PwC Capital Markets Flash

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Q3 2014

Big deals dominate as transaction value continues to rise in Q3 Deals down slightly in volume from Q2, but up in value

With sustained momentum, Canadian M&A deal value continued to rise in the third quarter of 2014. With a total of 713 deals, volume was only slightly lower than the 748 transactions seen in Q2, however deal value rose 10% from $45.8 billion to $50.6 billion this quarter.

We invite you to read our Q3 Capital Markets Flash to learn more about recent Canadian deal-making activity and our forward looking perspectives. We take a look at the top industry sector deals, covering volumes, values and more, with special Canadian Spotlight features on rising M&A activity in the auto dealership industry, a look at how OTT/streaming content is impacting M&A in the entertainment and media sector, and bring you a regional perspective with our piece “Quebec Inc. at the gate”. Finally, we close off with “Food for thought”, an interview with Marc Poulin, President and CEO of Sobeys Inc. and its parent, Empire Co. Ltd., and PwC’s Q3 IPO survey, which a look at how the up-and-down 2014 IPO market is outpacing year-ago levels.


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Previous editions:

PwC Capital Markets Flash | Q2 2014
After a quiet first quarter, Canadian M&A activity accelerated in Q2. The second quarter saw 748 deals with a total value of $45.8 billion, a 10% increase in value and volume from Q1, and a 20% jump from Q2 2013.

PwC Capital Markets Flash | Q1 2014
Top 10 largest deals included three in the energy sector, which returned to the top slot by value for the first time since Q4 2012.

PwC Capital Markets Flash | Q4 2013
Retail, real estate, utilities and pension fund activity were not enough to fill the gap left by a dearth of deals in Canada’s oil patch and mining companies.

PwC Capital Markets Flash | Q3 2013
Canadian M&A activity rose sharply in the third quarter of 2013 on a value basis, to US$54.8 billion from US$38.9 billion in Q2.

PwC Capital Markets Flash | Q2 2013
Despite a 62% increase in M&A activity in value terms over the previous quarter, Q2 2013 was the second quietest quarter since Q2 2010.

PwC Capital Markets Flash | Q1 2013
The first quarter of 2013 saw China’s growth slow, commodity prices tumble, and the Eurozone continue to struggle.

PwC Capital Markets Flash | Q4 2012
Despite a 9.6% decline in deal volumes in 2012, the aggregate value of announced deals climbed 10.5% to reach its highest level since the market peak in 2007.

PwC Capital Markets Flash | Canadian Economic Update
Although all the numbers are not yet in, it appears the Canadian economy will grow just over 2% this year, just a shade higher than forecast in the July Capital Markets Flash.

PwC Capital Markets Flash | Q3 2012
The third quarter of 2012 saw 599 announced Canadian M&A transactions worth $58.6 billion.

PwC Capital Markets Flash | Q2 2012
A state of “Canadian M&A anaemia” was the accepted wisdom during the volatile second quarter, especially in the headline "mega deal" resource segment.

PwC Capital Markets Flash | 2012 Outlook Scorecard
As we enter another Canadian summer, we thought it an opportune time to take a look back at our forecasts for the M&A market in 2012 and assess how our predictions have been panning out.

PwC Capital Markets Flash | Perspectives on Insurance M&A
Consistent with our expectations, mergers and acquisition (M&A) activity in Canada’s insurance industry continued to increase in 2011.

PwC Capital Markets Flash | Q1 2012
Against a backdrop of the slowest first quarter of global M&A in ten years, Q1 2012 continued to be a busy one for Canadian dealmakers.

PwC Capital Markets Flash | Notable Economic News
The economic outlook continues to be mixed going forward, with signs of stability in North America that will likely support a steady deal market for Canadian dealmakers.

PwC Capital Markets Flash | Q4 2011 and Outlook for 2012
For 2012, we anticipate that, absent a tail event, Canadian M&A will continue to move forward at a measured pace. This report sets out key trends from 2011, as well as five specific expectations for Canadian M&A in this New Year.