PitchBook-2023年二季度全球并购报告（英）-30页_7mb

Q2 2023 Global M&A Report Summary

Overview

Global M&A activity in Q2 2023 saw a decline in deal value to $873.4 billion, a 6.5% drop from Q1 2023, though the number of deals approached near-record highs. Year-over-year, deal value decreased by 33.7%, while deal count fell 13.8% from the 2021 peak. The divergence between value and volume stems from higher interest rates and abundant corporate cash, limiting deal sizes and financing. Key trends include reduced leverage, lower valuation multiples (EV/EBITDA at 8.8x, EV/revenue at 1.5x), and increased focus on smaller deals driven by price sensitivity.

Deal Metrics

Q2 featured approximately 48,800 deals globally with a combined value. European M&A activity decreased by 28.8% year-over-year, with deals below $100 million showing significant discounts. North American M&A saw a 5.5% quarterly decline in value, with corporate buyers increasing participation due to favorable financing. Megadeals (≥$5 billion) declined in size, while smaller transactions rose.

Valuation Metrics

Valuation multiples corrected sharply, with EV/EBITDA falling 16.2% since 2021 to an average of 8.8x, comparing to 2021's peak of 10.5x. EV/revenue multiples dropped 24.0%. Europe experienced steeper declines (revenue multiples from 1.8x to 1.3x) than North America (from 2.5x to 1.9x). Corporate buyers drove higher multiples in megadeals (-15%) but lower in smaller transactions, reflecting alignment on value.

Sector-Specific Insights

• B2B: Strong Q2 rebound with $241.7 billion in deals, dominated by corporate M&A and sponsors, featuring a record $18.0 billion deal in agriculture.
• B2C: Deal value increased 26.6% QoQ, supported by sports/entertainment megadeals ($9.4B+), blending stock and cash transactions.
• Energy: Activity remained volatile, with a $18.8B deal in midstream oil & gas, driven by energy transition initiatives.
• Financial Services: Showed resilience with $247.0 billion in value, featuring bank consolidations (e.g., J.P. Morgan's acquisition for $10.6B), while insurance saw platform expansions.
• Healthcare: Experienced subdued activity, with biotech and pharma leading deals, hindered by cost-cutting and valuation pressures, though medtech and digital health showed signs of recovery.
• IT: M&A recovered modestly, with firms favoring corporate buyers for hybrid cloud and automation tools.
• Materials & Resources: Cyclicality dampened activity; however, metals/mining saw acquisitions (e.g., BHP's $6.4B buyout) tied to energy transition.

Additional Notes

• Liberty GTS: Highlights tax liability insurance (TLI) as a tool for mitigating tax risks in M&A, noting growth in Asia-Pacific markets.
• RBC Capital Markets: Sees healthcare M&A stabilizing, driven by long-term value creation in innovative subsectors.
• Trends & Outlooks: Economic uncertainty, regulatory scrutiny, and evolving monetary policies continue to shape deal landscapes, with shifts toward strategic rather than purely financial acquisitions.

[Analysis based on PitchBook's Q2 2023 data.]