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M&A at a Glance (October 2013)
Practices
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October 15, 2013 download PDF
In line with the previous few months, strategic M&A transactions have driven the movement in the overall M&A market, while sponsor-related M&A has held fairly steady with relatively minor positive or negative movement. M&A volume in September 2013 would have been relatively flat but for the signing of Verizon Communication Inc.'s agreement to buy Vodaphone Group Plc's stake in Verizon Wireless for $130 billion. Figure 2. This one transaction sharply increased the volume of strategic transactions for the month and led to telecommunications being the most active U.S. target industry. Overall, the number of strategic transactions declined, continuing a trend that, with the exception of July, started in January 2013. Figures 1 and 2. With respect to U.S. crossborder transactions, Canada continued its dominance by yet again claiming the number one ranking based on number of deals for inbound and outbound transactions in September 2013 and leads both categories over the last 12 months. Figure 3. On the U.S. public merger front, September 2013 had the highest number of announced transactions of any month this year. However, the average value of all U.S. public mergers remained relatively low, and the five largest transactions were themselves not unusually highly valued compared to prior months. Figures 4 and 5. Average break fees and the percentage of mergers with go-shop provisions remained consistent with annual trends. Figures 7 and 8.