1ST HALF 2013 KEY HIGHLIGHTS
- The largest transaction for 1st Half 2013 was Salesforce.com’s announced acquisition of ExactTarget for $2.25 billion.
- The most active acquirer was Yahoo! Inc. with 13 transactions in the Online & Mobile Industry: Xobni Corporation, GhostBird Software, Rondee, PlayerScale, Tumblr, Inc., Loki Studios, MileWise, Inc., GoPollGo, Astrid, Summly, Jybe, Alike and Snip.it. Yahoo!’s highest value transaction year-to-date was its acquisition of Tumblr, Inc. for $1.10 billion.
- There were 110 financially sponsored transactions with an aggregate value of $4.23 billion, representing 11 percent of the total volume and 18 percent of the total value, respectively.
1ST HALF 2013 KEY TRENDS
- Total transaction volume in 1st Half 2013 increased by seven percent over 2nd Half 2012, from 953 to 1,015.
- Total transaction value in 1st Half 2013 decreased by 29 percent over 2nd Half 2012, from $32.54 billion to $23.16 billion.
- The median revenue multiple moved from 2.3x in 2nd Half 2012 to 2.1x in 1st Half 2013. The median EBITDA multiple increased from 10.0x in 2nd Half 2012 to 16.0x in 1st Half 2013.
- The segment with the largest rise in volume in 1st Half 2013 over 2nd Half 2012 was Communications with an increase of 22 percent, from 69 to 84 transactions.
M&A Market Overview
Berkery Noyes tracked 4,851 transactions between 2011 and 1st Half 2013, of which 1,238 disclosed financial terms, and calculated the aggregate transaction value to be $123.12 billion. Based on known transaction values, we project values of 3,613 undisclosed transactions to be $47.55 billion, totaling $170.67 billion worth of transactions tracked over the past two and a half years.
Disclosed median enterprise value multiples for all segments combined in this report over the last 30 months were 2.2x revenue and 11.5x EBITDA.
The most active acquirer by volume between 2011 and 1st Half 2013, either directly or through a partner or affiliated business, was WPP Group, plc with 39 transactions.