德勤：2022年并购趋势报告（EN）_40页_2mb

2022 M&A Trends Summary

Core Content

The 2022 M&A Trends Survey by Deloitte provides insights into the evolving landscape of mergers and acquisitions, focusing on the strategies, challenges, and technological advancements shaping deal-making activities across corporations and private equity investors (PEIs). The survey, conducted with 1,300 executives from August 26 through September 7, 2021, highlights a dynamic environment where M&A is increasingly seen as a strategic lever for growth and transformation.

Main Trends and Findings

1. Increased Deal Activity and Size

• Deal Volume and Size: Over 92% of respondents expect deal volume to increase or remain the same in the next 12 months. Corporate respondents have slightly higher expectations for deal size growth than PEIs.
• Divestitures Rise: 57% of corporate respondents have engaged in a divestiture in the past 12 months, and 32% are considering one. TMT (Technology, Media, and Telecommunications) companies lead in this trend, with 61% completing at least one divestiture.
• Alternative M&A Strategies: Alternative strategies such as strategic alliances, joint ventures, and SPACs are gaining traction, although traditional acquisitions remain steady. PEIs are shifting towards more IPOs and sales to other financial buyers due to increased dry powder and a hot IPO market.

2. Regulatory and Economic Environment

• Regulatory Challenges: Despite a tightening regulatory environment, 54% of respondents believe it will lead to more deal activity as companies aim to complete transactions before new restrictions are implemented.
• Economic Impact: Most corporate respondents believe the current economic environment has positively impacted revenue, growth, and customer satisfaction. However, challenges like a competitive deal environment, aligning strategy with M&A, and operating model limitations remain significant.

3. Transformation and Restructuring

• Widespread Restructuring: Over half (53%) of the surveyed companies have restructured since the pandemic, and 44% are considering restructuring in the next 12 months.
• Reasons for Restructuring: Digital transformation, process simplification, and automation are the top reasons for restructuring. Nearly two-thirds (63%) of respondents believe that the success of their M&A is moderately or highly dependent on transformation.
• Timing of Transformation: 34% of respondents plan to transform during the M&A process, while others plan to do so before or after. A mixed approach is also common.

4. Digital Tools and Virtual Environments

• Digital Adoption: 69% of respondents use data analytics in diligence and monitoring, and 27% are considering adding these capabilities.
• Virtual Collaboration: Hybrid and virtual deal-making processes are becoming more prevalent, especially due to the pandemic. Fully in-person approaches are less common except during target screening.

5. Cross-Border M&A

• Global Interest: 68% of respondents expect to increase their interest in foreign markets, with a notable decline in focus on Asia Pacific and Africa/Middle East.
• Drivers of Cross-Border Deals: Access to technology, market expansion, and ESG concerns are the primary reasons for targeting foreign assets. The Americas and Europe remain the most attractive regions for cross-border deals.

6. Boardroom Involvement

• Board Role: Boards are increasingly involved in M&A, especially in strategy and guiding due diligence. However, their involvement has decreased compared to the previous year.
• Shift in Focus: Directors are focusing more on the early stages of the deal life cycle, while management teams perceive less involvement. Activist investor pressure is a new factor that may have influenced this shift.

Key Insights and Strategies

• Strategic Alignment: Companies are aligning M&A with broader transformation goals, recognizing the importance of integrating digital tools and ESG metrics into deal strategies.
• Operational Efficiency: Restructuring is seen as a critical component of M&A success, with a focus on improving margins, optimizing cash flow, and enhancing operational performance.
• Adaptability: The M&A landscape is evolving rapidly, with a growing emphasis on digital capabilities and virtual collaboration. Companies must be agile and prepared to adapt to these changes.
• Regulatory Awareness: With increased regulatory scrutiny, companies are proactive in preparing for potential interventions, especially in the US where tax law changes are a key concern.

Conclusion

The 2022 M&A Trends Survey underscores a landscape where companies are actively pursuing both growth and transformation through a variety of M&A strategies. Digital tools and virtual environments are playing a pivotal role in streamlining the process, while ESG and regulatory considerations are shaping deal-making approaches. The boardroom is becoming more strategic and less involved in day-to-day M&A execution, reflecting a broader shift in corporate governance. As the market continues to evolve, the ability to adapt, anticipate, and innovate will be crucial for M&A success.