Q3 2022 Key Highlights
Seven of the top ten highest value deals year-to-date were completed by strategic acquirers.
There were 162 financially sponsored transactions in the 1st 3 Quarters of 2022 with an aggregate value of $35.4 billion, representing 18 percent of the total volume and 25 percent of the total value, respectively.
Q3 2022 Key Trends
Total transaction volume in the 1st 3 Quarters of 2022 increased by 11 percent over the 1st 3 Quarters of 2021, from 815 to 908.
Total transaction value in the 1st 3 Quarters of 2022 decreased by 26 percent over the 1st 3 Quarters of 2021, from $190.9 billion to $141.1 billion.
The segment with the largest rise in volume in the 1st 3 Quarters of 2022 over the 1st 3 Quarters of 2021 was Exhibitions, Conferences, and Events, which more than doubled, from 18 to 44 transactions.
Multiples & Value Trends
The median revenue multiple on a year-over-year basis shifted downward from 2.9x to 2.7x.
The median EBITDA multiple on a year-over-year basis moved slightly upward from 11.0x to 11.4x.
Top Ten Deals Through Q3 2022
Eight of the top ten deals by value year-to-date occurred in Q1 2022. Four of these eight deals were gaming related: Microsoft’s announced acquisition of Activision Blizzard for $68.6 billion; Take-Two Interactive Software’s acquisition of Zynga for $12.5 billion; Sony Interactive Entertainment’s acquisition of Bungie for $3.6 billion; and Savvy Gaming Group’s acquisition of ESL Gaming for $1 billion.
These eight transactions, with an aggregate value of $113.3 billion, represented 80 percent of transaction value in the 1st 3 Quarters of 2022.