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GlobalM&AReport2023WhenM&Aistheanswer:Inanuncertainmarket,boldmoveswilldefinethefutureAcknowledgmentsThisreportwaspreparedbytheleadershipteamofBain
&
Company’sGlobalM&AandDivestiturespractice,withspecialdirectionfromLes
Baird,partner;DavidHarding,advisorypartner;AndrewGrosshans,partner;KaiGrass,partner;SuzanneKumar,practicevicepresident;MadhurimaBhattacharya,associatepartner;JoergOhmstedt,practicedirector;andaneditorialteamledby
DavidDiamond.TheauthorswishtothankthemanymembersoftheBain
leadershipteamwhocontributedarticlestothisyear’sreport.Additionally,
wewishtothankthefollowingcolleaguesfortheirhelpwiththisreport:Bain
PartnersPeterHorsley,HarshveerSingh,ColleenvonEckartsberg,
SamRovit,DaleStafford,AdamHaller,JeffHaxer,andJoost
Spits;PracticeDirectorsDahlnaeYu
andScottNancarrow;PracticeSeniorManagersAmy
Wall
andDustinRohrer;SeniorKnowledgeSpecialistDominikaAdamaszek;PracticeSeniorAnalystAmolMathur;ConsultantsConnieCai,MichelleTucker,andArsalanBukhari;andAssociateConsultantsElizaWright,Ben
Thomas,andVirginiaMiller.ThisworkadditionallybenefitedfromthesupportofBain
CapabilityNetwork’sAbhishekJain,SiddharthSharma,EkaparnaGhosh,DivyamDewan,MohitGupta,andJayantSingh;aswellasBain
ResearchandDataServices’EmilyLane,JohnPeverley,LauraCaringella,BrandonRiney,PiotrSzostakowski,andOlgierdKotylo.Thisworkisbasedonsecondarymarketresearch,analysisof
financialinformationavailableorprovidedtoBain&Companyandarangeofinterviewswithindustryparticipants.Bain&CompanyhasnotindependentlyverifiedanysuchinformationprovidedoravailabletoBainandmakesnorepresentationorwarranty,
express
orimplied,thatsuchinformation
isaccurateorcomplete.
Projected
market
andfinancialinformation,analysesandconclusionscontainedhereinarebasedontheinformationdescribedaboveandonBain&
Company’sjudgment,andshouldnotbeconstruedasdefinitiveforecastsorguaranteesoffutureperformanceorresults.Theinformationandanalysishereindoes
notconstituteadviceofanykind,isnotintendedtobeusedfor
investmentpurposes,andneitherBain&Companynoranyof
itssubsidiariesortheirrespectiveofficers,directors,shareholders,employeesoragentsacceptanyresponsibilityorliabilitywithrespecttotheuseoforrelianceonanyinformationoranalysiscontained
inthisdocument.Thiswork
iscopyright
Bain&
Company
andmaynotbepublished,transmitted,broadcast,copied,reproducedorreprintedinwholeorinpartwithouttheexplicitwrittenpermissionof
Bain&Company.Copyright©2023Bain&Company,Inc.Allrightsreserved.GlobalM&AReport2023ContentsLetterfromtheM&ATeamStateoftheMarket13LookingBackatM&Ain2022LookingAheadtoM&Ain2023Hot
Topics41218M&AinTimesofTurbulence:LessonsfromtheLastRecessionWhenBuying(vsBuilding)IstheRightMove
for
Engine2Tougher
Times:PuttingtheDiligenceBackinDueDiligence192430HowtoAvoid
theFaultLinesSendingTremors
throughCulturalIntegrationinM&A35434550556065IndustriesM&AinAerospaceandDefense:NewTypes
ofDealsinaDynamicIndustryM&AinAutomotiveandMobility:FindingAlternativeRoutestotheFutureWhatConsumerGoodsCompaniesAreLearningfromAlternativeDealsRetail’s
NewM&ABalancingActM&AinDiversifiedIndustrials:ESGPlaysDriveBreakthroughCapabilitiesM&AinEnergyandNaturalResources:BeatingtheOddsinEnergyTransitionDeals6975M&AinBanking:ThreeTypes
ofDealsfor
2023iGlobalM&AReport2023ContentsM&AinInsurance:ThereAreInsurtechDealstoBeDone,butProceedwithCaution798488M&AinPayments:Four
Ways
ThatM&AWillPropelThisDynamicSectorM&AinWealthandAssetManagement:HowDealsWillShakeUptheIndustryM&AinHealthcareandLife
Sciences:WhytheIndustry’s
Wait-and-SeeDaysWillEnd9399M&AinMediaandEntertainment:To
InteractivityandBeyondM&AinTechnology:
NeverWasteaGoodCrisis102M&AinTelecommunications:HowtheEndofFree
MoneyOpensUpNewOpportunities106112RegionsM&AinBrazil:ANationPreparesfor
ChangesM&AinIndia:HowLongCanThisHotspotBucktheGlobalDownturn?M&AinJapan:PressingPauseonTransformativeM&AM&AintheMiddleEast:HowaRegionGrowswithM&AMethodology113117122125130134Key
ContactsiiGlobalM&AReport2023Letter
from
theM&ATeamDearfriends,Lastyearwasachallengingoneforalldealmakersasinflation,interestrates,geopoliticaltensions,andincreasedregulatoryoversightplacedunprecedenteddemandontheskillsofdealexecutives.Throughoutitall,though,M&Apersevered—notalwaysinthesamenumbersorwiththesameprocessesasinthepast,butdealsgotdone.Overall
deal
value
fell
during
the
year,withmultiplesdroppingfromrecordhighsin2021andfewerlargedeals.Butthepaceofsmalldealswassurprisinglyresilient.Anddealmakersentimentaswe
enter2023isoptimistic.Historytellsusthatcompanies
making
bold
moves
during
times
of
turbulence
tend
to
win
overthelongterm.Themissionofthis,ourfifthannualreport:ImproveM&Abysharingtheinsightsoftheworld’sbestdealmakers.Les
BairdLeaderofBain’sGlobalM&Apractice1State
of
the
MarketLookingBackatM&Ain2022LookingAheadtoM&Ain2023412StateoftheMarketLookingBackatM&Ain2022Even
as
macroeconomic
uncertainty
reset
the
M&A
market,
dealmakers
persisted.ByDavidHarding,KaiGrass,AndrewGrosshans,SuzanneKumar,
andMadhurimaBhattacharyaAt
a
GlanceAfterastrongfirsthalfof2022,themarketslowedinthesecondhalf,
althoughfundamentaldealactivitypersistedDeclinesinmultiplesandamidyearpauseinmegadealswerethekey
contributorstoa36%declineindealvaluein2022fromarecordhighin2021Geopolitics,regulation,andotherexternalfactorsalsocontinuedtoimpactdealactivitypatternsTheyear2022wasataleoftwohalves.AfterablockbusteryearforM&Ain2021,thefirstfive
monthsof2022reflectedcontinuedstrongdealmakingactivity.ThebigturningpointoccurredonJune16,2022,whenaninterestratehikebytheUSFederalReserveBank,combinedwithheightenedmacroeconomicuncertainty,putachillonthedealmarket.Megadealsgreaterthan$10billionwentonpausewhilesmallerdealsslowed.Dealmultiplestempered.Themidyearcorrectionresultedina36%
declineinannualM&Adealvalue,to$3.8trillion(see
Figures
1
and
2).Yet
volumesdroppedbyonly12%,suggestingresilienceandcommitmentamongdealmakers.4GlobalM&AReport2023Figure
1:
GlobalM&Adealvaluefellby
36%in2022M&Adeal
market
value
(in
trillions
of
US
dollars)$6T5.94.64.64.14203.94.03.83.83.63.63.63.33.23.02.82.82.72.72.32.11.71.51.32000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022Compound
annual
growth
rate
for
all
M&A(2021–2022),
−36%CorporateM&A,–30%PEportfolioadd-ons,–50%Financialinvestors,–27%Venturecapital/corporateventurecapital,–41%Specialpurposeacquisitioncompanies,–80%Note:Categorizationsbasedondealtechnique,industry,andacquirerbusinessdescriptionSource:DealogicFigure
2:
Theyear2022wasataleoftwohalves2022
M&Adeal
market
value
(in
billions
of
US
dollars)$500B4544423913824003452833002692542462482452312001000JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember
DecemberCorporateM&APEportfolioadd-onsFinancialinvestorsVenturecapital/corporateventurecapitalSpecialpurposeacquisitioncompaniesNotes:StrategicdealsincludecorporateM&A
andPEportfolioadd-ons;categorizationsbasedondealtechnique,industry,andacquirerbusinessdescriptionSource:Dealogic5GlobalM&AReport2023As
themarketreset,we
observedsomeunanticipatedshiftsindealmakingand,atthesametime,apersistenceoflonger-termtrends.Ontheonehand,thesuddendropinmegadealsanddealmultiplesreflectedtheimpactofstructuraluncertaintyonM&A.
Yet
M&Aremainedcentraltocorporatestrategiesforgrowthandprofitabilityasevidencedbytherelativelyconsistentlevelsofdealvolumeandbalancedmixofscaleandscopedeals.Structural
uncertaintyInflation,interestrates,capitalavailability,
industrialpolicy,nationalsecurity,geopoliticaltension,supplychainuncertainty—in2022,dealmakersfacednewlevelsofvolatilityeverywheretheylookedaswellasrisksfromvariablesthatpreviouslyweren’tafocusinmanydealmodels.June’s
interestratehikemarkedanewphaseintheeraofcapitalsuperabundance.Inthefaceofrisinginflation,theFed’s
movetoraiserateshappenedmorequicklythanmanyexpected.Theimplicationswerefeltinternationallyasothercentralbanksfollowedsuit.TheroleoftheUSdollaringlobaltradeamplifiedtheimpact.Dealmakersacrosstheglobesuddenlyconfrontedanunfamiliarunknown—namely,thecostandavailabilityofcapital—amidaweakeningeconomicenvironment.Afterdecadesoflowandpredictableinterestrates,however,acquirerstoldustheywereshakenlessbytherisingcostofcapitalandmorebytheuncertaintytheynowfaced.Theinterestratewarningshotimpactedfinancialinvestorsandstrategicbuyersdifferently.Privateequityinvestors,reliantondebtforfinancingdeals,weremoreimmediatelyexposedtocapitalconstraintsandcosts,whichparticularlyimpactedlargedeals.Lendersincreasedscrutinyonnewoffersasbanksabsorbedloancommitmentsthattheycouldnolongersyndicate.Bycomparison,corporatestendtobeshieldedfromthenear-termeffectsofinterbankinterestratechanges.Moreover,aswe
exploredinourGlobal
M&A
Report
Midyear
2022,corporateshave
moreoptionstofinanceM&Athanleveragealone—namely,stockandcash.Regardless,thenewlevelofuncertaintyabouttheeconomicoutlookrevealedbytheinterestratehikeledtoasecularresetinM&Avalueandvolumeforallplayersinthesecondhalfof2022.Acquirersfacedavarietyofotherexternalfactorsbesidesinterestrateambiguity.Inflationandtheemergingrecessionaryenvironmentchallengedassumptionsaboutbasebusinesstrajectoriesforstrategicacquirersandtargetsalike.Supplychaindisruptionscontinuedtoimpacttheaccuracyofprojections,andindustrialpolicyreemergedasaswingfactorforsectoreconomics.Westerngovernmentresponsestoclimateandgeopoliticalcrisespresagedshiftsincorporateprofitpools.InEurope,amidgrowingconcernabouttheRussia-Ukrainewar,
thelikelyneedtosubsidizewinterenergycostsforconsumersforcedapullbackonfundingforothersocialneedssuchashealthcare.IntheUS,theInflationReductionActplacedbetsonrenewablesatthecostoffossilfuels,andnationalsecurityconcernspromptedadecouplingofthesemiconductorindustryfromChina.6GlobalM&AReport2023Strategic
dealmaking
during
an
uncertain
yearDespiteahealthystartto2022,thestrategicdealmarketclosedat$2.6
trillion,a32%declinefromtheall-timehighin2021.Strategicdealvolumesdropped9%andcontinuedtoholdsteadyduringthelastfewmonthsof2022,particularlyinsmallertomidsizedeals(see
Figure
3).Divestmentsheldsteadyat33%ofdeals.Dealmultiplesdeclinedashigherdiscountratescausedcompaniestoputapremiumonnear-termcashflowsoverlong-termgrowth.Multiplesfellfromrecordhighsin2021toa10-yearlowmedianmultipleof11.9
timesenterprisevaluetoEBITDA(see
Figure
4).Thedrop-offwasmostnotableinthehigh-growthindustriesoftechandhealthcareandlifesciences—eachfellbymorethanfiveturns(see
Figure
5).It’s
worthnotingthatthisdeclinemirroredchangesinpublicmarketvaluations.Forexample,theS&P500wasoffby20%duringthesametimeperiod.M&Apractitionerstellusthattheyrespondtodealmultiplevolatilitywithlowervaluationsandchangestodealstructure,butfewarewaitingonthesidelinesformultiplestostabilize—asevidencedbysustaineddealvolume.Amidyearpauseinmegadeals(valuedatmorethan$10billion)alsohadasignificantimpactontotaldealvaluefortheyear.
TheyearbeganwithmorethanafewheadlinedealssuchasMicrosoft’sFigure
3:
2022overallstrategicdealvalueandvolumeby
monthStrategic
deal
value
(in
billions
of
US
dollars)Strategic
deal
volume$400B3,00033530020010002782482482,0002162022051941801771581571,0000January
FebruaryMarchAprilMayJuneJulyAugust
September
October
November
DecemberDealvolumeDealvalueNotes:
Total
foryear=strategicvaluetotal;strategicdealsincludecorporateM&A
andPEportfolioadd-ons;categorizationsbasedondealtechnique,industry,andacquirerbusinessdescriptionSource:Dealogic7GlobalM&AReport2023Figure
4:
StrategicM&Amultiplesfelltonearly12timesfrom2021’s
historichighof15
4timesMedian
enterprise
value
to
EBITDAmultiples2021=15.4x15X1052022=11.9x1999
0001020304050607080910111213141516171819202122Notes:Mediandealmultiplesforannouncedstrategicdealsinwhichvaluationdatawasavailable;strategicdealsincludecorporateM&A
andPEportfolioadd-onsSource:DealogicFigure
5:
Technologyandhealthcareandlifesciencesmultiplesfellby
morethanfive
turnsMedian
enterprise
value
to
EBITDAmultiples
per
industry
(strategic
deals)30X2010028.923.3
23.420.319.715.915.015.913.915.813.211.315.115.314.114.812.412.710.911.412.610.712.09.1
9.311.612.311.911.610.810.09.28.88.68.57.1TechnologyHealthcareandlifesciencesConsumerproductsAdvancedmanufacturingandservicesMediaRetail2022EnergyandnaturalresourcesFinancialservicesTelecommu-nications201920202021Notes:Mediandealmultiplesforannouncedstrategicdealsinwhichvaluationdatawasavailable;strategicdealsincludecorporateM&A
andPEportfolioadd-onsSource:Dealogic8GlobalM&AReport2023$69billionbidforthegamingcompanyActivisionBlizzard,Broadcom’s$61billionofferforVMware,andthePrologis-DukeRealtylogisticsrealestatedealfor$23billion.AfterablockbusterMay,
thestrategicmegadealmarketdrieduptemporarilyinJune.Therestoftheyearsaw
asteady(ifmoremoderated)paceofmegadeals.Thehealthcareandlifesciencessectorledtheway
forlargedeals,withJohnson&Johnson’snearly$17billionofferforAbiomed,amedtechcompany;the$27.8
billionAmgen-HorizonTherapeuticsbiotechdeal;and,mostrecently,theNovozymes-Chr.Hansenmergerforaround$12
billion(seethechapter“M&AinHealthcareandLifeSciences:WhytheIndustry’sWait-and-SeeDaysWillEnd”).Overall,largestrategicM&Adealswerenearlyevenlysplitbetweenscaleandscopetheses(see
Figure
6).We
believe,overthelongrun,therelativebalanceofscaleandscopeobservedduringthefirstthreequartersof2022isconsistentwiththewinningstrategiesofcorporateoutperformers—namely,abalancingofgrowthinrevenueandprofits.Anexaminationofthelargestdealsrevealsdivergingsectordynamicsandstrategies.In2022,advancedmanufacturingandservices,energyandnaturalresources,andfinancialservicescompaniesweremostlikelytostrengthentheircorebusinessviascaledeals(see
Figure
7).Foradvancedmanufacturingandservicesandfinancialservices,thiscontinuesafocusonefficiencyandoperationsviascaledeals.Energyandnaturalresourcescompanies,however,showedanewshifttowardscopeM&Aasenergytransitionspromptedlargerenewablesdeals(seethechapter“M&AinEnergyandNaturalResources:BeatingtheOddsinEnergyTransitionDeals”).Technologyandhealthcareandlifesciences’appetiteforscopeandcapabilitydealsremainedconstantascompaniesinbothindustriespursuedtop-linegrowth.The
healthcare
and
life
sciencessector
ledthe
way
for
large
deals.Takingageographiclens,we
continuedtoseeapreferenceforin-regiontargetsassupplychainshocks,China-USdecoupling,andgeopoliticalrisksfocusedacquirerattentionontargetsclosertohome.Europeshiftedtointraregionaldeals,representingmorethanthree-quartersofdealvaluein2022comparedwithabouttwo-thirdsinrecentyears.Meanwhile,ChinaandIndiaremainedlargelydomesticmarkets(morethan90%ofvalue).InIndia,themostnotabletakeawayfortheyearwasnotflowdirectionalitybutrathertheoverallexplosivegrowthinM&A.
BytheendofOctober,totaldealvaluewasnearly140%higherthaninallof2021.TherestofAsiaandtheAmericasheldsteadyintheirbalanceoftargetbygeography.In2022,theregulatoryenvironmentreflectedthelonger-termtrendofincreasedscrutinyonantitrustandnationalsecuritygrounds.Forexample,regulatorsintheUK,Europe,andtheUSraisedboth
antitrustandnationalsecurityconcernsaboutNvidia’sscrappedpurchaseofUKsemiconductormakerArm.AndintheUS,theBidenadministrationhasadoptedamoreexpansive9GlobalM&AReport2023Figure
6:
Dealscontinuetobesplitevenlybetweenscopeandscale250
largest
strategic
deals
with
deal
value
greater
than
$1
billionPercentage
of
scale
dealsPercentage
of
scope
and
capability
deals201520162017201820192020202159414650505251495154505048495149Q1–Q32022Notes:Ifmorethan250dealshadavaluegreaterthan$1billioninagivenyear,thenonlythetop250dealswereincluded;iffewerthan250deals,onlythosegreaterthan$1billionwereincluded;thetop250announcedstrategicdealsoftheyearfrom2015to2021excludenonstrategicdealssuchasassetorpropertyacquisitions,financialinvestmentdeals,governmentacquisitions,internalreorganizations,orminoritystakeacquisitions;dealsclassifiedbyrationaleusingaproprietaryclassificationframework,asperstatedstrategicrationaleatthetimeofannouncementSource:BainM&A
database2022(N=2,845companies)Figure
7:
Consumerproductsandhealthcareandlifesciencesprimarilysawscopedeals,whilefinancialservicesandadvancedmanufacturingweredrivenby
scaledealsPercentage
of
scale
and
scope
deals
greater
than
$1
billion
split
by
industry100%806040200ConsumerproductsHealthcareandlifesciencesRetailMediaTechnologyScopeTelecommu-nicationsEnergyandnaturalresourcesAdvancedmanufacturingandservicesFinancialservicesScaleNote:Basedonthe197dealsvaluedatgreaterthan$1billionasofSeptember30,2022Source:BainM&A
database2022(N=2,845companies)10GlobalM&AReport2023definitionof“anticompetitive”andhasbeenmorelikelytochallengelargeconsolidationdealsincourt.ConsiderthesuccessfulcaseagainstBertelsmann-ownedPenguinRandomHouse’sproposedacquisitionofSimon&Schusteronthegroundsthatauthors,notjustconsumers,wouldbeharmed.Whilemanyscrutinized
deals
are
ultimately
approved,a
longer
pre-close
period
introduces
theriskofdeteriorationinthebasebusinessandemployeemorale.Onthemargin,thisriskmay
havetemperedboardroomappetiteforlargetransformativedealsoverthepastyear.Inthefollowingchapter,“LookingAheadtoM&Ain2023,”
we
explainwhysavvyexecutiveswillkeeptheirfeetontheM&Aacceleratorevenascompetitorsslamonthebrakes.11StateoftheMarketLookingAheadtoM&Ain2023In
an
uncertain
market,
executives
are
making
the
bold
moves
that
will
define
the
future.ByDavidHarding,KaiGrass,AndrewGrosshans,andSuzanneKumarAt
a
GlanceWe’ve
identifiedfive
M&Athemestowatchfor
intheyearahead:Cash-richcompaniesmakingstrategic,boldmovesAcontinuedprevalenceofsmalltomidsizedealsAbalanceofscaleandscopedealsValuationscomingunderfurtherpressureCompaniesreshapingportfoliosthroughseparationsanddivestituresIn2023,savvyexecutiveswillkeeptheirfeetontheirM&Aaccelerators,evenascompetitorsslamonthebrakesinthefaceofturbulence.ExperienceddealmakersarefamiliarwiththecyclicalnatureoftheM&Amarket.Dealvaluesanddealmultiplesdeclineassellersholdbackandacquirersloseconviction.As
uncertaintyimpactsboththebasebusinessofacquirersandtargets,itbecomeshardertomakedecisionsaboutdeals.It’s
nowonderwhymanyexecutiveslosetheirappetitesforthedealprocessduringturbulenttimes.12GlobalM&AReport2023Yet
historytellsusthatwinnersdon’tpauseM&Aduringdownturns,rathertheytakeadvantageofopportunitiestoreshapetheirindustries.Companiesthatmovequicklywhenothershesitatearerewarded.BainresearchonM&AintimesofturbulencevalidateshowM&Awaspartofthewinningresponseinpreviousdowncycles.We
examinedtheacquisitionactivityof2,845companiesfromaroundtheworldduringtheglobalfinancialcrisisandeconomicdownturnof2008–2009.
We
foundthatinthelongrun,companiesthatexecutedatleastonedealperyearduringtheeconomicdownturnearned120
basispointsmoreintotalshareholderreturnsthancompaniesthatwereinactiveinM&A.Moreover,aswe
exploreinthechapter“M&AinTimesofTurbulence:LessonsfromtheLastRecession,”manyindustry-definingdealsweremadethroughoutthelastdownturn.Dealpractitionersarepreparedtotakeadvantageofthismoment.We
surveyedaround300M&Aexecutivesgloballyabouttheiroutlookandprioritiesfordealmakingin2023.Respondentsanticipateclosingasimilarnumberofdeals,ifnotmore,intheyearahead,encouragedbymoreattractiveassetavailabilityanddecreasedcompetition.TheyexpressconfidenceintheabilityforM&Atocreatevalue.Nearlytwo-thirdsofrespondentsreportthatacquisitionscompletedinthepreviousthreeyearshave
metorexceededexpectations.Basedonourobservationsfromearlierdowncycles,we
have
identifiedfive
themestokeepaneyeonin2023:cash-richcompaniesmakingstrategic,boldmoves;continuedprevalenceofsmalltomidsizedeals;abalanceofscaleandscopedeals;furtherpressureonvaluations;andportfolioreshapingthroughseparationanddivestitures.Cash-rich
companies
making
strategic,
bold
movesIn2008–2009,
numerousindustry-definingdealspositionedacquirersforfaster,moreprofitablegrowthoutofthedownturn.Inthecurrentcycle,too,companieswithastrongmarketposition,cashonhand,anddebtcapacitywillhave
theupperhandtoexecutetransactions.ThesecompaniesshouldbeconfirmingtheirstrategicM&Aroadmaps,revisitingdealmodels,andlayingthegroundworktomovefastondesirabletargets(largeandsmall).Nearlyeverysectorhasafewcash-richmarketleaders.Energy,
industrials,andtechnologystandoutassectorsinwhichthetopplayershave
solidbalancesheetstomakeboldmoves.StrongperformingcompanieswithanexperiencedtrackrecordofM&Awillbethebestpositionedtodothelargesttransformationaldeals.Sectorswithstrugglingassetsmay
findmore
toleranceamongregulatorsfor
largeconsolidationdeals.13GlobalM&AReport2023Continued
prevalence
of
small
to
midsize
dealsThousandsofdealsvaluedatlessthan$500millionmakeupthebulkofM&Aactivityeachyear.We
expectthistocontinue.CompanieslooktoM&Atoaddressstrategicneedstoexpandmarkets,buildnewenginesforgrowth,andfillcapabilitygaps.Smallertomidsizedealswillbeeasierthanmegadealstocompletegivenrelativelylowerrisk,lessrelianceonfinancing,andlessregulatoryscrutiny.Dealmakersinmanyindustriesmay
shyaway
frompursuingdealsthatcouldwindupinregulatorycrosshairsasextendedpre-closeperiodsincurmanydirectandindirectcosts.Sectorswithstrugglingassets,suchasbankinginEuropeandtelcosindevelopingeconomies,may
findmoretoleranceamongregulatorsforlargeconsolidationdeals.A
balance
of
scale
and
scope
dealsAhighinterestrateenvironmentandweakeconomyputapremiumonassetswithcashflowandalineofsighttorapidsynergies,supportinganear-termshifttoscaledeals.Forexample,inhealthcare,movessuchasJohnson&Johnson’s$16.6
billionacquisitionofAbiomedinNovember2022signalareturntocategoryleadership.At
thesametime,ourM&APractitioners’2023OutlookSurveyindicatesthatappetitewillcontinuefordealstobuildandgrownewbusinesses.These“Engine2”dealsofferspeedtomarketandefficiencythatorganicmovescan’tmatch—see“WhenBuying(vs.Building)IstheRightMoveforEngine2.”
Energycompaniesarelikelytobe
aprimeexampleofthisapproachastheyusecashtoconsolidateinexistingmarketswhileshiftingtorenewablesviascopedeals—see“M&AinEnergyandNaturalResources:BeatingtheOddsinEnergyTransitionDeals.”
Similarlyinretail,whilewe
expecttoseeretailerspursuescaledeals,suchasthe$25billionKroger-AlbertsonsdealannouncedinOctober2022,theyarealsolikelytousescopeM&Atoestablish“beyondtrading”Engine2businesses—see“Retail’sNewM&ABalancingAct.”Further
pressure
on
valuationsUncertaintyregardingcostandavailabilityofcapital,aswellastheoverallmacroeconomicoutlook,willlikelycausedealmakerstobe
moreconservativeinvaluations.Historysuggeststhatvaluationstypicallyfindafloorataround9timesto10timesenterprisevaluetoEBITDA,another2to3turnslowerthanthe2022median.Yet
strategicbuyershopingforastealshouldbepreparedforincreasedcompetitionfromfinancialbuyersastheyearunfolds.Privateequityfirmsareresilientinfragileeconomicenvironmentsandwillcontinuetohave
recordamountsofdrypowder,anappetitefordeals,andawillingnesstopay
fordesiredassets.14GlobalM&AReport2023Portfolio
reshaping
through
separatio
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