Mission control: Second-quarter 2014 aerospace and defense industry mergers and acquisitions analysis

August 2014
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Mission control: Second-quarter 2014 aerospace and defense industry mergers and acquisitions analysis

At a glance

An uptick in mega deals and the ongoing interest in divested assets and private equity backed businesses, propelled aerospace & defense M&A second quarter value to the highest quarterly total in three years.

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Welcome to Mission Control, PwC's quarterly analysis of merger and acquisition (M&A) activity in the global aerospace & defense sector that provides an overview of the most recent M&A results and our expectations for future deal activity.

Highlights of what this quarter's analysis revealed:

  • Deal activity continued to rebound from 2013, particularly when measured by deal value.
  • Acquirers are engaging in larger transactions, including four mega-deal announcements so far this year.
  • Aerospace M&A remains robust. And while deal making on the defense side of the sector has not been quite as strong, defense M&A has normalized.
  • The majority of deals so far in 2014 have been acquisitions of subsidiaries of strategics, or portfolio companies of financials, rather than standalone strategics.
  • Cross-border deals are on pace for their strongest year since 2007.

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