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- Largest merger and acquisition (M&A) transactions in Europe 12222
- Is M&A Getting Better or Worse? Q1, Review. - Imprima
- M&A in 12222: Around the Market in Four Deals
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Largest merger and acquisition (M&A) transactions in Europe 12222
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Mar 28, Matthew Toole Director, Deals Intelligence. Recession is seen as the leading risk and in the top three by 56 percent of respondents, with U.
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Enhanced Due Diligence. Sitting on this kind of money creates pressure for fund managers to put capital to work: a buoyant LBO market was therefore not a surprise, even though valuation multiples were high. While geopolitics was present throughout the year, its effect only started to be felt in the second half of the year. First, we believe that the pressure for PE funds to deploy the excess cash will not dissipate in Secondly, we believe equity markets have stabilised, providing confidence for CEOs and company boards to pursue external growth.
The best recent example of this has been in gold mining.
Is M&A Getting Better or Worse? Q1, Review. - Imprima
The merger of Randgold Resources and Barrick Gold was announced in September , creating the largest gold mining company in the world. Less than four months later, Newmont Mining, which had been the largest gold company prior to the September deal, reclaimed its title by announcing it was acquiring Goldcorp. Then, just last month, Barrick confirmed it was mulling a takeover offer for Newmont!
Looking forward, we see the potential for a similar domino effect in the pharma sector for two reasons: first, there are increasing levels of cash across the industry as a whole Figure 3. Secondly, this coincides with a downturn in the pipeline of new drugs at many big industry names. Lapsing patents is a perennial threat for large pharma companies.
In our view, a temptation will be for leading industry names to use their existing cash pile to secure smaller, single drug companies to bolster future cash flow. We would again reference the Bristol-Myers Squibb acquisition of Celgene: Celgene currently derives much profits revenue from its drug Revlimid, although its patents are due to expire in Indeed, Celgene itself had acquired Juno Theraputics in for USD9 billion to gain access to its pipeline of cancer drugs.
Despite uncertainty regarding Brexit in , buyers were attracted to UK targets. In relative terms, this is 2. Large deals are usually well-covered by the sell-side, as these can earn high fees.
When a large deal is announced, it is then relatively rare to see another buyer emerge later in the process; after all, nearly all potential buyers will have already been offered the deal. However, mid-sized deals tend not to be shopped around in the same way, with fewer potential buyers contacted. After a deal is announced, more buyers often enter the arena, increasing the potential price boost of the target company. This is currently playing out in the RPC deal. This is the key source of attraction for mid-sized deals. In our opinion, there is a greater element of optionality after a mid-sized deal is announced, which can aid in alpha generation.
M&A in 12222: Around the Market in Four Deals
Most importantly, whilst the macro-environment may continue to deteriorate, the amounts of dry powder on hand should offer support for the market if we were to experience another selloff. Investment bankers are likely to continue being stressed and overworked in Source: Bloomberg, as of 23 January The Asian credit market is growing.
We explore the opportunities and risks of investing in this important market.