Q3 2012 KEY HIGHLIGHTS
- Cielo S.A.’s announced acquisition of Merchant e-Solutions, Inc. was the largest transaction in Q3 2012, with an acquisition price of $670 million.
- The segment with the largest increase in volume was Banking, which rose 50 percent during the last three months.
Q3 2012 KEY TRENDS
- Total transaction volume in Q3 2012 remained constant over Q2 2012.
- Total transaction value in Q3 2012 fell by 55 percent over Q2 2012, from $7.7 billion to $3.5 billion.
MULTIPLES & VALUE TRENDS
- The median revenue multiple from 2011 through the 1st 3 Quarters of 2012 stayed the same at 2.5x.
- The median EBITDA multiple from 2011 through the 1st 3 Quarters of 2012 decreased by four percent, from 11.5x to 11.0x.
- Thomson Reuters’ acquisition of FXall represented a 5.0x revenue multiple and 13.1x EBITDA multiple.
TOP TEN DEALS THROUGH Q3 2012
The top ten deals by value have seen four new additions since our half year report: Cielo S.A.’s announced acquisition of Merchant e-Solutions, Inc., Thomson Reuters’ acquisition of FXall, Global Payments, Inc’s acquisition of Accelerated Payment Technologies, and Verisk Analytics, Inc.’s announced acquisition of Argus Information & Advisory Services, LLC.
These four acquisitions, with an aggregate value of $2.0 billion, represented 13 percent of transaction value in the 1st 3 Quarters of 2012 and 57 percent of Q3 2012 transaction value.