KROLL-加拿大并购行业洞察——2025年冬季_14页_1mb

报告摘要

Kroll Canadian M&A Summary (Winter 2025)

Core Content

In 2024, the Canadian M&A market experienced a decline in both deal volume and disclosed enterprise value (EV). A total of 1,534 Canadian companies were sold, representing a 4% decrease in volume from 2023, and the disclosed EV amounted to $88.5 billion, indicating a 21% decrease in value. Despite this overall decline, deal activity increased in the latter half of the year compared to the first six months.

The majority of transactions involved private companies, with 94% of Canadian deals being private. Public company transactions saw a smaller decline, with 92 public companies sold in 2024 compared to 95 in 2023.

Main Points

Deal Volume and Value

1,534 Canadian companies were sold in 2024.
Deal volume decreased by 4% compared to 2023.
Disclosed EV decreased by 21% compared to 2023.
Deal activity increased in the second half of the year.

Megadeals

48 megadeals closed in 2024, with an average EV of $3.7 billion.
Mega deals accounted for 79% of total disclosed deal value.
Top megadeals:
- Telecom Italia's Fixed Line Network Business acquired by KKR, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, F2i, and the Italian Government (EV: $32.0 billion).
- AirTrunk Operating Pty Ltd acquired by Blackstone Inc. and Canada Pension Plan Investment Board (EV: $21.8 billion).
- Elk Valley Resources Ltd. acquired by Glencore plc (EV: $12.7 billion).
- Tricon Residential Inc. acquired by Blackstone Real Estate Advisors (EV: $12.1 billion).
- Dominion Energy Questar Corporation acquired by Enbridge Inc. (EV: $8.9 billion).

Public vs. Private

Private companies dominated the M&A landscape in Canada, representing 94% of all deals.
Public companies saw a 3% decrease in sales compared to 2023.
Median 30-day takeover premium for Canadian public companies increased slightly to 36%, while U.S. public companies saw an 11% decrease to 32%.
The Canadian and U.S. takeover premiums were 2% and 1% higher, respectively, than their 10-year averages.

Industry Sectors

Industrials and materials sectors were the most active in Canada, with 531 combined closed deals.
Top deals by EV:
- Glencore plc's acquisition of Elk Valley Resources ($12.7 billion).
- Cleveland-Cliffs' acquisition of Stelco Holdings ($4.1 billion).
Information Technology had 172 transactions totaling $8.6 billion.
Materials, real estate, and energy sectors had the highest aggregate EVs in 2024.

Cross-Border Transactions

Domestic transactions made up 65% of Canadian M&A deals (995 out of 1,534).
Net positive M&A environment: Canadian companies acquired 10 more foreign-based companies than they were acquired by foreign buyers.
U.S. and Canadian deals saw a 4% decrease in cross-border activity.
European transactions remained stable at 82 deals.
Latin America and Asia-Pacific transactions were steady at 41 and 40 deals, respectively.

Key Information

Trends and Outlook

Corporate cash balances are at all-time highs, indicating potential for strategic acquisitions.
Private equity dry powder is abundant, suggesting positive signs for near-term M&A.
Interest rates decreased in 2024, with sellers hoping for stronger valuations.
The new U.S. administration is expected to accelerate M&A through favorable regulations and reduced government intervention.
Cross-border activity is anticipated to increase due to the favorable exchange rate between the U.S. and Canadian dollars.
Uncertainty in trade regulations is expected to cause a slowdown in 2025 until clarity is achieved.
Once trade policies are clear, deal activity is expected to ramp up quickly.

Valuation Multiples

The average EBITDA multiple for North American transactions was 9.9x, an increase of 0.2x from 2023.
Health Care saw the largest increase in EBITDA multiples.
Consumer Staples, Communication Services, and Utilities saw declines in EBITDA multiples.

Kroll's Role

Kroll is the leading independent provider of risk and financial advisory solutions.
Kroll has global expertise with 6,500 professionals in 36 countries and territories.
Kroll has deep experience in advising public company boards and special committees on going-private and related-party transactions.
Kroll is independent and free of conflicts of interest.

Contact Information

Canadian M&A Contacts

Howard Johnson – Head of Canadian M&A
Email: howard.johnson@kroll.com
Phone: +1 416 597 4500
Stephanie Lau – Director, M&A Advisory
Email: stephanie.lau@kroll.com
Phone: +1 416 361 6761
Jake Newman – Vice President, M&A Advisory
Email: jake.newman@kroll.com
Phone: +1 416 813 4472

Global M&A Advisory Contacts

Joshua Benn – Global Head of Investment Banking
Email: joshua.benn@kroll.com
Phone: +1 212 450 2840
Nicholas Collins – Managing Director, M&A
Email: nicholas.collins@kroll.com
Phone: +1 650 354 4020
Alexandre Pierantoni – Managing Director, M&A Advisory Brazil
Email: alexandre.pierantoni@kroll.com
Phone: +55 11 3192 8103
David Lu – Managing Director, M&A Advisory
Email: david.lu@kroll.com
Phone: +86 21 6032 0608
Dafydd Evans – Managing Director, M&A Advisory
Email: dafydd.evans@kroll.com
Phone: +44 207 089 4850
Andreas Stoecklin – Head of Europe M&A Advisory
Email: andreas.stoecklin@kroll.com
Phone: +49 69 7191 8466

Additional Services

Scott Davidson – Disputes and Investigations
Email: scott.davidson@kroll.com
Phone: +1 416 364 9719
Calvin D'souza – Business Intelligence Services
Email: cdsouza@kroll.com
Phone: +1 416 813 4406
Joel Bowers – Cyber Risk
Email: joel.bowers@kroll.com
Phone: +1 416 361 6742
Matthew Holden – Compliance Risk and Diligence
Email: mholden@kroll.com
Phone: +1 416 361 2592

Disclaimer

The material in this report is for informational purposes only.
It is not intended to be relied upon as financial, accounting, tax, or legal advice.
Kroll does not guarantee the accuracy or reliability of any data from third-party sources.
This report is not a solicitation or offering of any investment or transaction.

展开完整摘要