US M&A News and Trends - FactSet
FLASHWIRE US MONTHLY
December 2023
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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.
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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.
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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.
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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)
$20,000.0 15,000.0
15,000.0 13,000.0 10,000.0
10,000.0 10,000.0 8,000.0 7,000.0
6,500.0
Fund(Sponsor)
Brookfield Global Transition Fund II Brookfield Technology Partners
Brookfield Strategic Real Estate Partners V Fund
Brookfield Asset Management (Real Estate) Clearlake Capital Partners VIII Fund
Clearlake Capital Group LP Dyal Capital Partners VI Fund
Blue Owl GPSC Advisors LLC Ares Senior Direct Lending Fund III
Ares Management Corp (Private Equity) Oaktree Lending Partners Corp. OCM Distressed Debt Group
Starwood Distressed Opportunity Fund XIII Starwood Capital Group Global LLC
KPS Special Situations Fund VI KPS Capital Partners LP
Global Renewable Power Infrastructure Fund IV
Global Energy & Power Infrastructure Group PSG VI PSG Equity LLC
Copyright ? 2023 FactSet Research Systems Inc. All rights reserved.
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December 2023
Top US Advisors
BASED ON US ANNOUNCED DEALS ? RANKED BY TRANSACTION VALUE: YTD 2023
Financial Advisor
Transaction Value ($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
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