【PitchBook】2025年第一季度全球并购MA市场报告_34页_3mb

M&A Report Summary - Q1 2025

Core Content

This M&A report provides an overview of global merger and acquisition (M&A) activity in Q1 2025, highlighting trends in deal volume, value, valuation metrics, and sector performance. It also includes insights from Liberty GTS on the M&A landscape and the role of transactional risk insurance, particularly in the Canadian market.

Main Points

Global M&A Activity

• Total Deal Value: Reached $1,050.8 billion across 12,371 transactions.
• North America Dominance: Secured 80% of the top 10 deals, with total value at $613.8 billion across 4,934 transactions.
• Asia and Central America: Notable transactions, including the Panama Ports deal, contributed to global activity.
• Uncertainty: Persistent recession risks and trade volatility remain key concerns for the remainder of 2025.

Valuation Trends

• Median EV/EBITDA Multiples: Remained nearly flat at 9.6x in Q1 2025, compared to 9.7x in 2024.
• Median EV/Revenue Multiples: Stood at 1.6x, consistent with 2024 levels.
• Post-Pandemic Reset: Valuations have stabilized at pre-pandemic levels (2017–2019), suggesting a completed valuation reset.
• Public vs. Private Markets: Public trading multiples for S&P 500 companies slightly declined to 14.1x EBITDA and 3.9x revenue, while M&A multiples remained relatively flat.

Sector Performance

• Top Sectors: Technology and IT showed strong momentum, driven by strategic acquisitions and cybersecurity needs.
• Key Deals:
  • Alphabet acquired Wiz for $32 billion.
  • Prosus acquired Just Eat Takeaway.com for €4.1 billion.
• Declining Sectors: Energy and materials & resources experienced significant sequential declines in deal value.
• Sector Momentum Scores: IT led with strong performance, while materials & resources saw a sharp drop.

Canadian M&A Outlook

• Slow Start in 2025: Domestic M&A activity was down 37% YoY in January 2025, marking a nine-year low.
• US Acquirers: Deals involving US acquirers of Canadian companies were at a 22-year low.
• Uncertainty: Tariff concerns and geopolitical shifts are impacting deal momentum.
• RWI Market: Prices dropped to mid-2024 levels, but increased competition has suppressed rates. A potential rate increase is expected as deal activity resumes.

Key Takeaways

Deal Metrics

• Q1 Deal Volume: Increased by 19.8% YoY, though slightly down 1.9% QoQ.
• Deal Value Growth: Total value surged by 28.3% QoQ and 10.3% YoY.
• Top 10 Deals: Represented 50% of the largest deals, with technology being a major focus.

Antitrust M&A Update

• Pending Deals: Several deals are under review, including UnitedHealth Group and Amedisys, Liberty Media's acquisition, and Nippon Steel's proposed merger with US Steel.
• Canceled Deals: Notable cancellations include the Albertsons-Kroger merger, Capri-Tapestry deal, and others due to regulatory concerns.
• Completed Deals: IBM's acquisition of HashiCorp, Carlsberg's acquisition of Britvic, and others were approved and closed.

Conclusion

The global M&A market showed robust growth in Q1 2025, with North America leading in deal value and activity. Valuation metrics have stabilized at pre-pandemic levels, signaling a completed reset. The Canadian market, however, faces challenges due to geopolitical and regulatory uncertainties. The technology sector remains a key driver of M&A activity, while other sectors like energy and materials & resources have seen declines. Antitrust concerns continue to impact deal outcomes, with both pending and completed deals reflecting regulatory scrutiny. Transactional risk insurance (RWI) is expected to see increased focus and potential rate changes as the market evolves.