Q3 2012 KEY HIGHLIGHTS
- Dentsu Inc.’s announced acquisition of Aegis Group PLC was the largest transaction through Q3 2012, with an acquisition price of $4.9 billion.
- There were 153 financially sponsored transactions in the 1st 3 Quarters of 2012, with an aggregate value of $16.94 billion, representing 12 percent of the total volume and 31 percent of the total value, respectively.
Q3 2012 KEY TRENDS
- Total transaction volume in Q3 2012 decreased by five percent over Q2 2012, from 401 to 381.
- Total transaction value in Q3 2012 increased by 42 percent over Q2 2012, from $16.3 billion to $23.2 billion. This was the highest value recorded during the last seven quarters.
MULTIPLES & VALUE TRENDS
- The median revenue multiple in Q3 2012 increased by 50 percent over Q2 2012, from 1.0x to 1.5x.
- The median EBITDA multiple in Q3 2012 decreased by six percent over Q2 2012, from 7.2x to 6.8x.
- DigitalGlobe Inc.’s announced merger with GeoEye, Inc. represented a 2.5x revenue multiple and 5.1x EBITDA multiple.
TOP TEN DEALS THROUGH Q3 2012
The top ten deals by value have seen four new additions since our half year report, including two that were backed by private equity firms: The Carlyle Group’s announced acquisition of Getty Images, Inc. and Hellman & Friedman LLC’s announced acquisition of Wood Mackenzie.
These four transactions, with an aggregate value of $10.7 billion, represented 20 percent of transaction value in the 1st 3 Quarters of 2012 and 46 percent of Q3 2012 transaction value.