North American Dealmaking Leaves M&A at Record High
North American companies unleashed a dealmaking spree totalling more than $50bn on Monday, as executives ignored a pending trade war and uncertainty around US midterm elections to swallow European rivals in a series of industry-changing mergers.
Boardroom confidence, cheap debt and record stock prices have spurred a wave of activity that left global dealmaking at a record high of $3.2tn in 2018. Companies are racing to remake themselves by snatching trophy assets or consolidating with rivals before the business cycle turns. 、
Deals lined up on Monday ranged from the glitz of the catwalks in Milan – as Michael Kors readied a multibillion dollar takeover offer for storied Milanese fashion house Versace – down to the grit of the mining world, with Canada’s Barrick Gold agreeing a $6bn all-stock purchase of Randgold Resources.
But the biggest prize was in media, as Comcast trounced 21st Century Fox and Walt Disney in a weekend auction for Sky with a 30.6bn bid, while in the radio sector SiriusXM secured a $3.5bn deal for digital music provider Pandora Media.
Global mergers and acquisitions have totalled $3.24tn so far this year, 40 per cent higher than the same time a year ago and ahead of the record pace set in 2007, according to data from Thomson Reuters. Megadeals of more than $5bn in value accounted for 44 per cent of transactions this year.
A rally in global stock indices has assuaged concerns that the intensifying trade dispute between the US and China would dent economic activity, and in turn dealmaking. The S&P 500 has climbed 16.5 per cent over the past 12 months, while the Dow Jones Industrial Index rose by 19 per cent, and both sat near record territory on Monday.
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