1st Half 2010 Key Highlights
- The largest transaction for First Half 2010 was Warburg Pincus and Silver Lake Partners’ pending acquisition of Interactive Data Corporation, which is majority owned by Pearson plc, for $3.25 billion.
- Internet Media was the largest segment by transaction volume, with 104 transactions.
- There were 63 financially sponsored transactions with an aggregate value of $5.92 billion, representing 20 percent of the total volume and 50 percent of the total value, respectively.
- Of the top ten transactions tracked by Berkery Noyes in this sector, three were financial sponsored transactions which accounted for 42 percent of the total aggregate value of all transactions and 59 percent of the Top 9 aggregate value.
1st Half 2010 Key Trends
- Total transaction volume in First Half 2010 increased by 21 percent over Second Half 2009 from 309 in First Half 2010 to 255 in Second Half 2009.
- Total transaction value in First Half 2010 decreased by 64 percent over Second Half 2009 from $11.50 billion in First Half 2010 to $31.68 billion in Second Half 2009. The decline in value is due in large part to two large transactions, Comcast Corporation’s pending acquisition of NBC Universal, a subsidiary of General Electric Company, for $13.75 billion and IMS Health’s announced acquisition by TPG Capital, L.P. and CPP Investment Board for $4.01 billion, in the final quarter of 2009.
M&A Market Overview
Berkery Noyes tracked 1493 transactions between 2008 and June 2010, of which 493 disclosed financial terms, and calculated the aggregate transaction value to be $67.80 billion. Based on known transaction values, we project the value of the 1000 undisclosed transactions to be $11.11 billion, totalling $78.91 billion worth of transactions tracked over the past 30 months.
The largest transaction tracked by Berkery Noyes between 2008 and 2010 was Comcast Corporation’s pending acquisition of NBC Universal, a subsidiary of General Electric Company, for $13.75 billion.
Disclosed median enterprise value multiples between 2008 and 2010 for all segments combined in this report was 8.79 times EBITDA and 1.61 times revenue.