Mergers & Acquisitions
Mergers & Acquisitions
- Learn More
Our M&A lawyers are among the most experienced and effective in the world. We represent many of the world's largest publicly traded and privately held companies, as well as leading private equity firms, financial advisors and other financial institutions and investors on their most important mergers, acquisitions and takeover transactions.
M&A at a Glance (June 2015)
June 15, 2015 download PDF
Although the overall M&A market experienced mixed results in May 2015, U.S. M&A activity (measured by volume) showed great strength, increasing 54.0% to $245.07 billion, driven by marked strength in both strategic and sponsor-related volume. Global volume also increased, driven by a 70.3% rise in global sponsor-related volume, but only by 3.7% to $439.43 billion. Deal activity, however, as measured by the total number of global transactions, was down in May 2015; the total number of global transactions decreased 10.1% to 2,698 and the total number of U.S. transactions decreased 1.9% to 776. Figure 1.
Telecommunications was the most active U.S. target industry by volume in May 2015 ($92.16 billion), followed by Computers & Electronics ($49.28 billion) and Healthcare ($33.81 billion). Telecommunications volume rose primarily due to the Charter Communications/Time Warner Cable transaction. Healthcare continues to be the most active U.S. target industry by a wide margin for the last 12 months ($445.28 billion in deal volume with Computers & Electronics the next most active U.S. target industry at $213.50 billion in deal volume). Figure 2.
Both global and inbound U.S. crossborder activity retracted in May 2015 from their April gains. Global crossborder volume declined by 43.4% to $123.21 billion, as did inbound U.S. crossborder volume, which declined by 76.5% to $14.87 billion. The overall number of global and inbound U.S. crossborder deals declined by 7.9% and 9.2%, respectively, in May 2015. Figure 1.
With respect to inbound U.S. crossborder transactions, France
took the top position by deal volume ($7.86 billion), while Canada
maintained its top position for the highest number of deals
(34). Switzerland took top position for outbound U.S.
crossborder transactions with $48.43 billion in volume, while
Canada had the highest number of outbound U.S. crossborder
transactions (25). Figure 3.
The average target and reverse break fees in May 2015 were 3.8% and 5.7%, respectively, such metrics being near to their respective annualized averages. Figure 7. Finally, we note that the incidence of hostile/unsolicited offers rose to 16.7% in May 2015, compared to 12.8% for the last 12 months. Figure 12.