2020年第二季度并购市场观点透视.pdfVIP

MA monitor Q2 2020 MA monitor Q2 2020 The historic shock continues It’s no surprise deal-making fell off a cliff in Q2, but the drop over the period is truly eye-popping. Global MA by value struggled to just $318.6bn in the three months to June, a total not seen since Q3 2003. Put differently, the last time activity was this low, Lance Armstrong was still winning Tours de France, Lionel Messi was a year away from his Barcelona debut and Greta Thunberg was just six months old. There has never been such a steep decline in consecutive quarters since deal value data was first compiled back in 1977. 2 MA monitor Q2 2020 COVID-19 in 10 deals Despite the collapse in activity, Q2’s top a prospect made more likely by a recent ‘watershed’ ruling 10 transactions paint a fascinating picture from Europe’s General Court overturning the Commission’s decision to block CK Hutchison’s 2016 bid for O2. There are of COVID-19’s impact (or lack of it) on MA. reports the MasMovil deal involved a lower leverage multiple Two of the three biggest deals of the quarter were Virgin than the standard LBO model – something we discuss in Media’s $12.6bn merger with O2 (which will create a our special report on COVID’s long-term impact on MA. new competitor for BT and Sky in the UK mobile and Overall, financial sponsors are buyside on 18 of Q2’s top broadband market) and Just Eat’s $7.4bn buyout of US food 50 deals, compared to just