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M&A at a Glance (September 2013)
Practices
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September 16, 2013 download PDF
M&A deal volume suffered a significant drop in August 2013, driven by a 45% decrease from July in both global and U.S. strategic transaction volume. During August, only global private equity volume seems to have held steady, although both the number of deals and private equity deal volume in the U.S. declined significantly. Figure 1. The average value of U.S. public mergers for August 2013 was more than 40% lower than that of any month in the last two years. Figure 4. For the first time in the last twenty-four months, no U.S. public merger in August broke the $1 billion dollar mark in deal value. Figure 5. Break fee and reverse break fee percentages each ticked upward, continuing to evidence an inverse relationship between deal size and the size of break fees as a percentage of deal value. Figure 6. Finally, 87.5% of deals in August 2013 were cash only, considerably higher than the 67.4% twelve-month average. Figure 9.