PitchBook-2023年一季度全球并购报告（英）-2023-27页_2mb

报告摘要

Deal Count: 17,063 global M&A transactions in Q1 2023.
Deal Value: $1.04 trillion, a 32.1% year-on-year decline, though closer to pre-pandemic levels.
Key Trends:
- Deals driven by lower valuations and the rise of sub-$100 million "founder-led" transactions.
- U.S. private equity deals saw the largest drop in multiples from 2021 highs.
- CEO-interests of private equity firms increased investments at lower 5–10x EBITDA multiples.

Persistently high interest rates (U.S. Fed in 2023) dampened deal values and activity.
Near-bankruptcy crises (e.g., SVB/Credit Suisse) created opportunities for distressed asset sales.

B2B: Largest deal value among all sectors, driven by take-privates, with 7 deals.
Energy: Valuations fall in regulated units, but private equity focused on renewables and decarbonization.
Healthcare: Record $43 billion deal by Pfizer, while life sciences thrived amid venture fundraising.
IT: Silver Lake acquired Qualtrics for $12.5 billion, funding 90% via equity (record).
Materials & Resources: Gold miners emerge as buyers, seeking exposure to copper amid clean energy trends.

Europe saw 38.4% slower cross-border activity due to plunging USD and stricter monetary policy.
North America’s dominant industrial sector declined due to market consolidation maturing.

Median EV/Revenue M&A multiples declined to 1.1x, with PE deals leading lower transactions.
Corporate buyers paid lower multiples than private equity.

Standout Deal: Pfizer’s $43 billion acquisition of Seattle Genetics, signaling biotech’s post-pandemic resurgence.
Fundamental Risk: Black swan bank crises heighten risk appetite, pushing strategic buyers for discounted assets.
Recommendation: Monitor yield curve inversions, bank balance sheets, and antitrust into data-driven investments.