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Trend Reports

2012 Mid Year

 
 

2012 l 1st Half l Trends Report l Information Industry

Wednesday, July 11, 2012

1ST HALF 2012 KEY HIGHLIGHTS

  • Cisco Systems, Inc.'s announced acquisition of NDS Group, a subsidiary of Permira, was the largest transaction for 1st Half 2012, with an acquisition price of $4.96 billion.
  • Marketing and Advertising, with 304 transactions, was the segment with the largest transaction volume.
  • There were 231 financially sponsored transactions with an aggregate value of $19.49 billion, representing 13 percent of the total volume and 27 percent of the total value, respectively.

1ST HALF 2012 KEY TRENDS

  • Total transaction volume in 1st Half 2012 increased by six percent over 2nd Half 2011, from 1,646 to 1,741.
  • Total transaction value in 1st Half 2012 decreased by two percent over 2nd Half 2011, from $72.50 billion to $70.71 billion.
  • The median revenue multiple declined from 2.0x in 2nd Half 2011 to 1.6x in 1st Half 2012. The median EBITDA multiple fell from 11.6x to 10.3x.

M&A Market Overview

Berkery Noyes tracked 7,772 transactions between 2010 and 1st Half 2012, of which 2,408 disclosed financial terms, and calculated the aggregate transaction value to be $284.56 billion. Based on known transaction values, we project values of 5,364 undisclosed transactions to be $72.74 billion, totaling $357.30 billion worth of transactions tracked over the past two and a half years.

Disclosed median enterprise value multiples for all segments combined in this report were 11.2x EBITDA and 1.9x revenue.

Based on value, the largest acquirer that Berkery Noyes tracked over the past two and a half years was Microsoft Corporation with nine transactions: Yammer, Inc., Press Play ApS, VideoSurf Inc., Twisted Pixel Games, LLC, Patents from Nortel Networks Corporation, Prodiance Corporation, Skype Technologies SA, Canesta, Inc. and AVIcode Inc.



 

Transaction Volume/Value & Multiples

Transactional Analysis

Strategic vs. Financial Comparison

Purchaser Analysis

Transactions Involving an Online Component

Footnotes