QUARTERLY REVIEW Q3 2020 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
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QUARTERLY REVIEW Q3 2020 INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A
GLOBAL M&A VOLUME
GLOBAL M&A ACTIVITY REBOUNDS
Global M&A activity recovered in Q3 2020 as economies around
the world began to reopen and dealmakers, focusing on existence-
preserving activities in the first half of the year, returned their attention to
M&A transactions. While global M&A volume in Q3 2020 was strong across
the board, the continuing effects of the coronavirus pandemic, coupled
with the upcoming U.S. presidential election, make it as difficult as ever to
predict how the final quarter of 2020 will unfold.
Global M&A volume was US$1.1 trillion in Q3 2020, 94% more than
volume in the frozen pandemic trough of Q2 2020 (US$559 billion), and
also 36% more than Q3 2019 (US$800 billion). For the first three quarters
of 2020, global M&A volume was US$2.3 trillion, a decrease of 19% from
the first three quarters of 2019 (US$2.9 trillion). The third quarter’s global
M&A volume was strong not only relative to the first half of 2020, but also
historically: Q3 2020 global M&A volume was the highest volume for a third Global M&A Volume: 2000-2020
quarter since 2007 (US$1.1 trillion) and represented US$4.3 trillion on an
annualized basis, which would be the second highest annual global M&A
volume in the last 10 years, and the highest since 2015 (US$4.6 trillion).
Global M&A volume in 2020 is now on pace to reach US$3.1 trillion, which
represents a vastly improved outlook for annual M&A volume as compared GLOBAL M&A VOLUME
to annualized data as of mid-year (US$2.5 trillion).
6.0
The increase in global M&A volume in Q3 2020 was largely
driven by a surge in M&A activity in the United States, in large deals 5.5
(transactions valued between US$1 billion and US$5 billion) and in mega 5.0
deals (transactions valued at US$5 billion or greater), which have been
4.5
the primary drivers of near-record M&A volumes in recent pre-pandemic
4.0
quarters. Notably, while mega deal volume increased in Q3 2020, no mega
US$ TRILLIONS
deals were valued at over US$40 billion through the first three quarters of 3.5
2020, compared to an average of six such deals per year over the last five 3.0
years, and an average of four such deals per year over the last 10 years.
2.5
The largest deals in Q3 2020 were Nippon Telegraph and
2.0
Telephone’s US$40 billion related-party acquisition of NTT DOCOMO,
NVIDIA’s US$40 billion acquisition of UK-headquartered ARM, Gilead’s 1.5
US$21 billion acquisition of Immunomedics and Seven & i Holdings’ US$21 1.0
billion acquisition of Speedway.
0.5
0.0
1
2
3
111
4
5
6
7
8
9
1100
1122
1133
1144
1155
1166
1177
1188
1199
0
0
003
005
006
009
002
000
001
007
004
008
220
2200
ALL FIGURES ARE INFLATION-ADJUSTED TO 2020 DOLLARS. 2020 DATA IS ANNUALIZED IN GRAY ADDING THE
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
2200
AVERAGE QUARTERLY VOLUME IN THE FIRST THREE QUARTERS OF 2020 TO THE TOTAL VOLUME IN THE FIRST
THREE QUARTERS OF 2020. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2020 THAT
HAVE NOT BEEN COMPLETED.
SOURCE: THOMSON
2
GLOBAL M&A VOLUME:
Q3 SNAPSHOT
A RESURGENCE OF U.S., LARGE
AND MEGA DEALS
Global M&A volume was US$1.1 trillion in Q3 2020, an increase of
94% from Q2 2020 (US$559 billion). Q3 2020 M&A volume was the highest
third-quarter volume since 2007 (US$1.1 trillion), the highest quarterly
volume since Q2 2019 (US$1.1 trillion), the seventh highest quarterly volume
in the last 10 years and 33% higher than the average third-quarter volume
of global M&A over the last 10 years (US$819 billion).
U.S. M&A volume surged in Q3 2020, reaching US$430 billion
in Q3 2020, an increase of 221% from Q2 2020 (US$134 billion) and 53%
from Q3 2019 (US$281 billion). Q3 2020 U.S. M&A volume was the highest
quarterly U.S. M&A volume since Q2 2019 (US$630 billion), the third
highest third-quarter volume in the last 10 years and 21% higher than the Global M&A Volume: Q1 2020 Snapshot
average third-quarter volume of U.S. M&A over the last 10 years
(US$356 billion). Q3 2020 U.S. M&A volume represented US$1.7 trillion
on an annualized basis, which would be the fifth highest annual U.S. M&A
volume in the last 10 years, and 19% higher than the average annual U.S.
M&A volume over the last 10 years (US$1.4 trillion). U.S. M&A volume,
however, is on pace to reach just US$1.1 trillion in 2020, the lowest annual GLOBAL M&A VOLUME BY QUARTER
U.S. M&A volume since 2012 (US$1 trillion), and 25% lower than the
average annual U.S. M&A volume over the last 10 years. 5,500
5,500
5,118
In North America, M&A volume was US$452 billion in Q3 5,000
5,000
2020, an increase of 226% from Q2 2020 (US$138 billion). Japanese M&A 4,590
4,500 1,084
volume was US$69 billion in Q3 2020, an increase of 293% from Q2 2020 4,500
4,069
(US$18 billion), and the second highest quarterly volume in the last 10 4,000 3,841
4,000 3,753
1,413
years, although most of such increase was attributable to Nippon Telegraph 3,586 3,511
3,435 855
and Telephone’s US$40 billion related-party acquisition of NTT DOCOMO. In 3,500
3,500 1,099
US$ BILLIONS
971
the Asia-Pacific (excluding Japan) region, M&A volume was US$295 billion 3,000
601
2,852 2,871 2,855 947 1,238
3,000 1,038
in Q3 2020, an increase of 79% from Q2 2020 (US$165 billion), and the 2,594 891
1,073
2,500
2,500 2,375 621 2,323
fourth highest quarterly volume in the last 10 years. European M&A volume 952 819 934
800 2,323
724
was US$237 billion in Q3 2020, an increase of 23% from Q2 2020 2,000 1,732
915
851 855
2,000 728
638
(US$193 billion), and the 12th highest quarterly volume in the last 10 years. 1,146 1,085
784 636
Large and mega deals accounted for US$336 billion and 1,500
1,500 745 1,204 1,090
1,078 540
775 1,068 923 827
US$431 billion of global volume in Q3 2020, respectively, representing 1,000
1,000 643 732 559
increases of 211% and 107% from Q2 2020 (US$108 billion for large deals 532 579
1,202 1,176
and US$208 billion for mega deals in Q2 2020) and 39% and 98% from 500
500 804 901 979
837 741 791
576 606 553 679
546 656
Q3 2019 (US$242 billion for large deals and US$218 billion for mega deals 0
0
in Q3 2019), respectively. 2007
2007 2008
2008 2009
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017
2017 2018
2018 2019
2019 2020
2020
ALL FIGURES ARE INFLATION-ADJUSTED TO 2020 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS
ANNOUNCED IN 2020 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING.
SOURCE: THOMSON
3
CROSS-BORDER
M&A VOLUME
CROSS-BORDER DEAL-MAKING
RECOVERS
Cross-border M&A activity, which slowed
materially as a result of the coronavirus pandemic
in the first half of the year, increased significantly
in Q3 2020, bringing cross-border M&A activity
across the first three quarters of the year to near-
2019 levels.
Cross-border M&A volume increased by
38% from Q2 2020 (US$251 billion) to reach Cross-Border M&A Volume: 2007-2020
US$347 billion in Q3 2020, and US$794 billion for
the first three quarters of 2020, a 2% decrease
as compared to the first three quarters of 2019
(US$812 billion). Cross-border deals represented CROSS-BORDER M&A VOLUME
34% of global M&A volume in the first three
5.12
quarters of 2020, just below the average
5.0
proportion of global M&A volume attributable to 4.59
cross-border M&A over the last 10 years (36%). 4.07
3.84
4.0 3.75
Significant cross-border transactions 2.97 3.44
3.59 3.51
US$ TRILLIONS
in Q3 2020 included NVIDIA’s US$40 billion 2.85 2.87 2.86 2.96
3.10
3.0
acquisition of ARM, Seven & i Holdings’ 2.38
2.59
2.31
2.49 0.51
2.23 2.69 0.26
US$21 billion acquisition of Speedway, Siemens’ 2.11 2.29
2.0 1.77 1.87 1.84
US$16 billion acquisition of Varian Medical 1.79
1.72 1.53
Systems and Adevinta’s US$9 billion acquisition
1.0 2.15
of eBay’s classifieds business. 1.35
1.63
1.44 1.58
1.32 1.23 1.15
1.08 1.00 1.01
0.65 0.80 0.79
CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED 42%
42% 38%
38% 27% 38%
27% 38% 35%
35% 35%35% 31% 31% 38% 38%36% 36%
38% 39%
35% 35%
39% 39%
30% 30%
34%
OR BASED IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-ADJUSTED TO 2020 DOLLARS. 2020 DATA 0.0
IS ANNUALIZED IN GRAY BY ADDING THE AVERAGE QUARTERLY VOLUME IN THE FIRST THREE QUARTERS OF 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2020 TO THE TOTAL VOLUME IN THE FIRST THREE QUARTERS OF 2020; LIGHT GRAY REPRESENTS ANNUALIZED
DOMESTIC M&A VOLUME AND DARK GRAY REPRESENTS ANNUALIZED CROSS-BORDER M&A VOLUME. DATA IN THIS
REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2020 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY
NOT SUM DUE TO ROUNDING.
SOURCE: THOMSON DOMESTIC M&A CROSS-BORDER M&A 4
Volume & Number of Large Deals: US$ 1-5 billion Q1 2020
LARGE AND MEGA VOLUME & NUMBER OF LARGE DEALS US$1-5 BILLION
M&A DEALS 2.0 700
LARGE AND MEGA DEALS RETURN 1.66 600
M&A VOLUME (US$ TRILLIONS)
Large and mega deal volumes recovered in Q3 1.5
500
2020. Large deal M&A volume was US$336 billion in Q3
NUMBER OF DEALS
1.20
0.91
2020, an increase of 211% from Q2 2020 (US$108 billion). 1.08
1.13 1.11 1.10 400
0.99
On an annualized basis, large deal volume in Q3 2020 was 1.0
0.90
0.96
0.92
0.88
0.86
0.83
US$1.4 trillion, which would be the highest annual large 0.72 300
0.67 0.74 0.71 0.70 0.13
0.66 0.58
deal volume in the last 10 years, and the highest since 2007 0.50
0.54
0.54
0.50
0.08
0.57 200
(US$1.6 trillion). Notwithstanding the impressive Q3 2020 0.5
0.43 0.38
levels, the volume of large deals is on pace to reach only 0.75
100
approximately US$830 billion in 2020, which would mark a 0.40 0.23 0.42 0.38 0.37 0.31 0.41 0.38 0.40 0.40 0.49 0.41
0.24
46%
45% 44%
44% 35%
35% 44% 41%41% 42%
44% 42% 35%35%38% 38%34% 34%
36% 36%
37% 37%
40% 41%
42% 40%
38%
16% decrease as compared to 2019, and the lowest annual 0.0 0
Volume & Number of Mega
2007 2008 Deals: > US$2011
2009 2010 5 billion
2012 Q1 2020
2013 2014 2015 2016 2017 2018 2019 2020
volume since 2009 (US$657 billion).
DOMESTIC M&A CROSS-BORDER M&A NUMBER OF DEALS
Mega deal M&A volume in Q3 2020 was US$431
billion, an increase of 107% from Q2 2020 (US$208 billion).
On an annualized basis, mega deal volume in Q3 2020 was VOLUME & NUMBER OF MEGA DEALS > US$5 BILLION
US$1.7 trillion, which would be the second highest annual
mega deal volume in the last 10 years, and the highest 2.5
since 2015 (US$2 trillion). Nonetheless, mega deal volume 120
is on pace to reach just US$1.2 trillion in 2020, 23% lower in 2.04
M&A VOLUME (US$ TRILLIONS)
2.0
2020 than in 2019, and the lowest annual volume since 2017 100
1.71
(US$970 billion).
NUMBER OF DEALS
1.49
1.5 80
1.40
Cross-border transactions comprised 44% 1.32 1.26
1.25
(US$147 billion) of large deal volume, above the average 1.04 1.10
1.16
60
Q3 proportion of large deal volume over the last 10 years 1.0
0.97
0.81
0.19
0.89 0.81 0.80 0.69 0.10
1.26
(41%), and 28% (US$119 billion) of mega deal volume, below 0.65
0.71 0.66 40
0.55 0.65
the average Q3 proportion of mega deal volume over the 0.57
0.5 0.68 0.60
0.47 0.56
last 10 years (32%). 0.67 0.45
0.78 20
0.56 0.59
0.43 0.44 0.30
0.12 0.18 0.15 0.21 0.10 0.32 0.23
LARGE DEALS INCLUDE TRANSACTIONS VALUED BETWEEN US$1 BILLION AND US$5 BILLION. MEGA DEALS
INCLUDE TRANSACTIONS VALUED AT US$5 BILLION OR GREATER. CROSS-BORDER M&A TRANSACTIONS ARE 39% 32%
32% 15%
15% 28% 21%
28% 21% 26%26% 19% 19%40% 39%38% 38%
45% 45%
33% 33%
42% 42%
15% 17%
34%
0.0 0
DEFINED AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED IN DIFFERENT COUNTRIES. ALL
FIGURES ARE INFLATION-ADJUSTED TO 2020 DOLLARS. 2020 DATA IS ANNUALIZED IN GRAY BY ADDING THE 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
AVERAGE QUARTERLY VOLUME IN THE FIRST THREE QUARTERS OF 2020 TO THE TOTAL VOLUME IN THE FIRST
THREE QUARTERS OF 2020; LIGHT GRAY REPRESENTS ANNUALIZED DOMESTIC M&A VOLUME AND DARK GRAY
REPRESENTS ANNUALIZED CROSS-BORDER M&A VOLUME. DATA IN THIS REPORT DOES NOT INCLUDE SPINOFFS
ANNOUNCED IN 2020 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING. DOMESTIC M&A CROSS-BORDER M&A NUMBER OF DEALS
SOURCE: THOMSON 5
M&A Volume by Target Region: Q1 2020
M&A VOLUME BY M&A VOLUME BY TARGET REGION: Q3 2020
TARGET REGION Africa/Middle East
1.0%
India
Mexico
0.0%
South America 2.3%
U.S. BOUNCES BACK; CHINA
Canada Central
1.4% 2.1% America
CONTINUES PACE 0.0%
Japan
U.S. M&A rebounded from Q2 2020 to 6.4%
Australia/NZ
US$430 billion in Q3 2020, representing 40% of 1.4% Other Asia
3.5%
global M&A volume, below the U.S.’s 47% share
of annual global M&A volume in 2019 and nearly United States
39.8%
matching its 42% share of total aggregate global
China
M&A volume since 2010. 20.2%
Chinese M&A activity continued its strong
2020 pace, accounting for US$218 billion of M&A Europe
22.0%
volume in Q3 2020, representing 20% of the
M&A Volume by Target Region: 2007-2019
quarter’s global M&A volume, compared to its
11% share of annual global M&A volume in 2019
and 13% share of total aggregate global M&A
volume since 2010. Q3 2020 represents the
M&A VOLUME BY TARGET REGION: 2010-2020
Mexico
second consecutive quarter in which Chinese India
1.5%
0.6%
Africa/Middle East
M&A volume reached at least 20% of global South America
2.9%
2.3% Central America
0.1%
M&A volume. Canada
3.1%
Acquisitions of European companies Japan
3.0%
accounted for US$237 billion of M&A volume in Australia/NZ
2.9%
Q3 2020. European M&A volume represented Other Asia
4.6%
22% of global M&A volume, above its 19% share of
United States
annual global M&A volume in 2019 and just below 41.6%
China
its 24% share of total aggregate global M&A 13.2%
volume since 2010.
Europe
24.2%
REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGET’S HEADQUARTERS. ALL FIGURES ARE
INFLATION-ADJUSTED TO 2020 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN
2020 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING.
SOURCE: THOMSON
6
TRENDS IN M&A
VOLUME BY TARGET
REGION
GLOBAL IMPROVEMENT
As economies began to reopen in Q3 2020, M&A activity increased in
every region of the world. The most significant increases were in North America and
Japan, while Asia-Pacific (excluding Japan) and Europe also saw considerable gains
in M&A volume.
M&A volume in North America increased sharply in Q3 2020, reaching
US$452 billion, an increase of 226% from Q2 2020 (US$138 billion) and 17% from the
average North American M&A volume over the last 10 third quarters (US$385 billion).
On an annualized basis, Q3 2020 North American M&A volume represented
US$1.8 trillion, 16% higher than the average annual North American volume over
the last 10 years (US$1.6 trillion). North American M&A volume is projected to reach
US$1.1 trillion in 2020, which would be the lowest annual North American M&A volume
since 2010 (US$1.0 trillion), and 27% lower than the average annual North American
volume over the last 10 years (US$1.6 trillion).
In Japan, M&A volume in Q3 2020 was US$69 billion, an increase of 293%
from Q2 2020 (US$18 billion) and 174% from the average Japanese M&A volume over
the last 10 third quarters (US$25 billion), and primarily driven by Nippon Telegraph
and Telephone’s US$40 billion related-party acquisition of NTT DOCOMO. Q3 2020
Japanese M&A volume was US$275 billion on an annualized basis, which would be the
highest annual Japanese M&A volume in the last 10 years. Japanese M&A volume is on
TRENDS IN M&A VOLUME BY TARGET REGION
pace to be US$149 billion in 2020, which would also be the highest annual Japanese 1,800
M&A volume in the last 10 years, and 53% higher than the average annual Japanese
volume over the last 10 years (US$97 billion). 1,600
M&A volume in Asia-Pacific (excluding Japan) was US$295 billion in
Q3 2020, an increase of 79% from Q2 2020 (US$165 billion) and 66% from the 1,400
average Asia-Pacific (excluding Japan) M&A volume over the last 10 third quarters
(US$177 billion). On an annualized basis, Asia-Pacific (excluding Japan) M&A volume
1,200
represented US$1.2 trillion, which would be the second highest annual Asia-Pacific
(excluding Japan) volume in the last 10 years, 58% higher than the average annual
US$ BILLIONS
Asia-Pacific (excluding Japan) M&A volume over the last 10 years (US$749 billion). 1,000
Asia-Pacific (excluding Japan) M&A volume is projected to reach US$810 billion in
2020, 8% higher than the average annual Asia-Pacific (excluding Japan) volume over 800
the last 10 years (US$749 billion).
In Europe, M&A volume in Q3 2020 was US$237 billion, an increase of 600
23% from Q2 2020 (US$193 billion) and 32% higher than the average European M&A
volume over the last 10 third quarters (US$179 billion). Q3 2020 European M&A
400
volume was US$947 billion on an annualized basis, which would be the second highest
annual European M&A volume in the last 10 years, and 15% higher than average annual
European M&A volume over the last 10 years (US$822 billion). European M&A volume 200
is on pace to be US$868 billion in 2020, 6% higher than the average annual European
volume over the last 10 years (US$822 billion). 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ALL FIGURES ARE INFLATION-ADJUSTED TO 2020 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS
ANNOUNCED IN 2020 THAT HAVE NOT BEEN COMPLETED.
SOURCE: THOMSON
7
CROSS-BORDER
M&A IN EMERGING
ECONOMIES
HIGHER, BUT YEAR-OVER-YEAR
DECLINE CONTINUES
M&A volume involving acquirers and
targets in emerging economies picked up in Q3
2020 after a slow start to the year as a result of
significant economic and political disruptions
caused by the ongoing coronavirus pandemic.
M&A activity in emerging economies
increased by 58% from Q2 2020 (US$176 billion) Cross-Border M&A Volume in Emerging Economies:
and 55% from Q3 2019 (US$179 billion) to 2007-2020
US$277 billion in Q3 2020. Emerging economy
deal volume is on pace to reach US$842 billion in
2020, which would nearly match the level of such EMERGING ECONOMY M&A VOLUME
1,200
activity in 2019 (US$854 billion), but would still
1,066
represent the fifth consecutive year of year-over-
1,000 977
year declines in aggregate (domestic and cross- 883
928
903
854 842
border) emerging economy M&A volume. 829 814
800
Cross-border transactions accounted 692 680 679
161
US$ BILLIONS
665
762
for just 19% of emerging economy M&A volume 320
484
617
603 571
49
600
in Q3 2020 (US$53 billion). The largest cross- 351
493
339
537
575
369
border emerging economy deal in Q3 2020 393
400 484
was Alphabet’s US$4 billion investment in 264
Jio Platforms. 200
509
399
340 341 360 325 332
310 271 277 305 279
EMERGING MARKET TRANSACTIONS ARE DEFINED AS THOSE IN WHICH EITHER OR BOTH PARTIES ARE 229
HEADQUARTERED OR BASED IN AN EMERGING ECONOMY. CROSS-BORDER M&A TRANSACTIONS ARE DEFINED 148
AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED IN DIFFERENT COUNTRIES. ALL FIGURES 61%
61% 49%
49% 46% 45%
46% 45% 50%
51% 46%
46% 41%41%34%34%
29% 29%
37% 37%
35% 35%
37% 37%
33% 32%
23%
ARE INFLATION-ADJUSTED TO 2020 DOLLARS. 2020 DATA IS ANNUALIZED IN GRAY BY ADDING THE AVERAGE 0
QUARTERLY VOLUME IN THE FIRST THREE QUARTERS OF 2020 TO THE TOTAL VOLUME IN THE FIRST THREE
QUARTERS OF 2020; LIGHT GRAY REPRESENTS ANNUALIZED DOMESTIC M&A VOLUME AND DARK GRAY 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
REPRESENTS ANNUALIZED CROSS-BORDER M&A VOLUME. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS
ANNOUNCED IN 2020 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING. DEVELOPED
AND EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION.
SOURCE: THOMSON DOMESTIC M&A CROSS-BORDER M&A 8DISTRESSED DEALS
DISTRESSED M&A ACTIVITY RISES
The negative effects of the coronavirus
pandemic on the global economy, including
reduced consumer spending, widespread
unemployment and lower corporate profits,
sparked a moderate increase in distressed M&A
activity in Q3 2020, although the pandemic
is likely to result in additional distressed deal
activity over the coming quarters.
Distressed transaction volume was
US$12 billion in Q3 2020, an increase of 95%
Distressed Deals: 2000 – 2020
from Q2 2020 (US$6 billion), and US$24 billion
for the first three quarters of 2020, which volume
is already higher than the distressed transaction
volume in all of 2019 (US$18 billion). Q3 2020 DISTRESSED M&A VOLUME
represented the highest quarterly volume in 150
distressed M&A since Q4 2018.
The largest distressed deals in Q3 2020 125
were the US$1 billion acquisition of an interest
in OneWeb by an investor group comprised of 100
US$ BILLIONS
Bharti Group and Hughes Network Systems,
75
MiddleGround Capital’s US$218 million acquisition
of assets of Shiloh Industries and Colony Capital’s
50
US$200 million acquisition of Towers UPI of
Oi SA. 25
ALL FIGURES ARE INFLATION-ADJUSTED TO 2020 DOLLARS. 2020 DATA IS ANNUALIZED IN GRAY BY ADDING THE
AVERAGE QUARTERLY VOLUME IN THE FIRST THREE QUARTERS OF 2020 TO THE TOTAL VOLUME IN THE FIRST
THREE QUARTERS OF 2020. DISTRESSED TRANSACTIONS INCLUDE THOSE IN WHICH THE TARGET ENTITY IS
UNDERGOING RESTRUCTURING OR HAS REDUCED THE DEBT ON ITS BALANCE SHEET THROUGH A BANKRUPTCY
SALE, A TENDER OFFER OR AN EXCHANGE OFFER FOR EXISTING DEBT SECURITIES, OR A LOAN MODIFICATION. 0
AN ENTITY IS CONSIDERED TO BE UNDERGOING RESTRUCTURING IF IT HAS PUBLICLY CONFIRMED RETENTION
01
03
55
100
111
122
133
144
155
166
177
188
199
6
9
2
07
20
0
4
8
1
3
OF A RESTRUCTURING ADVISOR, PLANS TO RESTRUCTURE ITS DEBT, HAS FILED FOR BANKRUPTCY OR HAS
0
0
0
0
0
0
0
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
DEFAULTED ON ITS DEBT, HAS RECEIVED AN S&P OR MOODY’S RATING OF CCC+/CAA1 OR BELOW BEFORE OR IN
REACTION TO THE ANNOUNCEMENT OF A TRANSACTION, OR ITS CREDIT FACILITY OR DEBT SECURITIES CARRY A
YIELD OF 1,000 BPS ABOVE THAT OF U.S. TREASURIES.
SOURCE: THOMSON
9GLOBAL M&A BY SECTOR:
LAST 12 MONTHS
HIGH TECHNOLOGY, FINANCIALS
AND INDUSTRIALS LEAD
The sectors with the highest M&A volume over
the last 12 months were High Technology, Financials
and Industrials. Over the last 12 months, these three
sectors represented US$539 billion, US$473 billion
and US$401 billion of global M&A volume, and in the
aggregate accounted for 43% of global M&A volume.
In Q3 2020, the sectors with the highest M&A
volume were High Technology, Energy and Power and
Healthcare. High Technology accounted for the most
volume with US$230 billion, followed by Energy and Global M&A by Sector: Last 12 Months Q3 2019
Power with US$183 billion and Healthcare with US$97
billion. In aggregate, these three sectors represented
nearly half of global M&A volume in Q3 2020. M&A VOLUME BY SECTOR - LAST 12 MONTHS
Consumer Staples and Media/Entertainment
600
were the sectors with the highest proportion of cross-
border M&A volume over the last 12 months and in 500
Q3 2020, with 79% and 60% of 12-month global M&A
volume and 60% and 72% of Q3 2020 global M&A 400
US$ BILLIONS
volume, respectively, attributable to cross-border
transactions. 300
The sector with the lowest proportion of cross-
200
border M&A activity over the last 12 months was
Financials, with cross-border deals representing 19%
100
of total global M&A volume in the sector, and in Q3
2020 was Energy and Power, with cross-border deals 0
0
r t il
representing 8% of global M&A volume in the sector. we
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Fin
&
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Hi n / ns
un
CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED
Co dia lec
er
He
Re
y
er
Co
Te
OR BASED IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-ADJUSTED TO 2020 DOLLARS. DATA IN THIS
Me Te
um
an
m
rg
nt
REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2020 THAT HAVE NOT BEEN COMPLETED.
om
e
gh
/E
ns
ct s
En
SOURCE: THOMSON
Hi
lec
GLOBAL M&A* CROSS-BORDER M&A
Co
dia
10
du
Te
Me
ro
*INCLUDES BOTH DOMESTIC AND CROSS-BORDER TRANSACTIONS.
rPAGGREGATE VALUE OF DEALS
FROM DEVELOPED INTO EMERGING ECONOMIES FROM EMERGING INTO DEVELOPED ECONOMIES
250 300
200 250
200
US$ BILLIONS
US$ BILLIONS
150
150
100
100
50 50
0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
INBOUND CHINESE DEALS OUTBOUND CHINESE DEALS
60 250
50 200
US$ BILLIONS
US$ BILLIONS
40
150
30
100
20
50
10
0
0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
INBOUND INDIAN DEALS OUTBOUND INDIAN DEALS
60 40
50 35
30
US$ BILLIONS
US$ BILLIONS
40
25
30 20
20 15
10
10
5
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ALL FIGURES ARE INFLATION-ADJUSTED TO 2020 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2020 THAT HAVE NOT BEEN COMPLETED. DEVELOPED AND EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION. 11
SOURCE: THOMSONTOP 10 GLOBAL DEALS ANNOUNCED TOP 10 GLOBAL DEALS ANNOUNCED
IN Q3 2020 IN 2020
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Nippon Telegraph and Nippon Telegraph and
Telephone Corp NTT DOCOMO Inc Telecomm 40,331 Telephone Corp NTT DOCOMO Inc Telecomm 40,331
Japan Japan
Japan Japan
Japan Japan Japan Japan
NVIDIA Corp ARM Ltd High NVIDIA Corp ARM Ltd High
United States United Kingdom Technology 40,000 United States United Kingdom Technology 40,000
US UK US UK
Gilead Sciences Inc Immunomedics Inc Healthcare 21,000 Aon PLC Willis Towers Watson PLC Financials 30,141
United States United States United Kingdom United Kingdom
US US UK UK
Seven & i Holdings Co Ltd Speedway LLC Retail 21,000 Gilead Sciences Inc Immunomedics Inc Healthcare 21,000
Japan United States United States United States
Japan US US US
Maxim Integrated Products High
Analog Devices Inc 20,671 Seven & i Holdings Co Ltd Speedway LLC Retail 21,000
United States Inc Technology Japan United States
United States
US US Japan US
Teladoc Health Inc Livongo Health Inc High Analog Devices Inc Maxim Integrated Products High
United States United States Technology 17,269 United States Inc Technology 20,671
United States
US US US US
Advent International Corp /
Rag-Stiftung / Cinven Group Thyssenkrupp AG - Elevator
Siemens AG Varian Medical Systems Inc Healthcare 16,400 Industrials 18,712
Germany United States US
Ltd Technology Business
United States / Germany / United Germany
Kingdom
Germany
Germany US Germany
UK
United Wholesale Mortgage High
Gores Sponsor IV LLC Financials 16,237 Teladoc Health Inc Livongo Health Inc 17,269
United States LLC United States United States Technology
United States
US US US US
Chevron Corp Noble Energy Inc Energy and Siemens AG Varian Medical Systems Inc
12,625 Healthcare 16,400
United States United States Power Germany United States
US US Germany US
Nippon Paint Holdings Co United Wholesale Mortgage
Wuthelam Holdings Pte Ltd Materials 12,148 Gores Sponsor IV LLC Financials 16,237
Ltd Singapore United States LLC
Japan United States
Japan Singapore US US
12
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 DEALS FROM DEVELOPED INTO EMERGING TOP 10 DEALS FROM DEVELOPED INTO EMERGING
ECONOMIES* ANNOUNCED IN Q3 2020 ECONOMIES* ANNOUNCED IN 2020
ACQUIRER** TARGET** TARGET DEAL ACQUIRER** TARGET** TARGET DEAL
INDUSTRY VALUE*** INDUSTRY VALUE***
Investor Group comprised of Brookfield
Asset Management Inc, Snam SpA, General
Electric Co, Credit Suisse Group AG, Ontario ADNOC Gas Pipeline Assets Energy and
Alphabet Inc Jio Platforms Ltd Telecomm 4,476 Teachers’ Pension Plan - Canada, NH
LLC 10,100
United States India US Canada
Investment & Securities Co Ltd, and GIC Pte
Ltd - Republic of Singapore United Arab Emirates
Power
United States / Italy / Switzerland / Canada
/ South Korea / Singapore
Italy S. Korea
US India UAE
Switzerland
Singapore
Investor Group led by Apollo Abu Dhabi Property Leasing
Global Management Inc Holding Company RSC Ltd Real Estate 2,700 Facebook Inc Jio Platforms Ltd Telecomm 5,691
United States India
United States United Arab Emirates
US UAE US India
Nippon Paint Holdings Co Wuthelam Holdings Ltd -
Materials 2,226 Alphabet Inc Jio Platforms Ltd Telecomm 4,476
Ltd Indonesia Business United States India
Japan Indonesia
Japan Indonesia US India
Investor Group comprised
of Amgen Inc, Baker Bros Consumer
Advisors LP, and Hillhouse BeiGene Ltd Healthcare 2,075 First Pacific Co Ltd Pinehill Co Ltd 2,998
China Hong Kong Saudi Arabia Staples
Capital Group Ltd
United States
US China Hong Kong Saudi Arabia
Consumer Investor Group led by Apollo Abu Dhabi Property Leasing
Kimberly-Clark Corp PT Softex Indonesia 1,200 Real Estate 2,700
United States Indonesia Staples Global Management Inc Holding Company RSC Ltd
United States United Arab Emirates
US Indonesia US UAE
Investor Group led by Flipkart Internet Pvt Ltd Nippon Paint Holdings Co Wuthelam Holdings Ltd -
Walmart Inc India
Retail 1,200 Ltd Indonesia Business Materials 2,226
United States / China Japan Indonesia
US
India Japan Indonesia
China Investor Group comprised
Greenko Energy Holdings Energy and of Amgen Inc, Baker Bros
ORIX Corp 980 BeiGene Ltd Healthcare 2,075
Japan Ltd Power Advisors LP, and Hillhouse China
India Capital Group Ltd
United States
Japan India US China
Aspen Pharmacare - Peak Oyun Yazilim ve
Mylan NV Healthcare 759 Zynga Inc High
Thrombosis Business Pazarlama AS 1,934
Netherlands
South Africa
United States
Turkey
Technology
Netherlands South Africa US Turkey
TCL China Star
Samsung Electronics Co Ltd Optoelectronics Technology High Groupe ADP - French
739 GMR Airports Ltd Industrials 1,506
South Korea Co Ltd Technology Republic India
France
China
S. Korea China France India
JB Chemicals & Porsche Automobil Holding
KKR & Co Inc Healthcare 610 Gotion High-tech Co Ltd Energy and
Pharmaceuticals Ltd SE 1,219
United States
India Germany
China Power
US India Germany China
*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM. 13
**COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. ***US$MILLIONSTOP 10 DEALS FROM EMERGING INTO DEVELOPED TOP 10 DEALS FROM EMERGING INTO DEVELOPED
ECONOMIES* ANNOUNCED IN Q3 2020 ECONOMIES* ANNOUNCED IN 2020
ACQUIRER** TARGET** TARGET DEAL ACQUIRER** TARGET** TARGET DEAL
INDUSTRY VALUE*** INDUSTRY VALUE***
Harbin Pharmaceutical Ping An Life Insurance Co of
Group Co Ltd GNC Holdings Inc Retail 980 China Ltd Vivid Synergy Ltd Real Estate 1,455
United States British Virgin Islands
China China
China US China British Virgin
Electricity Generating Public Borkum Riffgrund 2 Investor Energy and
Co Ltd Holding GmbH 631 Renren Inc Galileo Financial Tech Inc Financials 1,200
Thailand Germany
Power China United States
Thailand Germany China US
Sociedade Nacional de
Zhuhai Port Co Ltd Xinghua Port Holdings Ltd Industrials 264 Combustiveis de Angola EP - PT Ventures SGPS SA Telecomm 1,000
China Singapore Republic of Angola Portugal
Angola
China Singapore Angola Portugal
Investor Group led by SoftBank
Group Corp, The People’s Harbin Pharmaceutical
Insurance Company (Group) of XtalPi Inc Healthcare 319 Group Co Ltd GNC Holdings Inc Retail 980
Japan China Ltd, and The Morningside United States United States
Group Ltd China
Japan / China / Hong Kong
China
US China US
Fomento Económico Mexicano SAB de CV
Hong Kong Investor Group comprised of Capricorn Investment
Fomento Económico Consumer
Group LLC, DAG Ventures LLC, Draper Fisher
High WAXIE Sanitary Supply and
Jurvetson Management LLC, Greylock Partners, Innovium Inc 170 Mexicano SAB de CV Products and 900
Wrvi Global Capital Managers LLC, Redline Capital
Technology North American Corp
US Management SA, Qualcomm Inc, Premji Invest, United States (FEMSA) United States Services
BlackRock Inc, and S-Cubed Capital LLC
Mexico
United States / India / Luxembourg
India
US Mexico US
Luxembourg
HCL Technologies Ltd DWS Ltd High Ningbo Shanshan Co Ltd LG Chem Ltd - Polarizer
138 Business Healthcare 770
India Australia Technology China
South Korea
India Australia China S. Korea
Public Investment Fund -
CEMEX SAB de CV CEMEX Latam Holdings SA Materials 131 Boeing Co Industrials 714
Mexico Spain Kingdom of Saudi Arabia United States
Saudi Arabia
Mexico Spain Saudi Arabia US
Investor Group led by Wu Consumer Electricity Generating Public Borkum Riffgrund 2 Investor Energy and
Korro Bio Inc Products and 92 631
Capital United States Co Ltd Holding GmbH Power
China / United States Services Thailand Germany
China
US Thailand Germany
US
Investor Group led by Public Investment Fund -
Naspers Ltd Remitly Inc Financials 85 Citigroup Inc Financials 522
South Africa / United Kingdom / United States Kingdom of Saudi Arabia United States
South Africa
Saudi Arabia
United States
UK
US Saudi Arabia US
US Investor Group comprised
of Asian Development Bank Clifford Capital Holdings Public Investment Fund - High
Financials 70 Facebook Inc 522
and Leading Asias Private Pte Ltd Kingdom of Saudi Arabia United States Technology
Sector Infrastructure Fund Singapore Saudi Arabia
Philippines / Japan
Philippines
Singapore Saudi Arabia US
Japan
*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM. 14
**COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. ***US$MILLIONSTOP 10 NORTH AMERICAN DEALS TOP 10 NORTH AMERICAN DEALS
ANNOUNCED IN Q3 2020 ANNOUNCED IN 2020
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Gilead Sciences Inc Immunomedics Inc Healthcare 21,000 Gilead Sciences Inc Immunomedics Inc Healthcare 21,000
United States United States United States United States
US US US US
Seven & i Holdings Co Ltd Speedway LLC Retail 21,000 Seven & i Holdings Co Ltd Speedway LLC Retail 21,000
Japan United States Japan United States
Japan US Japan US
Maxim Integrated Products High Maxim Integrated Products High
Analog Devices Inc 20,671 Analog Devices Inc 20,671
United States Inc Technology United States Inc Technology
United States United States
US US US US
Teladoc Health Inc Livongo Health Inc High Teladoc Health Inc Livongo Health Inc High
United States United States Technology 17,269 United States United States Technology 17,269
US US US US
Siemens AG Varian Medical Systems Inc Healthcare 16,400 Siemens AG Varian Medical Systems Inc Healthcare 16,400
Germany United States Germany United States
Germany US Germany US
Gores Sponsor IV LLC United Wholesale Mortgage Gores Sponsor IV LLC United Wholesale Mortgage
United States LLC Financials 16,237 United States LLC Financials 16,237
United States United States
US US US US
Chevron Corp Noble Energy Inc Energy and Morgan Stanley E*TRADE Financial Corp
United States United States Power 12,625 United States United States
Financials 13,137
US US US US
Intercontinental Exchange Ellie Mae Inc High Chevron Corp Noble Energy Inc Energy and
Inc 10,981 12,625
United States
United States Technology United States United States Power
US US US US
Churchill Capital Corp III MultiPlan Inc High Equitrans Midstream Corp EQM Midstream Partners LP Energy and
United States United States Technology 10,812 United States United States Power 11,176
US US US US
Dominion Energy Inc -
Berkshire Hathaway Inc Natural Gas Transmission & Energy and Intercontinental Exchange Ellie Mae Inc High
9,700 Inc 10,981
United States Storage Assets Power United States
United States Technology
United States
US US US US
15
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 ASIA-PACIFIC DEALS ANNOUNCED TOP 10 ASIA-PACIFIC DEALS ANNOUNCED
IN Q3 2020 IN 2020
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Nippon Telegraph and Nippon Telegraph and
Telephone Corp NTT DOCOMO Inc Telecomm 40,331 Telephone Corp NTT DOCOMO Inc Telecomm 40,331
Japan Japan
Japan Japan
Japan Japan Japan Japan
Nippon Paint Holdings Co Nippon Paint Holdings Co
Ltd Wuthelam Holdings Pte Ltd Materials 12,148 Ltd Wuthelam Holdings Pte Ltd Materials 12,148
Singapore Singapore
Japan Japan
Japan Singapore Japan Singapore
Investor Group comprised of CP
All PCL, Charoen Pokphand Group Tesco Stores (Thailand) Ltd
ITOCHU Corp FamilyMart Co Ltd Retail 5,403
Co Ltd, CP Retail Development Co / Tesco Stores (Malaysia) Retail 9,900
Japan Japan Ltd, and Charoen Pokphand Foods Sdn Bhd
Public Co Ltd Thailand / Malaysia
Thailand
Thailand
Japan Japan Thailand
Malaysia
CapitaLand Commercial
Alphabet Inc Jio Platforms Ltd Telecomm 4,476 CapitaLand Mall Trust Trust Real Estate 7,999
United States India Singapore
Singapore
US India Singapore Singapore
Investor Group led by
Haier Electronics Group Co High Warburg Pincus LLC and High
Haier Smart Home Co Ltd 4,022 58.com Inc 6,660
China Ltd Technology General Atlantic Singapore China Technology
Hong Kong Fund Pte Ltd
Hong Kong Hong Kong / United States
China Hong Kong China
Future Enterprises Ltd - US
Logistics & Warehousing Consumer Liaoning Zhongwang Group
Reliance Industries Ltd Products and 3,380 CRED Holding Co Ltd Materials 6,580
India Business and Retail & China Co Ltd
Wholesale Business Services China
India
India India China China
Investor Group led by Tencent Investor Group comprised
Holdings Ltd, Chan Hoi Wan, and of Admiral Power Holdings
Huatai International Acquisition Mangrove 3 Ltd Real Estate 3,032 Wheelock & Co Ltd Real Estate 6,158
China Ltd, Woo Kwong Ching, and Hong Kong
Fund I LP HSBC Trustee (CI) Ltd
China / Hong Kong Hong Kong
China
China Hong Kong Hong Kong
Hong Kong
Mitsubishi UFJ Lease & Hitachi Capital Corp Financials 2,845 Facebook Inc Jio Platforms Ltd Telecomm 5,691
Finance Co Ltd Japan United States India
Japan
Japan Japan US India
Investor Group led by Tianjin
Maoxin Enterprise Management Xugong Group Construction
Partnership LP and Shanghai
Industrials 2,310 ITOCHU Corp FamilyMart Co Ltd Retail 5,403
Shengchao Equity Investment Machinery Co Ltd Japan Japan
Partners LP China
China
China China Japan Japan
Investor Group comprised of Tattvam
Japan Retail Fund Enterprises LLP, Samarjith Enterprises
MCUBS MidCity Investment LLP, Shri Mukesh D Ambani, Smt Nita M Reliance Industries Ltd Energy and
Investment Corp Corp Real Estate 2,299 Ambani, Shri Akash M Ambani, Ms Isha India Power 4,661
Japan Japan M Abani, and Shri Anant M Ambani
India
Japan Japan India India
16
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 EUROPEAN DEALS ANNOUNCED TOP 10 EUROPEAN DEALS ANNOUNCED
IN Q3 2020 IN 2020
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
NVIDIA Corp ARM Ltd High NVIDIA Corp ARM Ltd High
United States United Kingdom Technology 40,000 United States United Kingdom Technology 40,000
US UK US UK
Adevinta ASA eBay Classifieds Group Retail 9,200 Aon PLC Willis Towers Watson PLC Financials 30,141
Norway Denmark United Kingdom United Kingdom
Norway Denmark UK UK
Advent International Corp /
Sunrise Communications Rag-Stiftung / Cinven Group Thyssenkrupp AG - Elevator
Liberty Global PLC Telecomm 7,301 Industrials 18,712
United Kingdom Group AG US Ltd Technology Business
Switzerland United States / Germany / United Germany
Germany Kingdom
UK Switzerland Germany
UK
Clarivate PLC CPA Global Ltd High Liberty Global PLC O2 Holdings Ltd
7,070 Telecomm 12,588
United States Jersey Technology United Kingdom United Kingdom
US Jersey UK UK
CaixaBank SA Bankia SA Financials 5,140 Worldline SA Ingenico Group SA Financials 10,065
Spain Spain France France
Spain Spain France France
Caesars Entertainment Inc William Hill PLC Media and Adevinta ASA eBay Classifieds Group Retail
United States United Kingdom Entertainment 4,404 Norway Denmark
9,200
US UK Norway Denmark
Bombardier Transportation
iliad SA Play Communications SA Telecomm 4,363 Alstom SA Industrials 7,850
France Luxembourg France GmbH
Germany
France Luxembourg France Germany
Sunrise Communications
Bain Capital LP Ahlstrom-Munksjö Oyj Materials 3,568 Liberty Global PLC Telecomm 7,301
United States Finland United Kingdom Group AG
Switzerland
US Finland UK Switzerland
Next Alt SARL Altice Europe NV Media and Clarivate PLC CPA Global Ltd High
Luxembourg France Entertainment 3,159 United States Jersey Technology 7,070
Luxembourg France US Jersey
Garrett Motion Inc - IQ Student Accommodation Media and
KPS Capital Partners LP Industrials 2,100 Blackstone Group Inc 6,060
United States Substantially All Assets United States Group Entertainment
Switzerland United Kingdom
US Switzerland US UK
17
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 INBOUND CHINESE DEALS TOP 10 INBOUND CHINESE DEALS
ANNOUNCED IN Q3 2020 ANNOUNCED IN 2020
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Investor Group comprised
of Amgen Inc, Baker Bros Golden Lincoln Holdings II
Advisors LP, and Hillhouse BeiGene Ltd Healthcare 2,075 Ltd Li & Fung Ltd Industrials 2,696
China Hong Kong
Capital Group Ltd Singapore
United States
US China Singapore Hong Kong
Investor Group comprised
TCL China Star
High of Amgen Inc, Baker Bros
Samsung Electronics Co Ltd Optoelectronics Technology 739 Advisors LP, and Hillhouse BeiGene Ltd Healthcare 2,075
South Korea Co Ltd Technology China
China Capital Group Ltd
United States
S. Korea China US China
Porsche Automobil Holding Energy and
Pfizer Inc CStone Pharmaceuticals Healthcare 480 Gotion High-tech Co Ltd 1,219
United States China SE China Power
Germany
US China Germany China
GIC Pte Ltd - Republic of LG Group Inc - Twin Towers
Ageas SA/NV Taiping Reinsurance Co Ltd Financials 400 Singapore in Beijing Real Estate 1,148
Belgium Hong Kong
Singapore China
Belgium Hong Kong Singapore China
Anhui Jianghuai Automobile
High Porsche Automobil Holding Group Holdings Ltd - People’s
SK Holdings Co Ltd Chindata Group Holding Ltd 300 Industrials 1,108
South Korea China Technology SE Republic of China / JAC
Germany Volkswagen Automotive Co Ltd
China
S. Korea China Germany China
Investor Group led by Swiss TCL China Star
Beijing Water Drop Internet High High
Re AG and Tencent Holdings 230 Samsung Electronics Co Ltd Optoelectronics Technology 739
Technology Co Ltd Technology Technology
Ltd China
South Korea Co Ltd
Switzerland / China China
Switzerland
China S. Korea China
China
Huizhou Bike Property Co High Hangzhou Haomusi Food
Keppel Corp Ltd 214 PepsiCo Inc Retail 705
Singapore Ltd Technology United States Co Ltd
China China
Singapore China US China
Zhejiang Liantianmei Consumer
The Golden Jade Trust Corporate Management Co Hong Leong Investment HCP Chongqing Property
Products and 102 Holdings Pte Ltd Development (HK) Co Ltd Real Estate 623
Singapore Ltd Services Singapore Hong Kong
China
Singapore China Singapore Hong Kong
Investor Group led by FMR
LLC Antengene Corp Healthcare 97 Pfizer Inc CStone Pharmaceuticals
US United States / Singapore / Hong China United States China
Healthcare 480
Kong
Singapore
China US China
Hong Kong
Zhejiang Aichi Mechanical & High
Aichi Steel Corp Materials 93 Toyota Motor Corp Pony AI Inc 462
Japan Electrical Co Ltd Japan China Technology
China
Japan China Japan China
18
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 OUTBOUND CHINESE DEALS TOP 10 OUTBOUND CHINESE DEALS
ANNOUNCED IN Q3 2020 ANNOUNCED IN 2020
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Harbin Pharmaceutical Consumer
Group Co Ltd GNC Holdings Inc Retail 980 First Pacific Co Ltd Pinehill Co Ltd 2,998
China
United States Hong Kong Saudi Arabia Staples
China US Hong Kong Saudi Arabia
Galileo Financial
Tottenham Acquisition I Ltd Clene Nanomedicine Inc Healthcare 543 Renren Inc Technologies Inc Financials 1,200
Hong Kong United States China
United States
Hong Kong US China US
Link Real Estate Investment Harbin Pharmaceutical
The Cabot in Canary Wharf Real Estate 486 GNC Holdings Inc Retail 980
Trust United Kingdom Group Co Ltd United States
Hong Kong China
Hong Kong UK China US
LG Chem Ltd - Polarizer
Zhuhai Port Co Ltd Xinghua Port Holdings Ltd Industrials 325 Ningbo Shanshan Co Ltd Business Healthcare 770
China Singapore China
South Korea
China Singapore China S. Korea
Investor Group led by SoftBank
Group Corp, The People’s
Insurance Company (Group) of XtalPi Inc Healthcare 319 Tottenham Acquisition I Ltd Clene Nanomedicine Inc Healthcare 543
Japan China Ltd, and The Morningside United States Hong Kong United States
Group Ltd
Japan / China / Hong Kong
China
US Hong Kong US
Hong Kong
Edelweiss Global Wealth China Maple Leaf Consumer
Pacific Alliance Group Ltd Financials 297 Star Readers Pte Ltd Products and 515
Hong Kong Management Ltd Educational Systems Ltd Singapore
India China Services
Hong Kong India China Singapore
High Link Real Estate Investment
Moxian Inc Btab Group Pty Ltd 124 The Cabot in Canary Wharf Real Estate 486
China Australia Technology Trust United Kingdom
Hong Kong
China Australia Hong Kong UK
Regional Express Holdings Shandong Gold Group Co
PAG Industrials 108 Cardinal Resources Ltd Materials 405
Hong Kong Ltd Ltd Australia
Australia China
Hong Kong Australia China Australia
Investor Group led by Wu Consumer National Electric Vehicle
Korro Bio Inc Products and 92 China Evergrande Group Industrials 380
Capital United States China Sweden AB
China / United States Services Sweden
China
US China Sweden
US Investor Group comprised
of Capital Group Co Inc and Max Healthcare Institute Ltd Healthcare 70 Zhuhai Port Co Ltd Xinghua Port Holdings Ltd Industrials 325
Ward Ferry Management Ltd India China Singapore
United States / Hong Kong
US
India China Singapore
Hong Kong 19
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 INBOUND INDIAN DEALS TOP 10 INBOUND INDIAN DEALS
ANNOUNCED IN Q3 2020 ANNOUNCED IN 2020
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Alphabet Inc Jio Platforms Ltd Telecomm 4,476 Facebook Inc Jio Platforms Ltd Telecomm 5,691
United States India United States India
US US
Investor Group comprised
of Tiger Global Management
LLC, Walmart Inc, and Flipkart Internet Pvt Ltd Retail 1,200 Alphabet Inc Jio Platforms Ltd Telecomm 4,476
India United States India
Tencent Holdings Ltd
US United States / China
US
China
Greenko Energy Holdings Energy and Groupe ADP - French
ORIX Corp 980 GMR Airports Ltd Industrials 1,506
Japan Ltd Power Republic India
India France
Japan France
Investor Group comprised
JB Chemicals & of Tiger Global Management
KKR & Co Inc Pharmaceuticals Ltd Healthcare 610 LLC, Walmart Inc, and Flipkart Internet Pvt Ltd Retail 1,200
United States India
India Tencent Holdings Ltd
US United States / China
US
China
Edelweiss Global Wealth Greenko Energy Holdings Energy and
PAG Holdings Ltd Financials 297 ORIX Corp 980
Hong Kong Management Ltd Japan Ltd Power
India India
Hong Kong Japan
Investor Group comprised of Morgan
Stanley, NBSH Acquisition LLC, Adani Green Energy Ltd -
Nomura Holdings Inc, Axis Bank Essel Propack Ltd Total SA Energy and
Ltd, Franklin Resources Inc, and India
Materials 253 France Solar Power Projects Power 521
US
DSP Group India
United States / Japan / India
Japan
France
India
High Power Grid Corp of India Ltd Energy and
The Carlyle Group Inc Nxtra Data Ltd 235 Nippon Life Insurance Co 496
United States India Technology Japan - Republic of India Power
India
US Japan
RattanIndia Power Ltd - 306 Energy and
General Electric Co 229 The Carlyle Group Inc Piramal Pharma Ltd Healthcare 490
United States MW Solar Plant Power United States India
India
US US
Investor Group comprised of
ChrysCapital, TPG Capital LP, JB Chemicals &
Sporta Technologies Pvt Ltd High 225 KKR & Co Inc Healthcare 610
Footpath Ventures LP, and Tiger
India Technology United States Pharmaceuticals Ltd
Global Management LLC India
Mauritius / United States
Mauritius
US
US
Orkla ASA Eastern Condiments Pvt Ltd Consumer BPEP International Ltd Hexaware Technologies Ltd High
Norway India Staples 273 United Kingdom India Technology 330
Norway UK
20
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSTOP 10 OUTBOUND INDIAN DEALS TOP 10 OUTBOUND INDIAN DEALS
ANNOUNCED IN Q3 2020 ANNOUNCED IN 2020
ACQUIRER* TARGET* TARGET DEAL ACQUIRER* TARGET* TARGET DEAL
INDUSTRY VALUE** INDUSTRY VALUE**
Investor Group comprised of Capricorn Investment Investor Group comprised of
Group LLC, DAG Ventures LLC, Draper Fisher
Illuminate Buyer LLC - State of West Consumer
Jurvetson, Greylock Partners, WRVI Global Capital
Innovium Inc High Bengal, The Chatterjee Group, Indian Lummus Technology LLC
Managers LLC, Redline Capital Management SA,
QUALCOMM Inc, Premji Invest, BlackRock Inc, and United States Technology 170 Oil Corp Ltd - Republic of India, and Products and 2,725
US United States
S-Cubed Capital LLC
Rhône Group LLC Services
United States / India / Luxembourg
India India / United States
India
US US
Luxembourg US Investor Group comprised of Capricorn Investment
Group LLC, DAG Ventures LLC, Draper Fisher
HCL Technologies Ltd DWS Ltd High Jurvetson, Greylock Partners, WRVI Global Capital
Innovium Inc High
India Australia Technology 138 Managers LLC, Redline Capital Management SA,
QUALCOMM Inc, Premji Invest, BlackRock Inc, and United States Technology 170
US S-Cubed Capital LLC
United States / India / Luxembourg
India
India Australia US
Luxembourg
Infosys Ltd Kaleidoscope Innovation Inc Media and HCL Technologies Ltd DWS Ltd High
India United States Entertainment 42 India Australia Technology 138
India US India Australia
Evolutionary Systems Bahrain SPC,
Evolutionary Systems Egypt LLC, Evosys
Larsen & Toubro Ltd Orchestra Technology Inc High Mastek Ltd Kuwait Co To Design & Processing of High
25 Electronics Computer Centre, Evolutionary
Technology 130
Technology
Bahrain
India United States India UAE Systems Consultancy LLC, Evolutionary
Systems Saudi Co LLC
Egypt Bahrain / Egypt / Kuwait / United Arab Emirates / Saudi Arabia
Saudi Arabia
Kuwait
India US India
Investor Group led by Investor Group led by Premji
Lightspeed Venture Partners Hasura Inc High Iora Health Inc
Germany
Germany / Japan / United States / United States Technology 25 Invest United States
Healthcare 126
India India
India
Japan
US
US India US
Wipro Ltd IVIA Comércio e Serviços de High Tech Mahindra Ltd Zen3 Infosolutions Inc High
India Informática Ltda Technology 22 India United States Technology 64
Brazil
India Brazil India US
Provet Veterinary Products Media and
SeQuent Scientific Ltd Healthcare 17 Infosys Ltd Kaleidoscope Innovation Inc 42
India AS India United States Entertainment
Turkey
India Turkey India US
Investor Group comprised
of Twin Ventures, Nexus High Investor Group led by High
Sibros Technologies Inc 12 MoEngage Inc 25
Venture Partners, and United States Technology Fidelity International Ltd United States Technology
Moneta Ventures LLC United States / India
US United States / India US
US US
India India
Sun Pharmaceutical Consumer High
Aquinox Pharmaceuticals Inc Products and 8 Larsen & Toubro Ltd Orchestra Technology Inc 25
Industries Ltd Canada India United States Technology
India Services
India Canada India US
Investor Group led by
Remsons Industries Ltd Magal Cables Ltd Lightspeed Venture Partners Hasura Inc High
India United Kingdom
Industrials 5 Germany
Germany / Japan / United States / United States Technology 25
India India
Japan
India UK US
US
21
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONSQUARTERLY REVIEW Q3 2020
The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of XBMA’s founders, academic partners, advisory board members, or others.
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