Mission control: Aerospace and Defense M&A analysis

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Mission control is a quarterly analysis of global merger and acquisition activity in the aerospace and defense industry. Each edition includes a review of overall deal activity for the quarter and year to date and a summary of large deals. Also included is a spotlight on a PwC service and a case study.

Global aerospace and defense M&A analysis: Q3 2009

This quarter, the Mission control report takes a deeper look at the impact prospective energy and climate policies may have on business transactions. Our special report highlights the role of cap-and-trade on climate change legislation, the deal market's response, company brand and reputation considerations, and the interests of the growing number of environmentally aware stakeholders.

PwC's third-quarter mergers and acquisition analysis indicates that the global financial crisis continues to severely constrain both US and non-US aerospace and defense deal activity.

While the bulk of economic metrics remained weak, there were signs during the third quarter that the deal environment may have reached a turning point. Our analysis revealed that the pace of third-quarter deal activity declined on a year-over-year basis, as was the case in both the first and second quarters. However, compared to the first and second quarters of 2009, deal activity in the third quarter showed a marked improvement, both in terms of the number of deals and in particular, deal value.