Q3 2018 Key Highlights
- The largest transaction in Q3 2018 was the announced acquisition of Dun & Bradstreet by an investment consortium that includes Thomas H. Lee Partners and CC Capital, for $6.7 billion. Dun & Bradstreet provides commercial data, analytics, and insights for businesses.
- There were 187 financially sponsored transactions in the 1st 3 Quarters of 2018 with an aggregate value of $31.4 billion, representing 15 percent of the total volume and 38 percent of the total value, respectively.
Q3 2018 Key Trends
- Total transaction volume in Q3 2018 stayed about the same over Q2 2018, at 449. This followed a 14 percent rise in Q2 2018.
- Total transaction value in Q3 2018 remained nearly constant over Q2 2018, at $26.7 billion. This was the second consecutive quarter in which value was flat.
Multiples & Value Trends
- The median revenue multiple from 2017 through the 1st 3 Quarters of 2018 increased by 20 percent, from 1.5x to 1.8x.
- The median EBITDA multiple from 2017 through the 1st 3 Quarters of 2018 improved by ten percent, from 9.7x to 10.7x.
Top Ten Deals Through Q3 2018
- The top ten deals by value have seen three new additions since our half year report: the previously mentioned acquisition of Dun & Bradstreet for $6.7 billion; Sirius XM Holdings’ announced acquisition of Pandora Media for $2.8 billion; and Interpublic Group of Companies’ announced acquisition of Acxiom Corporation’s Marketing Solutions Business for $2.3 billion.
- These three transactions, with an aggregate value of $11.8 billion, represented 14 percent of transaction value in the 1st 3 Quarters of 2018 and 44 percent of Q3 2018 transaction value.