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US M&A News and Trends

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US M&A News and Trends Media Questions/Requests FLASHWIRE US MONTHLY [email protected] September 2021 This Issue: US M&A News and Trends U.S. M&A deal activity decreased in August, going down 5.1% with U.S. private equity activity decreased in August down 18.6% from 2 US Merger 1,653 announcements compared to 1,741 in July. Aggregate M&A July. There were 162 deals in August compared to 199 in July. spending decreased as well. In August 27% less was spent on deals Aggregate transaction value also decreased, down by 56.8% to Metrics compared to July. $64.4 billion from July's $149.2 billion. 2 US Middle Over the past 3 months, the sectors that saw an increase in M&A The top financial advisors for 2021 based on deal announcements, deal activity, relative to the same three-month period one year ago, are: Goldman Sachs & Co., JPMorgan Chase & Co, Morgan Stanley, Market Monitor were: Technology Services (1113 vs. 606), Commercial Services (679 Jefferies LLC and Houlihan Lokey, Inc. The top five financial advisors, vs. 396), Finance (655 vs. 513), Industrial Services (253 vs. 154) and based on the aggregate transaction value of the deals worked on, 3 US Sector Producer Manufacturing (252 vs. 157). Twenty of the 21 sectors are: Goldman Sachs & Co., JPMorgan Chase & Co, Morgan Stanley, Activity & Value tracked by FactSet Mergers posted relative gains in deal flow over BofA Securities, Inc. and Citigroup. the last three months compared to the same three months one year prior. The top legal advisors for 2021 based on deal announcements, are: 4 US Strategic Kirkland & Ellis LLP, Latham & Watkins LLP, Goodwin Procter LLP, Buyer Report Over the past 3 months, no sector saw declines in M&A deal Jones Day LP and Skadden, Arps, Slate, Meagher & Flom LLP. The volume, relative to the same three-month period one year ago. top five legal advisors, based on the aggregate transaction value of the deals worked on, are: Sullivan & Cromwell LLP, Kirkland & Ellis 4 US Private Equity LLP, Latham & Watkins LLP, Simpson Thacher & Bartlett LLP and Report Topping the list of the largest deals announced in August are: Wachtell, Lipton, Rosen & Katz. Square, Inc. agreeing to acquire Afterpay Ltd. for $26.9 billion; 5 Top US Advisors Canadian Pacific Railway Ltd. entering an agreement acquire Kansas City Southern for $26.1 billion; A private group led by Nordic Capital Ltd., InSight Partners LLC, 22C Capital LLC, and management of 6 Top US SPAC Inovalon Holdings, Inc., entering an agreement to acquire Inovalon Advisors Holdings, Inc. for $6.2 billion; Brookfield Asset Management Reinsurance Partners Ltd.'s agreement to acquire American National Group, Inc. for $5.1 billion; Clearlake Capital Group LP 7 Top US Deals agreeing to acquire Cornerstone OnDemand, Inc. for $3.8 billion. Scoreboard The US Mergers & Acquisitions Market Index $400.0 2,000 $358.0 $350.0 $341.7 1,750 $304.5 $298.0 $300.0 $279.6 1,500 $262.7 $259.6 $260.0 $261.2 $249.2 $250.0 1,250 $205.8 $208.6 $200.0 1,000 $158.1 $150.0 $133.2 750 $100.0 500 $84.2 $50.0 $26.2 250 755 1,008 1,152 1,106 1,286 1529 1,339 1,942 1,732 1,478 1,768 1,570 1,543 1,855 1,741 1,653 $0.0 0 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Deal Volume Aggregate Deal Value FactSet.com Copyright © 2021 FactSet Research Systems Inc. All rights reserved. 1 US MergerMetrics September 2021 Merger Stats Number of Deals Agg. Transaction Value ($Bil) 12 Months Ended 12 Months Ended Average Deal Size 8/31/21 8/31/20 Change 8/31/21 8/31/20 Change P/E $1 Billion + 670 253 164.8% $2,694.0 $876.7 207.3% 34.6 $500M to $999.9M 348 185 88.1% 250.6 129.3 93.9% 28.2 $250M to $499.9M 483 266 81.6% 169.6 94.3 79.9% 23.6 $100M to $249.9M 635 469 35.4% 102.9 73.9 39.2% 20.0 $50M to $99.9M 516 428 20.6% 36.4 29.9 22.1% 27.9 $25M to $49.9M 547 495 10.5% 19.4 17.8 9.1% 28.6 $10M to $24.9M 692 654 5.8% 11.3 10.7 5.9% 16.9 Under $10M 1,348 1,663 -18.9% 4.7 4.7 -0.5% 33.4 Undisclosed 14,197 9,948 42.7% N/A N/A N/A N/A Total 19,436 14,361 35.3% $3,289.0 $1,237.2 165.8% 28.8 M&A at a Glance MEDIAN P/E MEDIAN PREMIUM 35.0x 45.0% 40.0% 30.0x 35.0% 25.0x 30.0% 33.9% 33.8% 20.0x 25.0% 20.9x 27.6% 15.0x 18.2x 20.0% 15.4x 15.0% 10.0x 10.0% 5.0x 5.0% 0.0x 0.0% 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 L3M 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 L3M US Middle Market Monitor MEDIAN EV/EBITDA MEDIAN PREMIUM 14.0x 60.0% 12.0x 50.0% 11.6x 10.0x 10.9x 40.0% 8.0x 8.1x 30.0% 34.8% 36.4% 6.0x 27.6% 20.0% 4.0x 2.0x 10.0% 0.0x 0.0% 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 L3M 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 L3M *Middle Market defined as deals valued between $1 million and $500 million, plus undisclosed deals. Media: Media quotation with source attribution is encouraged. Reporters requesting additional information or editorial comment should contact [email protected]. Mergerstat gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness of the information provided in this publication. Copyright 2021 FactSet Research Systems Inc. All rights reserved. It is illegal under federal copyright law to reproduce or redistribute this publication or any portion of its contents without written authorization of the publisher. FactSet.com Copyright © 2021 FactSet Research Systems Inc. All rights reserved. 2 M&A Spotlight: Proxy Fights to Oppose Mergers September 2021 SECTOR BY ACTIVITY L3M 8/31/21 L3M 8/31/20 Target Sector Deal Count Deal Count Difference Technology Services 1,113 606 507 Commercial Services 679 396 283 Finance 655 513 142 Industrial Services 253 154 99 Producer Manufacturing 252 157 95 Distribution Services 256 166 90 Retail Trade 196 107 89 Health Services 232 144 88 Electronic Technology 129 69 60 Consumer Services 249 191 58 Process Industries 146 99 47 Health Technology 169 122 47 Consumer Durables 78 38 40 Non-Energy Minerals 78 46 32 Transportation 102 75 27 Consumer Non-Durables 109 84 25 Utilities 92 68 24 Communications 59 39 20 Energy Minerals 33 25 8 Miscellaneous 5 4 1 Government 0 0 0 Total 4,885 3,103 1,782 SECTOR BY VALUE L3M 8/31/21 L3M 8/31/20 Target Sector Value Value Difference Finance $143,648.0 $28,777.0 $114,871.0 Technology Services 202,869.0 93,512.8 109,356.1 Commercial Services 92,796.8 17,555.9 75,240.9 Transportation 62,047.8 7,019.7 55,028.2 Producer Manufacturing 29,353.3 3,393.8 25,959.5 Consumer Services 27,054.5 5,115.2 21,939.3 Process Industries 29,291.2 10,636.7 18,654.5 Health Technology 60,605.5 42,147.2 18,458.3 Retail Trade 48,475.7 31,937.7 16,538.0 Consumer Non-Durables 18,577.9 2,825.3 15,752.6 Health Services 9,868.1 1,998.1 7,870.0 Non-Energy Minerals 6,083.6 1,836.7 4,246.9 Utilities 17,774.2 13,561.0 4,213.1 Consumer Durables 11,061.5 7,643.7 3,417.8 Electronic Technology 32,128.1 30,488.1 1,640.0 Industrial Services 21,923.5 20,682.6 1,241.0 Government 0.0 0.0 0.0 Distribution Services 6,940.8 7,113.0 (172.2) Miscellaneous 35.4 338.3 (302.9) Energy Minerals 13,778.4 15,988.4 (2,210.0) Communications 18,271.7 24,507.1 (6,235.4) Total $852,585.2 $367,078.3 $485,506.9 FactSet.com Copyright © 2021 FactSet Research Systems Inc. All rights reserved. 3 M&A Spotlight: Proxy Fights to Oppose Mergers September 2021 Merger Stats Number of Deals Agg. Transaction Value ($Bil) 12 Months Ended 12 Months Ended Average Deal Size 8/31/21 8/31/20 Change 8/31/21 8/31/20 Change P/E $1 Billion + 282 123 129.3% $1,200.1 $468.3 156.3% 32.8 $500M to $999.9M 184 90 104.4% 128.6 63.2 103.4% 21.8 $250M to $499.9M 313 182 72.0% 109.6 64.6 69.7% 23.6 $100M to $249.9M 468 323 44.9% 74.4 50.6 46.9% 18.3 $50M to $99.9M 410 324 26.5% 28.7 22.5 27.8% 17.4 $25M to $49.9M 408 398 2.5% 14.6 14.3 2.6% 27.3 $10M to $24.9M 550 560 -1.8% 9.0 9.2 -2.1% 20.1 Under $10M 1,052 1,402 -25.0% 3.8 3.9 -3.8% 19.4 Undisclosed 11,386 8,000 42.3% N/A N/A N/A N/A Total 15,053 11,402 32.0% $1,568.8 $696.5 125.2% 26.0 PUBLIC BUYER INDEX LTM 8/31/21 $150 $138.3 600 $114.2 $112.6 $109.5 $104.9 $124.2 $123.0 $100 $84.3 $84.5 $87.6 400 $72.6 $72.4 $50 200 281 370 288 453 340 314 401 362 363 494 408 405 $0 0 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Deal Volume Aggregate Deal Value US Private Equity Report Indices Top Private Equity Fundraisings: YTD 2021 PE BUYER INDEX: LTM 8/31/21 Open Date Value ($Mil) Fund (Private Equity Sponsor) 22-Jan-2021 $24,400.0 Hellman & Friedman X Fund $300 240 Hellman & Friedman LLC $250 $213.1 200 23-Mar-2021 12,500.0 TA XIV Fund $200 $149.2 160 $134.4 TA Associates Management LP $125.5 $121.5 $150 120 $91.3 $83.5 $85.8 18-Feb-2021 12,000.0 Insight Partners XII Fund $64.9 $94.3 $100 $59.6 $54.7 80 Insight Venture Management LLC $50 40 153 160 149 232 191 183 206 194 155 182 199 162 25-May-2021 10,000.0 Clearlake Capital Partners VII Fund $0 0 Clearlake Capital Group LP Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 12-May-2021 8,500.0 The Baring Asia Private Equity Fund VIII Baring Private Equity Asia Ltd.
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