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.
紐約,2024年7月11日(GLOBE NEWSWIRE)——全球領先的諮詢、經紀和解決方案公司WTW(納斯達克股票代碼:WTW)的季度交易績效監測(QDPM)的研究顯示,全球併購(M&A)活動保持了2024年初的積極勢頭,第二季度完成的交易比去年同期有所改善。
該數據是與貝葉斯商學院併購研究中心合作開展的,數據顯示,2024年第二季度全球完成了166筆價值超過1億美元的交易,與今年前三個月完成的交易數量完全一致。第二季度的數字超過了2023年同期完成的130筆交易,交易量增長了28%。
2024年第二季度完成的35筆大宗交易(價值超過10億美元)是繼2024年前三個月完成的34筆交易和上一季度完成的32筆交易之後,連續第三個季度完成的增長。此外,2024年第二季度完成了四筆大型交易(價值超過100億美元),今年到目前爲止,共完成了九筆大型交易,而2023年前六個月只有三筆大型交易。
與跨行業收購相比,在同一行業內完成的收購(行業內交易)佔整體併購的比例一直在上升。自2023年初以來,行業內收購已從2023年第一季度的57%增加到最近一個季度的74%。這表明賣家傾向於分割非核心資產,而買家則在離家更近的地方尋求交易以鞏固自己的市場。
WTW併購董事總經理戴維·迪恩表示:“如果2024年上半年有任何跡象的話,那麼交易可能即將恢復到COVID之前的水平和交易行爲。”“市場信心增強、預期降息、融資條件改善、波動性低和估值差距縮小相結合,將有助於擺脫自2022年底以來我們所看到的交易低迷。”
與全球股市的強勁表現相比,這使得估值更加昂貴,而完成併購交易的公司在2024年4月至6月期間一直難以與更廣泛的市場競爭,1 表現低於-9.3個百分點。該數字基於股價表現,與上一季度相比,收購方的表現仍然不佳(—13.1個百分點)。
儘管有這些最新的業績數據,但15年以上的長期趨勢仍然表明,自全球金融危機以來,收購者的表現比市場高出1.4個百分點。
北美的併購市場仍然充滿挑戰。收購者的表現低於其區域指數——7.7%,這是連續第六個季度買家被業內同行超越。完成了90筆交易,這也意味着交易量與2024年第一季度(97筆交易)相比有所下降。
歐洲交易商也難以從交易中創造價值。他們最後一次跑贏區域指數是在2021年,在2024年4月至6月期間,他們的表現再次低於-10.7個百分點,完成了34筆交易,低於2024年第一季度完成的37筆交易。
併購數據顯示,亞太市場再次表現更好,仍然是唯一表現優於其區域指數的地區。在過去的11個季度中,有10個季度中,該地區的買家在股價表現方面超過了他們的指數,最近一次是在2024年第二季度,買家的股價表現超過了+1個百分點,完成了38筆交易。與前三個月相比,這也增加了七筆交易。
值得注意的是,中國——世界第二大經濟體——在2024年第二季度完成的交易數量下降至僅三筆交易。加上前三個月完成的九筆交易,這是該國自2010年以來前六個月的最低併購活動水平。
“儘管今年的交易量有所增加,但持續的通貨膨脹、高利率以及圍繞即將到來的總統大選的不確定性仍然對未來的併購活動構成風險。如果要形成併購反彈,我們認爲交易者需要高度謹慎地降低風險敞口,專注於'最合適'的交易,進行可以延長時間表的全面盡職調查,同時制定有效的整合計劃,最大限度地提高併購價值,” 迪恩說。
WTW qDPM 方法論
- 所有分析都是從收購方的角度進行的。
- 季度研究中的股價表現以公告日前六個月至本季度末股價的百分比變化來衡量。
- 所有收購方在收購後持有少於目標股份 50% 的交易均被取消;因此,未考慮少數股權收購。收購方在收購前持有超過50%目標股份的所有交易均已取消;因此,沒有考慮剩餘的收購。
- 本研究僅包括價值至少爲1億美元且符合研究標準的已完成的併購交易。
- 交易數據來自LSEG(前身爲Refinitiv)。
關於 WTW 併購
WTW的併購業務結合了我們在風險和人力資本方面的專業知識,提供涵蓋併購過程各個階段的全方位併購服務和解決方案。我們在規劃、盡職調查、風險轉移和交易後整合等領域擁有特殊的專業知識,這些領域決定着任何交易的成功。
關於 WTW
在WTW(納斯達克股票代碼:WTW),我們在人員、風險和資本領域提供數據驅動、以洞察爲導向的解決方案。利用我們爲140個國家和市場服務的同事的全球視野和本地專業知識,我們幫助組織完善戰略,增強組織彈性,激勵員工隊伍並最大限度地提高績效。
我們與客戶並肩合作,發掘可持續成功的機會,並提供令您感動的視角。要了解更多信息,請訪問 wtwco.com。
媒體聯繫人
埃德·埃默曼:+1 609 240 2677
eemerman@eaglepr.com
1 除非另有說明,否則併購研究追蹤了已完成的超過1億美元的交易數量以及收購公司對摩根士丹利資本國際世界指數的股價表現,摩根士丹利資本國際世界指數被用作違約。