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PwC's transaction services provides in-depth insights on critical M&A issues gleaned from advising many of the world's leading corporations and private equity firms.

Q2 2015 IPO Watch press release - July 8, 2015

The U.S. IPO market came back to life in the second quarter of 2015, surging 83 percent in volume and 111 percent in proceeds raised, compared to the first quarter of 2015, according to IPO Watch, a quarterly survey by PwC US.


2015 Poised to be Best Year for M&A since Financial Crisis, According to PwC - June 17, 2015

Coming off a historic year for mergers and acquisitions, the U.S. retains its position among the most attractive markets for investments.


Technology Deals Return to Middle Market in 2015, According to PwC US - May 21, 2015

Following the record-breaking buying spree of 2014, the first quarter of 2015 is signaling a return to the middle market with technology deal volume remaining active amid the decline of both megadeals and deal values, according to PwC’s US Technology Deals Insights Q1.


U.S. Retail & Consumer Deal Value Jumps 148 Percent during First Quarter 2015, According to PwC US - Apr 30, 2015

The U.S. retail and consumer (R&C) sector experienced a strong first quarter in 2015 for merger & acquisition (M&A) activity, which was driven by seven megadeals (deals with a value of over $1 billion), according to PwC’s U.S. retail and consumer deals insights first quarter 2015 report.


IPOs Take a Breath in Q1 2015 After a Sizzling 2014, According to PwC’s Deals Practice - April 7, 2015

US IPO proceeds slowed down to levels not seen since the first quarter of 2012 when the IPO market was rebounding from the financial crisis, with 41 IPOs raising $6.2 billion, according to IPO Watch, a quarterly survey by PwC US.


2014 US Capital Markets Activity Reached $1.8 Trillion, According to PwC’s Deals Practice Annual US Capital Markets Watch - Feb. 10, 2015

The improving U.S. macro environment, record low interest rates, the stock market’s steady rise, and overall low volatility all contributed to strong U.S. capital markets in 2014.


PwC Expands New Jersey Deals Business - Feb. 5, 2015

PwC US is expanding its Deals business in New Jersey to further support local clients and their deal strategies. NJ-based PwC partner Glenn Hunzinger has been selected to lead the local team of deals practitioners.


U.S. Retail & Consumer M&A Value Hits Five-Year High in 2014, According to PwC US - Feb. 5, 2015

U.S. retail and consumer (R&C) total transaction value for 2014 hit a five-year high and surpassed the $100 billion mark for the second year in a row, according to PwC’s U.S. retail and consumer deals insights 2014 Year in Review and 2015 Outlook report, released today.


North American Power and Utilities Deal Activity Surges in the Fourth Quarter of 2014, According to PwC US - Feb. 5, 2015

Fourth quarter merger and acquisition (M&A) volume in the North American power and utilities industry increased 57 percent over the previous year’s fourth quarter volume, reaching a quarterly level not seen since 2008, according to PwC US’ quarterly deals snapshot North American Power & Utilities Deals: Q4 2014. Deal value also increased 68 percent compared to the fourth quarter of 2013, driven by corporate megadeals and a high number of renewable transactions.

Archived press releases

2014

Perfect Storm for Corporate Dealmaking Drives M&A Value to Highest Level Since 2007, according to PwC - Dec. 15, 2014

A wave of corporate mega deal activity drove a significant uptick in M&A value in 2014, according to PwC US. As businesses aim to meet their growth ambitions and increase market share, PwC expects there will be more attractive opportunities for dealmakers to acquire, combine and align with strategic partners in 2015.


Q4 2014 IPO Watch press release - Dec. 9, 2014

Throughout 2014, the U.S. IPO market put in its strongest performance since 2000, as a broad range of companies took advantage of strong equity markets and an accommodative financing environment to raise capital, according to IPO Watch, a quarterly survey by PwC US.


PwC’s Colin Wittmer Wins Deals Services Professional of the Year Award by M&A Advisor - Dec. 2, 2014

PwC partner recognized for outstanding contributions to M&A industry and clients


Auto Supplier M&A Activity Will Likely Increase by 13 Percent to More Than 200 Deals Globally in 2014, According to PwC Global Study - Nov 14, 2014

Number of Deals Initiated by North American Suppliers Overtook European Suppliers for the First Time since 2008.


Volume of Retail & Consumer Mega Deals Hits At Least Seven Year High During Third Quarter 2014, According to PwC US - Nov 4, 2014

Q3 Included Six of the Top 10 Corporate Deals & Five of the Top 10 Private Equity Deals Year-to-Date Cross Border M&A Activity Increased as Focus Shifts to Faster-Growing International Markets.


Third Quarter Deal Value for the Power and Utilities Sector Surpasses $11 Billion, According to PwC US - Nov 4, 2014

Mergers and acquisitions (M&A) deal value in the North American power and utilities industry reached $11.1 billion during the third quarter of 2014, according to PwC US’ quarterly deals snapshot North American Power & Utilities Deals: Q3 2014.


PwC Deals Practice Study Shows Nearly 60% of IPOs Used Non-GAAP Measures During Past Three Years - Oct 30, 2014

Adjusted EBITDA most common non-GAAP measure.


Technology Deals Market on Pace to Become Strongest in Years, Says PwC Deals Practice - Oct 30, 2014

Wave of Technology Spin Offs Poses Fundamental Change to Competitive Landscape.


U.S. Oil & Gas Deal Value Hits Ten Year High in the Third Quarter of 2014, According to PwC US - Oct 29, 2014

Mergers and acquisitions (M&A) in the oil and gas industry reached the highest levels in the past decade during the third quarter of 2014.


Third Quarter Industrial Products M&A Activity Posts Strong Year-Over-Year Gains According to PwC US - Oct 23, 2014

Majority of subsectors see deal volume gains. Mega deals activity increases average deal value. Cross-border transactions moderate reflecting global uncertainty.


Global Automotive M&A Deal Value Increased to $27.5 million, a strong increase of 110 Percent over the first half of 2013, According to PwC - Oct 14, 2014

Global cross-sector merger and acquisition (M&A) volume increased six percent in the first half of 2014 compared to the prior year.


Q3 2014 IPO Watch press release - Oct. 6, 2014

The US IPO market continues to demonstrate significant investor interest in initial public offerings (IPOs) in the third quarter of 2014.


Second Quarter Technology M&A Thrives amid Improving Macroeconomic Conditions with Announced Deals Signalling a Strong Second Half of 2014, says PwC US - Aug 6, 2014

Software and Internet Deals Thrive while Hardware and Semiconductor Sectors Drive Increasing Deal Values.


Power and Utilities Industry Second Quarter 2014 Deal Value Reaches Highest Level since 2011, According to PwC US - Aug 5, 2014

Mergers and acquisitions (M&A) in the North American power and utilities industry increased significantly on a volume and value basis in the second quarter of 2014, both as compared to the previous quarter and year-over-year, according to PwC US’ quarterly deals snapshot North American Power & Utilities Deals: Q2 2014.


Industrial Products M&A Activity Surges in Second Quarter, According to PwC US - Aug 5, 2014

Average deal value rises substantially. Cross-border deals picking up as risk tolerance risesFinancial investors playing greater role in Industrial Products M&A activity


U.S. Oil & Gas Deal Value and Volume Increased Substantially in the Second Quarter of 2014, According to PwC US - July 30, 2014

Mergers and acquisitions (M&A) activity in the oil and gas industry increased substantially in terms of value and volume in the second quarter of 2014 compared to both the prior quarter and the second quarter of last year, according to PwC US.


Second Quarter 2014 Retail & Consumer M&A Activity Significantly Outperforms Q2 2013, According to PwC US - July 29, 2014

U.S. retail and consumer merger & acquisition (M&A) activity during the second quarter of 2014 was driven by eight multibillion dollar transactions, anchored by the food and beverage (including alcohol and retailing) sectors, exceeding year-over-year deal value by 104 percent and volume by 52 percent, according to PwC’s U.S. retail and consumer deals insights Q2 2014 report released today.


Transformative Deals Drive Surge in Deal Value in First Half of 2014, According to PwC - July 24, 2014

Transactions valued at $10 billion or more account for approximately 50 percent of deal valueBusinesses look to align core strengths with shifting global dynamics in search for growth.


PwC Reports Robust IPO Market Surpasses $21 Billion in Q2 Proceeds, Best Quarter Volume Since 2007 - July 9, 2014

The market for initial public offerings (IPOs) finished on a strong note late in the second quarter of 2014, recording the highest quarterly deal volume since the fourth quarter of 2007.


Strong Start to 2014 Technology M&A with Uptick in Billion Dollar Deals, Says PwC US - May 21, 2014

Technology deals for the first quarter of 2014 started strong, continuing the momentum of the second-half surge of 2013. Equity markets remained near record highs and IPO activity remained robust in an improving economy, according to PwC’s US Technology deals Insights Q1 2014 Update, released today. Software and Internet deals continue to dominate as cloud, mobile and data drive much of the industry focus today.


U.S. Health Services Total Deal Value for Q1 2014 Rose 152%, Pointing to Renewed Deals Confidence Post-ACA Implementation, According to PwC US - May 20, 2014

U.S. Health Services merger and acquisition (M&A) total deal value rose 152 percent to $12.3 billion during the first quarter of 2014 compared to the same period in 2013, according to Q1 2014 US health services deals insights, a quarterly analysis of M&A trends and outlook for the health services sector issued today by PwC US.


Pharmaceutical & Life Sciences Deal Volume Increases 53 Percent in Q1 2014; Sets the Stage for Heightened Deal Activity in 2014, According to PwC US - May 20, 2014

Pharmaceutical and life sciences (PLS) merger and acquisition (M&A) volume increased 53.1 percent in the first quarter of 2014, highlighting the expected increase in deal activity from the previous year, according to Pharmaceutical and Life Sciences Deals Insights Quarterly, a quarterly analysis of M&A trends and outlook for the PLS sector issued today by PwC US.


M&A Activity Focuses on Strategic Opportunities Spanning the Power and Utilities Industry Landscape in First Quarter, According to PwC US — May 6, 2014

Range of deals activity includes regulated utility, power generation, and retail deals.


Multibillion Dollar Deals Drive Retail & Consumer M&A Activity During First Quarter 2014, According to PwC US — May 6, 2014

More Than Half of Multibillion Dollar Deals Align to Food & Beverage SectorCross Border Activity Represents 59 Percent of Total Deal Volume.


U.S. Oil & Gas M&A Activity Reaches Highest First Quarter Volume in More than a Decade, According to PwC US — Apr. 30, 2014

Upstream and Foreign Buyers Set Precedent for Most Deal Volume in Any First Quarter Over Past Five Years


Automotive Deals Drop 5 Percent to 465 Total Transactions in 2013, According to PwC — Apr. 29, 2014

M&A Activity Likely To Be Driven by Emerging Markets and Next-Gen Technologies on the Horizon.


Smaller, Local Deals Drive Industrial Products M&A Activity in First Quarter, According to PwC US — April 28, 2014

Merger and acquisition (M&A) deal value in the global industrial products (IP) industry rose significantly on a year-over-year basis during the first quarter of 2014, according to PwC US. While the increase in deal value was driven by mega deals (transactions worth more than $1 billion) compared with the first quarter of 2013, the majority of deal volume was a result of dealmakers executing on smaller, local deals.


PwC completes its acquisition of Booz & Company — Apr. 3, 2014

PwC is pleased to announce today the successful completion of its combination with Booz & Company.


Q1 2014 IPO Watch press release — Apr. 2, 2014

IPOs Continue to Dominate the Capital Markets as Activity More than Doubles Compared to Q1 2013.


PwC’s 2014 M&A Integration Survey Report Shows That Sustained Commitment to Integration Over the Long Term is Critical to Delivering Full Deal Value — Mar. 12, 2014

Today’s deals are more complex, broader in geographic scope and far more likely to go off course than ever before, requiring a sharp focus and long term commitment to the integration process to capture the full value of the deal.


PwC’s Capital Markets Watch Finds 2013 Activity Sets Stage for Continued Growth in 2014 — Feb. 27, 2014

An improving U.S. economic environment, record low interest rates and strong equity and debt markets drove significant activity in the U.S. capital markets in 2013, according to the inaugural 2013 Capital Markets Watch by PwC US.


Strong Fundamentals Set the Stage for Technology Deals Uptick in 2014, According to PwC US — Feb. 20, 2014

With a strong finish in technology deal activity in 2013, the outlook for 2014 points towards an accelerated pace as technology M&A continues to play a critical role for companies across industries to innovate and drive growth, according to PwC’s US Technology Deals Insights 2013 Year in Review and 2014 Outlook report released today.


Industrial Products M&A Activity Rises in Fourth Quarter, According to PwC US — Feb. 13, 2014

Merger and acquisition (M&A) deal volume and value in the global industrial products (IP) industry rose significantly on a sequential basis during the fourth quarter of 2013, according to a series of quarterly M&A reports released today by PwC US.


2013 U.S. Retail & Consumer M&A Deal Value Surpasses $100 Billion for First Time in Five Years, According to PwC US — Feb. 10, 2014

U.S. retail and consumer (R&C) total transaction value for 2013 surpassed $100 billion for the first time since 2008, according to PwC’s US retail and consumer deals insights 2013 Year in Review and 2014 Outlook report released today. Deals in the food and beverage sector and private equity (PE) investment in the apparel, footwear and accessories sector continued to drive activity in the R&C industry.


Strong Q4 Pharmaceutical & Life Sciences M&A Momentum Expected to Continue into 2014, According to PwC — Feb. 10, 2014

Pharmaceutical and life sciences (PLS) merger and acquisition (M&A) volume and value increased in the fourth quarter of 2013, finishing the year for deal activity on a high note, according to Pharmaceutical and Life Sciences Deals Insights Quarterly, a quarterly analysis of M&A trends and outlook for the PLS sector issued today by PwC.

2013

PwC’s Q4 IPO Watch Finds 2013 IPO Volume Hits Highest Level in Six Years — Dec. 19, 2013

Strong demand for initial public offerings (IPOs) continued in the fourth quarter of 2013, capping a robust year for the capital markets and setting the stage for continued growth in the new year, according to IPO Watch, a quarterly survey of IPOs listed on U.S. stock exchanges by PwC US. Total IPO volume for 2013, as of December 17, reached 237 public company debuts, easily surpassing overall volume of 146 IPOs in 2012 and representing the most active environment for newly listed companies since 2007.


Third Quarter U.S. Retail & Consumer Deal Volume Marks Highest Quarter this Year, as Value Jumps Significantly, According to PwC US — Nov. 06, 2013

U.S. retail and consumer merger & acquisition (M&A) activity during the third quarter of 2013 marked the highest amount of transactions this year, as transaction value rose 112 percent from the prior year quarter, according to PwC’s U.S. retail and consumer deals insights Q3 2013 report released today.


Third quarter Technology deal activity rebounds to 2012 levels, doubling second quarter 2013, says PwC US — Oct. 24, 2013

Technology deals accelerated in the third quarter returning to 2012 levels after a dismally slow start to the year, with deal volume and value doubling that of the previous quarter, according to PwC’s U.S. Q3 technology deals insights report released today. Private equity (PE) buyers took a more active role in technology M&A during the quarter with increased deal closures and numerous new deals announced.


IPO Market Momentum Breaks Full Year 2012 Totals, According to PwC’s Q3 IPO Watch — Oct. 2, 2013

The capital markets continued to demonstrate strong momentum in the third quarter of 2013 as the volume of new public listings matched the previous quarter, and exceeded the third quarter of 2012, according to IPO Watch, a quarterly survey of IPOs listed on U.S. stock exchanges by PwC US. Overall IPO volume for the first nine months of 2013 has already surpassed overall volume for all of 2012, while the high yield market saw $255 billion of issuances, exceeding 2012 issuances through three quarters.


While U.S. Retail & Consumer deal activity drops in second quarter, signs point to increased M&A for remainder of 2013, according to PwC US — Aug. 8, 2013

Despite a slowdown in U.S. retail and consumer merger & acquisition activity in the second quarter of 2013, consumer sentiment and retail sales trends remain positive, along with strong corporate balance sheets and availability of private equity “dry powder,” which should help trigger M&A activity during the second half of 2013.


Despite Deal Volume Shrinking to 2009 Levels, Second Quarter Deal Announcements Indicate Rising Technology M&A Activity, Says PwC US — July 30, 2013

While closed technology transactions in the second quarter declined both sequentially and year-over-year, the increase in announced and rumored deals point to a rise in merger and acquisition (M&A) activity for the remainder of the year, according to PwC’s US Q2 technology M&A Insights report released today. Private equity (PE) buyers took a more active role in technology M&A with deals announced across the spectrum of deal size, including some of the largest transactions announced so far this year.


PwC’s M&A Outlook Reveals Dealmakers’ Increasing Focus on Quality Execution in Competitive M&A Market — July 23, 2013

The fundamentals for strong M&A activity remain in place despite a slowdown in U.S. merger and acquisition (M&A) activity in the first half of 2013, according to PwC US. Buyers remain extremely active in identifying, evaluating and competing to acquire assets in the market. Dealmakers are placing a premium on...


IPO Activity Surges in Second Quarter, According to PwC’s IPO Watch — July 1, 2013

IPO activity surged in the second quarter of 2013, as the volume of new public listings far exceeded the previous quarter, as well as the second quarter of 2012, according to IPO Watch, a quarterly survey of IPOs listed on U.S. stock exchanges by PwC US.


Technology deals drop abruptly in first quarter of 2013, says PwC US — April 30, 2013

While the first quarter of 2013 saw technology M&A drop precipitously, the foundation is potentially being laid for more robust deal activity this year as political and economic uncertainties subside, according to PwC’s US technology M&A Insights report released today.


Multibillion dollar transactions drive US Retail & Consumer deals during first quarter 2013, according to PwC US — April 29, 2013

US retail and consumer merger & acquisition (M&A) activity during the first quarter of 2013 was defined by six multibillion dollar transactions, including one of the largest consumer products deals in history, and alternative deal structures employed to achieve strategic objectives, according to PwC’s US retail and consumer deals insights Q1 2013 report released today.


First quarter Industrial Products M&A activity slows as companies evaluate outlook, according to PwC — April 25, 2013

Following a modest advance in the fourth quarter, merger and acquisition (M&A) in the global industrial products (IP) industry slowed during the first quarter of 2013, as companies stepped back to evaluate their growth strategies amid continued uncertainty related to the global economy, as well as potential impacts of changes to tax and budget policies in the U.S.


Foreign buyers prop up deal activity in the US Oil & Gas industry as private equity pauses during first quarter 2013, according to PwC US — April 24, 2013

The acceleration of deals at the end of last year to get ahead of the fiscal cliff and the seasonality of low first quarter deal volume resulted in a decline of oil and gas merger and acquisition (M&A) activity in the first three months of 2013 compared with fourth quarter 2012.


PwC US Sees Robust Deals Outlook for Entertainment, Media & Communications Industry in 2013 — April 23, 2013

Entertainment, media and communications (EMC) sector deal activity is expected to remain active in 2013 as market players further invest to keep up with consumer demand for more bandwidth amid increasing content consumption, according to PwC’s 2013 U.S. Deal Insights for the Entertainment, Media & Communications industries released today.


PwC IPO Report and Study Demystifies Corporate Governance Planning for Companies Going Public — April 2013

With corporate governance being one item pre-public companies rarely pay sufficient attention to, PwC US today releases two new reports to help companies that are contemplating public offerings.


Q1 IPO Watch - Analysis and trends — April 2013

A very active last two weeks of March helped close out a strong first quarter for U.S. IPOs. Total IPO proceeds raised in the U.S. in the first quarter of 2013 exceeded the first quarter of 2012, despite a decrease in the volume of IPOs, according to IPO Watch, a quarterly and annual survey of IPOs listed on U.S. stock exchanges by PwC US.


Automotive deals stall in 2012 compared to 2011, according to PwC — Apr. 2, 2013

Automotive mergers and acquisitions (M&A) activity in the first half of 2012 has given way to macroeconomic pressures, resulting in passive M&A activity in 2012 overall.


New Core of Mobile, Social, Analytics and Security to Drive 2013 Technology Deals Outlook, According to PwC US — Feb. 26, 2013

Greater private equity prominence and resurgence of divestiture-driven transactions expected for 2013


Momentum Building in US Financial Services M&A Activity in Spite of Continued Uncertainty, Says PwC US — Feb. 21, 2013

Trend toward recovery should continue in 2013


Industrial Products M&A Activity Increases Modestly in Fourth Quarter, According to PwC US — Feb. 07, 2013

Overall merger & acquisition (M&A) activity in the global industrial products (IP) industry rose modestly on a sequential basis during the fourth quarter of 2012


2012 U.S. Retail & Consumer M&A deal volume and value jump significantly, according to PwC US — Jan. 31, 2013

Increased volume of ‘mega’ deals drove deal value growthPE activity in retail approached pre-downturn levels with IPO activity on the rise.


U.S. Industrial Manufacturers express increased optimism regarding the domestic economy, according to PwC’s Q4 2012 Manufacturing Barometer — Jan. 29, 2013

Plans for M&A activity over the next 12 months remained consistent with 35 percent of respondents, compared to 37 percent in the third quarter of 2012. Of that number, 32 percent are looking at purchasing another business...


M&A Deal Volume in the U.S. Oil & Gas Industry Reaches Highest Level in Ten Years — Jan. 29, 2013

M&A activity in the U.S. oil and gas industry hit a ten-year high during the fourth quarter of 2012 with 75 deals, according to PwC US. A number of factors drove this activity, including...

US Technology deals insights - Q1 2015 update

The first quarter maintained the momentum seen over the past several years, albeit a decline from the peaks witnessed at the end of 2014. With a clear return toward the middle market, deal volumes were prominent but megadeals were scarce, resulting in a noticeable decline in total value.


Mergers & acquisitions— a snapshot: Changing the way you think about tomorrow’s deal

Economic uncertainty, heightened global competition, evolving government regulation, and rapid technological changes can prove challenging for many companies. In many cases, decisive actions in implementing financial and operational restructurings may successfully turn around a company in distress.


US Health Services Deals Insights - Q1 2015 update

The year is off to a rapid start with deal volume and disclosed value up 19% and 92%, respectively, in Q1 2015 compared to the first quarter of 2014. The most notable sectors were Managed Care, Behavioral Health and Rehabilitation, Physician Practice, and Private Equity while Home Health, Hospitals, and Labs, MRI, & Dialysis lagged behind.


US Pharmaceuticals and Life Sciences Deals Insights Quarterly Q1 2015

The pharmaceutical and life sciences (PLS) industry saw an astronomical increase in deal value, as compared to previous quarters and the entire year of 2014. In Q1, there were 35 deals completed, representing deal value of $166.3 billion, a value higher than 2014 total deals alone. In our market spotlight, we take a look at Japan, a country that is facing dynamic changes in the marketplace as medical costs are becoming an increasing focus of the Japanese Government. Additionally, as there are transformational shifts within the PLS and healthcare industries, PwC shares insights on the new era of the “New Health Economy”.


Chapter 11: Applications and Advantages in European High Yield Restructurings

The European high-yield debt market has seen tremendous growth since the 2008 financial crisis. Prior to 2008, most European issuers with non-investment grade credit ratings obtained financing privately from banks rather than issue debt on public markets. That pattern has changed dramatically, however. More stringent capital requirements under Basel III have prompted European banks to reduce their corporate lending, forcing many lower-rated companies to borrow on public markets for the first time.


US retail and consumer deals insights: Q1 2015 update

Consumer sentiment continued its upward trend in the first quarter of 2015, reaching a ten-year peak due to more favorable prospects for the domestic economy, including gains in employment and incomes, as well as declines in gas prices.


An Appetite for M&A: How Food Companies Can Buy and Sell Their Way to Competitive Advantage

Explore new challenges facing the food industry and why winning companies are focusing on capabilities to gain a competitive advantage.


US Health Services Deals Insights - Analysis and trends in US health services activity 2014 and 2015 outlook

In 2014, the pace of deal activity started strong and ended stronger. After the first quarter’s 9.2% increase in deal activity from the first quarter of 2013, we noted a lull in the second and third quarters’ deal pace. However, the fourth quarter of 2014 realized a 29% jump in deal volume as compared to the fourth quarter of 2013. This jump was enough to bring 2014’s total deal activity up 16.3% overall from 2013.


US technology deal insights - Analysis and trends in US technology 2015

With 2014 noted for a series of record-setting and transformative deals, momentum is expected to carry over into 2015 as deal-makers continue to invest in cloud, mobile and security and seek out emerging technologies such as Internet of Things (IoT).


US retail and consumer deals insights: 2014 year in review and 2015 outlook

US retail and consumer (R&C) total transaction value for 2014 hit a five-year high and surpassed the $100 billion mark for the second year in a row.


Getting it right with growth: How to be a great CFO in the new growth economy

For the past decade, companies have had to contend with a series of large- scale macroeconomic disruptions, along with pressures on costs and earnings. Now, as the global economy recovers from the recession and cost and short-term earnings are not the sole focus, companies can turn their attention to the top line again.


Business Recovery Services industry insights – Retail

For many companies in the retail industry—a sector of the U.S. economy already facing significant uncertainty and growing distress—the holiday shopping season is causing anxiety.


Pharmaceutical and Life Sciences Deals Insights Quarterly: Q3 2014

Q3 showcased strong M&A activity; particularly in the pharmaceutical industry. As companies complete deals, integration becomes a critical element of realizing deal synergies. In this publication we highlight some of the methods used to capture and maintain value from synergy opportunities in an acquisition. Additionally this quarter's report's market spotlight looks at how Mexico has established itself as an attractive environment for investment among pharmaceuticals and life sciences companies.


North American power deals: Q3 2014 mergers & acquisitions report

12 deals valued at more than $50 million came in this quarter, consistent with the 12 quarterly deals a year ago. Total deal value and average deal value increased by 141% each as compared to Q3 2013.


Q3 2014 US Industrial Products mergers & acquisitions reports

Each quarter we provide an analysis of global merger and acquisition activity in the chemicals, metals, industrial manufacturing, transportation & logistics, aerospace & defense and engineering & construction industries. Each edition includes a review of overall deal activity for the quarter and year-to-date and a summary of large deals.


Companies in distress: Bankruptcy process and reporting consideration (M&A snapshot)

Overview of the bankruptcy process and key financial reporting considerations in bankruptcy.


Q3 2014 US health services deal insights

The pace of deal activity has picked up in the third quarter of 2014 with a total of 169 deals announced as compared to 143 and 138 deals in the first and second quarters, respectively.


Q3 2014 US technology deal insights

While momentum continues apace with slightly fewer but larger deals, the third quarter experienced an unprecedented series of spin off announcements from technology titans that signal fundamental competitive shifts. Healthy valuations, built-up cash reserves and the ability to leverage equity enabled strategic buyers to lead the way, while private equity remained active on both the buy and sell side.


Companies in distress - A successful turnaround requires decisive decision (M&A snapshot)

Signs your company might be in distress and actions it can take to turn the business around.


Q2 2014 US Health Services Deals Insights

A steady pace in the volume of deals for the health services sectors from the first to second quarters with 143 and 138 announced deals (281 total deals), respectively. This volume is also consistent on a year to date basis with 2013 and its 289 announced deals. However, we also note that on a quarterly basis, the second quarter of 2014’s deal volume (138 deals) has declined almost 13% from the same period in 2013 (158 deals).


Pharmaceutical and Life Sciences Deals Insights Quarterly: Q2 2014

As anticipated in our Q1 report, M&A activity surged in the second quarter of 2014 with 62 deals announced representing almost $170 billion of total value. Turkey’s healthcare industry is poised for significant growth as a result of government initiatives and increasing urbanization. Additionally, its geographic location is an ideal hub for companies seeking to expand in the region. Insights from PwC’s 2014 Integration Survey highlighting key focus areas for executives to achieve M&A integration success


US Entertainment Media and Communications deal insights: Q2 2014

The entertainment, media and communications (EMC) deal market is still hot with 50% more mega-deals announced this quarter over last year. We cover the landscape of deals including private equity and cross-border deals, and dive deep into the myths and best practices of valuing early-stage technology companies. We recap recent deal activity in the most active sectors, including: Advertising & Marketing, Publishing and Internet.


North American power deals: Q2 2014 mergers & acquisitions report

The number of deals valued at more than $50 million came in at 13, up significantly from the 7 deals from a year ago. Total deal value increased by 179%, and the average deal value increased by 50%.


Q2 2014 US Industrial Products mergers & acquisitions reports

Each quarter we provide an analysis of global merger and acquisition activity in the chemicals, metals, industrial manufacturing, transportation & logistics, aerospace & defense and engineering & construction industries. Each edition includes a review of overall deal activity for the quarter and year-to-date and a summary of large deals.


Q2 2014 US technology deal insights

Extending the positive momentum from the second half of 2013, equity markets set new highs, IPO markets reached activity levels not seen in years, VC investments harkened back to 2000 levels, and economic outlooks remained modestly optimistic across sectors. Private equity (PE) continued to play an active role in technology, though challenged by strategic buyers who are able to leverage healthy valuations and substantial amounts of cash on hand.


US retail and consumer deals insights: Q2 2014 update

Eight multibillion dollar deals kept the momentum building in Q2-2014, positioning the R&C deals market to outperform last year's strong performance to date. Consumer sentiment remains tepid and core retail trade sales slightly improved through June. IPO activity surged in Q2-2014, representing the second strongest quarter the sector has seen in the last three years in terms of both number of deals and proceeds.


Pharmaceutical and Life Sciences Deals Insights Quarterly: Q1 2014

The volume of PLS deals closed in the first quarter of 2014 increased 53.1% to 49 deals, compared with 32 in the fourth quarter of 2013, and increased 40% from 35 deals in the first quarter of 2013. The value of PLS deals closed during the first quarter of 2014 increased 20.9% to $44.9 billion, relative to the approximately $37.2 billion in the fourth quarter of 2013. Recent trends in deal volumes point to increased M&A activity in the coming quarters.


Q1 2014 US technology deal insights

Technology deals for the first quarter of 2014 started strong, continuing the momentum of the second-half surge of 2013. Equity markets remained near record highs and IPO activity remained robust in an improving economy. Software and Internet deals continue to dominate as cloud, mobile and data drive much of the industry focus today.


Q1 2014 US Health Services deals insights

In the first quarter of 2014, the total volume of deals remained consistent with the same period in 2013; however, the value of announced deals rose 152% to $12.3 billion.


US retail and consumer deals insights: Q1 2014 update

Deal activity is off to a good start led by numerous large deals, and confirms our positive outlook for 2014. Core retail trade sales improved in March which may give some rise in optimism for the remainder of the year after a slow start. IPO activity moderates in the first quarter after coming off a strong performance in 2013. However, the R&C pipeline is the strongest the sector has seen in recent years.


Specialty third-party logistics providers: A busy market for transactions in 2014

The number of logistic transactions is on the rise and private equity and industry players continue to look for strategic purchases, particularly of specialty 3PL providers. Third-party logistics providers are becoming increasingly indispensable due to their high level of customization, service quality, or service accuracy. Because of the number of well-capitalized players and the need for this operational intelligence and sophisticated capabilities, we expect this momentum of deals to continue.


Acquiring Innovation: Strategic deal-making to create value through M&A

M&A in pursuit of innovation is a high-potential source of growth. That's what we learned in a survey of tech companies, where 76 percent of innovation-focused acquisitions met or exceeded expectations. Led by the right inorganic growth strategy and accompanied by a holistic approach to deal execution, business leaders in all industry sectors can apply key lessons learned from innovation-intensive industry sectors to their own business and accelerate growth. Read to explore the key success factors in acquiring innovation.


Cross-border acquisitions - Navigating SEC reporting requirements (M&A snapshot)

This edition of Mergers & acquisitions — a snapshot is the second in our series focused on navigating the waters of a cross-border acquisition. The series looks at various aspects along the deal continuum, including pre-acquisition due diligence and strategies, financial reporting requirements, tax implications, and post-acquisition considerations. This edition provides insights on SEC and other financial reporting requirements that may apply in a cross-border acquisition.


Game on: Private Equity Investment in Africa

Over the past several years, interest in Africa as a destination for investment has been growing at a steady clip. Private equity was the first to make serious inroads into this heterogeneous continent of 54 countries. More recently, multinational corporations and a variety of other investors have entered the fray.


M&A Integration: Looking beyond the here and now. PwC's 2014 M&A Integration Survey Report

In 2008 and 2011, our tri-annual M&A Integration survey reports underscored the need for early planning and an accelerated transition as critical factors for successful integration. This 2014 survey report confirms these factors remain in today’s deals, and offers additional insights – showing that while early planning and rapid transition remain important, the commitment to integration completion over the long-term can be the deciding factor for deal success


Observations from the front lines: Private company accounting alternatives on goodwill

Recently the FASB issued an Accounting Standards Update to permit private companies to amortize goodwill acquired in a business combination, and to apply a simplified goodwill impairment model. This change is intended to help reduce reporting complexity for private companies; however, private companies should carefully consider this alternative, especially for those considering an initial public offering.


US health services deals insights: analysis and trends in US health services activity 2013 and 2014 outlook

In 2013, the most notable deal activity was in the hospital sector. While hospital deal volume was down, hospital deal value increased from $1.9 billion in 2012 to $18.6 billion in 2013.


US Infrastructure Deals 2013: More interest, but fewer deals

Infrastructure remains an attractive investment option, despite a dip in the number of completed deals in 2013. As interest in infrastructure assets keeps growing—along with capital available for investment—the competition is boosting prices, which is deterring some investors. The shale energy boom will continue to drive infrastructure investment in the energy and power sector, especially in terms of midstream assets. Public-private partnerships are slowly gaining momentum in a growing number of states, primarily for more politically palatable greenfield projects. Renewable energy deals proved appealing in 2013, and investors say greater certainty about continued tax incentives and a favorable regulatory environment will encourage even more activity.


Cross-border acquisitions - Due diligence and pre-acquisition risk considerations (M&A snapshot)

This edition of Mergers & acquisitions - a snapshot is the first in a series focused on navigating the waters of a cross-border acquisition. This edition focuses on the pre-acquisition phase, including how GAAP differences can impact valuation and how a company can manage the financial risk exposure that arises from a cross-border acquisition.


US entertainment, media and communications deal insights: 2013 year end update

2013 saw several “megadeals,” with four deals in excess of $10B, compared with only one in 2012. These megadeals spanned a number of subsectors, including communications, broadcasting, and advertising & marketing.


Pharmaceutical and Life Sciences Deals Insights Quarterly: Q4 2013

Deal activity in the fourth quarter represented a 24% increase in volume and a 102.8% increase in value relative to the third quarter of 2013. Relative to the fourth quarter of 2012, deal volume declined by 29.5%; however, deal value represented an increase of 106.8%. On an annual basis, deal volume in 2013 represented a modest decline of 11.6%, while deal value increased 45.8% relative to 2012. The increase in deal value in 2013 is due primarily to two initial public offerings (IPOs) in the first quarter of 2013 and a particularly strong fourth quarter.


US technology deal insights - Analysis and trends in US technology M&A activity 2014

After a 2012 filled with uncertainties, 2013 witnessed a slow rebuilding of confidence and, perhaps, the charting of a path toward growth. After a first half that saw quarterly technology deal volume drop, optimism took hold with a doubling of activity in the second half. In the end, technology deal activity finished the year 18% lower, amidst IT spending growth of less than 1%. Equity markets and IPO pricings sounded a consistently contrarian note, soaring to long-forgotten highs. These leading indicators of spending and deal growth provide promise for 2014.


US retail & consumer deals insights: 2013 year in review and 2014 outlook

Despite a lull in deal activity during Q2, total transaction value for 2013 surpassed the $100 billion mark for the first time since 2008, anchored by one of the largest consumer products deals in history with the $28 billion Heinz deal. There were several factors which challenged consumer sentiment throughout 2013, however consumer sentiment was up year-over-year driven by labor and economic improvements. We expect R&C deal activity will continue its positive momentum, but will remain challenging as supply and demand of quality assets for sale may remain divergent.


R&D Integration: Unlocking product development opportunities in M&A

Managing an R&D organization is both an art and a science with many unique considerations required for integration planning. While the R&D organization is an important source of value, broader transformational opportunities for new product development should also be evaluated to maximize value. Identifying, valuing, and pursuing R&D and product development should begin during due diligence and be an integral part of the overall integration roadmap.


M&A Communications: Communicating to engage and motivate people throughout the deal

The need for effective communication is often overlooked or underestimated in the flurry of activity surrounding a deal. Executing a strong and clear communication strategy is critical to successful integration. Dealmakers have a choice; they can communicate honestly and transparently to manage speculation surrounding the transaction, or they can ignore the speculation and watch it turn into fear and confusion.


2015 Deal insights for the Entertainment, Media and Communications industries

Overall deal value started strong in Q1 '15 despite volume at its lowest point in two years. Although it may be too soon to tell which direction deal volumes will trend in the remainder of 2015, we remain optimistic and expect M&A will continue to be robust for the sector. And with the abandonment of one transformative Cable deal, rumors are swirling about potential deal partners. In this issue, PwC provides a summary of first quarter 2015 deal activity, megadeal activity and an outlook for key sectors.


Decoding key metrics in cross-border acquisitions

US companies seeking to acquire acquisition targets headquartered outside of the United States should understand the foreign target’s financial information, including the application of non-US GAAP and the target’s accounting policies, and identify where GAAP and policy are not aligned with the buyer’s basis of preparing its financial information.


US healthcare M&A insights

The US healthcare industry experienced a variety of transformative pressures in 2012. Payers and provider organizations entered 2012 seeking resolution on the ultimate components of healthcare reform. And as quickly as the answers were provided with the Presidential election and the US Supreme Court decision, the industry remains on uncertain footing with potential budget cuts in 2013 and beyond and the promise of converging business models remaining unproven.


M&A Snapshot

The evolution of accounting guidance affecting mergers and acquisitions has dramatically changed the way companies negotiate and account for M&A, The M&A Snapshot series of publications help companies keep abreast of emerging issues and complexity resulting from the accounting guidance, as well as provide them with ideas on modifying current strategies and employing new ones for future deals.


Capturing synergies to deliver deal value

Value realized from an acquisition depends on how well the newly combined company identifies, manages, and executes on synergy opportunities. Successful integrations follow a sequence of coordinated steps to identify, prioritize, execute, and track the drivers of value across the integration continuum. This framework helps executives capture synergies and confidently communicate performance to their stakeholders.


Seven fundamental tenets of successful integration

Delivering deal value is far from a mystery, even in today’s dynamic deal environment. The most experienced dealmakers say they know what to do—and are reporting success. But that success is getting harder to come by and despite best intentions, acquisitions too often fall short of meeting set expectations. A disciplined approach to integration will improve a dealmaker's chance of success and keep value drivers behind the deal in focus. Dealmakers that follow a disciplined integration approach will build momentum, gain support, and instill confidence in stakeholders.

Archived M&A publications

M&A Tax Recent Guidance - December 2013

Just in time for filing season, the IRS issued eagerly anticipated regulations on the 3.8 percent tax on net investment income. These regulations help clarify a number of issues that will be important for the 2013 filing season. This and the other new proposed regulations address issues that were not addressed in the 2012 Proposed Regulations and reproposed regulations with respect to sales and dispositions of S corporations and partnerships.


Q3 2013 US health services deals insights

The third quarter of 2013 realized a slight uptick over the prior two quarters in the volume of healthcare services deals with 138 total transactions. However, the value of the deals announced in Q3 2013, $15.8 billion, was up 35% over the second quarter. In both volume and value, the year-todate period for 2013 continues to lag the same period in 2012 with volume down 4.6% and value down 25%.


Automotive M&A Insights – Mid Year Review 2013

This PwC quarterly publication reviews the status of global automotive deal activity among vehicle manufacturers, suppliers, financiers, and other related sectors, as well as key trends that impacted the deal market in the first half of 2013, transaction activity by sector and region, and PwC's perspective on the road ahead.


US retail & consumer deals insights: Q3 2013 update

Deal activity rebounded from Q2 as Q3 included six of the top ten corporate deals year-to-date and several large private equity deals. Consumer sentiment and retail sales trends weakened and suggest R&C companies will face an increasingly challenged environment through year-end. The deal environment remains challenging, given the lack of availability of quality assets for sale and a mismatch in buyer and seller expectations around price.


Q3 2013 US Technology deals insights

Technology deals accelerated in the third quarter returning to historically high levels with deal volume doubling from the previous quarter, according to PwC’s US Q3 technology M&A Insights report released today. Private equity (PE) buyers continued to take an active role in technology M&A with increased deal closures and numerous new deals announced.


Public Company Due Diligence and Talent Acquisitions

Public company due diligence and talent acquisitions were among the key topics of discussion when technology sector M&A finance professionals gathered for a roundtable dinner sponsored by PwC in March 2013. Participants responded to a survey, networked and shared unique insights on hot topics in M&A. Public company acquisitions and talent acquisitions may represent the extremes of the acquisition spectrum. With public companies, significant public financial information is readily available; therefore, there’s a perception that less financial due diligence is required. At the other end of the spectrum, with an acqui-hire, there may be little to no interest in the ongoing business and therefore little focus on the target’s financials. Both types of acquisitions, on the surface, appear to require less diligence than other kinds of acquisitions. Acquirers nevertheless should understand the trade-offs and risks associated with each type of deal.


To lock or not to lock: An introduction to the Locked Box closing mechanism

Deal closings can be lengthy and difficult processes with many facets to consider. The Locked Box mechanism negates the need for preparing and reviewing the final price adjustments post closing. Pricing deals this way allows the buyer/seller to put resources into other aspects of the deal.


Addressing corruption risk in M&A transactions: The international balancing act

The current global economic environment has posed various challenges for US investors, including private equity firms, domestic corporations, and multi-nationals. However, we expect deal activity to intensify as companies look for new ways to grow and meet their strategic objectives. In particular, the pace of US deal activity may increase as companies seek to find value and expand through mergers and acquisitions with international targets.


Pharmaceutical and Life Sciences Deals Insights: Q2 2013 update

The second quarter of 2013 showed a decline in deal volume and value in the pharmaceutical and life sciences sector after an uptick in deal activity in the first quarter of 2013 driven by several large transactions. A significant number of announced transactions in the quarter and strong fundamentals suggest heightened activity in the second half of the year.


Q2 2013 US Health Services Deals Insights

Q2 2013 continues the trends started in late 2012 and in Q1 2013 with both financial and strategic buyers exhibiting cautious behaviors across all sectors. Through Q2 2013, health services deal volume has increased 3.9% from 127 deals in Q1 2013 to 132 deals in Q2 2013. The value of these transactions has also increased 151% across the same periods.


US retail & consumer deals insights: Q2 2013 update

Despite a lull in deal activity during Q2, M&A fundamentals remain strong with corporate cash availability, a favorable debt environment and continued private equity sponsor interest. Retail remains attractive for investment, particularly as businesses seek greater effi ciencies with scale as well as international expansion. Private equity activity in retail remained strong, comprising two of the top deals during the quarter.


People Integration: Engaging people to deliver deal value

The people aspects of integration cannot be managed in a silo apart from the rest of the effort. Aligning human capital with the integration strategy is a critical success factor for delivering deal value. Successful integration involves detailed planning and execution when assessing leaders, retaining the right people, designing the organization, aligning cultures, and communicating effectively. An effective change management program is vital to successfully integrating people into the business strategy. Change management increases confidence in the business direction and accelerates positive results.


US Technology M&A insights: Q2 2013

While closed technology transactions in the second quarter declined both sequentially and year-over-year, the rise in announced and rumored deals point to a rise in merger and acquisition activity for the remainder of the year. Private equity (PE) buyers took a more active role in technology M&A with deals announced across the spectrum of deal size, including some of the largest transactions announced so far this year.


Q1 2013 US healthcare M&A insights

The first quarter of 2013 saw both financial and strategic buyers exhibiting cautious behaviors across all sectors. This decline may result from buyers taking time to re-evaluate the healthcare landscape as recent developments and news have led many organizations to reconsider their gateway transaction hurdles. This may have led to a slowdown in transaction activity as buyers and sellers reconcile their valuation expectations.


Facilities Integration: Leveraging facilities for deal success

Good facilities integration looks beyond the usual cost saving opportunities. The impact facilities consolidations and workplace changes can have on employee culture and productivity should not be underestimated. Decisions to outsource or centralize operations should be considered prior to adopting a facilities consolidation plan.


The importance of being financially bilingual: How financial reporting differences can affect cross-border deal value

When conducting cross border deals, it is important to Identify potential financial reporting differences to maximize deal value and for understanding how financial reporting and regulatory requirements interact. Embedding GAAP changes and managing multi-GAAP reporting post-acquisition requires planning.


Pharmaceutical and Life Sciences Deals Insights Quarterly: Q1 2013

Merger and acquisition deal value in the pharmaceutical and life sciences sector increased in the first quarter of 2013 relative to the first quarter of 2012. The pharmaceutical segment recorded the largest gains in deal value during the quarter on the strength of several large transactions.


US Technology M&A insights: Q1 2013

While the first quarter of 2013 saw technology M&A drop precipitously, the foundation is being laid for more robust deal activity this year as political and economic uncertainties subside. Software M&A was the sole bright spot in the industry for the first quarter driven by companies across industries investing in software-driven functionality and automation in products and services.


US retail & consumer deals insights: Q1 2013 update

This quarter saw one of the largest consumer products deals in history with the $28.0B Heinz deal along with five other multibillion dollar deals and several other significant transactions with alternative deal structures. Consumer confidence rebounded from the decline seen at the end of December driven primarily by improving household financial conditions...


BoardroomDirect: Update on current board issues - February 2013

In this post-financial crisis environment, the mergers & acquisitions market is extremely competitive as both corporate and private equity investors have capital to invest but fewer quality deals in the marketplace to invest in. A competitive deal environment drives up bids and puts pressure on transaction timelines, increasing the potential for deal bias and conflicting interests.


Resetting the compass: Navigating success in deal-making for mature market sellers and high growth market buyers

The geography of deal-making is changing fast. Over the last five years we have seen more deal value flow from the largest high growth markets (HGM) to mature market economies than in the other direction. Between 2008 and 2012 HGM companies invested US$161 billion into mature market companies, outstripping the opposite flow of US$151 billion.


Pharmaceutical and Life Sciences Deals Insights Quarterly: Q4 2012

Deal value in the pharmaceutical and life sciences sector declined during the fourth quarter 2012, but transaction volume increased as acquiring firms looked to expand product offerings and geographic reach through M&A. Domestically, uncertainty related to the presidential election and the potential impact of the "fiscal cliff" hindered transactions during 2012.


US Infrastructure Deals 2012: A supply and demand imbalance

Demand for US infrastructure investments is outpacing the number of deals, leaving some investors disappointed but no less interested in infrastructure assets. Power and energy will continue to offer the most promising areas of opportunity, especially as shale gas reshapes the US energy market. Investors are optimistic that the number of US public-private partnerships will grow over the next few years, encouraged by recent success stories and new infrastructure initiatives in Chicago and other areas of the US.


Finance Integration: Aligning the financial compass of a deal

Integration success is critically dependent on an effective finance function to deliver business insight, help ensure compliance and controls, and create operational efficiencies for capturing deal value across the organization. Integrating business operations and systems, maintaining common controls, providing accurate and consistent financial reporting, ensuring tax compliance, and establishing interim legal structures and business processes are common finance integration activities. In conducting these activities, newly combined companies obtain the flexibility they may need to grow and thrive.


2013 US financial services M&A insights

Financial services mergers & acquisitions (M&A) will face both uncertainty and opportunities in 2013 due to several factors including increased regulatory costs, depressed organic growth, and the greater availability of attractive financing, a new report issued by PwC US reveals today. However, while 2012 proved to be a challenging year for announced deal activity in the financial services sector, there is some cause for optimism in 2013.

US banking, insurance, asset management, and other financial services deal activity in 2012 differed very little year over year from 2011. Announced transactions rose from 756 in 2011 to 768 in 2012, but deal value fell from $72.1 billion in 2011 to $62.4 billion in 2012. Deal volume is still down from pre-financial crisis levels.


2013 US technology M&A insights

While the pace and value of technology sector deals are expected to mimic that of 2012, the outlook for 2013 technology deals will focus on the new core of mobile, social, analytics and security. As technology companies continue to focus on core businesses, digest strategic acquisitions of the last decade, and work to scale their already acquired offerings, PwC anticipates a similarly subdued deal environment in 2013. Furthermore, private equity buyers are expected to continue to take on a more prominent role combined with a resurgence of technology divestitures.


US Industrial Products 4Q 2012 M&A reports

Despite improving economic conditions, critical industry issues are continuing to impact the demand and profitability of industrial products and services companies.


US Retail & Consumer M&A insights: 2012 year in review and 2013 outlook

Deal activity in the R&C sector has been positive compared to 2011, particularly amongst larger multi-billion dollar deals. Consumer sentiment has been improving and approached the highest levels seen since 2008, contributing to positive underlying business performance and willingness of R&C companies to invest.


Synergy tracking and reporting

The value realized in a merger or acquisition depends in large part on how well the newly combined company identifies, manages, and executes on value creation and value capture opportunities. Having a well defined, disciplined, and transparent approach to driving value and tracking synergies both shortens the time required to capture value and increases the overall size of the value actually realized.


Navigating Joint Ventures and Business Alliances

The globalization of business models and dramatic change in the way that businesses operate and compete in today's economy have resulted in a shift in M&A strategy and execution. Increasingly, corporations and investors are going beyond the traditional acquisition/disposal model, using Joint Ventures and business alliances to achieve their business development objectives.


US Retail & Consumer M&A insights: Q3 2012 update

Deal activity in the R&C sector declined from recent highs in Q2; however, the overall trend remains positive to the prior year. Consumer sentiment is improving, reflecting slight progress in household financial considerations, contributing to positive underlying business performance. R&C companies continue to divest or spin off non-core operations and low growth businesses as they focus on core operations or more profitable segments to drive overall business growth. Outbound cross border activity has been a significant factor this year as US companies continue to seek an increased footprint or access to higher growth markets.


US Technology M&A insights: Q3 2012

Once bolstered by a series of mega-deals in excess of $10 billion, technology deal value declined in the third quarter and volume remained flat. Smaller IP deals and acquisitions continued while larger technology players remained on the acquisition sideline to focus on their internal operations after substantial consolidation in preceding quarters.In the third quarter of 2012, PwC found that technology sector transaction volume was essentially flat with 59 deals closed compared to 58 deals closed in the previous quarter. While cumulative quarterly deal values have been at or exceeded $25 billion each quarter during the past two years, the total deal value for the third quarter in 2012 dropped to $20.5 billion, the result of fewer large acquisitions. A year ago, deal activity in the third quarter of 2011 totalled 78 transactions with a cumulative deal value of $26.6 billion.


US Technology M&A insights: Q2 2012

In spite of a drop in volumes from comparable periods, technology-focused acquirers were still among the most active in the market, generating approximately 21% of total US deal volume in year-to-date 2012. A combination of factors contributed to the decline as the traditionally busiest acquirers appear to have switched gears toward integrating large acquisitions closed in the past year, increased their acquisitions of intellectual property (IP) vs. whole companies and focused on identifying potential noncore assets to shed in the coming months.


US Technology M&A insights: Q1 2012

Technology businesses continue to lead other sectors in U.S. M&A activity, generating $28.9 billion of deal value in the quarter despite lower deal volume. Lofty IPO valuations have many companies pursuing a dual track to liquidity, preparing for both a sale and IPO, with attendant increases in valuation expectations. Innovation and time to market will continue to fuel technology M&A as companies race to stay ahead of their competitors.


US Technology M&A insights: 2012

Wrenching changes across the political, natural and economic spectrums created a challenging environment for merger and acquisition activity in the technology industry. Despite challenges and a decline in deal volume, the software, Internet and semiconductor sectors saw large acquisitions which increased overall deal value for technology. Innovation and time to market will continue to provide opportunities for technology executives to acquire companies that will set them apart from their competitors in the year ahead.


US Financial Services M&A insights: 2012

A recovering financial services mergers & acquisitions market has created significant opportunities for savvy investors who have demonstrated the ability to make shrewd decisions in an uncertain economic environment. As asset valuations and deal multiples stabilize, opportunities to generate incremental investment returns will be limited to investors who demonstrate the ability to fully understand the nature and impact of critical risks and opportunities in transactions.


US technology M&A insights: Analysis and trends in US technology merger & acquisition activity 2012

Wrenching changes across the political, natural and economic spectrums created a challenging environment for merger and acquisition activity in the technology industry. Despite challenges and a decline in deal volume, the software, Internet and semiconductor sectors saw large acquisitions which increased overall deal value for technology.


How revised M&A accounting standards are impacting deals

Changes to M&A accounting standards enacted several years ago (ASC 805, formerly SFAS 141R) have caused uncertainty for companies in knowing how transactions will impact their financial statements. How have companies changed the way that they approach and plan for deals as a result of the revised accounting rules?


Understanding book versus tax valuation differences improves M&A planning and reporting

Finance, accounting, and tax professionals constantly ask whether it is appropriate to use financial reporting valuation estimates for tax purposes and whether there are parts of valuations for financial reporting or tax that are interdependent. M&A transactions trigger different rules and procedures with respect to allocations of purchase price under US GAAP and US federal tax principles. While changes to financial reporting standards have eliminated some inconsistencies, fundamental differences between the purchase price allocation rules for financial reporting purposes and tax continue to exist and best practice calls for an integrated analysis where both book and tax valuations are performed simultaneously.


New M&A insurance risk for buyers: Medicare-related settlement clawback

The US government has begun to exercise its power to recover Medicare expenditures for healthcare provided to people who suffered harm through the liability of a third party. Potential buyers should include an assessment of Medicare liability in their due diligence efforts.


Avoiding earnings surprises: Address valuation and purchase accounting impacts up front

As your company pursues acquisitions, are you confident with estimates of how the deal will impact earnings? Without the right approach, you risk misinforming investors about the deal and having to recast financial statements.


Investing in distressed: Not for all

From retail to consumer cyclical to restaurants to automotive to financial services, the number of business restructuring announcements has increased. Stock prices have plummeted. Margins are being squeezed. The signs are all around us: excess leverage, operating losses, weak management and strategy or operations not built for a downturn. Now may be the right time for investing in distressed.

Facilities Separation: A cross-functional approach

Facilities separation is a highly cross-functional activity and should begin early in the divesture planning process. The impacts of facilities separations and workplace changes on operations, transaction value, employee culture, and productivity should not be underestimated. Stranded costs and the long-term plans of other functions should be considered when developing a future state facilities operating model.


Divestiture Management Office (DMO): Achieving effective divestiture across the enterprise

A disciplined approach to divestiture is critical to deal success. A well-defined divestiture process and set of fundamental activities rolled out by the Divestiture Management Office (DMO) helps achieve early wins, build momentum, and instill confidence among stakeholders. Explore the role of the DMO and how PwC can help guide you through the divestiture planning process.


Transition Cost Management: Managing divestiture costs to maximize value

During the deal process, transition costs pose the greatest challenge to obtaining full value from a divestiture. These costs are often difficult to determine and require structure and rigor to control. See how a structured and systematic approach to the divestiture process and transition cost identification and management helps articulate the value of the separated business, drives informed decision making, enables fruitful negotiations, and positions the remaining business for success.


Shareholder Activism: Strategies for mitigating risk and responding effectively

Today's activist shareholders are ramping up pressure on companies and their boards to demonstrate clear strategic vision and a roadmap for maximizing value. The increase in shareholder activism has motivated many companies to become more proactive about examining their portfolios and capabilities and determining what fits both strategically and financially. In this paper we take a hard look at a number of important questions for any company that finds itself the object of a shareholder activist's advances.


In the loop: Spin-off transactions - creating a new public entity

Spin-offs represent a growing trend in recent years. Is there one in your future? Gain insight into the spin-off process including developing carve-out financial statements and creating a sustainable stand-alone entity.


Navigating divestiture challenges: Considerations unique to the power and utilities industry

Financial information is a linchpin to understanding deal value. While deal financials are critical, other financial data often needs to be front and center in divestiture planning. Preparing for a divestiture with these needs in mind can better position sellers for success.


Is the technology industry poised for a wave of divestitures?

Technology businesses are adapting to the demand for cloud-based services and consumer-oriented products while shedding non-strategic assets. With improved credit terms for financial buyers and available capital, the technology industry may experience a wave of divestitures in 2013.


Corporate exit strategies: Selecting the best strategy to generate value

Various exit structures exist to help companies achieve their objectives as they enter a transitional phase. Depending on the exit structure and approach taken, the regulatory, tax and reporting requirements can significantly vary, and the timelines for completion may differ. This practical guide describes the major types of exit strategies and the tactical differences between them.


Corporate divestitures from strategy to execution: Four guiding principles to optimize value

This paper provides sellers with guidance on how to use a successful divestiture process to prepare a business for sale. Regardless of the reason for the need to divest, by using a strong divestiture process, sellers can successfully exit their businesses in as short a timeframe as possible, avoid erosion of the sale price at the negotiating table, and ultimately maximize their sale price.


Strategies for managing a successful divestiture: roundtable

The recent trend toward separation or break-up of businesses, with a view to unlocking value or focusing on higher growth opportunities, has brought divestiture strategy and execution back into focus. An interactive roundtable of corporate business development executives discussed themes on divestitures such as: the basis for divestment decisions; structures; buyers; planning and preparation; speed vs control and key housekeeping matters to consider. A consensus was reached on the top considerations for successful divestitures.


Preparing carve-out tax provisions

The preparation of carve-out financial statements can be complex and often highly subjective. The carve-out tax provision in such statements is no exception. First and foremost, preparers of carve-out financial statements for taxable entities must comply with ASC 740, Income Taxes. Seven key principles can help preparers establish a solid foundation for building reliable tax provisions for the carve-out entity.


Preparing carve-out financial statements

Preparing carve-out financial statements can be a challenge. The need for data and numerous judgments can be a struggle, especially given scant guidance. Substantial care must be taken to confirm that all of the assets and liabilities of the separate business have been properly identified and that all relevant costs of doing business have been reflected in the carve-out financial statements. With the limited specific guidance covering carve-out financial statements, being aware of current practice will help sellers navigate the divestiture process.

Capital Markets Weekly

This report is a snapshot of the IPO market in the US including pricing, withdrawals, headlines for the week and a look forward to next week.


IPOs Take a Breath in Q1 2015 After a Sizzling 2014, According to PwC’s Deals Practice

US IPO proceeds slowed down to levels not seen since the first quarter of 2012 when the IPO market was rebounding from the financial crisis, with 41 IPOs raising $6.2 billion, according to IPO Watch, a quarterly survey by PwC US.


2014 US Capital Markets watch - analysis and trends

The improving U.S. macro environment, record low interest rates, the stock market’s steady rise, and overall low volatility all contributed to strong U.S. capital markets in 2014. These market dynamics also drove initial public offering (IPO) volume leading to value highs not seen since 2000


Q4 2014 IPO Watch press release - Dec. 9, 2014

Throughout 2014, the U.S. IPO market put in its strongest performance since 2000, as a broad range of companies took advantage of strong equity markets and an accommodative financing environment to raise capital, according to IPO Watch, a quarterly survey by PwC US.


How non-GAAP Measures Can Impact Your IPO

A successful IPO depends on a thorough understanding of how non-GAAP measures can impact the way your company is viewed by potential investors.


Q3 2014 IPO Watch press release - Oct. 6, 2014

The US IPO market continues to demonstrate significant investor interest in initial public offerings (IPOs) in the third quarter of 2014.


Q2 2014 IPO Watch press release

The market for initial public offerings (IPOs) finished on a strong note late in the second quarter of 2014, recording the highest quarterly deal volume since the fourth quarter of 2007.


PwC and Knowledge@Wharton: Can Companies Adapt to Changes in the IPO Environment?

At one time, an initial public offering (IPO) was considered de rigueur for growing companies — a seemingly endless availability of capital plus the panache conferred by a public listing helped to spur an avalanche of filings that swelled to more than 600 in 1996. But a spate of regulatory burdens — like the Sarbanes–Oxley Act (SOX) — raised the costs of going public, helping to curtail IPOs while spurring more interest in alternative capital sources, say experts from Wharton and PricewaterhouseCoopers (PwC).


In the loop: How new accounting elections could affect your deal or IPO strategy

In the loop is an executive-level series addressing important financial reporting and regulatory issues. Our first edition discusses how changes in private company accounting could affect future deal or financing strategies.


Q1 2014 IPO Watch press release

IPOs Continue to Dominate the Capital Markets as Activity More than Doubles Compared to Q1 2013.


2013 US Capital Markets watch - analysis and trends

Welcome to PwC’s inaugural 2013 US Capital Markets Watch. Reflecting the integrated nature of capital markets, we have broadened the discussion beyond Initial Public Offerings (IPOs) to include the equity follow-on market, the convertible market, debt markets, and spin-offs.


Which Markets? A guide for companies considering a listing in New York, London or Hong Kong

In recent years, a number of factors have been driving an upward trend in global debt and equity issuance. As markets and businesses become increasingly global, the decision of choosing the right exchanges becomes more challenging. A number of factors must be considered to reveal the best options, and planning early can help your company comply with listing requirements and alignment of stakeholder timelines.


Benchmarking analysis: Newly public and pre-IPO technology companies

Companies surveyed represent a sample of companies in the technology sector that have gone public in the past 24 months or are currently in the IPO process


Going Public? Five governance factors to focus on

This publication highlights five key governance considerations you’ll want to keep in mind as you contemplate a public offering.


Cross-border IPOs: Choice in an uncertain world

There is little doubt that global economic uncertainty and market volatility are here to stay. The question is, how can companies integrate equity as one of their funding strategies in an unsettled environment? Increasingly, they have looking beyond their domestic markets and traditional financing centres and seeking a more diverse pool of capital to help fulfil their global ambitions.


Which market? A guide for companies considering an initial equity listing in New York, London or Hong Kong

Understanding the differences among global exchanges and determining the exchange that best fits the unique needs of your business are key aspects of a successful listing.


Considering an IPO? The costs of going and being public may surprise you

A successful IPO involves two equally important parallel work streams: going public and being public. Assess the readiness of your organization for an IPO to appropriately stage the costs incurred and to minimize unexpected surprises.


Executing a successful IPO

Achieving success in executing an IPO requires connecting many pieces of a complex puzzle, some of which are outside of the control of company management and its stakeholders. One thing companies can control is their own IPO preparation process. An IPO Readiness assessment early on, and concentrated focus on the Going Public and Being Public workstreams during the IPO process can help companies give themselves the best possible chance for success when the markets are open.


Roadmap for an IPO

Going public is a monumental decision that forever changes the way an organization does business. Once listed, a company will be under greater public scrutiny and will have to comply with a range of continuing obligations. Thinking through the requirements and developing an appropriate plan can reduce unexpected pre-initial public offering (IPO) work and post-IPO issues.


Factoring sustainability in IPO planning

Those looking to become a part of the renewed vigor in the IPO market may be unprepared for the public scrutiny they are likely to encounter. Mounting interest in companies' nonfinancial disclosures, such as sustainability and corporate responsibility, leads to a simple question: Is your company prepared?


Capital markets in 2025

In less than 15 years from now, China is predicted to be the most favored destination for companies to list - as predicted by 80% of respondents to PwC's Capital Markets in 2025 survey. Nearly 400 senior managers at companies around the world were asked for their views on which factors are shaping the development of equity capital markets. This final report presents the highlights of the survey findings, along with additional insights from industry experts and commentators.

Cross-sector valuation: What entertainment, media & communications companies should consider when acquiring tech targets

As entertainment, media & communications (EMC) companies continue transforming themselves through technology-focused acquisitions, unique valuation issues can challenge deal success. Analyzing the sources of competitive advantage can play a key role in informing M&A decisions and can help increase shareholder returns. Using the most appropriate valuation method and avoiding common pitfalls and valuation errors can be the difference between a successful or failed transaction.


Why economic obsolescence matters for retail companies

Economic obsolescence can become a significant issue when a company has or is acquiring assets – such as store or restaurant locations – that generate separate identifiable streams of cash flows. This publication discusses factors that typically cause economic obsolescence and the potential impact, including illustrative examples and case studies.


Financial Services industry valuation insights

How are financial services valuation multiples and purchase allocations trending? See summaries for the Banking, Insurance and Asset Management sectors including trends in market multiples of guideline public companies by sub-sector, related transactions during the quarter and implied market multiples and transaction benchmarking analysis summarizing the average allocation of intangible assets and goodwill observed.


Operational controllership: The quiet evolution

Today the landscape is changing, as the operational controllership function is less about technical accounting and financial reporting support (handled by specialist technical teams) and more about creating value for the company while managing risk. The operational controller roles across the companies have evolved into new focus areas, such as reducing legal entities or improving shared services or working proactively with deal and commercial teams—all designed to drive more simplifica­tion, standardization, cost savings or revenue growth.


Brands: What’s in a name?

This publication provides important guidance for consumer products companies to consider when planning a brand-rich transaction. It explains how keeping a careful eye on the valuation and purchase accounting issues can provide better insight into the potential accretive or dilutive impact of a deal, help improve and streamline post-deal accounting and even reduce the risk of impairment in some cases.