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Deal Drivers: EMEA HY 2022

信息技术2022-08-22Mergermarket花***

AI智能总结

EMEA M&A remains resilient despite the Ukrainian invasion, with strong dealmaking performance so far this year. Despite slower growth and inflation spikes, EMEA is seeing similar dynamics in its M&A activity as other regions. The Eurostoxx 50 erased gains made in 2021, but Europe is a slower growing economy than North America or APAC, and the Ukraine war is creating significant drag. Inflation is spiking across the continent, complicating matters with Europe’s unified monetary approach and divergent public budgets and deficits. The European Commission predicts real GDP growth in both the EU and the euro area at 2.7% in 2022 and 2.3% in 2023, down from 4.0% and 2.8% respectively.

DealDrivers:EMEAHY2022 Aspotlightonmergersandacquisitionstrendsin2022 Contents Foreword:EMEAM&AremainsresilientdespiteUkrainianshadow 03 Outlook:EMEAheatchart 04 Allsectors 05 Consumer 15 Energy,mining&utilities 20 Financialservices 25 Industrials&chemicals 30 Pharma,medical&biotech 35 Realestate 40 Telecoms,media&technology 45 Aboutthisreport 50 Foreword:EMEAM&AremainsresilientdespiteUkrainianshadow Europe,theMiddleEast,andAfrica(EMEA)hasturnedinastrongdealmakingperformancesofarthisyear,despite Growthisslowing.Forexample,initsSpring2022EconomicForecast,theEuropeanCommissionpredictedthat“realGDPgrowthinboththeEUand theeuroareaisnowexpectedat2.7%in2022and2.3%in2023,downfrom4.0%and2.8%respectively,”intheWinter2022interimforecast. theodds.ClearlythepastsevenmonthshavebeentaintedbyRussia’sinvasionofUkraineandbydefaultthishasdisproportionatelyaffectedtheregion.Inmanyways,however,EMEAisseeingthesamedynamicsinitsM&Aactivityasotherregions. Meanwhile,theEurostoxx50followedothermajorstockmarketindicesdownwardsthroughthebeginningoftheyear,erasingvirtuallyallofthegainsmadein2021.However,evenatthebestoftimes,EuropeisaslowergrowingeconomythaneitherNorthAmericaorAPAC,andtheUkrainewarthereforeiscreatingsignificantdragasmajoreconomiessuchasGermanyandItalyrelyheavilyonRussiangassupplies,whichhavenowbeenseverelydisrupted. Inflationcrunch Inflationisspikingacrossthecontinent—inJune,theeuroareainflationratestoodat8.6%,upfrom2.2%ayearago,accordingtoEurostat—complicatingmattersisEurope’sunifiedmonetaryapproachanddivergentpublicbudgetsanddeficits.TheEuropeanCentralBank(ECB)isattemptingtobringpricesdownwhilecontrollingyieldspreadsbetween fiscallydisparateblocmembers,whichisprovingchallenging. TheMiddleEastandAfricafindthemselvesinauniquepositioninthiscontext.ThevastmajorityofOPECmembersareeitherMiddleEasternorNorthAfricanand,afteryearsofstrugglingagainstthetideofalowoilprice,areridinghighonthestridentrallythatfossilfuelswitnessedthrough2021. Thishasrenewedconfidenceamongenergycompaniesinparticular. Undoubtedly,2022hasbeenchallengingandwillcontinuetobeso—inflationisbitinganddampeningeconomicdemand,therelatedcostoflivingcrisisissweepingacrosstheregion,andthereisnoendinsighttotheUkraineconflict.However,intermsofM&A,EMEAiswithstandingtheheadwindsimpressively. 3 Outlook: 147 87 80 55 70 62 23 145 148 817 76 103 44 101 27 34 30 85 71 571 97 45 35 75 43 27 24 86 66 498 66 32 22 26 27 27 20 54 56 330 34 53 25 14 27 25 36 34 27 275 54 27 10 23 17 8 14 35 78 266 36 18 16 24 27 12 6 38 50 227 41 2 6 16 11 5 6 16 21 124 7 6 4 10 11 4 1 19 33 95 9 4 4 3 10 8 5 23 20 86 8 5 2 2 11 5 3 7 22 65 1 1 2 5 1 6 12 28 4 3 1 2 10 579 383 248 353 283 223 169 548 606 3,392 EMEAheatchart Turkey,MiddleEast&Africa Heatchartbasedonpotentialcompaniesforsale Thetechnology,media&telecommunications(TMT)andindustrial&chemicals(I&C)sectorsareexpectedtodeliverthehighestM&Avolumeovertheremainderof2022,continuingthetrendestablishedinthetophalfoftheyear. BasedonMergermarket’sanalysisof‘companiesforsale’stories,TMTshouldcontinuetobethebusiestofallsectors,withnofewerthan817reportsofassetscomingtomarketorbeingproactivelycircledbybuyers,representing24%ofalldealstories. Turkey,MiddleEast&AfricaincludingIsraelandsub-SaharanAfricahasnofewerthan148TMTpotentialfuturedeals. Israel,inparticular,ispunchingwellaboveitsweightinthetechnologydomain.TheUK&IrelandandCentral&EasternEurope(CEE)layclaimto147and145TMTdealstoriesrespectively,bothbeinghotbedsfortechinnovation,withCEEhavingemergedasaleadingsoftwaredevelopmenthub. TheI&Cpipelineisalsowellstocked,with571potentialdeals,accordingtoMergermarketintel.However,themarketsplitfortheseismarkedlydifferentthanforTMT.ItistheDACHregion(103)andItaly(101)thatareexpectedtoseethe mostindustrialtransactions,whichspeakstothesemarkets’ UK &Ireland DACH France Italy Iberia Nordics Benelux CEE&SEE TOTAL TMT Industrials&chemicals ConsumerBusinessservices Pharma,medical&biotech FinancialservicesEnergy,mining&utilities LeisureTransportationConstructionRealestate Agriculture Cold Warm Hot strength.AcrossallgeographiesinEMEA,I&Cstoriesaccountfor16.8%ofallforward-lookingdealreports. Defense TOTAL Note:TheIntelligenceHeatChartsarebasedon‘companiesforsale’trackedbyMergermarketintherespectiveregionsbetweenDecember01,2021andJune30,2022.Opportunitiesarecapturedaccordingtothedominantgeographyandsectorofthepotentialtargetcompany. 4 Allsectors Summary:Dealvolumeslidesafterrecordyear,butvalueholdsfirm AllsectorsM&Aactivity,2019-HY2022 3,500 400 3,000 350 300 2,500 250 2,000 200 1,500 150 1000 100 500 50 0 0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2019 Dealvolume 2020 Dealvalue€(bn) 2021 2022 Source:Mergermarket 6 ItshouldcomeaslittlesurprisethatdealnumbersaredownacrossEMEAcomparedtoH12021.Lastyearwasunique,withpent-updemandfinallybeingreleasedafterabreakinthepandemic.However,thevaluestoryisverydifferent. Dealcounttotaled4,963comparedwith6,182inH12021,afallof19.7%.Thisdownwardtrendwasmostpronouncedinthesecondquarter,followingtheinvasionofUkraineandasrisk-offs

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