28 Mar Blockbuster M&A begins to recover after a long drought for dealmakers
Big takeover들이 more than doubled in the first quarter of the year
signalling a nascent recoever in mergers and acquisitions
after a long draught
$10bn 이상의 딜들이 작년 동기 대비 이번 분기에 2배 이상 늘었고, 주된 동인은 에너지, 테크, financial sector에서의 US takeover 들이었음
이번 분기 동안 11개의 블록버스터 딜들 with a total value of $215bn이 체결되었고, 2023년 1분기의 5개 takeover 총 $100bn 과 대조적임. 전반적인 글로벌 M&A의 value는 30프로 올라 $690bn을 기록함.
The rebound in dealmaking은 M&A activity가 작년 plunged to a decade-long low한 이후에 돌아오는 것임. 당시 frenzy of activity fulled by rock-bottom interest rates during the covid-19 pandemic was followed by sharp decline in takeovers
이번 분기 struck 한 largest deal 중에는 Capital One’s $35bn acquisition of Discover Financial 이 있었고, chip design toolmaker Synopsy의 소프트웨어 메이커 Ansys $35bn 인수도 있었음.
M&A has ramped up in anticipation of rate cuts from central banks
which investors bet might come as early as June
That made deal financing easier and cheaper to obtain
while initial public offerings have started to return and are trading at record highs
1분기 활동의 대부분은 미국이 account 했음
with its share of global takeover activity at a 35-year high
근데 dealmaking in Europe도 recoved sharply.
The value of European deals climbed 60 per cent from a year earlier to $127bn
반면 Asia-Pacific 지역에서는 28% 떨어져서 $90bn을 기록함
Bankers said that sentiment in the market remains cautious, with. oom for a pick-up in. ctivity among private equity investors in particular
Buyout groups sit on a record number of assets and face pressure to sell more of their portfolio companies and return capital to their backers
“It’s a mixed-signal market. You have this extraordinary equity market performance but also some red flags, particularly when it comes to more economically senstivie consumers.”
But a lag between when transactions are announced and when they close means that bankes must still wiat for fees to rebound.
LSEG estimated $24.2bn in investment banking fees had been eared so far this year, down 1 per cent on the same time last year.
JPMorgan retained the top spot globally for M&A advice, securing a role on the greatest value of deals in both the US and Europe. Goldman Sachs and Morgan Stanley rounded out the top three. UBS led in the Asia-Pacific region.
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