1st Half 2011 Key Highlights
The largest transaction in 1st Half 2011 was Microsoft Corporation’s announced acquisition of Skype Technologies SA, from an investor group lead by Silver Lake Partners, for $9.08 billion.
Google, Inc. was the most active Software Industry acquirer by volume, with 13 acquisitions: SageTV, Zynamics, AdMeld Inc., PostRank Inc., Sparkbuy Inc., TalkBin, PushLife Inc., Green Parrot Pictures, BeatThatQuote.com Ltd., Next New Networks, Inc., FFlick, SayNow and eBook Technologies Inc.
There were 171 financially sponsored transactions in 1st Half 2011, with an aggregate value of $15.62 billion, representing 13 percent of the total volume and 19 percent of the total value, respectively.
1st Half 2011 Key Trends
Total transaction volume increased by 10 percent in1st Half 2011from 2nd Half 2010, with 1283 transactions in 2nd Half 2010 and 1413 in 1st Half 2011.
Total transaction value in 1st Half 2011 increased by 28 percent over 2nd Half 2010 from $63.5 billion in 2nd Half 2010 to $81.1 billion in 1st Half 2011.
M&A Market Overview
Berkery Noyes tracked 5590 transactions between 2009 and 1st Half 2011, of which 1711 disclosed financial terms, and calculated the aggregate transaction value to be $239.5 billion. Based on known transaction values, we project values of 3879 undisclosed transactions to be $51.6 billion, totaling $291.1 billion worth of transactions tracked over the past two and a half years.
The largest transaction tracked by Berkery Noyes between 2009 and 1st Half 2011 was Comcast Corporation’s acquisition of NBC Universal, a subsidiary of General Electric Company, for $22.85 billion.
Median disclosed multiples for all transactions covered in this report were 10.7 times EBITDA and 1.69 times revenue.