PB: European VC valuations unbowed
PITCHBOOK writes: European VC valuations largely survive 2023’s corrections Europe’s venture market saw many valuation corrections ...
RXO: COYOTE FILLIP GONEGM: SUPPLY CHAIN HITBA: CUT THE FAT ON THE BONER: STEADY YIELDMAERSK: SELL-SIDE UPDATESDAC: TRADING UPDATE OUT SOONTSLA: FEEL THE PAIN IN CHINAWMT: GUESS WHATXPO: SURGINGAMZN: LOOKING FORWARDCHRW: PAYOUT UNCHANGEDWTC: NEW HIGH MAERSK: 'AFLOAT IN A SEA OF RISK' F: TARIFF TRAFFIC WARNINGHON: GAUGE THE UPSIDEXPO: STELLAR EARNINGS DELIVERYMAERSK: DEMAND DISRUPTION RISK
RXO: COYOTE FILLIP GONEGM: SUPPLY CHAIN HITBA: CUT THE FAT ON THE BONER: STEADY YIELDMAERSK: SELL-SIDE UPDATESDAC: TRADING UPDATE OUT SOONTSLA: FEEL THE PAIN IN CHINAWMT: GUESS WHATXPO: SURGINGAMZN: LOOKING FORWARDCHRW: PAYOUT UNCHANGEDWTC: NEW HIGH MAERSK: 'AFLOAT IN A SEA OF RISK' F: TARIFF TRAFFIC WARNINGHON: GAUGE THE UPSIDEXPO: STELLAR EARNINGS DELIVERYMAERSK: DEMAND DISRUPTION RISK
PITCHBOOK reports:
Discount prices keep global M&A activity afloat
A persistently gloomy macroeconomic backdrop and near banking crisis drove a decline in M&A activity in Q1 2023, pushing global deal value down 32% from the peak just over a year prior.
But total M&A deal value still topped $1 trillion for the quarter. While certain sellers—think PE—stepped back in recent months, lower valuation multiples in some cases helped encourage deal flow.
Our Q1 2023 Global M&A Report, sponsored by Liberty GTS, explains which deals are happening and why, diving into dealmaking trends within industries and between regions.
Key takeaways
– Multiples on PE-led buyouts collapsed by 29% in Q1 after holding firm for two years, reflecting a shift to smaller and cheaper deals.
– Smaller companies—those worth $100 million or less—have seen their median enterprise value drop to a revenue multiple of 1.1x, trailing behind the overall M&A market’s median of 1.6x.
– Founder-owned businesses made up 85% of all businesses sold in Q1, their highest share of the market ever.
The report, sponsored by Liberty GTS, can be downloaded here.
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