2025-02-16-Kroll-加拿大并购行业洞察——2025年冬季（英）_14页_1mb

报告摘要

In 2024, Canada experienced a decline in M&A activities. Deal volume decreased by 4% to 1,534 transactions, and the disclosed implied enterprise value (EV) dropped 21% to $88.5 billion compared to the previous year.
The slowdown was attributed to heightened buyer precautions, challenging credit conditions, and economic uncertainty.
Deal activity increased in the latter half of 2024 compared to the first six months.

A total of 48 megadeals (EBITDA > $500 million) were closed in 2024, averaging an EV of $3.7 billion—a reduction from 55 megadeals in 2023.
Key deals included: Telecom Italia’s Fixed Line Network acquisition by Canada Pension Plan Investment Board (CPPIB) for $32.0 billion, AirTrunk by several parties for $21.8 billion, and Elk Valley Resources acquisition for $12.7 billion.
Notable announced but unclosed deals include CPPIB’s acquisition of Nord Anglia Education for $20.1 billion and Brookfield’s purchase of Neoen S.A. for $14.6 billion.

Mega-deals, though comprising only 5% of transactions, accounted for 79% of the total deal value.
The median transaction value rose to $6.5 million, influenced by a high count of smaller deals under $50 million.
Public vs. private transactions dominated, with 94% of deals involving private entities, while public company sales decreased by 3% in Canada.

High transaction volumes were seen in industrials (531 deals) and information technology (172 deals).
Value leaders in 2024 were the materials sector ($25.9 billion) and real estate ($3.8 billion).
Valuation multiples for EBITDA increased overall, with significant gains in healthcare but plateaus or declines in consumer staples, finance, and utilities.

Most M&A activity remained within Canada, with 65% of deals led by Canadian buyers.
Canada maintained a net positive M&A balance, acquiring 549 foreign companies compared to 539 taken over by foreign entities.
Cross-border deals with the US remained strong, with European and Latin American activities stable.

Canadian M&A activity is expected to slow in Q1 2025 due to uncertainty over upcoming trade regulations.
Post-uncertainty, deal activity could increase, supported by declining interest rates, improving credit conditions, and ample corporate capital.

For further details and contact information for Kroll, please refer to the report.

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