NEW YORK, July 11, 2024 (GLOBE NEWSWIRE) -- Global mergers and acquisitions (M&A) activity maintains the positive momentum achieved at the start of 2024, with deals completed during the second quarter improving upon the same period last year, according to research from leading global advisory, broking and solutions company WTW's (NASDAQ: WTW) Quarterly Deal Performance Monitor (QDPM).
Run in partnership with the M&A Research Centre at Bayes Business School, the data reveal that 166 deals valued over $100 million were completed globally during the second quarter of 2024, exactly matching the number of deals closed in the first three months of the year. The second-quarter figure surpasses the 130 deals closed during the same period in 2023, representing a 28% increase in volume.
The 35 large deals (valued over $1 billion) completed in the second quarter of 2024 represent the third quarterly rise in a row, following 34 deals closed in the first three months of 2024 and 32 during the previous quarter. Also, with four mega deals (valued over $10 billion) completed in the second quarter of 2024, a total of nine mega deals have been closed so far this year, compared with just three during the first six months of 2023.
Acquisitions completed within the same industry sector (intra-sector deals) have been rising as a proportion of overall M&A, compared with cross-sector acquisitions. Since the start of 2023 intra-sector acquisitions have increased from 57% of the total in the first quarter of 2023 to 74% in the latest quarter. This indicates a trend for sellers carving off non-core assets and buyers seeking deals closer to home in order to consolidate their own markets.
"If the first half of 2024 is any indication, dealmaking may be on the verge of returning to pre-COVID levels and deal behavior," said David Dean, managing director, Mergers and Acquisitions, WTW. "The combination of rising market confidence, anticipated interest rate cuts, improved financing conditions, low volatility and narrowing valuation gaps will help shake off the dealmaking doldrums we've seen since late 2022."
Compared with the strong equity market performance worldwide, which has made valuations more expensive, companies completing M&A deals have struggled to compete with the wider market,1 underperforming by –9.3 percentage points between April and June 2024. This figure is based on share price performance and continues the underperformance of acquirers from the previous quarter (–13.1 percentage points).
Despite these latest performance figures, the long-term 15-plus-year trend still shows that acquirers have outperformed the market since the global financial crisis, by +1.4 percentage points.
The M&A market in North America remains challenging. Acquirers underperformed their regional index by –7.7%, making it the sixth consecutive quarter that buyers have been outclassed by industry peers. With 90 completed deals, this also represents a drop in volume compared with the first quarter of 2024 (97 deals).
European dealmakers also struggled to generate value from transactions. Having last outperformed their regional index in 2021, they underperformed once more during the period April to June 2024 by –10.7 percentage points with 34 deals completed, down from 37 deals closed in the first quarter of 2024.
The M&A data show that once again the Asia Pacific market fared better, continuing to be the only region to outperform its regional index. For 10 out of the previous 11 quarters, buyers in the region have outclassed their index in terms of share price performance, most recently by +1 percentage points in the second quarter of 2024, with 38 deals closed. This also represents an increase of seven deals compared with the previous three months.
Notably, the number of deals completed in China — the world's second largest economy — slumped to just three transactions during the second quarter of 2024. When combined with the nine deals closed in the first three months, this is the country's lowest level of M&A activity for the first six months of a year since 2010.
"While deal volume is up this year, lingering inflation, high interest rates and uncertainty surrounding the upcoming presidential election still pose risks for future M&A activity. If an M&A rebound is to take shape, we believe dealmakers will need to lower their risk exposure by exercising a high degree of caution, focus on 'best-fit' deals and thorough due diligence that allows for extended timelines, coupled with an effective integration plan that maximizes M&A value," said Dean.
WTW QDPM methodology
- All analysis is conducted from the perspective of the acquirer.
- Share-price performance within the quarterly study is measured as a percentage change in share price from six months prior to the announcement date to the end of the quarter.
- All deals where the acquirer owned less than 50% of the shares of the target after the acquisition were removed; hence, no minority purchases have been considered. All deals where the acquirer held more than 50% of target shares prior to the acquisition have been removed; hence, no remaining purchases have been considered.
- Only completed M&A deals with a value of at least $100 million that meet the study criteria are included in this research.
- Deal data are sourced from LSEG (formerly Refinitiv).
About WTW M&A
WTW's M&A practice combines our expertise in risk and human capital to offer a full range of M&A services and solutions covering all stages of the M&A process. We have particular expertise in the areas of planning, due diligence, risk transfer and post-transaction integration, areas that define the success of any transaction.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.
Media Contacts
Ed Emerman: +1 609 240 2677
eemerman@eaglepr.com
1 The M&A research tracks the number of completed deals over $100 million and the share price performance of the acquiring company against the MSCI World Index, which is used as default, unless stated otherwise.
纽约,2024年7月11日(GLOBE NEWSWIRE)——全球领先的咨询、经纪和解决方案公司WTW(纳斯达克股票代码:WTW)的季度交易绩效监测(QDPM)的研究显示,全球并购(M&A)活动保持了2024年初的积极势头,第二季度完成的交易比去年同期有所改善。
该数据是与贝叶斯商学院并购研究中心合作开展的,数据显示,2024年第二季度全球完成了166笔价值超过1亿美元的交易,与今年前三个月完成的交易数量完全一致。第二季度的数字超过了2023年同期完成的130笔交易,交易量增长了28%。
2024年第二季度完成的35笔大宗交易(价值超过10亿美元)是继2024年前三个月完成的34笔交易和上一季度完成的32笔交易之后,连续第三个季度完成的增长。此外,2024年第二季度完成了四笔大型交易(价值超过100亿美元),今年到目前为止,共完成了九笔大型交易,而2023年前六个月只有三笔大型交易。
与跨行业收购相比,在同一行业内完成的收购(行业内交易)占整体并购的比例一直在上升。自2023年初以来,行业内收购已从2023年第一季度的57%增加到最近一个季度的74%。这表明卖家倾向于分割非核心资产,而买家则在离家更近的地方寻求交易以巩固自己的市场。
WTW并购董事总经理戴维·迪恩表示:“如果2024年上半年有任何迹象的话,那么交易可能即将恢复到COVID之前的水平和交易行为。”“市场信心增强、预期降息、融资条件改善、波动性低和估值差距缩小相结合,将有助于摆脱自2022年底以来我们所看到的交易低迷。”
与全球股市的强劲表现相比,这使得估值更加昂贵,而完成并购交易的公司在2024年4月至6月期间一直难以与更广泛的市场竞争,1 表现低于-9.3个百分点。该数字基于股价表现,与上一季度相比,收购方的表现仍然不佳(—13.1个百分点)。
尽管有这些最新的业绩数据,但15年以上的长期趋势仍然表明,自全球金融危机以来,收购者的表现比市场高出1.4个百分点。
北美的并购市场仍然充满挑战。收购者的表现低于其区域指数——7.7%,这是连续第六个季度买家被业内同行超越。完成了90笔交易,这也意味着交易量与2024年第一季度(97笔交易)相比有所下降。
欧洲交易商也难以从交易中创造价值。他们最后一次跑赢区域指数是在2021年,在2024年4月至6月期间,他们的表现再次低于-10.7个百分点,完成了34笔交易,低于2024年第一季度完成的37笔交易。
并购数据显示,亚太市场再次表现更好,仍然是唯一表现优于其区域指数的地区。在过去的11个季度中,有10个季度中,该地区的买家在股价表现方面超过了他们的指数,最近一次是在2024年第二季度,买家的股价表现超过了+1个百分点,完成了38笔交易。与前三个月相比,这也增加了七笔交易。
值得注意的是,中国——世界第二大经济体——在2024年第二季度完成的交易数量下降至仅三笔交易。加上前三个月完成的九笔交易,这是该国自2010年以来前六个月的最低并购活动水平。
“尽管今年的交易量有所增加,但持续的通货膨胀、高利率以及围绕即将到来的总统大选的不确定性仍然对未来的并购活动构成风险。如果要形成并购反弹,我们认为交易者需要高度谨慎地降低风险敞口,专注于'最合适'的交易,进行可以延长时间表的全面尽职调查,同时制定有效的整合计划,最大限度地提高并购价值,” 迪恩说。
WTW qDPM 方法论
- 所有分析都是从收购方的角度进行的。
- 季度研究中的股价表现以公告日前六个月至本季度末股价的百分比变化来衡量。
- 所有收购方在收购后持有少于目标股份 50% 的交易均被取消;因此,未考虑少数股权收购。收购方在收购前持有超过50%目标股份的所有交易均已取消;因此,没有考虑剩余的收购。
- 本研究仅包括价值至少为1亿美元且符合研究标准的已完成的并购交易。
- 交易数据来自LSEG(前身为Refinitiv)。
关于 WTW 并购
WTW的并购业务结合了我们在风险和人力资本方面的专业知识,提供涵盖并购过程各个阶段的全方位并购服务和解决方案。我们在规划、尽职调查、风险转移和交易后整合等领域拥有特殊的专业知识,这些领域决定着任何交易的成功。
关于 WTW
在WTW(纳斯达克股票代码:WTW),我们在人员、风险和资本领域提供数据驱动、以洞察为导向的解决方案。利用我们为140个国家和市场服务的同事的全球视野和本地专业知识,我们帮助组织完善战略,增强组织弹性,激励员工队伍并最大限度地提高绩效。
我们与客户并肩合作,发掘可持续成功的机会,并提供令您感动的视角。要了解更多信息,请访问 wtwco.com。
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1 除非另有说明,否则并购研究追踪了已完成的超过1亿美元的交易数量以及收购公司对摩根士丹利资本国际世界指数的股价表现,摩根士丹利资本国际世界指数被用作违约。