2022年并购趋势报告（英）-40页_2mb

2022 M&A Trends Summary

Core Content

The 2022 M&A Trends Survey by Deloitte provides an in-depth analysis of the evolving landscape of mergers and acquisitions (M&A), highlighting key trends, challenges, and strategic shifts across corporate and private equity investor (PEI) sectors. The report underscores the importance of M&A as a strategic lever in navigating regulatory tightening and economic uncertainty, with a focus on transformation, digital tools, and cross-border activity.

Main Trends and Views

1. Increased M&A Activity

• Deal Volume and Size: 92% of respondents expect deal volume to increase or stay the same over the next 12 months, while 57% anticipate deal sizes to grow.
• Strategic Shifts: Companies are increasingly using divestitures and alternative M&A strategies (e.g., strategic alliances, joint ventures, SPACs) to achieve broader growth objectives.
• Divestiture Trends: Over half of the executives (57%) have engaged in a divestiture in the past 12 months, with Technology, Media, and Telecommunications (TMT) companies leading this trend.

2. Regulatory and Economic Challenges

• Regulatory Tightening: 54% of respondents believe a more stringent regulatory environment will actually lead to more deal activity, as companies aim to complete deals before new restrictions take effect.
• Economic Impact: Despite rising costs, most corporate respondents view the current economic environment positively, citing improved revenue, growth rates, and customer satisfaction.
• PEI Strategy Shifts: Strategic sales have declined, with PEIs shifting toward IPOs and sales to other PEIs, reflecting the growing availability of capital and favorable market conditions.

3. Transformation and Restructuring

• Rise in Restructuring: 53% of companies have restructured since the start of the pandemic, and 44% plan to do so in the next 12 months.
• Reasons for Restructuring: Common drivers include digital transformation, process simplification, and automation.
• Transformational Impact: 63% of respondents say the success of their M&A activity is moderately or highly dependent on a successful transformation.
• Timing of Transformation: 34% of respondents plan to implement transformational changes during the M&A process, with equal popularity for pre- and post-transaction approaches.

4. Digital Tools and Virtual Environments

• Digital Integration: 69% of respondents are currently using data analytics in M&A diligence and monitoring, with 27% planning to adopt these tools in the future.
• Virtual Deal-Making: A majority of organizations are embracing virtual and hybrid environments for M&A, with the latter being particularly popular for managing complex deals.
• Efficiency Gains: Digital tools are seen as key to reducing time and resources in transaction activities, with the ability to manage global teams more effectively.

5. Cross-Border M&A

• Global Interest: 68% of respondents expect to increase their interest in foreign markets over the next year, while only 6% will focus purely on domestic deals.
• Key Drivers: Access to technology, market expansion, and ESG considerations are the main reasons for targeting foreign assets.
• Geographic Focus: The Americas and Europe remain the most attractive regions, with interest in Asia-Pacific and Africa/Middle East declining.

6. Boardroom Involvement

• Board Engagement: Boards are increasingly involved in strategic decisions and guiding due diligence, but their involvement is generally less frequent than in previous years.
• Shift in Focus: The board's role has shifted to focus more on long-term strategy and corporate purpose, with less direct involvement in day-to-day M&A execution.
• Board Leadership: In some cases, the board of directors is taking the lead in M&A transactions, particularly in areas like strategic alignment and risk management.

7. M&A Strategy: Offensive vs. Defensive

• Dual Approaches: Companies are adopting both offensive (growth-focused) and defensive (protection-focused) M&A strategies, depending on market conditions and strategic urgency.
• Strategic Urgency: The choice between offensive and defensive strategies is influenced by the organization's capability to act and the market's demands.
• New Definitions: M&A is being redefined to include alliances, partnerships, and ecosystems, reflecting a broader strategic role.

Key Information

• Total Respondents: 1,300 executives from corporations and PEI firms.
• Survey Period: August 26 through September 7, 2021.
• Main Drivers of M&A: Growth, market expansion, access to technology, ESG, and strategic alignment.
• Technology Adoption: Digital tools and data analytics are becoming essential in the M&A lifecycle, with a growing emphasis on virtual and hybrid deal management.
• Regulatory Awareness: Companies are becoming more aware of regulatory risks and are preparing to beat the clock before stricter rules take effect.
• Board Dynamics: The board is playing a more strategic role, focusing on long-term goals and risk mitigation, while management handles the operational aspects of M&A.

Conclusion

The 2022 M&A Trends Survey highlights a landscape where M&A is evolving into a more strategic, digital, and globally oriented process. Companies are embracing transformation, diversifying their strategies, and navigating a more complex regulatory environment. The board is increasingly involved in the strategic direction of M&A, while digital tools are reshaping how deals are executed. These trends suggest a more integrated, proactive, and resilient approach to M&A in the coming years.