In the 3Q 2018 M&A Report, PitchBook analysts canvass what appears to be another banner year of mergers & acquisitions across Europe and North America, with activity bolstered by low-cost financing but vulnerable to climbing interest rates. Through 3Q 2018, M&A activity saw an estimated $2.4 trillion in total M&A deal value (12.0% YoY decrease) across 15,249 transactions (7.5% YoY decrease). Multiples remained elevated and converged across both regions, with the valuation gap between Europe and North America vanishing.
This edition underscores the ebb in 2018 oil & gas deal flow following record deal value in the previous year, touching on the infamous Energy Future Holdings (formerly TXU) saga and how particular subsectors are faring amid recuperating oil prices.
Although corporate rounds don't fit the classic M&A mold, analysts account for the slow disappearance of this type of investment despite sustained levels of M&A deal count and value and an ascending volume of private equity growth deals.