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Quarter-End Insights

Tapping the Brakes on M&A

After two consecutive years of record consolidation, merger and acquisition activity slows amid political upheaval.

  • Deal value fell especially sharply in Europe, where investors worried that Brexit’s separatist sentiment would manifest in other elections.
  • Inorganic growth continues to be expensive. The median enterprise-value-to-EBITDA multiples hit 9.0x for transactions completed through June 9, 2017.
  • We expect M&A activity to intensify in the second half of the year as investors react to recent elections and regain confidence in their own capital deployment strategies.