M&A Report 2016 Annual
M&AReport
2016Annual
Credits & ContactPitchBook Data, Inc.
JOHN GABBERT Founder, CEO
ADLEY BOWDEN Vice President,
Market Development & Analysis
ContentNIZAR TARHUNI Senior Analyst
DYLAN E. COX Analyst
KYLE STANFORD Publisher
BRYAN HANSON Data Analyst
JENNIFER SAM Senior Graphic Designer
Contact PitchBook pitchbook.com
RESEARCH
EDITORIAL
SALES
COPYRIGHT © 2017 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.
Introduction 3
Overview 4-6
M&A by sector & size 7
Spotlight: B2C 8
Spotlight: IT 9
Spotlight: Healthcare 10
Private equity 11-12
Methodology 13
Contents
The PitchBook PlatformThe data in this report comes from the PitchBook Platform–our data software for
VC, PE and M&A. Contact [email protected] to request a free trial.
2 PITCHBOOK 2016 ANNUAL M&A REPORT
More than $2 .1 trillion spent on 2016 M& AIntroduction
Over the past half-decade, we’ve experienced a financial and strategic-buyer profile that has pressed forward with deals
unaffected by the global political, economic and market risks that populate our news feeds on a daily basis. More than
100,000 M&A deals have been completed over that timeframe and despite transactions only becoming increasingly
expensive, enough deals were completed last year to place 2016 deal value at the highest level we’ve ever seen ($2.1
trillion+). That figure becomes even more pronounced given it was spread across considerably fewer deals than what we
saw in the two years preceding 2016. As corporates sit on piles of unused cash that in turn depress ROIC figures, 2016 saw
strategics put money to work in some of the largest deals we’ve ever seen. In the face of increased antitrust concerns and
a slew of potential policy impacts from a new administration, executives continued to bet big. As we move into the new
year, deal volume will likely retract given both the amount of consolidation we’ve already seen from corporate M&A, and
the volume of newly purchased inventory from private equity. That said, the corporate need to drive returns on capital
(i.e. excess cash) and the PE need to generate returns at the fund level will still be present. We anticipate that this notion,
coupled with the availability of capital for both parties, will likely keep transaction sizes large in 2017.
We hope this report is useful in your practice. Please feel free to contact us at [email protected] with any questions.
NIZAR TARHUNI
Senior Analyst
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Despite decline in activity, M& A deal value continues strongOverview
Deal activity declines for fourth consecutive quarter
M&A activity by quarter
Source: PitchBook
Does a poor economic outlook hurt or
help M&A initiatives?
Between the beginning of 2010 and
2013, M&A activity across North
America and Europe remained
relatively flat. Widespread economic
concerns, including the US fiscal
cliff following the 2012 presidential
election and the continued European
struggle to recover following the debt
debacle of a couple years prior, helped
create a complicated environment for
M&A. While those events could have
deterred dealmakers from embarking
on an aggressive acquisition path,
there is always going to be concern
around the global economic outlook.
2016 should have been no different.
The World Bank estimates that 2016
global GDP will have grown at the
slowest pace since the financial crisis,
yet aggregate M&A value will likely
come in at the highest level we’ve
seen once we retroactively fill in the
$199
$229
$282
$241
$189
$401
$267
$265
$259
$311
$269
$365
$257
$342
$299
$382
$327
$387
$435
$530
$597
$454
$507
$619
$588
$570
$508
$474
3,686
4,389 4,583 4,633
4,526
5,150
4,4444,873
5,675
5,1975,757
6,062
4,958
3,081
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010 2011 2012 2013 2014 2015 2016
Deal Value ($B) Deal Count
$22
$24
$26
$25
$32
$30
$36
$224
$225 $2
47 $284 $3
14
$373
$508
2010 2011 2012 2013 2014 2015 2016
Median Average
2016 average M&A deal value more than doubles 2012 value
Median and average M&A deal value ($M)
Source: PitchBook
4 PITCHBOOK 2016 ANNUAL M&A REPORT
Source: PitchBook
Source: PitchBook
Debt usage stays low
Median debt & equity percentages of M&A
datasets over the next quarter. The
point is, the macro uncertainties that
seemed to plague or at least not
encourage dealmaking between 2010
and 2014 have been swapped with
new worries, but dealmakers have
taken the current landscape as their
cue to spend and ostensibly build
more comprehensive and recession-
proof businesses. 2016 may have seen
transaction volume drop off relative to
the peaks we’ve experienced over the
last two years, but whereas the years
between 2010 to 2014 saw a significant
proportion of M&A come from smaller,
middle-market deals, 2016 saw the
mega-deal featured front and center.
Spend it while you have it
$2.1 trillion worth of M&A was
completed in 2016 across 18,344
transactions, reflecting a total deal
value figure that is relatively flat to
what we saw in 2015, yet through a
transaction count that decreased by
more than 23%. As we continue to
collect data, each of the above figures
will rise, and with that, we estimate that
2016 will have registered the most M&A
in terms of total deal value we’ve ever
recorded.
On a quarterly basis, activity continued
to follow the overarching trends of
deal markets we cover—whether that
be PE, VC or general M&A—with the
pace of activity moving consistently
lower in a noticeable way. In fact, just
$474 billion worth of deals closed in
4Q across 3,081 transactions, reflecting
year-over-year declines of 23% and
49%, respectively. The rather dramatic
drop off in those figures alone could
drive some concern for dealmakers
and service providers. However, the
volume and amount of announced
transactions during that period
provides some assurance around the
continued appetite for deals within
the market. Just shy of $900 billion
worth of M&A was announced during
2H 2016 that has yet to close (1,534
transactions), with 4Q 2016 accounting
for roughly $626 billion. And thus far
into the first quarter of 2017, we’ve
already seen roughly $98 billion worth
of M&A announced.
Dealmakers remained bold in terms
of the size of transactions they were
seeking to complete last year. The
median deal size across all M&A in
2016 came in at $36 million, reflecting
a nearly 21% YoY jump, and a 65% jump
compared to what we saw in 2010.
Further highlighting the presence
of mega transactions underpinning
total deal value, the average deal size
came to $508 million last year, a 36%
jump over 2015 and a whopping 127%
increase relative to what we saw in
2010. More than 54% of all M&A value
came from transactions valued at
$5 billion or more, by far the largest
proportion we’ve seen from such deals
since at least 2010. For reference, less
than 45% of 2015 deal value came
from deals that large, with just 33%
of deal value coming from $5 billion+
transactions in 2010.
Equity contributions rise as multiples 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2013 2014 2015 2016
Debt % Equity %
3.9x 4.
5x
4.0x 4.3x 4.
9x
4.9x
4.6x
3.4x 3.
7x
3.7x
3.1x
3.7x 4.1x
4.6x
7.3x
8.2x7.7x 7.4x
8.6x 9.0x 9.2x
0x
2x
4x
6x
8x
10x
2010 2011 2012 2013 2014 2015 2016
Debt/EBITDA Equity/EBITDA Valua�on/EBITDA
Valuation-to-EBITDA ratios continues growth
Median EBITDA multiples
5 PITCHBOOK 2016 ANNUAL M&A REPORT
M&A transaction multiples
Source: PitchBook. Note: Any discrepancy between total valuation and debt/equity figures is due to rounding.
3.2x 3.
9x 4.5x
3.9x
3.8x 4.
9x
4.4x
4.1x
3.8x 4.1x
4.3x
4.0x 4.5x
4.1x
4.0x 4.6x 5.0x
4.9x
4.2x 4.
9x
4.4x 4.8x 5.0x 5.4x
4.2x 4.5x 4.8x 5.0x
4.0x 2.9x 3.
3x
3.6x
3.8x
3.7x
4.4x
3.5x
3.8x 3.5x 4.
1x
3.5x 2.8x
2.7x 3.2x 3.
5x 3.7x
3.0x
4.3x 3.
8x
4.4x
3.6x 4.
1x 3.8x
4.2x 4.
7x 4.7x 4.8x7.2x6.9x
7.7x 7.5x 7.6x8.6x8.8x
7.5x7.6x 7.6x8.3x
7.5x7.3x 6.7x
7.3x8.0x
8.7x7.9x
8.5x 8.7x 8.8x8.4x
9.1x 9.2x8.4x
9.2x 9.5x 9.8x
0x
2x
4x
6x
8x
10x
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010 2011 2012 2013 2014 2015 2016
Debt/EBITDA Equity/EBITDA Valua�on/EBITDA
M&A activity in EuropeM&A activity in North America
$643
$652
$799
$744
$1,0
87
$1,4
96
$1,3
95
7,929
9,139
10,148
9,697
12,02112,832
9,801
2010 2011 2012 2013 2014 2015 2016
Deal Value ($B)
Deal Count
Source: PitchBook
$308
$471
$404
$536
$593
$681
$746
7,263
9,302
8,841 8,9989,886
11,087
8,543
2010 2011 2012 2013 2014 2015 2016
Deal Value ($B) Deal Count
Source: PitchBook
do the same
The S&P 500 (ex-financials) cash and
short-term investments balance hit a
10-year high in 3Q 2016 ($1.54 trillion)
according to FactSet. As corporates
continue to sit on piles of cash ready
to be put to work, equity contributions
registered the highest level seen since
2010, at nearly 50%. On an absolute
basis, debt remains cheap, but the
combination of inflated equity prices
and the excess of cash on corporate
books allows strategics to move rather
swiftly to get deals done. Further,
issuing an excessive amount of debt
to fund deals can have an adverse
effect on credit ratings, an outcome
that many would like to avoid in order
to remain in good standing with the
capital markets. For pressured sectors
such as energy, traditional debt
packages to fund consolidation could
be dangerous (and tough to get), as
many companies could be floating
in risky territories and need to avoid
tripping certain covenants on existing
debt, the result of which could also be
propping up the equity contributions
seen in recent M&A.
At 9.2x, the median valuation-to-
EBITDA multiple in 2016 came in at
the highest level we’ve seen since
at least 2010. In fact, that number
registers two turns higher than what
we saw roughly six years ago. In a deal
landscape comprised of both record
PE dry powder and corporate access
to capital, competition has remained
fierce and continues to drive pricing.
Further, as the S&P 500 trades at an
ever-loftier price-to-earnings ratio, any
acquisition premium above the current
market cap of public companies will
only cause competed deals to remain
fairly expensive.
6 PITCHBOOK 2016 ANNUAL M&A REPORT
M&A activity ($) by sector
M&A deals ($) by deal size
M&A activity (#) by sector
M&A deals (#) by deal size
Source: PitchBook
More than 80% of M&A deal value was derived from deals with a minimum EV of $1 billion
B2C deals represent more than 40% of 4Q deal value
Overall values slide higher throughout yearM&A by sector & size
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
$5B+
$1B-$5B
$500M-$1B
$250M-$500M
$100M-$250M
Under$100M
Source: PitchBook
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Materials &Resources
IT
Healthcare
FinancialServices
Energy
B2C
B2B
Source: PitchBook 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Materials &Resources
IT
Healthcare
FinancialServices
Energy
B2C
B2B
Source: PitchBook
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
$5B+
$1B-$5B
$500M-$1B
$250M-$500M
$100M-$250M
Under$100M
7 PITCHBOOK 2016 ANNUAL M&A REPORT
$49
$60
$61
$96
$51
$87
$112
$84
$89
$92
$139
$55
$92
$146
$104
$216
1,012
1,005
1,006
987
1,252
1,2291,132
1,058
1,2911,310
1,360
1,3261,287
1,002892
585
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Deal Value ($B) Deal Count
Mega-deals fuel B2CSpotlight: B2C
B2C deal flow sees major decline in 2016
B2C activity by quarter
Source: PitchBook
Source: PitchBook
The single largest M&A transaction to
close in 2016 was in the B2C sector:
Anheuser-Busch InBev’s £79 billion
acquisition of SABMiller. The deal
will give the combined company
an estimated 46% of global beer
profits and 27% of global volume,
according to the Wall Street Journal.
This acquisition—mostly a move to
gain market share in the developing
economies of Africa and South
America—exemplifies the increasingly
global nature of the M&A market
(particularly in consumer products)
despite the increasingly populist
rhetoric of many western countries.
Due in large part to the major
consolidation in the beer industry, M&A
deal value in the B2C sector totaled
$557.7 billion in 2016, representing a
49% increase over the previous year.
Even if we disregard the AB InBev
transaction, however, M&A value would
have increased by a healthy 18.9% YoY.
Other large deals in the sector include
Charter Communications’ $78.8 billion
acquisition of Time Warner Cable and
the $15 billion take-private of Keurig
Green Mountain by a consortium of
financial and strategic buyers.
The overall decrease in number of
transactions and increase in median
and average deal size in this sector
reflect the broader M&A market. The
median B2C deal size grew by $5
million in 2016, up to $40 million,
while the average deal for the year
more than doubled to $637 million.
Fewer but larger deals are being
completed as companies strive to have
a consumer-facing brand just about
anywhere in the world their products
could be bought and sold.
Average & median B2C deal size ($M) B2C M&A (#) by acquirer type
Source: PitchBook
0
200
400
600
800
1,000
1,200
1,400
1,600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Sponsor-backed Corporate M&A
$23
$22
$24
$43
$27
$43
$30
$43
$38
$37
$38
$24
$28
$52
$39
$60
$258
$279
$275 $3
80
$208 $2
82
$420
$314
$331
$318 $4
10
$179
$342
$623
$468
$1,4
46
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Median Average
8 PITCHBOOK 2016 ANNUAL M&A REPORT
IT M& A shows strongest sector per formanceSpotlight: IT
IT deal activity unable to keep pace with past couple years
IT activity by quarter
Average & median IT deal size ($M)
Source: PitchBook
Source: PitchBook
Last quarter, we reported that M&A
value in the IT sector was ahead of last
year’s pace by 169%. Since then, tech
M&A activity has slowed considerably,
but still showed strong performance
on an annual basis. Deal activity
totaled $426.3 billion across 3,060
transactions in 2016, representing a
68.2% increase and 13.6% decrease,
respectively. The top three tech deals
by size in 2016 were all acquisitions
of public companies: Dell’s $60
billion take-private of EMC, Avago
Technologies’ $37 billion acquisition of
competitor Broadcom and SoftBank’s
£24 billion acquisition of ARM
Holdings.
Similarly to the B2C industry, both the
median and average deal size in the
IT sector increased substantially last
year, to $29 million and $647 million,
respectively. Meanwhile, the number of
deals completed fell by 13.6% YoY. At
first, this figure may sound rather glum,
but in fact it represents the smallest
YoY decrease in terms of deal flow by
any sector.
That the IT sector has seen relative
success last year comes as a surprise
to nobody. Large IT companies now
dominate our headlines, political
campaigns, shopping habits and social
interactions. The industry, like others
before it, has probably already seen
its most explosive years in terms of
growth. Next comes consolidation and
jockeying for market share as industry
giants transition from the role of
disruptor to that of dealmaker.
$14
$46
$66
$88
$29
$98
$44
$141
$41
$53
$46
$113
$135
$99
$140
$53
677693
642
726 789 830
773 790
911
805
899 927876 871
736
577
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Deal Value ($B) Deal Count
IT M&A (#) by acquirer type
Source: PitchBook
$17
$23
$24
$28
$24
$23
$25
$30
$22
$20
$29
$35
$29
$23
$36
$29$9
6
$263
$379 $4
38
$166
$519
$258
$632
$176
$259
$203
$448
$700
$526
$851
$462
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Median Average
0
100
200
300
400
500
600
700
800
900
1,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Sponsor-backedCorporate M&A
9 PITCHBOOK 2016 ANNUAL M&A REPORT
$16
$22
$37
$30
$67
$28
$79
$51
$229
$95
$106
$53
$61
$77
$50
$48
394
365
408 411
521
462
520
477
571
529
615 597548
497
416
293
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Deal Value ($B) Deal Count
Healthcare activity in midst of major slideSpotlight: Healthcare
Average & median healthcare deal size ($M)
Source: PitchBook
After a very strong 2015, the value
of M&A activity in the healthcare
sector more than halved last year to
$236.2 billion. The downturn was more
pronounced in Europe, which saw a
70.6% decrease in value, than it was in
North America, which experienced just
a 44.1% downturn. These markets are,
of course, very different.
Healthcare costs in the US are well-
known to be far above those of any
other developed nation. Under the
Affordable Care Act, more people
became insured, yet premiums
increased for many. Meanwhile, new
legislation has been proposed that
would effectively repeal the ACA,
yet nobody knows for sure how the
politics and mechanics of the situation
will play out. That leaves companies
in the healthcare industry scrambling
to prepare for any legislative or
regulatory changes, while also having
to leave resources in place to continue
operating in the current environment.
Two of the top three healthcare
M&A deals in 2016 were acquisitions
of biopharmaceutical companies:
Shire’s $32 billion purchase of
Baxalta and Pfizer’s $14 billion
purchase of Medivation. Investment in
pharmaceuticals and biotechnology
surged in the three years from 2014-
2016, and we expect 2017 to be no
different.
Healthcare activity continues decline in 4Q
Healthcare activity by quarter
Source: PitchBook
$48
$23
$39
$31
$55
$28
$46
$57
$31
$38
$60
$36
$65
$48
$61
$55$1
53 $251 $3
42
$253
$489
$188
$460
$378
$1,4
40
$611
$632
$297 $3
99
$613
$420
$580
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Median Average
Source: PitchBook
0
100
200
300
400
500
600
700
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015 2016
Sponsor-backed Corporate M&A
Healthcare deal flow (#) by type
10 PITCHBOOK 2016 ANNUAL M&A REPORT
1,88
0
2,41
1
2,49
7
2,45
0
3,04
4
3,30
5
2,89
0
1,96
2 2,18
3
2,22
3
2,09
5 2,54
0
2,62
3
2,19
1
49% 52% 53% 54%55% 56% 57%
2010 2011 2012 2013 2014 2015 2016
Add-On Non Add-On Add-On %
M&A activity (#) by type
Source: PitchBook
Source: PitchBook
Add-on % highest since financial crisis
PE buyout activity (#) by year
Corporate M&A accounted for a full
80% of M&A deal value in 2016—the
highest we’ve recorded since our
datasets began in 2010. But while
that makes PE seem like it’s becoming
a smaller portion of the total M&A
marketplace, sponsor-backed
activity made up 28.6% of completed
transactions—also the highest in our
datasets. This discrepancy can be
explained by the simultaneous increase
in median deal size for corporate M&A
and decrease in median deal size for
buyout transactions—PE investors
are simply being driven out of their
own market by strategic acquirers
with record amounts of cash on their
balance sheets.
These acquirers, always looking for
ways to grow market share, are able to
justify loftier acquisition prices to their
shareholders by selling them as long-
term strategic plays and not short-term
PE accounts for declining por tion of M& A valuePrivate equity
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
2010 2011 2012 2013 2014 2015 2016
Sponsor-backed Corporate M&A
Source: PitchBook
M&A activity ($B) by type
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2010 2011 2012 2013 2014 2015 2016
Sponsor-backed Corporate M&A
11 PITCHBOOK 2016 ANNUAL M&A REPORT
0
100
200
300
400
500
600
700
800
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010 2011 2012 2013 2014 2015 2016
Secondary Buyout Strategic Acquisi�on
Secondary buyouts account for growing % of M&A
PE-backed exits (#) by type
financial ones. Conversely, PE investors
must be able to clearly envision a path
to a profitable exit, usually in under
10 years, and cannot justify higher
purchase prices by saying that they
are long-term strategic initiatives or
research projects.
In response to the current high-
priced environment, PE firms have
been increasingly reliant on add-on
transactions as a way to blend down
the aggregate acquisition multiple for
the assets in their portfolios. Add-ons
made up 57% of all buyout activity
in 2016, up just one point from 56%
in 2015, but a full eight percentage
points higher than in 2010. Usage of
add-ons, as a percentage of total PE
activity has grown every year over that
timeframe, showing just how important
the strategy has become. As deal flow
continues below the levels of the last
couple years, PE firms will have to flex
their operations muscles, patching
together smaller companies and
working toward more profitable exits.
$0
$20
$40
$60
$80
$100
$120
$140
2010 2011 2012 2013 2014 2015 2016
Acquisi�on Add-on Buyout
Pla�orm Buyout
Corporate acquisition size well outpaces other exit types
Median transaction size ($M) by transaction type
Source: PitchBook
Source: PitchBook
Median corporate acquisition size jumps 25% YoY as PE buyout size drops
12 PITCHBOOK 2016 ANNUAL M&A REPORT
K E E P I N G I T S I M P L EO U R M & A R E S E A R C H M E T H O D O LO GY
We define M&A as a transaction in which
one company purchases a controlling stake
in another company which is based in North
America or Europe. Other information
providers include non-control deals,
announced or rumored transactions, etc.—
we cut through the noise by analyzing only
completed control transactions.
Here are our qualifiers for this report:
Eligible transaction types include control acquisitions,
leveraged buyouts (LBOs), corporate divestitures,
reverse mergers, mergers of equals, spin-offs, asset
divestitures and asset acquisitions
We don’t include debt restructuring or any other
liquidity, self-tenders or internal reorganizations
In controlling stake transactions, more than 50% of
the company must be acquired
We don’t include minority stake transactions (less
than a 50% stake in a company purchased)
The target company (the entity being acquired)
must be headquartered in either North America or
Europe
We don’t base involvement on the location of the
acquirer, seller, or either parent company
We count completed deals, not announced,
rumored or cancelled
Transactions must involve small-to-medium
enterprises or corporations
Small business transactions are not included in this
report
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