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The Comprehensive Review of Mergers and Acquisitions in the Americas Region

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The Comprehensive Review of Mergers and Acquisitions in the Americas Region An Acuris Company The comprehensive review of mergers and acquisitions in the Americas region 2017 Half-year edition Deal Drivers Americas Mergermarket.com Kick back this summer, 1,000,000,000+ letKick Merrill back thissecure summer, the deal. 1,000,000,000PAGES UPLOADED + let Merrill secure the deal. PAGES UPLOADED 46,000+ VIRTUAL DATA ROOM+ MERRILL DATASITE PROJECTS46,000 SECURED SINCE 2003 VIRTUAL DATA ROOM OurMERRILL award-winning DATASITE Virtual Data Room is used by thousands PROJECTS SECURED SINCE 2003 of leading organizations, worldwide. Our award-winning Virtual Data Room is used by thousands ofThese leading organizations organizations, trust worldwide. our team of highly qualified experts to handle their most confidential transactions. + These organizations trust our team of highly qualified experts 40,000 toSimple. handle Safe. their Secure. most confidentialMerrill’s technology transactions. solutions will take M&A TRANSACTIONS+ the stress out of your next deal. SINCE40,000 2003 Simple. Safe. Secure. Merrill’s technology solutions will take M&A TRANSACTIONS theTo learn stress how out weof yourcan help next you, deal. contact us now: SINCE 2003 To888.311.4100 learn how we can help you, contact us now: [email protected] www.merrillcorp.com888.311.4100 22 [email protected] TECHNOLOGY AWARDS www.merrillcorp.com WON IN THE22 LAST DECADE © Merrill Communications LLC. All rights reserved. TECHNOLOGY AWARDS All trademarks are property of their respective owners. WON IN THE LAST DECADE © Merrill Communications LLC. All rights reserved. All trademarks are property of their respective owners. FINANCIAL TRANSACTIONS & REPORTING | MARKETING & COMMUNICATIONS FOR REGULATED INDUSTRY | CUSTOMER CONTENT & COLLABORATION SOLUTIONS FINANCIAL TRANSACTIONS & REPORTING | MARKETING & COMMUNICATIONS FOR REGULATED INDUSTRY | CUSTOMER CONTENT & COLLABORATION SOLUTIONS Mergermarket Deal Drivers Americas Contents 3 Contents Foreword 4 Canada 54 Americas Heat Chart 5 West 61 All Sectors 6 Midwest 68 Financial Services 18 South 75 Industrials, Manufacturing & Engineering 24 Mid-Atlantic 82 Energy, Mining, Oil & Gas 30 New England 89 Consumer 36 Latin America 96 Technology, Media & Telecom 42 About Merrill Corporation 104 Life Sciences & Healthcare 48 Merrill Corporation Contacts 104 Mergermarket.com Mergermarket Deal Drivers Americas Foreword 4 Foreword Welcome to the half-year edition of Deal this. However, with some big deals in the In Latin America, after initial optimism in Drivers Americas, published by Mergermarket pipeline, this could turn around in 2H17. Further the political stability of the region and signs in association with Merrill Corporation. This regulatory uncertainty hangs over inbound of recovery earlier this year, the region is report provides an extensive review of M&A cross-border M&A, especially from China, with likely to experience a slight decrease in deal activity and trends across North America and a number of ongoing deals awaiting national activity in 2H17. In Brazil, in particular, political Doug Cullen Latin America. security clearance from the Committee on instability paired with uncertainties related to Senior Vice President, Foreign Investment in the United States. China the government’s ability to carry out reforms Global Head of Solution Dealmaking in the Americas has experienced a set inbound M&A records in 2016, but fell in of its pension and labor law systems are Sales, Merrill Corporation slow start, falling short of the lofty expectations 1H17. Dealmakers are confident that we could forcing sellers and buyers to delay closings. dealmakers had set as we entered 2017. see a return to this kind of activity later in the Looking forward However, there is still optimism that rumored year, when there is an expected loosening Dealmakers have their sights on increased megadeals and negotiations already in the of the Chinese government’s capital control activity in 2H17, undeterred by this slower-than- pipeline could turn around this early slump. measures that currently make it difficult for expected start. The US economy is expected companies to get money out of the country While the number of transactions dropped, to steadily grow, with the World Bank to finance overseas. North American M&A activity did experience forecasting growth of 2.1% in 2017 and 2.2% an increase in value, with 2,793 deals worth Looking at sectors, financial services M&A in 2018. This is higher than forecasted for the US$658.5bn in the first half, versus the is expected to remain healthy for the remainder Eurozone and compares favorably to emerging recorded 2,999 deals worth US$621.1bn of 2017, especially in areas such as asset markets. Debt markets are open, and with in 1H16, according to Mergermarket data. management and financial technology (fintech). interest rates at 1% financing is accessible, Dealmakers had expected that momentum Energy, mining, oil & gas recorded the highest indicating ripe conditions for activity to flourish. from Q4 2016 (when close to US$500bn total deal value in 1H17 with US$156.6bn, Sincerely, worth of deals were announced) would carry followed by consumer at US$143.7bn. The into 2017. This optimistic outlook was driven technology, media and telecom (TMT) sector by continued stock market growth and the should also see a busy 2H17, while an increase election of President Donald Trump, who had could also be seen in healthcare M&A. laid out plans to cut personal and corporate Doug Cullen One of the more positive stories to come out tax rates, reduce the taxation of overseas cash Senior Vice President, of the first half is the level of private equity piles repatriated to the US, invest US$1tn in Global Head of Solution Sales activity. PE transactions soared in the first half, infrastructure and roll back regulation. which saw buyouts worth roughly US$111bn, Slow but sure as compared to US$173.3bn for all of 2016. PE The number of megadeals slowed in the first activity will remain a key driver in 2H17 as PE six months of the year, with the uncertainty investors have record levels of dry powder and over tax reform serving as a large culprit for are under pressure to invest. Mergermarket.com Mergermarket Deal Drivers Americas Heat Chart 5 Americas Heat Chart The powerhouse sector of technology, media The areas with the most stories following Heat Chart based on potential companies for sale & telecoms (TMT) and the West region of the the West region were the South, Mid-Atlantic Sector West South Mid- Midwest LatAm New Canada Total US are set to retain their dominant positions and Midwest. According to the Mergermarket Atlantic England in the M&A tables this year, according to our classification, the South includes states with TMT 258 132 114 55 33 50 34 676 forward-looking Heat Chart of “companies major business centers such as Florida and Consumer 87 71 67 76 54 31 15 401 for sale” stories on Mergermarket. Texas, where business services and financial services deal activity is strong. Life Sciences & 76 93 69 76 23 44 18 399 A total of 2,968 stories about companies for Healthcare sale were written by Mergermarket’s proprietary Canada had fewer “companies for sale” stories Industrials, 56 93 49 105 40 30 16 389 Manufacturing & intelligence service in the first half of 2017. This this half, with just 128, compared to 195 in H2 Engineering represents an 8.6% increase over the second 2016. Interestingly, the sector with the most Energy, Mining, Oil 88 77 36 23 59 13 23 319 half of 2016, indicating that the Americas could stories was TMT with 34, which is 11 more & Gas be due for an increase in M&A dealmaking. than the traditionally active energy sector. Business Services 72 67 40 34 38 21 1 273 Breaking down the chart by sector, the Financial Services 39 71 55 28 25 16 11 245 consumer and life sciences& healthcare Leisure 27 26 13 14 21 5 2 108 industries both made gains over the last half. Construction 8 12 5 9 9 4 2 49 There were 401 stories related to consumer Transportation 7 9 6 3 19 1 45 companies for sale and 399 related to Real Estate 4 7 8 4 3 1 2 29 healthcare targets, compared to 340 and 328, respectively, in H2 2016. In the consumer Agriculture 5 5 1 3 4 2 20 industry, there are indications that upheaval Defence 4 3 2 2 2 1 14 will spur a wave of consolidation and distress, Government 1 1 while the boom in healthcare continues across Total 731 666 465 432 329 217 128 2968 North America. The industrials, manufacturing & engineering Hot Warm Cold and energy, mining, oil & gas sectors had the fourth- and fifth-most number of stories, 80 50 20 respectively. Many of these deals were concentrated in the heartland regions of the 70 40 10 South and Midwest, as well as in Latin America 60 30 1 and the West. Criteria of heat chart: Mergermarket’s sector heat chart is based on companies tagged as potential targets in the last three months. Mergermarket.com Mergermarket Deal Drivers Americas All Sectors 6 Part of the Acuris Report on Global M&A Activity All Sectors Mergermarket.com Mergermarket Deal Drivers Americas All Sectors 7 All Sectors Overview Further information Despite a small uptick in total value, North for a strong M&A market in 2H17. “It remains a in 1H17, with 52 divestitures worth a total Get in touch American M&A activity in the first half did not sellers’ market,” Falk said. “If you have a healthy US$31.2bn, Mergermarket data shows. quite live up to the great expectations that asset, auctions are robust.” Casey said oil and gas is one area where ushered in 2017, dealmakers said. Tom Cane Private equity activity soared in the first half, companies will remain in selling mode.
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