M&A Analysis
Software M&A Analysis into Q4
Software deals remain hot with Francisco Partners acquiring New Relic (NEWR) in a $6.5B deal in July and then the deal of the quarter with Cisco (CSCO) announcing a $28B deal for Splunk (SPLK). Valuations have come down across the space with multiple contraction due...
Upstream and Midstream Energy M&A Analysis
Although in Q2 there were several notable deals in hot momentum areas like software & biotech, for this breakdown I want to look at two recent Energy deals, one in Upstream and one in Midstream. The Energy sector is flush with cash from the last two years and may...
Industrial Distributor M&A Focus
Univar (UNVR) with a recent acquisition by Apollo (APO) for $8.1B at ~ a 20% premium a notable deal in Q1. UNVR has long been seen as a M&A target and rejected a deal from Brenntag in January. UNVR is a distributor of commodity and specialty chemical products...
Software M&A Analysis – Searching for Private Equity Targets
With Software valuation contracting to multi-year lows we are starting to see both companies and private equity take aim at names that continue to have a long runway for revenue growth in an industry that continues to have bright growth prospects but a market that has...
M&A Analysis: Biotech Deals Heat Up in Q2
Biotech (XBI) M&A heated up in Q2 with several large deals announced or speculated with Neuro and Oncology remaining the top areas Pharma is looking for exposure. Pfizer announced an $11.6B deal for long-time favorite BioHaven in the Neuro space and reports...
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...