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PwC Eurasia Experts
Director, Transport & Logistics leader, incl. logistics in e-com
Our International Expert
Transport, Logistics and Tourism Industry Leader at PwC Germany
On this site you will find the semi-annual analyses from PwC and Strategy&, PwC's global strategy consulting business, on mergers, acquisitions, joint ventures and strategic alliances in the transport and logistics industry.
Digital transformation, new players, changing business models: transport and logistics are in a state of flux. What impact do deals have on the industry? How is digitalisation changing the face of an entire industry? With our Transport & Logistics Barometer, we provide answers – and not just to these questions. The Barometer provides a 360-degree view of the entire industry and analyzes what impact social change and global megatrends are having on the industry.
The fragile economic and geopolitical environment, along with the increased cost of capital, have severely slowed down deal activity in the transport and logistics industry. In the first half of 2023, only 85 mergers and acquisitions with a volume of at least 50 million US dollars were announced. In the same period last year, the number was significantly higher at 144. The total deal volume fell to 34.3 billion US dollars – the lowest level in ten years. By comparison, over the past five years, the volume averaged 75.1 billion US dollars per half year (ten-year average: 67.5 billion).
Although fewer deals were announced on balance, the transactions achieved higher prices on average. At 3.1, the sales multiple in the first half of 2023 significantly exceeded the median of 1.7 in 2022 as a whole. In what is currently a highly volatile business environment, investors are focusing on high-quality targets – for which they are prepared to pay higher prices.
With 40 deals, the Logistics and Trucking segment was again the most active segment in terms of M&A deals and strategic partnerships in the first half of the year. As in previous years, just under half of the transactions took place in this sub-sector. But here, too, the number and volume of deals are significantly below the average seen in previous years.
Although a long-term recession seems unlikely, future merger and acquisition activity in transport and logistics is likely to remain at a low level in the second half of the year. We expect to see a number of small to mid-sized transactions as companies seek to build new capabilities and accelerate the pace of innovation.