Intersections: Fourth-quarter 2013 transportation & logistics industry mergers and acquisitions analysis

February 2014
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Intersections: Fourth-quarter 2013 transportation & logistics industry mergers and acquisitions analysis

At a glance

Mergers and acquisitions in the transportation and logistics (T&L) sector closed strong, but the weak pace of M&A announcements earlier in 2013 kept annual volume and value totals near ten-year lows. In 2014, acquirers are expected to continue their focus on local deals. Valuations seem likely to remain high.

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Intersections, a quarterly analysis of global merger and acquisition (M&A) activity in the T&L industry, provides an overview of the most recent M&A results and our expectations for future deal activity.

Several trends are expected to affect the values and locations of deals in the T&L sector, including:

  • US and Eurozone announcements remain well below pre-economic crisis levels
  • The geographic focus on deal activity has generally shifted toward emerging markets such as China
  • Local-market deals are popular, and the industry is trending toward fewer and smaller deals
  • Infrastructure targets accounted for the majority of mega deals in 2013
  • With US airline consolidation mostly complete, activity is likely to focus more on cross-border minority stakes and antitrust immunity agreements
  • Shipping deals may increase, although anti-competition laws mean that alliances and vessel sharing agreements are more likely than large M&A deals
  • Trucking and logistics seem ripe for consolidation

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