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Take-privates on display in 2023’s top mega-buyouts

Take-private deals made a strong showing in 2023 by ranking as half of the year’s 10 largest PE buyouts.

As lenders yanked the reins on new leveraged loans this year and borrowing became more expensive, deal multiples fell and mega-deal buyers found some enticing targets.

The median enterprise value-over-revenue multiple for buyouts north of $2.5 billion was 3.2x in the 12 months that ended in Q3, according to PitchBook’s latest US PE Breakdown. That’s down 60% from 2022, when the median purchase price multiple for mega-deals was 4.8x.

Take-private deals made a strong showing in 2023 by ranking as half of the year’s 10 largest PE buyouts. Exceptions to that rule included the corporate divestiture of Qualtrics in June and TPG‘s exit of Creative Artists Agency announced in September to a family office. The wide-reaching tech downturn was responsible for the drooping valuations of some SaaS companies, which left the public markets for PE ownership at a rapid clip.

While the largest of buyouts can serve as bellwethers for the dealmaking environment, PE transactions over $1 billion account for only about a quarter of all deal value, per PitchBook data.

Here are the 10 largest reported global PE buyouts of the year.

 

Featured image by Philip Fong/Getty Images

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