US M&A News and Trends

FLASHWIRE US MONTHLY

December 2023

Media Questions/Requests media_request@

US M&A News and Trends

U.S. M&A deal activity decreased in November, going down 15.3% with 1,073 announcements compared to 1,267 in October. Aggregate M&A spending decreased as well. In November 56.1% less was spent on deals compared to October.

U.S. private equity activity decreased in November down 22.3% from October. There were 101 deals in November compared to 130 in October. Aggregate transaction value increased, up by 2.6% to $23.2 billion from October's $22.6 billion.

Over the past 3 months, the sectors that have seen the most increases in M&A deal activity relative to the same three-month period one year ago have been: Producer Manufacturing (212 vs. 199), Industrial Services (213 vs. 202), Electronic Technology (76 vs. 70), Energy Minerals (28 vs. 24) and Miscellaneous (5 vs. 4).

Over the past 3 months, the sectors that have seen the most declines in M&A deal volume, relative to the same three-month period one year ago have been: Technology Services (610 vs. 809), Finance (572 vs. 702), Commercial Services (519 vs. 607), Consumer Services (220 vs. 299) and Health Services (131 vs. 181). Fifteen of the 21 sectors tracked by FactSet Mergers posted negative relative losses in deal flow over 759 deals.

Topping the list of the largest deals announced in November are: A private group led by the families of Dr. Miriam Adelson, along with Las Vegas Sands Corp.'s president and COO Patrick Dumont agreeing to acquire an undisclosed majority stake in Dallas Basketball Ltd. for a reported value of $3.5 billion; KKR & Co, Inc.'s agreement to acquire the remaining 36.7% minority stake in Global Atlantic Financial Co. for $2.7 billion; Novant Health, Inc.'s deal to acquire the business and assets related to three South Carolina Hospitals from Tenet Healthcare Corp. for $2.4 billion; Cedar Fair LP's agreement to acquire Six Flags Entertainment Corp. for $1.8 billion; Colt CZ Group SE's proposal to acquire the remaining 97.64% stake not owned in Vista Outdoor, Inc. for $1.7 billion.

The top financial advisors for 2023 based on deal announcements, are: BDO LLP, JPMorgan Chase & Co, Goldman Sachs & Co., Houlihan Lokey, Inc. and Jefferies LLC. The top five financial advisors, based on the aggregate transaction value of the deals worked on, are: Goldman Sachs & Co., JPMorgan Chase & Co, Morgan Stanley, BofA Securities and Citigroup.

The top legal advisors for 2023 based on deal announcements, are: Kirkland & Ellis LLP, Latham & Watkins LLP, Goodwin Procter LLP, Gibson, Dunn & Crutcher LLP and Skadden, Arps, Slate, Meagher & Flom LLP. The top five legal advisors, based on the aggregate transaction value of the deals worked on, are: Wachtell, Lipton, Rosen & Katz, Kirkland & Ellis LLP, Sullivan & Cromwell LLP, Latham & Watkins LLP and Skadden, Arps, Slate, Meagher & Flom LLP.

The US Mergers & Acquisitions Market Index

250.0

227.8

3,500

200.0

195.4

3,000

150.0

113.9

100.0

151.7 152.0 80.0

127.0

141.6

125.5

136.4

131.7

115.8

106.0

94.3

73.9

2,500

2,000 100.0

1,500

1,000

50.0 500

1,538 1,447 1,456 1,378 1,449 1522 1,220 1,430 1,170 1,334 1,353 1,125 1,248 1,162 1,267 1,073

.0

0

Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23

Deal Volume

Aggregate Deal Value

Copyright ? 2023 FactSet Research Systems Inc. All rights reserved.

FactSet Research Systems Inc.

1

December 2023

US MergerMetrics

Merger Stats

Deal Size $1 Billion + $500M to $999.9M $250M to $499.9M $100M to $249.9M $50M to $99.9M $25M to $49.9M $10M to $24.9M Under $10M Undisclosed Total

Number of Deals

12 Months Ended

11/30/23

11/30/22

Change

274

368

-25.5%

206

285

-27.7%

245

394

-37.8%

407

643

-36.7%

331

535

-38.1%

354

599

-40.9%

452 1,179 11,905 15,353

774 1,538 15,255 20,391

-41.6% -23.3% -22.0% -24.7%

Agg Transaction Value ($Bil)

12 Months Ended

11/30/23

11/30/22

Change

$1,121.6 144.3 85.0

$1,550.2 196.9 138.6

-27.6% -26.7% -38.7%

62.7

101.1

-38.0%

23.4

37.9

-38.3%

12.6

21.3

-41.0%

7.4 3.3 N/A $1,460.2

12.6 5.0 N/A

$2,063.5

-41.3% -34.3%

N/A -29.2%

Average P/E

23.2 34.5 11.8 24.2 12.0 22.6 26.1 18.5 N/A 22.6

M&A at a Glance

MEDIAN P/E

25.0x

20.0x 15.0x 17.1x 10.0x 5.0x

20.6x

16.3x

0.0x 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 L3M

MEDIAN PREMIUM

50.0%

40.0%

30.0% 20.0%

29.7%

41.0%

41.6%

10.0%

0.0% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 L3M

US Middle Market Monitor

Median EV/EBITDA

10.0x

9.0x

8.0x 7.0x 8.1x

8.9x

8.5x

6.0x

5.0x

4.0x

3.0x

2.0x

1.0x

0.0x

4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 L3M

MEDIAN PREMIUM

70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0%

0.0%

40.7% 4Q21

1Q22

2Q22

3Q22

38.7% 4Q22

1Q23

2Q23

3Q23

57.1% L3M

*Middle Market defined as deals valued between $1 million and $500 million.

Media: Media quotation with source attribution is encouraged. Reporters requesting additional information or editorial comment should contact media_request@. Mergerstat gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness of the information provided in this publication. Copyright 2023 FactSet Research Systems Inc. All rights reserved. It is illegal under federal copyright law to reproduce or redistribute this publication or any portion of its contents without written authorization of the publisher.

Copyright ? 2023 FactSet Research Systems Inc. All rights reserved.

FactSet Research Systems Inc.

2

December 2023

US Sector Activity & Value

SECTOR BY ACTIVITY

Target Sector

Producer Manufacturing Industrial Services Electronic Technology Energy Minerals Miscellaneous Government Consumer Durables Communications Transportation Consumer Non-Durables Utilities Process Industries Health Technology Non-Energy Minerals Distribution Services Retail Trade Health Services Consumer Services Commercial Services Finance Technology Services Total

L3M 11/30/23 Deal Count

212 213

76 28

5 0 52 34 95 79 78 96 107 52 197 114 131 220 519 572 610 3,490

L3M 11/30/22 Deal Count

199 202

70 24

4 0 60 46 110 95 95 114 133 79 229 156 181 299 607 702 809 4,214

SECTOR BY VALUE

Target Sector

Energy Minerals Process Industries Consumer Services Consumer Non-Durables Transportation Non-Energy Minerals Commercial Services Consumer Durables Miscellaneous Government Industrial Services Distribution Services Communications Electronic Technology Health Services Utilities Technology Services Producer Manufacturing Retail Trade Health Technology Finance Total

L3M 11/30/23 Value

$129,004.6 24,078.7 23,220.2 14,374.5 10,833.4 5,974.5 15,535.4 4,933.0 1,944.6 0.0 8,556.8 2,176.2 1,930.0 3,619.6 6,790.3 20,690.7 63,148.2 13,277.9 10,682.4 35,349.6 46,765.8

$442,886.4

L3M 11/30/22 Value $17,975.9 3,576.0 7,977.6 5,130.9 8,131.1 4,079.3 14,021.8 4,463.4 1,727.2 0.0 10,210.9 3,928.5 6,153.7 9,079.7 13,826.4 28,365.1 80,311.3 44,334.2 43,799.6 83,215.4 105,442.5

$495,750.5

Difference 13 11 6 4 1 0 (8)

(12) (15) (16) (17) (18) (26) (27) (32) (42) (50) (79) (88) (130) (199) (724)

Difference $111,028.7

20,502.6 15,242.6

9,243.6 2,702.3 1,895.3 1,513.6

469.6 217.4

0.0 (1,654.1) (1,752.3) (4,223.7) (5,460.1) (7,036.1) (7,674.4) (17,163.1) (31,056.3) (33,117.1) (47,865.8) (58,676.6) ($52,864.1)

Copyright ? 2023 FactSet Research Systems Inc. All rights reserved.

FactSet Research Systems Inc.

3

December 2023

US Strategic Buyer Report

Merger Stats

Number of Deals

12 Months Ended

11/30/23

11/30/22

$1 Billion + $500M to $999.9M $250M to $499.9M $100M to $249.9M $50M to $99.9M $25M to $49.9M $10M to $24.9M Under $10M Undisclosed Total

136 95

134 257 240 272 362 997 9,802 12,295

169 156 252 477 403 503 676 1,311 12,558 16,505

PUBLIC BUYER INDEX LTM 11/30/23

Change -19.5% -39.1% -46.8% -46.1% -40.4% -45.9% -46.4% -24.0% -21.9% -25.5%

$200

$150

$100 $50 $0

24.6 287

Dec-22

39.3 241 Jan-23

47.6 203 Feb-23

74.8

264 Mar-23

64.7

67.5

207

262

Apr-23

May-23

Deal Volume

Agg Transaction Value ($Bil)

12 Months Ended

11/30/23

11/30/22 Change

$712.1 66.9 45.7 38.6 16.9 9.6 5.9 2.7 N/A

$898.5

$795.8 105.4 87.6 74.5 28.4 17.7 11.0 4.3 N/A

$1,124.7

-10.5% -36.5% -47.8% -48.2% -40.6% -45.6% -46.1% -37.6%

N/A -20.1%

Average P/E

23.2 37.7 8.0 20.6 12.0 24.6 25.3 N/A N/A 20.4

178.8

450

78.0 62.9

33.4

205

203

218

Jun-23

Jul-23

Aug-23

Aggregate Deal Value

49.7 200 Sep-23

224 Oct-23

300

45.4

150

178 0

Nov-23

US Private Equity Report

Indices

PE BUYER INDEX: LTM 11/30/23

$60

225

47.9

$50

41.3

39.0

$40 30.5 $30

$20

12.2

32.1

18.0

20.9

150 28.0

22.6 23.2

13.6

75

$10 143 136 131 136 119 105 128 115 109 112 130 101

$0

0

Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23

GOING PRIVATE INDEX: LTM 11/30/23

$80

12

$70

$60

9

$50

37.2

$40

6

$30 14.2

16.5

$20 $10

6

5.0 6.0

6.1

6

5

10

6

7

8.3

9.1

8.5

7.3

5.6

3.3

3

6

8

12

7

9

11

$0

0

Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23

Top Private Equity Fundraisings: YTD 2023

Open Date

16-May-2023 1-Jan-2023

13-Feb-2023 1-Jan-2023 10-Jan-2023

1-Jan-2023 27-Oct-2023 1-Jan-2023 16-Jun-2023

1-Jan-2023

Value ($Mil)

$20,000.0 15,000.0

15,000.0 13,000.0 10,000.0

10,000.0 10,000.0 8,000.0 7,000.0

6,500.0

Fund(Sponsor)

Brookfield Global Transition Fund II Brookfield Technology Partners

Brookfield Strategic Real Estate Partners V Fund

Brookfield Asset Management (Real Estate) Clearlake Capital Partners VIII Fund

Clearlake Capital Group LP Dyal Capital Partners VI Fund

Blue Owl GPSC Advisors LLC Ares Senior Direct Lending Fund III

Ares Management Corp (Private Equity) Oaktree Lending Partners Corp. OCM Distressed Debt Group

Starwood Distressed Opportunity Fund XIII Starwood Capital Group Global LLC

KPS Special Situations Fund VI KPS Capital Partners LP

Global Renewable Power Infrastructure Fund IV

Global Energy & Power Infrastructure Group PSG VI PSG Equity LLC

Copyright ? 2023 FactSet Research Systems Inc. All rights reserved.

FactSet Research Systems Inc.

4

December 2023

Top US Advisors

BASED ON US ANNOUNCED DEALS ? RANKED BY TRANSACTION VALUE: YTD 2023

Financial Advisor

Transaction Value ($Mil)*

Total Deals**

Legal Advisor

Transaction Value ($Mil)*

1.

Goldman Sachs & Co.

$567,768.2

180 1.

Wachtell, Lipton, Rosen & Katz

$281,702.2

2.

JPMorgan Chase & Co

484,116.6

184 2.

Kirkland & Ellis LLP

266,282.6

3.

Morgan Stanley

444,799.2

124 3.

Sullivan & Cromwell LLP

266,175.5

4.

BofA Securities

294,161.6

119 4.

Latham & Watkins LLP

259,789.2

5. Citigroup

294,057.2

87 5.

Skadden, Arps, Slate, Meagher & Flom LLP

212,141.2

6.

Centerview Partners Advisory Holdings

226,077.3

59 6.

Paul, Weiss, Rifkind, Wharton & Garrison

203,654.4

7.

Evercore, Inc.

197,957.2

90 7.

Davis Polk & Wardwell LLP

201,190.4

8.

RBC Capital Markets

126,962.3

82 8.

Fried, Frank, Harris, Shriver & Jacobson

179,381.3

9.

Wells Fargo & Co.

108,449.5

37 9.

Cravath, Swaine & Moore LLP

178,225.3

10. Barclays PLC

99,898.6

59 10. Simpson Thacher & Bartlett LLP

157,610.9

11. Lazard

98,789.4

82 11. Gibson, Dunn & Crutcher LLP

129,320.9

12. UBS Group AG

95,773.4

77 12. Cleary Gottlieb Steen & Hamilton LLP

112,257.1

13. Guggenheim Securities LLC

93,887.3

44 13. Shearman & Sterling LLP

110,319.2

14. Jefferies LLC

79,662.0

129 14. Alston & Bird LLP

103,616.0

15. Moelis & Co.

76,321.7

68 15. Clifford Chance LLP

100,985.6

16. Bank of Montreal

69,468.5

50 16. Freshfields Bruckhaus Deringer LLP

88,522.6

17. Petrie Partners LLC

64,922.6

1 17. Weil, Gotshal & Manges LLP

85,119.1

18. PJT Partners, Inc.

56,805.3

29 18. Goodwin Procter LLP

84,932.4

19. Qatalyst Group LP

50,918.0

8 19. White & Case LLP

64,660.2

20. Consello Management LP

48,658.6

2 20. Vinson & Elkins LLP

61,688.5

21. Piper Sandler Cos.

47,392.7

85 21. Hogan Lovells

43,848.7

22. MTS Health Partners LP

47,055.8

9 22. Wilson Sonsini Goodrich & Rosati

42,067.5

23. Deutsche Bank AG

45,662.9

36 23. Cooley LLP

38,303.4

24. Perella Weinberg Partners

45,428.4

29 24. Ropes & Gray LLP

38,248.4

25. The Toronto-Dominion Bank

42,644.2

57 25. Sidley Austin LLP

38,202.4

26. Rothschild & Co

32,704.6

78 26. Paul Hastings LLP

37,370.3

27. Ernst & Young Global Ltd.

31,938.4

66 27. Willkie Farr & Gallagher LLP

37,135.3

28. Mizuho Financial Group, Inc.

30,893.4

21 28. Jones Day LP

32,062.8

29. HSBC Holdings Plc

30,250.2

8 29. Debevoise & Plimpton LLP

30,278.4

30. Mediobanca Banca di Credito Finanziario

29,756.4

17 30. King & Wood Mallesons Ltd.

30,211.5

31. LionTree LLC

29,695.7

13 31. Herbert Smith Freehills Australia LLP

28,382.5

32. William Blair & Co.

28,817.5

82 32. AZB & Partners

28,107.7

33. Truist Financial Corp.

28,299.5

23 33. Allen & Overy LLP

27,686.7

34. Tidal Partners LLC

28,083.0

2 34. Milbank LLP

27,292.5

35. Vitale & Co. Holding SpA

26,274.8

3 35. Richards, Layton & Finger PA

26,208.8

36. Raymond James Financial, Inc.

25,762.9

86 36. Linklaters LLP

24,288.9

37. Gresham Partners Ltd.

22,226.6

6 37. Morrison & Foerster LLP

23,648.1

38. Grant Samuel & Associates Pty Ltd.

18,897.6

1 38. Homburger AG

23,343.5

39. Houlihan Lokey, Inc.

14,055.3

163 39. Matheson Ormsby Prentice

23,171.3

40. Mitsubishi UFJ Financial Group, Inc.

12,895.1

3 40. McGuireWoods LLP

21,386.8

41. BNP Paribas SA 42. Scotiabank 43. The Raine Group LLC 44. Stifel/KBW 45. Robert W. Baird & Co. 46. Intrepid Partners LLC 47. Ardea Partners LP 48. Eastdil Secured LLC 49. Macquarie Group 50. Nomura Securities Co., Ltd.

12,854.2 12,260.5 11,143.3 10,360.4

9,693.7 9,577.2 8,504.0 8,348.8 8,007.0 7,815.8

24 41. Morgan, Lewis & Bockius LLP

17

42.

Hengeler Mueller Partnerschaft von Rechtsanw?lten mbB

7 43. Blake, Cassels & Graydon LLP

74 44. Covington & Burling LLP

62 45. Baker & McKenzie LLP (Illinois)

2 46. Dechert LLP

11 47. McDermott Will & Emery LLP

5 48. Pillsbury Winthrop Shaw Pittman LLP

29 49. Stikeman Elliott LLP

20 50. McCarthy T?trault LLP (Canada)

21,173.1 20,654.0 20,079.5 19,401.5 18,359.7 18,201.5 16,950.4 16,843.8 16,712.6 15,994.5

* * Transaction Value is the aggregate base equity plus the target's net debt, where applicable.

**** Total Deals includes deals that reported a deal value as well as those that did not.

If you would like to participate in our league table rankings or have questions about league table criteria, please contact advisors@.

Total Deals**

57 410

93 274 132

80 90 41 55 115 148 67 56 75 43 44 92 237 66 48 54 79 131 89 76 77 90 124 33 11 18 34 33 30

6 25 71

7 7 16 105

9

44 21 35 35 62 56 45 19

Copyright ? 2023 FactSet Research Systems Inc. All rights reserved.

FactSet Research Systems Inc.

5

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download