Explore selected charts on key market trends and sectors
UK M&A in the first three quarters rises YOY
UK M&A in the first three quarters of 2020 totaled US$152.5 billion. This is a 23% rise on the same period the year before, even as volume dropped 35% to 728 transactions.
Semiconductor M&A value reaches highest quarterly total in Q3 2020
Semiconductor M&A in the third quarter totaled US$62.45 billion. This is the highest quarterly total on Mergermarket record (since 2006), due in large part to NVIDIA’s US$38.5 billion bid for UK semiconductor firm ARM.
Cross-border M&A fell to the lowest quarterly volume since 2013
There were 1190 cross-border transactions in the first quarter of 2020, a 29% decline on Q4 2019. This was also the lowest quarterly total since the second quarter of 2013.
China M&A volume drops to lowest quarterly total since Q3 2013
There were 247 deals targeting Chinese companies in the first quarter of 2020, a 51% drop below the previous quarter and the lowest of any quarter in over eight years, when 246 transactions were recorded in Q3 2013.
French domestic M&A hits highest quarterly value in eleven quarters
French domestic M&A totaled US$12.7 billion, more than double the previous quarter, and the highest total value since Q2 2017. This was mainly due to a single large deal, the US$10 billion merger between payments companies Worldline and Ingenico. The deal is still pending shareholder and regulatory approvals.
US outbound cross-border PE reaches third highest value on record
The first quarter of 2020 saw US outbound cross-border private equity activity total US$50.6 billion. This represents not only a 61% quarter-on-quarter increase, but was also the third-highest quarterly value on record. The largest of these deals was the US$18.8 billion carve-out of industrial group Thyssenkrup’s elevators unit.
Telecoms M&A rises quarter on quarter
Telecoms M&A totaled US$16.1 billion in the first quarter 2020, a small 1% rise on the previous quarter—the second quarter in a row which saw an increase in value. The largest transaction of the quarter was the US$3 billion sale of internet service provider Deutsche Glasfaser to Swedish PE firm EQT and Canadian pension fund OMERS.
UK M&A reaches highest value of any quarter in over two years
M&A targeting UK companies reached US$62.6 billion in total in the first quarter of 2020, a 77% quarter-on-quarter rise and the highest total of any quarter since Q2 2018. This was mainly due to one deal, insurance group Aon’s US$35.6 billion takeover bid for Willis Towers Watson.
German M&A value reaches highest quarterly value in eleven quarters
The first quarter of 2020 saw total deal activity targeting German companies reach US$55.5 billion, the highest of any quarter since Q3 2013, which recorded deal value totaling US$63 billion. The largest of these deals was the US$18.8 billion carve-out of industrial group Thyssenkrupp’s elevators unit by a PE consortium led by Cinven and Advent.
US financial services dealmaking reaches highest annual total of past five years
Financial services M&A in the US totaled US$179.6 billion in 2019, the highest annual total since 2015 and a 118% year-on-year rise. The two largest deals of the year were the US$29 billion acquisition of TD Ameritrade by The Charles Schwab Corporation and the US$28.1 billion merger between SunTrust Banks and BB&T.
UK outbound volume reaches highest annual total since 2006
UK outbound cross-border volume reached its highest annual total on Mergermarket record (since 2006) in 2019, with 681 deals. The US targets were the most popular, with 164 deals, or 24% of all deals. Total value of UK outbound cross-border transactions, on the other hand, fell by 8% on the previous year, to US$117.4 billion.
Industrials & Chemicals tops sector chart in Q4 2019
Total M&A value in the industrials and chemicals was US$133.6 billion in the fourth quarter in 2019—the highest of any sector that quarter. This marks the first quarter since Q1 2017 that TMT was not the top sector by value. The largest transaction of the quarter was a domestic US deal which saw International Flavors & Fragrances acquire Dupont’s Nutrition & Biosciences unit for US$26.2 billion.
Japanese M&A reaches highest annual total since 2011
Japanese M&A reached its highest yearly total since 2011 in 2019. Total dealmaking in the country was US$75.7 billion, a 60% rise on 2018. This is in spite of the fact that volume was nearly flat, with one fewer deal in 2019 than the 465 in 2018. The largest Japanese deal of 2019 was a domestic one, the US$9 billion acquisition of Hitachi Chemical by Showa Denko.
Leisure sector sees highest level of cross-border activity since 2014
The global leisure sector saw cross-border dealmaking total US$53 billion over 2019, the highest annual value since 2014. This is in spite of the fact that deal volume fell to 255 deals in 2019, down from 278 deals the year before. The largest cross-border transaction of the sector was the US$10.4 billion sale of Canadian gaming technology firm Stars Group to Ireland’s Flutter Entertainment.
Western European PE volume in TMT sector hits highest annual total
Private equity activity in the technology, media and telecoms sector reached its highest annual total on Mergermarket record (since 2006) in Western Europe in 2019. There were 468 PE-related deals in the region over the course of the year, a 9% year-on-year rise. Exits, buyouts and secondary buyout volumes were all up on 2018.
Australia’s outbound cross-border dealmaking reaches decade high
Australia’s outbound cross-border M&A in 2019 totaled US$33.3 billion, the highest yearly total in over a decade, although volume dropped to 108 deals, the lowest annual total since 2014. Much of this activity was driven by financial sponsors, in transactions such as IFM Investor’s US$10.2 billion acquisition of US-based oil and gas firm Buckeye Partners—the year’s largest.
Global real estate M&A value reaches highest quarterly total in eight quarters
Global real estate M&A in the fourth quarter of 2019 totaled US$54.2 billion, the highest in eight quarters, while volume totaled 88 deals. The largest real estate deal of the quarter was the US$5.6 billion acquisition of Japanese hotel firm Unizo by a consortium of Unizo employees and US-based PE firm Lone Star.
French outbound transaction value reaches second-highest annual total since 2009
Outbound M&A from French bidders in 2019 totaled US$104.9 billion. The largest deal of the year was the US$16.6 billion acquisition of US-based jeweler Tiffany to luxury fashion house LVMH.
Global cross-border M&A falls to lowest quarterly volume since Q1 2015
Cross-border dealmaking fell to 1349 deals in the third quarter of 2019. This is the lowest quarterly volume in over five years, since the 1342 deals recorded in Q1 2014.
PMB sector set for highest annual total value on record
In the first three quarters of 2019, US$378.23 billion in deal value was agreed in the pharmaceutical, medical and biotechnology (PMB) sector. This is only 3.6% below the highest annual total on Mergermarket record, in 2015 (US$392.33 billion).