M&A Analysis
Auto Parts Industry M&A Analysis
Tenneco (TEN) and Meritor (MTOR) were each acquired in the Auto Parts space in back-to-back days for $7.1B and $3.7B respectively, and at 100% and 50% premiums. TEN at 4X FY22 EBITDA and MTOR at 7X FY22 EBITDA, the distinction being MTOR’s 10.7% EBITDA margins versus...
Hospital Products M&A Environment
Hill-Rom (HRC) was one of the more notable M&A deals in Q3 with Baxter (BAX) aggressing to a $10.5B deal bringing together two leading medical technology companies to broaden access to care in the hospital, home and alternate site settings. Patients increasingly...
AT&T & Discovery Merger May Spark Media Deals
On May 17th, 2021 AT&T (T) announces a $43B deal to merge its WarnerMedia unit with Discovery (DISCA). On the M&A call the company noted that “this transaction brings together 2 entertainment leaders with complementary content strengths and positions the new...
M&A Analysis: Insurance Sector Deals Pick Up
In March M&A in the insurance market made headlines as Chubb (CB) approach Hartford Financial (HIG) in a $23B buyout that was later rejected but talks are likely to continue and overall puts a spotlight on an industry that is undervalued. Chubb has long been a...
M&A Analysis – Biotech – Oncology – October 2020
Immunomedic (IMMU) a notable deal in Biotech at a value of $21B and coming at a sizable 108% premium from Gilead (GILD) with M&A in Biotech continuing to favor deals in the Oncology space. The large cap Biotech’s continue to generate strong cash flows and have a...
M&A Analysis – Semiconductors August 2020 – Consolidation Continues
A large deal in the Semiconductor industry tops the deals for July as Analog Devices (ADI) agreed to an all-stock deal to acquire Maxim (MXIM) for $21B. Maxim is a respected signal processing and power management franchise with a proven technology portfolio and...
M&A Analysis: Mobile Gaming
Zynga (ZNGA) announced a large deal to start the month of June purchasing Istanbul-based mobile game developer Peak for $1.8B, split with $900M cash and $900M in stock. Peak is best known for mobile games such as Toon Blast and Toy Blast. With Peak’s 12 million daily...
M&A Analysis: Life Science Tools
Thermo Fisher’s (TMO) $11.5B deal for QIAGEN (QGEN) was the top deal in March 2020 and came at a 23% premium after long speculation of a pending deal, and valuation multiple of near 20X EBITDA and 7.15X EV/Sales. QGEN is in the diagnostics space helping 500,000...
M&A Analysis: FinTech
In a broader theme this month the M&A market was very hot across Financials, a number of deals in the space including: Morgan Stanley (MS) Announced a $13B Deal for E-Trade Intuit (INTU) Announced a $7.1B Deal for Credit Karma Worldine Announced an $8.6B Deal for...
M&A Analysis: Aerospace M&A
Hexcel (HXL) was one of the first large deals of 2020 as Woodward (WWD) announced an all-stock deal to acquire the company that valued it at $6.4B, a modest 4.5% premium to where it traded prior to the announcement. The deal was dubbed a merger of equals and creates a...