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Trend Reports

2010 Mid Year

 
 

2010 l Mid Year l Trends Report l Information

Thursday, July 08, 2010

1st Half 2010 Key Highlights

  • Google, Inc. was the most active buyer, with 11 acquisitions.
  • Lifestyle & Entertainment was the largest segment by volume, with 184 transactions.
  • Strategic acquisitions represented 85 percent of the total volume and 74 percent of the total value, respectively.

1st Half 2010 Key Trends

  • Revenue multiples increased 38 percent to 2.2 in First Half 2010, from 1.6 in Second Half 2009.
  • Of the top ten acquisitions by value, four occurred within the Financial Services & Accounting segment.
  • Total transaction volume in First Half 2010 increased by 21 percent over Second Half 2009 from 795 in Second Half 2009 to 963 in First Half 2010.
  • Total transaction value decreased by 10 percent from $56.62 billion in Second Half 2009 to $51.23 billion in First Half 2010. The decline in value is due in large part to two large transactions, Comcast Corporation’s pending acquisition of NBC Universal, a subsidiary of General Electric Company, for $13.75 billion and IMS Health’s announced acquisition by TPG Capital, L.P. and CPP Investment Board for $4.01 billion, in the final quarter of 2009.

M&A Market Overview

Berkery Noyes tracked 4166 transactions between 2008 and June 2010, of which 1449 disclosed financial terms, and calculated the aggregate transaction value to be $175.55 billion. Based on known transaction values, we project the value of the 2717 undisclosed transactions to be $37.14 billion, totalling $212.69 billion worth of transactions tracked over the past 30 months.

The largest transaction tracked by Berkery Noyes between 2008 and 2010 was Comcast Corporation’s pending acquisition of NBC Universal, a subsidiary of General Electric Company, for $13.75 billion.



 

Transaction Volume/Value & Multiples By Half

Transactional Analysis

Strategic vs. Financial Comparison

Purchaser Analysis

Transaction By Volume Segment

Footnotes