贝恩-2021年全球并购市场报告（英文）-2021.3-76页_7mb

Global M&A Report 2021 Summary

Core Content

The Global M&A Report 2021 provides an overview of the M&A landscape in 2020, highlighting how the industry adapted to the challenges posed by the pandemic. Despite the disruptions, M&A activity showed surprising resilience, with over 28,500 deals totaling $2.8 trillion in value. The report underscores the shift toward capability-driven M&A, the increased role of governments, and the localization of deals as key trends shaping the M&A environment.

Main Views

1. M&A Resilience in 2020

• Despite the global pandemic, M&A activity persisted and even rebounded in the second half of the year.
• Deal value increased by over 30% in Q3 and Q4 of 2020, driven by clearer industry outlooks and government stimulus.
• The overall deal volume and value declined by 11% and 15%, respectively, compared to 2019, but the resilience of the M&A market was notable.
• Digitalization became a critical enabler of M&A during the pandemic, with virtual due diligence, deal closing, and integration becoming the norm.
• 70% of M&A practitioners noted that due diligence in 2020 was particularly challenging due to remote operations.

2. Regulatory and Government Influence

• Governments expanded their role in M&A, particularly in sensitive sectors like healthcare, technology, and defense.
• Examples include:
  • Germany's new powers to veto foreign takeovers of healthcare companies.
  • UK's enhanced scrutiny of cross-border deals in 17 sensitive industries.
  • The U.S. Trump administration's push to sell TikTok's U.S. operations to a domestic buyer.
• European regulators supported domestic consolidation in banking and telecom, leading to deals like Nexti and Nets in payments.
• The trend of regional decoupling and increased scrutiny of cross-border deals was accelerated by the pandemic.

3. Localization of Deals

• Cross-regional deal volume declined by 20% in 2020, with the sharpest drop in Asia-Pacific.
• 60% of M&A practitioners expect localization to be a significant factor in future deal evaluations.
• Asian acquirers shifted focus to domestic deals, with 93% of their spending directed toward local companies in 2020, down from 11% in 2019.
• Travel restrictions and supply chain concerns further reinforced the move toward local deals.

4. Valuation Trends

• Despite economic uncertainty, deal valuations remained strong, with median EV/EBITDA multiples rising to 14x from 13x in 2019.
• This was driven by:
  • High growth industries such as technology, telemedicine, and digital media.
  • Government stimulus, reaching up to 12% of GDP in some countries.
  • Low interest rates, high household savings, and record PE dry powder.
• Industries like retail and energy saw weaker valuations, while healthcare and tech remained strong.

5. Industry-Specific Trends

• Technology, media, and telecom saw the strongest performance, with 56% of large deals being scope deals aimed at gaining new capabilities.
• Healthcare and consumer products were the top sectors for scope deals, while energy and natural resources leaned more toward joint ventures.
• Pharmaceuticals and telemedicine saw notable activity, with companies like Teladoc acquiring Livongo for $18.5 billion.

6. Strategic M&A and Capabilities

• Companies are increasingly using M&A to build new capabilities and streamline portfolios.
• Outright acquisition is no longer the only path, with alliances, partnerships, and venture capital becoming more common.
• Corporate venture capital (CVC) saw record investment in 2020, with $95 billion invested globally, mainly in technology and healthcare.
• CVC requires different skills and strategies, including autonomy and measuring success differently from traditional M&A.

7. Outlook for 2021

• M&A is expected to increase in importance for growth, with 45% of surveyed practitioners expecting M&A to contribute to future growth.
• The uncertain economic outlook remains a key challenge, but the long-term potential of M&A is still strong.
• 2021 is anticipated to be a year of diverse M&A strategies, with some sectors focusing on consolidation and divestitures, while others continue to pursue innovation-driven capability deals.

Key Information

• Total deals in 2020: Over 28,500
• Total deal value in 2020: $2.8 trillion
• Median EV/EBITDA multiple: 14x (up from 13x in 2019)
• Scope deals (2020): 56% of all large deals
• Corporate venture capital investment (2020): $95 billion, a record high
• Key sectors for CVC: Technology, healthcare, financial services, telecommunications
• Key regions for cross-regional deals: Americas (up), Asia-Pacific (down)
• Top industries for M&A activity: Technology, media, telecom, healthcare, consumer products

Conclusion

The 2020 M&A landscape was marked by resilience, adaptation, and a shift toward capability-driven strategies. The pandemic accelerated digital transformation, regulatory scrutiny, and localization trends, all of which are expected to influence M&A in the coming years. With the global economy still uncertain, M&A remains a key strategic tool for growth, especially in high-growth and high-impact industries. The report concludes that 2021 will be a pivotal year for M&A, with a mix of consolidation, divestitures, and innovation-driven deals shaping the industry.