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.
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 IPO Watch: Q4 2012 — Dec. 19, 2012
2012 IPO Volume and Proceeds Raised Exceeds 2011. Positive Returns and IPO Pipeline Fuels Cautious Optimism for 2013.
PwC Says Fundamentals are Strong for U.S. Mergers & Acquisitions Activity in 2013 — Dec. 6, 2012
Ongoing access to capital and financing, strengthened balance sheets and divestiture activity will continue to fuel deal activity in 2013, according to PwC US. An acceleration of deals taking place during the final months of 2012 may result in a lull in activity during the first quarter; however...
Technology deals level off as larger players look inward, according to PwC US — Nov. 9, 2012
More Buyers on Side-lines with Next Wave of Divestiture-driven Transactions Expected in Early 2013
PwC report finds 48 percent of CFOs don't anticipate one-time costs of going public — Sept. 10, 2012
IPO readiness assessment a crucial component to successful IPO execution
Technology deals drop but remain most active across industries, according ... — August 13, 2012
Technology deals shift toward consortium buyers with more aggressive pursuit of patent acquisitions
Smaller deals drive industrial products M&A dring second quarter, ... — August 09, 2012
Uncertain global outlook, eurozone crisis and chinas lowdown are primary factors Restraining overall volume of mega deals Strategic investors continue to drive majority of M&A activity Balance sheets remain healthy with ample liquidity
Economic and industry uncertainty stalls North American power and utilities ... — August 06, 2012
Alternative energy deals picking up; companies evaluate M&A to boost growth
Bruce Buchanan Joins PwC's Business Recovery Services — August 02, 2012
Veteran restructuring professional to support firm’s deals practice as Managing Director
Eurozone debt crisis: The impact on US businesses: PwC — July 30, 2012
How will the effects of the European debt crisis impact US businesses? PwC shares its views on what companies can do to manage the changes that lie ahead.
Technology industry merger and acquisition review: PwC — July 30, 2012
The continued decline in traditional mergers and acquisitions in the technology industry supports the trend of consortium-based minority investments and patent acquisitions. Deal activity will continue to be driven by divestitures and focusing on core business revenue generators.
Midstream sector drives deal value in US Oil & Gas Industry during second ... — July 26, 2012
Infrastructure deals around shale plays reaches $15.8 billion Private equity interest continues at brisk pace PE and MLPs make up 95% of conventional gas deal values
US Industrial Manufacturers remain largely optimistic amid weakening ... — July 26, 2012
Operational spending forecasts remain healthy; R&D plans trend down Legislative/regulatory pressures cited as biggest barrier to growth Gross margins tightening and pricing power moderating
Dealmakers in Pursuit of Strategic M&A Opportunities, Says PwC — July 18, 2012
While uncertainty over the global economic environment and volatile equity markets significantly slowed U.S. deal volume earlier in the year, an uptick in activity during the end of the second quarter, in conjunction with an active pipeline, indicates the M&A market is regaining momentum,...
After Strong Start to 2012, IPO Market Sees Pullback, PwC Says — June 27, 2012
Following very healthy levels of IPO activity during the first five months of the year, the number of IPO pricings slowed in mid-May, according to PwC US. Overall, the number of U.S. IPOs in the second quarter of 2012 declined to 27, from 44 in the first quarter.
PwC focuses on Southeast Asia in latest issue of its Marketmap series on ... — June 25, 2012
PwC's Marketmap recognizes Southeast Asia as a rising star of the global market, led by its five fastest-growing countries
Technology deals down as IPO fever lifts valuations, according to PwC US — May 16, 2012
Internet and software sectors continue to fuel deal activity triggered by an accelerating transition to Cloud Computing
Life sciences venture capital funding falls 22% in Q1 2012, according to ... — May 08, 2012
Medical device venture funding accelerates during first quarter, while biotechnology investment slows
Mega deals drive total value of 2012 first quarter Industrial Products M&A, ... — May 08, 2012
Uncertain outlook globally curtails overall volume of transactions Strategic investors drive deal activity as financial investors remain cautious
Automotive M&A activity gained momentum despite challenges in 2011, ... — May 03, 2012
M&A will be strategic tool to achieve global growth in 2012
Private equity activity in US Oil & Gas industry hits highest levels in at ... — May 03, 2012
Volume of PE deals jumps 120% over Q1 2011 as firms look to take advantage of low gas prices M&A in shale plays experiences a slowdown Activity in Gulf of Mexico gradually coming back
Optimism Regarding U.S. Economy Continues to Rise Among U.S. Industrial ... — May 01, 2012
U.S. industrial manufacturers expect continued global economic growth in 2012, with optimism regarding the prospects for the U.S. economy continuing to rise, according to the Q1 2012 Manufacturing Barometer released today by PwC US.
North American power deals continue to decline as uncertainty looms across ... — April 26, 2012
Slow economic growth, depressed natural gas prices, ongoing changes to environmental proposals and the regulatory process of recently announced transactions contribute to stalled deal activity in the first quarter
Facing new regulations and stakeholder demands, asset management industry ... — April 26, 2012
The challenges facing the asset management industry, including volatile markets, global regulatory reform and stakeholder demands for greater transparency, have been building for many years.
Venture capital investments decline in dollars and deal volume in Q1 2012, ... — April 20, 2012
Later stage investments increase; life sciences and clean tech investing falls
Litigation Comes Full Circle According to PwC’s 2011 Securities Litigation ... — April 11, 2012
Overall number of settlements decreases, while total value of settlements rises
PwC US IPO Watch Q1 2012: A buoyant first quarter produces strong IPO ... — April 02, 2012
Technology, industrial and financial services sectors lead new offerings Market volatility declines, new issuers show strong post-pricing gains
US Financial Services M&A activity likely to increase in 2012 as markets ... — March 29, 2012
Recovery possible after debt crisis with divestiture activity expected to lead the way
After a year of black swans, growth-focused private companies rethink risk — March 13, 2012
PwC's Private Company Trendsetter Barometer tracks the business issues and best practices of privately held US growth businesses. It incorporates the views of 226 CEOs/CFOs:127 from companies in the product sector and 99 in the service sector, averaging $315 million in enterprise revenue/sales...
Asset Management M&A Outlook Brighter for 2012, Says PwC — February 28, 2012
After a Disappointing 2011, Outlook for Asset Management M&A Still Uncertain, but Brighter Due to Potential European Bank Divestitures, Improving Economy, Strong Interest from Potential Buyers
2011 US Oil & Gas deals highlighted by shale plays, foreign investment, and ... — February 08, 2012
Transaction value for shale plays jumps 55% in 2011 Foreign buyers contribute over $56 billion in deal value Financial sponsors’ investment in the sector grows to over $13 billion
Life Sciences venture funding jumps 21% in 2011 but quarterly performance ... — February 02, 2012
Venture capital (VC) funding in the Life Sciences sector, which includes the Biotechnology and Medical Device industries, increased 21% during 2011, according to a new PwC US report,
Industrial manufacturing and metals deals drive 2011 Industrial Products ... — February 02, 2012
Strong focus on smaller deals in 2011 Increase in divestitures and increase in local deals gain momentum Strategic investors dominate deal activity as financial investors strive for a comeback
Short term, Clouds linger for North American Power & Utilities M&A Outlook, ... — January 25, 2012
Sector deals stall in Q4 following robust deal activity in first half 2011 Renewable deals with undisclosed value on the rise
2012 US CEO survey, global business strategies: Key findings: PwC — January 25, 2012
Our survey reveals that, despite lingering worries, US CEOs see global business fundamentals pointing to strong future growth, and they are increasingly focused on capitalizing on significant opportunities in new markets.
New market entrants exert greaterinfluence on US Entertainment and Media ... —January 24, 2012
Abundant cash reserves and PE Investment Capital to fuel M&A Shift to digital draws greater attention to content creators Legalization of online gaming could create an untapped market for 2012
Dealmakers acknowledge inherent risks and pitfalls for executing deals in ... — January 24, 2012
Findings underscore need for rigorous diligence process to ensure successful deal completion
Highly-anticipated fourth quarter offerings provide positive IPO news ... — December 20, 2011
A Few open windows spark Q4 US IPO activity Special Focus: PwC 2025 report forecasts China’s capital markets will continue to grow in stature across the global stage
M&A Surges, Companion Diagnostics Accelerate, and Early Detection Offers ... — December 06, 2011
Investor interest in the global in vitro diagnostics (IVD) market is expected to grow in 2012-2014 following a surge in M&A deal values, an acceleration of companion diagnostics partnerships, and the emergence of new prospects for early detection testing, according to Diagnostics 2011, PwC’s...
Growing threats trigger sharp increases in M&A in the $60 billion Global ... — December 01, 2011
Deal value increased six-fold in the last year; US accounts for over half of M&A activity; Top 10 Deals Feature only US and UK companies
Lisa Pavelka McAlister joins PwC US Capital Markets and Accounting Advisory ... — November 08, 2011
PwC continues to expand its transaction services and deal capabilities
Global cross-border transactions dominate third quarter M&A activity in the ... — November 03, 2011
U.S.-affiliated deals represent more than half of total volume and value Strategic investors lead activity, including the only mega deal
Return of mega deals, divestiture activity, and renewed financial investor ... — November 03, 2011
Asia and Oceania region continues to lead overall deal volume and value Steel transactions contribute nearly 68% of activity
Global Transportation & Logistics deal activity dips slightly in third ... — November 03, 2011
Emerging market deal activity slows Strategic acquirers drive majority of volume Deal multiples continue to remain high by historical standards
North American power and utility companies increased focus on merger ... — November 02, 2011
Smaller transactions constrain total deal value
Blockbuster mega deal drives third quarter Aerospace & Defense M&A value, ... — October 27, 2011
A&D mega deal activity picks up US-affiliated transactions dominate global A&D deal landscape 2011 A&D M&A volume and value on pace for record level
Mega deals drive 28% increase in Global Engineering and Construction M&A ... — October 27, 2011
Financial investors lead mega deal activity China most active country in global domestic deals
US mega deals drive third quarter Global Chemicals M&A value to $16.7 ... — October 27, 2011
Average deal value jumps 50 percent Financial investors absent in third quarter North American targets lead activity, while china deals decrease
Third quarter U.S. Oil & Gas deal value jumps 135% as foreign investment, ... — October 26, 2011
Foreign Buyers Contribute 76% of Total Deal Value Upstream-Related Deals Account for Over Half of All Activity Large Transactions Drive Increase in Overall Deal Size
Optimism for the U.S. and World Economy hits all-time low, according to ... — October 26, 2011
Positive Own-Company Revenues Forecasts and Strong Prospects for Continued International Sales Growth Shows Confidence by U.S. Industrial Manufacturers, Despite Uncertainty Plans for Major New Investments Continue to Rise Lack of Demand Cited as Biggest Barrier to Business Growth
PwC US IPO Watch: Despite Ongoing Volatility and Economic Challenges, Third ... — September 28, 2011
After a strong first half of 2011, initial public offering (IPO) proceeds in the third quarter of 2011 decreased from $11.9 billion in the second quarter of 2011 to $3.1 billion in the third quarter primarily attributable to high levels of market volatility and continued global macroeconomic...
Global automotive industry M&A activity shows significant increase during ... — September 13, 2011
Deals likely to gain momentum as the market stabilizes and industry participants vie for global leadership
Global Metals M&A Activity Increases 57 Percent in Second Quarter 2011, ... — August 18, 2011
The recovery in global metals merger and acquisition (M&A) activity, which started last year, continued with mixed results during the second quarter of 2011 with a 57 percent increase in volume of deals compared to the same period in 2010, according to Forging ahead, a quarterly analysis of M&A...
Global Industrial Manufacturing M&A Value Increases 70 Percent in Second ... — August 18, 2011
Merger and acquisition (M&A) value increased 70 percent in the industrial manufacturing sector during the second quarter of 2011, according to Assembling value, a quarterly analysis of M&A activity in the global industrial manufacturing industry by PwC US.In the second quarter of 2011, there...
Global Engineering and Construction M&A Activity Stays Focused on Strategic ... — August 11, 2011
Merger and acquisition (M&A) activity remained steady in the engineering and construction (E&C) industry during the second quarter of 2011. Strategic transactions, local market M&A, and non-U.S.-affiliated deals dominated the quarter’s activity, according to Engineering Growth, a quarterly...
Divestitures Drive Global Aerospace & Defense M&A Activity in the Second ... — August 11, 2011
Merger and acquisition (M&A) activity in the aerospace and defense (A&D) sector was driven by an increase in divestitures and a greater proportion of deals being announced by U.S. dealmakers in the second quarter of 2011, according to Mission Control, a quarterly analysis of M&A activity in the...
Shale Plays, Midstream Assets and Foreign Investments drive US Oil & Gas ... — August 10, 2011
Upstream-Related Deals Account for Majority of Activity Volume and Value of Corporate Transactions Steadily Increases in First Half of 2011 Over 2010 Financial Sponsors Continue Heavy Push into Energy Sector
PwC US IPO Watch – Special Focus: Recent Market Volatility Could Pose ... — August 10, 2011
The recent drop in global stock markets will put significant pressure on companies pursuing or looking to complete an initial public offering (IPO) in the second half of 2011, according to PwC US.
North American Power and Utilities Deal Value Soars 94% in the First Half ... — August 08, 2011
Continued strength in merger and acquisition (M&A) activity in the North American power and utilities sector helped drive a 94 percent increase in deal value for the first six months of the year, compared to the first half of 2010.
Large deals drive global chemicals M&A value to over $14 billion in the ... — August 04, 2011
Strategics Dominate Activity and Value Activity Strong in BRIC Countries
Global Transportation & Logistics M&A activity jumps in second quarter, ... — August 04, 2011
Transportation Infrastructure Deals Remain Attractive Deal Multiples Expand to 10-Year High Regional Domestic Local Transactions Account for Nearly 75 Percent of Deal Volume
2011 own-company revenue growth projections for US Industrial Manufacturers ... — July 28, 2011
Positive International Sales and Prospects Offset Continued Uncertainty about U.S. and Global Economies
Eighty-Eight Percent of Private Equity and Corporate Executives Rank ... — July 25, 2011
Environmental sustainability is an important priority with private equity and corporate senior executives, according to a recent poll conducted by PwC US. The poll, conducted during PwC’s “Private Equity and Environmental Sustainability” Webcast, found that 88 percent of the 175 participants...
PwC US IPO Watch: US IPO proceeds surpass $10 billion for third consecutive ... — June 29, 2011
77 Companies Enter IPO Pipeline in Q2. Q2 IPOs See Average of 9 Percent in First-Day Price Increases Ongoing Interest from Non-US Issuers ...
PwC US Mid-Year M&A Outlook 2011* — June 8, 2011
US M&A value increases 39% driven by larger deals, according to PwC
Older M&A Outlooks:
Strategic focus shifts from ‘recovery to growth,’ according to PwC US — December 9, 2010
Recovering capital markets promoted stabilization of M&A activity in 2010; middle market activity continues to dominate; availability of attractive debt financing and cash for equity investment yields confidence for dealmakers in 2011
Large cap transactions remain challenged - looming tax increases will ... — June 23, 2010
Strategic buyers demonstrate deal expertise in opportunistic plays
Strategic deals and “mergers of productivity” to drive M&A in 2010 — December 16, 2009
Difficulties accessing capital ease while middle market challenges accelerate
PricewaterhouseCoopers Outlook — December 22, 2008
2009 M&A activity to be fueled by 'merger of necessity'
Private Equity Firms Reinvent Themselves in Challenging Credit Environment — June 23, 2008
Inbound M&A activity recovering and getting stronger
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...
2013 Deal insights for the Entertainment, Media and Communications industries
Merger and acquisition transaction value in the Entertainment, Media, and Communications sectors increased while deal volume declined in 2012. PwC has identified five key drivers of M&A activity in the sector in 2013 in their report, 2013 Deal insights for the Entertainment, Media and Communications industries.
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.
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.
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.
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.
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.
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.
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.
Integration Management Office: Achieving effective integration across the enterprise
Failure to capture deal value is rarely due to a flawed strategy and most often a result of not executing the strategy in a timely way. Converting integration strategy into detailed actions that align people, processes, and systems with integration objectives requires an effective governance structure - an Integration Management Office. A well designed IMO will make sure an integration stays on course and sustains focus on the right activities at the right times.
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.
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.
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.
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.
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.
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.
Q1 2013 IPO Watch - Analysis and trends
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.
2012 IPO Watch - Analysis and trends
In a year highlighted by the much anticipated Facebook IPO, the third largest IPO in US history, a key success factor for companies wanting to IPO continued to be the ability to take advantage of windows of opportunity, and being ready to roadshow and price on short notice. Five of the ten best performing IPOs in the world in 2012 were from the US, indicating strong demand in the US for IPO stocks post-pricing. With increased momentum in 2013, we believe that the US IPO market will remain strong, and IPOs will be popular with companies and investors.
US IPO Watch: Q4 2012
2012 IPO Volume and Proceeds Raised Exceeds 2011. Positive Returns and IPO Pipeline Fuels Cautious Optimism for 2013.
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.
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.
US IPO Watch: Q3 2012
Despite a marked moderation in mid-quarter IPO activity, the continued strength in the equities markets, a healthy registration pipeline, a decrease in market volatility and the second largest U.S. IPO of 2012 are all expected to support increased IPO momentum into the fourth quarter, according to IPO Watch, a quarterly and annual survey of IPOs listed on U.S. stock exchanges by PwC US.
Which market? A guide for companies considering and 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.
US IPO Watch: Q2 2012
Following very healthy levels of IPO activity during the first five months of the year, the number of IPO pricings slowed in mid-May, according to PwC US. Overall, the number of U.S. IPOs in the second quarter of 2012 declined to 27, from 44 in the first quarter.
US IPO Watch: Q1 2012
Technology, industrial and financial services sectors lead new offerings. Market volatility declines, new issuers show strong post-pricing gains.
US IPO Watch analysis and trends: 2011
The 2011 US IPO market demonstrated strong resilience in the face of high volatility, and the volume and diversification of industries in the IPO pipeline have sparked renewed confidence in the IPO market for 2012.
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.
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.
Using qualitative impairment testing for FCC licenses
Accounting Standards Update 2012-02 presents an opportunity for broadcasters to streamline their annual impairment testing on FCC licenses that are maintained as indefinite-lived assets. This PwC whitepaper discusses key variables to consider when determining if a qualitative analysis -- sometimes referred to as “Step 0” -- may be feasible for FCC licenses.
Uncovering blind spots in deal valuations
Successful deal making requires a focus on the relationship between risk and return. However, some potential "blind spots" can threaten your probability of realizing expected value from an acquisition.
Sustainability valuation: An oxymoron?
Measuring sustainability's value can pose a systematic and universal challenge. The cost of business sustainability initiatives, like most investments, are readily apparent, but some of their indirect benefits are difficult to quantify.
Valuing contingent consideration using option pricing
Including an "earn-out" or contingent consideration in an acquisition lets buyers tie payment to future performance. However, fair value accounting for contingent consideration involves significant challenges. PwC provides a comprehensive and technically detailed discussion of Valuing contingent consideration using option pricing in this informative publication.
Financial reporting in an uncertain economy: Bankruptcy & fresh start reporting
When economic conditions, industry events, or liquidity limitations force a company into a bankruptcy proceeding, financial reporting requirements and demands on the enterprise's resources increase exponentially. In this publication, we address planning and stress points for companies to consider in preparing for the financial reporting requirements associated with the bankruptcy process.
Financial reporting in an uncertain economy: How the economic slowdown leads to added financial reporting complexities
While financial reporting can be complex even in the best of times, many transactions and the attendant reporting issues can be even more daunting during troubled economic times and the recovery period that follows. Some transactions just aren't all that frequent during normal cycles. For others, the accounting is highly sensitive to market volatility and illiquidity.
Financial reporting in an uncertain economy: Determining when, what, and how much to impair a long-lived asset
Recent indicators such as ongoing and forecasted operating losses and downsizing efforts have been leading many companies to focus on asset values and whether there might be associated impairment charges. As a result, many are going beyond their annual testing for goodwill impairment to undertake processes they may not have needed during historic periods of growth and stability, such as testing long-lived assets for impairment.
Financial reporting in an uncertain economy: A closer look at income tax valuation allowances
The interpretation of accounting requirements for deferred tax assets has historically been (and continues to be) one of the most judgmental areas of accounting in practice. In today's uncertain economy, focus has heightened on income tax valuation allowance assessments by companies and their auditors, as well as the Securities and Exchange Commission staff, through the issuance of comment letters. Companies need to understand the valuation allowance accounting model and consider whether updates to accounting policy disclosures are necessary in order to reduce risk and assure the quality of financial reporting.
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