US M&A News and Trends
FLASHWIRE US MONTHLY
January 2024
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US M&A News and Trends
U.S. M&A deal activity decreased in December, going down 14.1% with 962 announcements compared to 1,120 in November. However, aggregate M&A spending increased. In December 40.1% more was spent on deals compared to November.
U.S. private equity activity increased in December up 6.6% from November. There were 113 deals in December compared to 106 in November. Aggregate transaction value also increased, up by 14.3% to $26.5 billion from November's $23.2 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: Industrial Services (214 vs. 201), Producer Manufacturing (208 vs. 203), Miscellaneous (11 vs. 8) and Energy Minerals (26 vs. 24).
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: Finance (514 vs. 797), Technology Services (565 vs. 729), Commercial Services (494 vs. 587), Consumer Services (239 vs. 325) and Health Services (129 vs. 178). Sixteen of the 21 sectors tracked by FactSet Mergers posted negative relative losses in deal flow over 893 deals.
Topping the list of the largest deals announced in December are: Aon Plc entering an agreement to acquire NFP Corp. from Madison Dearborn Partners LLC for $13.6 billion; Bristol Myers Squibb Co.'s agreement to acquire Karuna Therapeutics, Inc. for $12.5 billion; Nippon Steel North America, Inc., a subsidiary of Nippon Steel Corp., agreeing to acquire United States Steel Corp. for $12.3 billion; Occidental Petroleum Corp.'s deal to acquire CrownRock LP, a joint venture between CrownQuest Operating LLC and Lime Rock Management LP, for $10.8 billion; AbbVie, Inc.'s agreement to acquire Cerevel Therapeutics Holdings, Inc. for $8.2 billion.
The top financial advisors for 2023 based on deal announcements, are: BDO LLP, Goldman Sachs & Co., JPMorgan Chase & 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 Cooley LLP. The top five legal advisors, based on the aggregate transaction value of the deals worked on, are: Kirkland & Ellis LLP, Wachtell, Lipton, Rosen & Katz, Sullivan & Cromwell LLP, Latham & Watkins LLP and Skadden, Arps, Slate, Meagher & Flom LLP.
The US Mergers & Acquisitions Market Index
250.0
232.2
3,500
200.0 150.0
175.4
151.9
152.0
100.0
81.2
127.3
141.5
136.2 125.9
131.5
118.0
106.2
94.5
74.0
3,000
102.8
144.1
2,500 2,000 1,500
1,000
50.0 500
1,450 1,460 1,387 1,459 1,529 1236 1,438 1,184 1,351 1,360 1,138 1,267 1,191 1,298 1,120 962
.0
0
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 Dec-23
Deal Volume
Aggregate Deal Value
Copyright ? 2024 FactSet Research Systems Inc. All rights reserved.
FactSet Research Systems Inc.
1
January 2024
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 $10M Undisclosed Total
Number of Deals
12 Months Ended
12/31/23
12/31/22
Change
286
330
-13.3%
214
262
-18.3%
246
371
-33.7%
406
588
-31.0%
317
471
-32.7%
345
515
-33.0%
405 1,109 11,746 15,074
683 1,430 14,448 19,098
-40.7% -22.4% -18.7% -21.1%
Agg Transaction Value ($Bil)
12 Months Ended
12/31/23
12/31/22
Change
$1,191.9 149.9 85.1
$1,407.8 180.8 130.1
-15.3% -17.1% -34.6%
62.8
92.9
-32.4%
22.5
33.3
-32.5%
12.2
18.3
-33.1%
6.7 3.0 N/A $1,534.2
11.1 4.4 N/A
$1,878.7
-39.8% -31.0%
N/A -18.3%
Average P/E
24.8 28.7 12.2 24.5 11.8 18.3 23.0 7.3 N/A 22.5
M&A at a Glance
MEDIAN P/E
25.0x
20.0x 15.0x 17.1x 10.0x 5.0x
20.6x
15.8x
0.0x 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
MEDIAN PREMIUM
50.0%
40.0%
30.0% 20.0%
29.7%
41.0%
43.9%
10.0%
0.0% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
US Middle Market Monitor
Median EV/EBITDA
10.0x 9.0x 8.0x 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x
8.1x 4Q21
1Q22
2Q22
3Q22
8.9x 4Q22
1Q23
2Q23
3Q23
8.9x 4Q23
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
52.2% 4Q23
*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 2024 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 ? 2024 FactSet Research Systems Inc. All rights reserved.
FactSet Research Systems Inc.
2
January 2024
US Sector Activity & Value
SECTOR BY ACTIVITY
Target Sector
Industrial Services Producer Manufacturing Miscellaneous Energy Minerals Government Consumer Durables Communications Consumer Non-Durables Utilities Electronic Technology Non-Energy Minerals Process Industries Health Technology Transportation Distribution Services Retail Trade Health Services Consumer Services Commercial Services Technology Services Finance Total
L3M 12/31/23 Deal Count
214 208
11 26
1 59 39 83 79 70 56 87 106 90 204 106 129 239 494 565 514 3,380
L3M 12/31/22 Deal Count
201 203
8 24
1 61 47 91 89 82 73 109 134 120 243 148 178 325 587 729 797 4,250
SECTOR BY VALUE
Target Sector
Energy Minerals Consumer Services Non-Energy Minerals Transportation Industrial Services Process Industries Consumer Non-Durables Commercial Services Miscellaneous Consumer Durables Government Technology Services Distribution Services Communications Electronic Technology Health Services Producer Manufacturing Health Technology Utilities Finance Retail Trade Total
L3M 12/31/23 Value
$142,488.5 28,743.8 16,345.6 16,550.6 14,813.6 9,621.9 9,275.6 15,144.0 2,033.8 5,054.7 0.0 42,001.3 2,527.4 1,166.0 9,098.6 6,426.5 19,616.8 58,901.9 15,668.8 56,823.2 6,236.9
$478,539.6
L3M 12/31/22 Value $4,498.5 10,706.6 2,831.9 4,635.5 8,179.9 3,658.6 7,084.0 13,753.4 748.8 4,093.8 0.0 43,996.5 4,898.4 3,785.4 14,346.4 12,266.6 26,464.6 66,437.3 30,902.7 75,788.1 42,879.9
$381,956.9
Difference 13 5 3 2 0 (2) (8) (8)
(10) (12) (17) (22) (28) (30) (39) (42) (49) (86) (93) (164) (283) (870)
Difference $137,990.0
18,037.2 13,513.7 11,915.1
6,633.7 5,963.3 2,191.5 1,390.7 1,285.1
960.9 0.0
(1,995.2) (2,371.0) (2,619.4) (5,247.8) (5,840.1) (6,847.8) (7,535.3) (15,233.9) (18,964.9) (36,643.0) $96,582.7
Copyright ? 2024 FactSet Research Systems Inc. All rights reserved.
FactSet Research Systems Inc.
3
January 2024
US Strategic Buyer Report
Merger Stats
Number of Deals
12 Months Ended
12/31/23
12/31/22
$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
144 101 134 255 227 265 328 938 9,658 12,050
151 137 233 430 355 423 582 1,212 11,916 15,439
PUBLIC BUYER INDEX LTM 12/31/23
Change -4.6%
-26.3% -42.5% -40.7% -36.1% -37.4% -43.6% -22.6% -18.9% -22.0%
$200
$150
$100 $50 $0
39.4 241 Jan-23
47.6 205 Feb-23
74.8
264 Mar-23
65.2
209 Apr-23
67.8
61.9
263
204
May-23
Jun-23
Deal Volume
Agg Transaction Value ($Bil)
12 Months Ended
12/31/23
12/31/22 Change
$769.3 71.4 45.7 38.3 16.0 9.4 5.4 2.5 N/A
$957.9
$690.7 92.4 80.6 67.6 24.9 14.9 9.5 3.8 N/A
$984.4
11.4% -22.7% -43.3% -43.4% -35.8% -37.1% -42.8% -33.6%
N/A -2.7%
Average P/E
22.5 37.7 7.8 20.0 11.8 20.6 25.3 N/A N/A 20.2
178.8
300
78.0 51.3
33.4
204
220
203
Jul-23
Aug-23
Sep-23
Aggregate Deal Value
226 Oct-23
46.0 183 Nov-23
150 59.0
153 0
Dec-23
US Private Equity Report
Indices
PE BUYER INDEX: LTM 12/31/23
$60
150
48.2
$50
41.3
38.8
$40 $30 $20 12.3
32.1 21.5
17.7
28.0
26.5
23.1 23.2
75
13.7
$10 136 133 136 120 108 130 115 112 118 135 106 113
$0
0
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
GOING PRIVATE INDEX: LTM 12/31/23
$80
12
$70
$60
9
$50
37.2
$40
6
$30
16.5
$20 5.0 6.0
6.1
$10 6
5
10
6
7
8.3
9.1
8.5
7.3
5.6
10.7 3 3.3
6
8
12
7
9
11 10
$0
0
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
Top Private Equity Fundraisings: YTD 2023
Open Date
16-May-2023 1-Jan-2023
13-Feb-2023 1-Jan-2023
10-Jan-2023
1-Jan-2023 27-Oct-2023 1-Jan-2023 16-Jun-2023 7-Dec-2023
Value ($Mil)
$20,000.0 15,000.0
15,000.0 13,000.0
10,000.0
10,000.0 10,000.0 8,000.0 7,000.0 7,000.0
Fund(Sponsor)
Brookfield Global Transition Fund II Brookfield Technology Partners
Brookfield Strategic Real Estate Partners V Fund
Brookfield Asset Management (Real Estate) Clearlake Capital Partners VIII Fund
Clearlake Capital Group LP Dyal Capital Partners VI Fund
Blue Owl GPSC Advisors LLC (Private Equity) Ares Senior Direct Lending Fund III Ares Management Corp (Private Equity) Oaktree Lending Partners Corp. OCM Distressed Debt Group Starwood Distressed Opportunity Fund XIII Starwood Capital Group Global LLC KPS Special Situations Fund VI KPS Capital Partners LP Global Renewable Power Infrastructure Fund IV Global Energy & Power Infrastructure KKR Global Climate Fund Kohlberg Kravis Roberts & Co. LP
Copyright ? 2024 FactSet Research Systems Inc. All rights reserved.
FactSet Research Systems Inc.
4
January 2024
Top US Advisors
BASED ON US ANNOUNCED DEALS ? RANKED BY TRANSACTION VALUE: YTD 2023
Financial Advisor
Transaction Value ($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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