity with $4.8bn via 14 deals (the lowest since 2009 YTD with nine deals) and down from an average annual share of 13% over the last 10 years

36% Biggest drop for FS exits since 2009

Following two of the strongest years for global FS exits on record - $372.1bn in 2014 and $360.5bn in 2015 – exit volume 2016 to date ($20.6bn) is down 36% year-on-year and the second consecutive YTD drop since 2014 YTD ($33.7bn). It’s the largest year-on-year decline since 2009. 2009 volume fell 84% on the comparable 2008 period

Activity (85 deals) is also the lowest since 2010 YTD (58 deals), compared to an average of 108 deals within the last five YTD periods

$2.8bn Largest FS deal in 2016 YTD

The largest FS deal so far this year is Stryker’s proposed $2.8bn acquisition of Sage Products, announced on February 1, an exit for Madison Dearborn Partners. It is also the second largest transaction announced in the healthcare sector so far in 2016, globally. Barclays and JPMorgan advised on the deal

JPMorgan Leading advisor for global FS M&A

JPMorgan leads the global FS related M&A advisory ranking in 2016 YTD with $8.7bn, followed by Credit Suisse and Barclays with $6.4bn and $5.2bn, respectively

Note: All FS data excludes add-on deals. Midsize deals are between $100m and $1.0bn

 

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