A surprise surge in deals is turning August into a memorable month for M&A, helped by rising stock prices and steadier US markets.
A surprise surge in deals is turning August into a memorable month for mergers and acquisitions, helped byAlready $US63 billion of transactions have been announced in North America, the most for a comparable monthly period since November and eclipsing the $US52 billion in deals for all of July, according to data compiled by Bloomberg.
Among an eye-catching 613 combinations proposed in this traditionally sleepy summer month is Vista Equity Partners’ plan to buy tax-management software provider Avalara for $US7.8 billion.A survey listed sharemarket volatility and financing disruptions as two big causes for delaying or abandoning pending transactions. Merger arbitrage specialists say the share rally that started in July and a generally stabler tone in all markets are nowP 500 rallied 9.1 per cent in July and another 1.
“Especially for private equity firms, the only purpose of their cash is to make acquisitions, and that money does not have an unlimited lifespan,” Roy Behren, co-chief investment officer at Westchester Capital Management, said in an interview.“In the event that we are going into a recession, companies will need to continue to grow their top lines, and making acquisitions could help accomplish that goal. Or if we end up in a soft landing, companies want to be prepared for that too.
For example, Pfizer this month unveiled an acquisition of Global Blood Therapeutic, while an investor group led by Apollo Global Management proposed a buyout of Atlas Air Worldwide Holdings. Each deal is valued $US4.6 billion, according to Bloomberg data.
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