Global metals deals insights: Q2 2019

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Executive summary

While deal volume in Q2 2019 saw a slight increase from Q1 2019, total deal value decreased quarter-over-quarter, primarily due to the absence of any megadeals in the second quarter of the year. The period was also lower for deals in the Metals sector compared to YTD 2018, as both deal volume and value were lower in YTD 2019. The most significant volume of deal activity in the sector continued to materialize in the Steel sub-sector, with the majority of deal value and volume made up of within-border transactions in North America and Asia.


Key trends/highlights

  • Deal value for Q2 2019 was $5.3 billion, a decline of 68% over the previous quarter. For YTD 2019, the deal value declined by 34% over YTD 2018. Deal volume for Q2 2019 increased by 1% versus the previous quarter. It also declined by 21% in YTD 2019 versus YTD 2018.
  • Average deal size in Q2 2019 was $75.2 million, a 65% decline over Q1 2019. The average deal size also declined by 22% in YTD 2019 compared to YTD 2018. A lack of large and megadeals in Q2 2019 was one of the reasons for the decline.
  • In Q2 2019, Asia and Oceania was the most active acquirer region, which contributed 57% to the deal value and observed a 14% increase in deal volume compared to last quarter.

“The headwinds created by political uncertainties, on-and-off trade negotiations, and the enactment of tariffs continue to impact deal activity through the second quarter of 2019.”

Brian Kelly, US Metals Deals Leader

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Brian Kelly

Metals Deals Leader, PwC US

Michael Tomera

US TAS Market Leader, Midwest Market, PwC US

Jock O´Callaghan

Global Metals Leader, PwC US

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