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European M&A Report

3Q 2019

European M&A Report

October 30, 2019

European M&A Report
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PitchBook's European M&A Report homes in on trends shaping the mergers and acquisitions landscape across the continent. The 3Q edition spotlights M&A activity in Germany, which has remained resilient in the face of a languid economy, and in the healthcare sector, which looks primed for consolidation as the industry prepares for climbing drug prices, more rigorous regulation and impending patent expirations.

Key takeaways:

  • €752.5 billion was raised across 6,393 deals YTD, representing 11.5% and 6.5% decreases YoY, respectively.
  • Most European M&A continues to close in the UK & Ireland, signaling continued confidence in the region's businesses despite geopolitical and macroeconomic headwinds.
  • Through 3Q 2019, the median EV/EBITDA multiple remains elevated at 8.9x as an expanded and diverse set of investors pursue fewer deals with substantial sums.