《2024全球市场并购报告》(英).docx

《《2024全球市场并购报告》(英).docx》由会员分享，可在线阅读，更多相关《《2024全球市场并购报告》(英).docx（122页珍藏版）》请在课桌文档上搜索。

1、GlobalM&AReport2024GaininganedgeinamarketresetBAlN&COMPANYAcknowledgmentsThisreportwaspreparedbytheleadershipteamofBain&CompanysGlobalM&AandDivestiturespractice,withspecialdirectionfromLesBaird,partner;DavidHarding,advisorypartner;DaleStafford,partner;KaiGrass,partner;SuzanneKumar,practicevicepresid

2、ent;LindseyWhite,seniormanager;andaneditorialteamledbyDavidDiamond.TheauthorswishtothankthemanymembersoftheBainleadershipteamwhocontributedarticlestothisyearsreport.Additionally,wewishtothankthefollowingcolleaguesfortheirhelpwiththisreport:BainPartnersHarshveerSingh,PeterHorsley,andColleenvonEckarts

3、berg;PracticeManagersDwightStallsandAnnaNowak-Dzialak;PracticeSeniorAnalystAmolMathur;ConsultantsShanePorterandAyshaRashid;SeniorAssociateConsultantJaysonChung;andAssociateConsultantKatieJones.ThisworkadditionallybenefitedfromthesupportofBainCapabilityNetworksAbhishekJain,RoopamKalra,ChhaviKhandelwa

4、l,SanyaKataria,YashovardhanDey,andSuprakashGosh.Thisworkisbasedonsecondarymarketresearch,analysisoffinancialinformationavailableorprovidedtoBain&Companyandarangeofinterviewswithindustryparticipants.Bain&CompanyhasnotindependentlyverifiedanysuchinformationprovidedoravailabletoBainandmakesnorepresenta

5、tionorwarranty,expressorimplied,thatsuchinformationisaccurateorcomplete.Projectedmarketandfinancialinformation,analysesandconclusionscontainedhereinarebasedontheinformationdescribedaboveandonBain&Companysjudgment,andshouldnotbeconstruedasdefinitiveforecastsorguaranteesoffutureperformanceorresults.Th

6、einformationandanalysishereindoesnotconstituteadviceofanykind,isnotintendedtobeusedforinvestmentpurposes,andneitherBain&Companynoranyofitssubsidiariesortheirrespectiveofficers,directors,shareholders,employeesoragentsacceptanyresponsibilityorliabilitywithrespecttotheuseoforrelianceonanyinformationora

7、nalysiscontainedinthisdocument.ThisworkiscopyrightBain&Companyandmaynotbepublished,transmitted,broadcast,pied,reproducedorreprintedinwholeorinpartwithouttheexplicitwrittenpermissionofBain&Company.Copyright2024Bain&Company,Inc.Allrightsreserved.GlobalM&AReport2024Contents1.etterfromtheLeaderofBain,sM

8、&APractice3StateoftheMarket5LookingBackatM&Ain2023:WhoWinsinaDownYear?6LookingAhead:HowtheBigBacklogW川Shapethe2024M&AAgenda13.HotTopics18GenerativeAlinM&A:WhereHopeMeetsHype19RegulationandM&A:HowScrutinyRaisestheBarforAcquirers24.Industries30M&AinAerospaceandDefense:FourThemesShapingSpaceIndustryDea

9、lsin202432M&AinAutomotiveandMobility:DealstoSecureaPlaceintheIndustrysFuture37M&AinBuildingProducts:VenturingbeyondtheCore43.CanConsumerProductsCompaniesMastertheSmallDeal?47M&AinRetail:WhyScaleStillIsParamountinGrocery53M&AinBanking:ThreeSmallWavesofDeals57M&AinInsurance:DealsAdvanceCapabilitiesand

10、RiskPrevention61M&AinPayments:MakingStrategicMoves,withFewHeadlineDeals65M&AinWealthandAssetManagement:FindingPocketsofOpportunityinaSlowYear69M&AinEnergyandNaturalResources:TheCircularEconomyIsNotLinear73GlobalM&AReport2024BAIN&COMPANYM&AinHRRthCareandLifeSciences:AShrinkingMarginforErrorinDnaIS78M

11、&AinMedia:BigChangesAreForcingBoldMoves82M&AinTechnology:GettingSeriousaboutProductSynergies85M&AinTelecommunications:MakingtheRightSelectiveBetsinaToughEnvironment.90Regions96M&AinBrazil:InternationalBuyersActWhileDomesticAcquirersShowCaution.97M&AinIndia:ContinuedOptimismFuelsMomentum101.M&AinJapa

12、n:ResilientActivitybutNowItsTimeforMore105.M&AintheMiddleEast:FromGreenEnergytoAsianExpansiontoFootball109Methodology113Keycontacts116GlobalM&AReport20241.etterfromtheLeaderofBain,sM&APracticeDearfriends,WepublishourannualM&Areporttohelpbusinessleadersgetbetterattheartandscienceofdoingdeals.Inthis,o

13、ursixthreport,weanalyzewhy2023wastheyearthatbuyersandsellerscouldntagreeonvaluations,notinghowstrategicdealmultiplessanktotheirlowestlevelin15yearswhilepublicmarketvaluationsended2023nearall-timehighs.Ourreportincludesalookatthestateofthemarketandourviewoftheyearahead(optimistic).Ilalsodivesintospec

14、ificindustriesandregionsandexplorestheimpactofgenerativeartificialintelligenceandregulatoryscrutinyondcalmaking.Acommonthemerunningthroughthesechapters:Turbulenttimesproducestrategicwinnersandlosers,and2023wasnoexception.1.esBaird1.eaderofBain,sM&APracticeStateoftheMarket1.ookingBackatM&Ain2023:WhoW

15、insinaDownYear?61.ookingAhead:HowtheBigBacklogW川Shapethe2024M&AAgenda13.StateoftheMarket1.ookingBackatM&Ain2023:WhoWinsinaDownYear?Dealsslowedasbuyersandsellerswaitedfortheothertomakethefirstmove.ByDavidHarding,DaleStafford,KaiGrass,SuzanneKumar,andLindseyWhiteAtaGlance,In2023,thetotalM&Amarketdropp

16、ed15%,to$3.2trillion,thelowestlevelinadecade.StrategicM&Adeclined6%asbuyersandsellersstruggledtoclosethegaponvaluations,andstrategicdealmultipleswerethelowestthey,vebeeninadecade. Dealsweredelayedforotherreasons,includinghighinterestrates,mixedmacroeconomicsignals,regulatoryscrutiny,andgeopoliticalr

17、isks. Manylongtimefrequentacquirersused2023asanopportunitytoexpandtheircompetitiveadvantagethroughM&A.ItsnosecretthattheM&Amarketdeclinedin2023asthevaluationgapbetweenwhatbuyerswantedtospendandwhatsellerswantedtochargefortheircompanieskeptmanywould-bedealsfromhappening.M&Apractitionerstoldusthatthev

18、aluationgapwasthebiggestobstacletodealmaking,andtherewereotherheadwindsin2023aswell,includinghighinterestrates,macroeconomicuncertainty,risingregulatoryscrutiny,andnewpoliticalpressures.Butwhiledownoverallby6%invalue,thestrategicM&Amarketreflectedunevenperformance.Forexample,techdealscrateredwhileac

19、tivityinhealthcareandlifesciencesaswellasenergyandGlobalM&AReport2024naturalresourcesrebounded.TheAmericasmarketheldsteadyasEuropeandAsiafaltered.Scratchbeneaththeplacidsurface,andyouseehow,acrossindustriesandaroundtheworld,winningcompaniesturnedtodealstoreinventtheirfuture,whetheritwasautomakersacq

20、uiringtosecuresuppliesforthetransitiontoelectricvehicles,insurersbuyingtoexpandtheirtraditionalroleofriskprotectiontoriskprevention,ormediacompanieslearningthatpartneringwithformerfiercecompetitorsistheonlywaytowinastheirindustryentersanewera.Thecompaniesthatmadesuchmoveswillbethosethatemergeasleade

21、rs.PerhapsthemostimportantM&Anewsfrom2023,however,wasthewideningoftheperformancegapbetweenfrequentacquirersandtheirinactivepeers.Accordingtoourlong-termresearch,frequentacquirersalwaysoutperfonintotalshareholderreturn.In2023,thatmargincontinuedtogrow.WhatthenumberssayTheworldofstrategicM&Astillsawmo

22、rethan27,000dealsannounced,totalingabout$2.4trillion,a6%declineinvaluefromtheyearbefore(seeFigure1).Ifthosenumbersseembetterthanwhatyoumayhavereadinthenewspapers,keepinmindthatthebroaderworldofleveragedprivateequityandventurecapitaldealshadamuchworsetime(down37%invalue).Thosebusinessesweremoreexpose

23、dtotheriseofinterestralesandissuesofdebtavailability.Incontrast,corporatebuyersgenerallyhadstrongerbalancesheetswithcashonhandtododeals.Figure 1: GlobalM&Adealvaluewas$3.2trillionin2023,down15%yearoveryearM&Adealmarketvalue(intrillionsofUSdollars)IStrategicM&A,6%Financialinvestors,34%VentureCapitaIZ

24、corporateventurecapital,42%Specialpurposeacquisitioncompanies,4%Note:StrategicM&AincludescorporateM&Adeals(whichincludesprivateequityexits)andadd-onsSource:DealogicasofJanuary16,2024GlobalM&AReport2024Still,nodealmakercouldavoidtheimpactofrisinginterestrates.Nearlyeveryexecutivewespokewithandafull95

25、%ofthosewesurveyedagreedthathigherinterestratesrequiredthemtoadapttheirapproachtoM&Ain2023.TheNo.1adjustment?Beingmoreselectiveinwhichdealsarebeingpursued,whichwascitedbytwo-thirdsofrespondents.Butthebiggestobstaclewasthegapbetweenvaluations,whichcontributedtothelowestyearforstrategicM&Ainadecadeand

26、causedpricestoplunge.Thevaluationgapwastheonlythingthatsurveyedbuyersandsellersseemedtoagreeon.Morethantwo-thirdsofbuyerstoldusthatitnegativelyimpactedM&Aactivity.Ontheothersideofthetable,atnearlythesamerate,potentialsellerscitedmorefavorabledealvaluationsasatopfactorindecidingwhentobringtheirassets

27、tomarket.Insomeways,2023willberememberedastheyearinwhichbuyersandsellerswaitedforeachothertoblink.Anecdotally,Weheardfromourinvestmentbankingfriendsthatanotablenumberofdealprocesseswereabandonedbeforebidswereacceptedthispastyear.Whywasitparticularlyhardtoclosethevaluationgapin2023?Ourresearchpointed

28、outfourcauses.Again,risinginterestratesplayedamajorrole.Thebigargumentthroughout2023wastheshapeoftheinterestratecurveinyearstocome.Buyersneededdealstodeliveramarginofsafetyfromhigher-for-longerinterestrateswhereassellersheldbackinhopesthatrateswouldcomebackdown.,Asecondstraightyearofdecliningstrateg

29、icdealvaluationsmadedealmakerswary(seeFigure2).At10.1times,overalldealmultipleswerethelowestin15years,withroomtofallfurther;mostdownturnsfindatroughbetween9timesand10times.Amiddecliningvaluations,buyerstookaskepticalviewofassetspricedwithpridewhilesellerssawlittlereasontogiveawayvalue.,Moreover,ahea

30、lthystockmarketin2023exacerbatedtheyawninggapbetweenprivateandpublicmarketvaluations.Withstockstradingwell,sellersandtheirshareholderspreferredtoholdontoassetsratherthanfacedilutionfromsellingatadepressedmultiple.,Finally,privateequityexitsweredown44%invalueand22%involume.Besidescuttingoffasourceofp

31、otentiallyattractivetargets,deferredprivateequityexitsmeantthattherewerefewermarksforfairmarketvalue,furthercloudingpricetransparency.Anotherfactorbehindfewerdealsisincreasedscrutinybyregulatorsaroundtheglobe.TheEuropeanCommission,theUKCompetitionandMarketsAuthority,andtheUSDepartmentofJusticeandFed

32、eralTradeCommissionhaveeyedmajormergerswithskepticism,particularlytechandhealthcaretie-ups.Atotalof$361billionindealshavebeenchallengedsince2022;mosthaveclosed,oftenwithremedies.Thedusthasnotyetsettledontheevolvingantitrustregulatorylandscapeascourtsweighinandnewguidelinesarcproposed.Nationalsecurit

33、yconcernsalsoremainafactorforsensitivesectorssuchassemiconductorsornuclearenergy.Inthisenvironment,GlobalM&AReport2024Figure 2: Strategicdealmultipleshaveplummetedforthesecondyearinarow,evenaspublicmarketvaluationsreboundedEnterprisevalue-to-EBITDAvaluations,indexedto2014Year over year 2022-20234%16

34、%20141516181920212223Notes:S&P500enterprisevalue-to-EBITDAvaluationsrepresenttheannualaveragemultiple:strategicM&AvaluationsrepresentthemedianmultipleforeachcalendaryearSources：DealogicasofJanuary16,2024；S&PCapitalIQsomedealsmaynevergetofftheground;othersaremorelikelytobeabandonedinthefaceofachallen

35、ge.Weexploretheimpactoflongerandmoreuncertaintimelinesin4lReguIationandM&A:HowScrutinyRaisestheBarforAcquirers/1.ookingbeneaththesurfaceAcrossindustries,thecollapseoftechM&AwasthebiggestdragonstrategicM&Ain2023(SeeFigure3).Tcchdealvaluesdeclinedbyroughly45%asmedianvaluations,definedbyenterprisevalue

36、-to-EBITDAmultiples,tumbledfrom202shighof25timesto13timeslastyear.Emerson,sacquisitionOfNationalInstrumentstoexpandautomationcapabilitiesandCiscosbidforSplunkforitscybersecuritycapabilitiespointtotheongoingdemandforhigh-quality(andprofitable)techassets.Yet,aswe,vcexploredelsewhere,ahighcr-for-longer

37、interestrateenvironmentchangesthedealmathformosttechdealspredicatedongrowthoverprofitability(seeGlobalM&AReportMidyear2022orM&AMidyearReport2023:ItTakesTwotoMakeaMarket).Atthesametime,ahealthydoseofbig-ticketdealssupportedastrongM&Ayearforenergyandhealthcare,promptedbydifferingsectordynamics.Ontheba

38、ckofrisingcommodityprices,scaledealsinenergyandnaturalresourcesledthepack,withtwomegadealsinoilandgasandthreeadditionalmajortie-upscomprisingatotalofabout$175billionindealvalue,accordingtoDcaIogic.GlobalM&AReport2024Figure 3: HealthcareandlifesciencesaswellasenergyandnaturalresourcesM&Areboundedin20

39、23butnotenoughtooffsetdeclinesintechandmanufacturingChangeinstrategicdealvalue(inbillionsofUSdollars)Technology213Year-over-year percentage43% changeRetailTelecommunicationsMedianergy and naturalresourcesConsumerproductsand servicesHealthcare and life sciencesFinancial servicesAdvanced manufacturing

40、19%23% 50% 3% 32% 126%29%17%Source:DealogicasofJanuary16,2024CompaniesinhealthcareandlifesciencescontinuedtheirpursuitofgrowthviascopedealsasrepresentedbyAbbVie,sback-to-backdealsforImmunoGenandCerevelTherapeuticsinDecemberandMerck,searlieracquisitionofPrometheus.Theyearsawacommonthreadofverticaldca

41、lmaking.Companiesnavigatingashocktotheprofitpool,whetherashiftfrominternalcombustionenginestoelectricvehiclesortheriseoftheInternetasadistributionchannel,haveturnedtoM&Atotransform.Automotivecompaniesaredoingdeals,suchasStellantis,sinvestmentinLytenandFord,sacquisitionofAutoMotivePower,tosecureacces

42、stocriticalchargingtechnologyandtoinvestintheirownrecharginggrids.Inmedia,thevaluechainhasbeenredesignedthroughmergingofcontentanddistribution,leadingtonewstrategiesforpartnershipsandalliances.VerticalM&Acanalsoreflectadaptivestrategiesinthefaceofindustryconsolidation.IntheUS,healthcarepayersareusin

43、gM&Atobuildhealthdeliverynetworks,asexemplifiedbyCVS,spurchaseofOakStreetHealth(hisyear.Spin-offsremainedanessentialtoolinportfoliotransformationaswell.Forexample,Danahercontinueditsreorientationtowardlifesciencesviaa$23billionspin-offofitswaterbusiness(Veralto)whileacquiringAbeamanditsproteinconsum

44、ablesbusinessfor$5.7billion.SanofijoinedGlobalM&AReport2024otherhealthcarecompaniesinannouncingtheseparationofitsconsumerhealthbusiness.Spin-offsarcexceedinglyhardtogetright,buttop-quartileperformersshowhowvaluabletheycanbe(see“WhenaSpin-OffWinsBig,)Notably,cross-borderdealmakingwassustainedasinvest

45、orssoughttoenhanceportfoliosinmorefavorablemarkets.USbuyerspursuedmorecross-borderdeals,up34%invalue,whiledomesticvaluerose2%.Similarly,Brazilremainedattractivetoforeigninvestment,evenasdomesticClealmakingdeclined(see“M&AinBrazil:InternationalBuyersActWhileDomesticAcquirersShowCaution,).Asiasawa60%i

46、ncreaseindealsfromtheMiddleEastassovereignwealthfundssoughttobuildsupplychainsandfacilitateenergytransitions.Andmegadealsmadeamarkinthesecondhalfof2023,apossiblesignalthatdealmakerswerereadytolookforward.ForM&Aobservers,thetimingwasnttoosurprising.Manycompanieshadsustainedhighlevelsofproactivedealsc

47、reeningandoutside-induediligenceevenasdealcountsfell.Somedeals,suchasChevron-Hess,wereyearslonginthemakingifopportunisticintiming.Others,suchasCarriersacquisitionOfViessmannClimateSolutions,reflectedabetonlong-termtrends.Figure 4: Frequentacquirersstayedinthegamethroughoutrecenttimesofturbulence. an

48、d continued to conduct M&A through a period of higher interest ratesMostfrequentacquirerscompletedanacquisitionduringCovid-19period.Notes: Bains value creation study tracks performance (measured by total shareholder return) and acquisition frequency for 2,533 companies over the period between 2012 and 2022; Covid-19 period includes deals between secon