Q3 2014 KEY HIGHLIGHTS
Publicis Groupe SA was the industry's most active acquirer in Q3 2014 with ten transactions.
The Entertainment segment's largest transaction in Q3 2014 and year-to-date was Microsoft Corporation's acquisition of Mojang AB, the developer studio that created the video game Minecraft, for $2.5 billion.
There were 156 financially sponsored transactions in the 1st 3 Quarters of 2014, with an aggregate value of $21.8 billion, representing 13 percent of the total volume and 30 percent of the total value, respectively.
Q3 2014 KEY TRENDS
Total transaction volume in Q3 2014 declined by 11 percent over Q2 2014, from 413 to 366.
Total transaction value in Q3 2014 increased by eight percent over Q2 2014, from $22.7 billion to $24.6 billion.
MULTIPLES & VALUE TRENDS
The median revenue multiple from 2013 through the 1st 3 Quarters of 2014 remained constant at 2.0x.
The median EBITDA multiple from 2013 through the 1st 3 Quarters of 2014 decreased by 12 percent, from 9.7x to 8.5x.
TOP TEN DEALS THROUGH Q3 2014
The top ten deals by value have seen four new additions since our half year report, including one in the Marketing segment: Alliance Data Systems, Inc.'s acquisition of Conversant, Inc. in the digital marketing subsector. This was also the segment's largest strategic transaction year-to-date.
These four transactions, with an aggregate value of $9.5 billion, represented 13 percent of transaction value in the 1st 3 Quarters of 2014 and 39 percent of Q3 2014 transaction value.