Q3 2019 Key Highlights
The largest deal in the E-Commerce segment during Q3 2019 and year-to-date was Takeaway.com’s announced merger with Just Eat for $6.3 billion.
There were 504 financially sponsored transactions in the 1st 3 Quarters of 2019 with an aggregate value of $51.3 billion, representing 22 percent of the total volume and 39 percent of the total value, respectively.
Q3 2019 Key Trends
Total transaction volume in the 1st 3 Quarters of 2019 improved by four percent over the 1st 3 Quarters of 2018, from 2,246 to 2,343.
Total transaction value in the 1st 3 Quarters of 2019 declined by 15 percent over the 1st 3 Quarters of 2018, from $154.3 billion to $131.6 billion.
Multiples & Value Trends
The median revenue multiple on a year-over-year basis remained nearly constant at 2.6x.
The median EBITDA multiple on a year-over-year basis moved upward slightly from 12.1x to 12.8x.
Top Ten Deals Through Q3 2019
The top ten deals by value have seen five new additions since our half year report, three of which were E-Commerce related: the previously mentioned merger of Takeaway.com and Just Eat, Prudential Financial’s announced acquisition of Assurance IQ, and Alibaba Group’s acquisition of Kaola. Also of note, six of the top ten deals year-to-date have occurred in the segment.
These five transactions, with an aggregate value of $23.6 billion, represented 18 percent of transaction value in the 1st 3 Quarters of 2019 and 46 percent of Q3 2019 transaction value.