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Trend Reports

2013 Mid Year

 
 

2013 l 1st Half l Trends Report l Information Industry

Monday, July 15, 2013

1ST HALF 2013 KEY HIGHLIGHTS

  • Yahoo! was the Information Industry's most active acquirer year-to-date with 13 transactions. The company's highest value deal was the acquisition of Tumblr for $1.10 billion.
  • The largest transaction for 1st Half 2013 was the announced acquisition of BMC Software by a private investor group, led by Bain Capital and Golden Gate Capital, for $6.81 billion.
  • The segment with the highest disclosed median revenue multiple was Health & Pharmaceutics at 3.6x revenue.

1ST HALF 2013 KEY TRENDS

  • Total transaction volume in 1st Half 2013 decreased by less than one percent over 2nd Half 2012, from 1,695 to 1,683.
  • Total transaction value in 1st Half 2013 declined by 27 percent over 2nd Half 2012, from $89.20 billion to $64.71 billion.
  • The median revenue multiple moved slightly from 1.9x in 2nd Half 2012 to 2.0x in 1st Half 2013. The median EBITDA multiple increased from 9.9x in 2nd Half 2012 to 11.2x in 1st Half 2013.
  • The segment with the largest increase in volume in 1st Half 2013 over 2nd Half 2012 was Education with a 47 percent increase, from 58 to 85 transactions.

M&A Market Overview

Berkery Noyes tracked 8,579 transactions between 2011 and 1st Half 2013, of which 2,409 disclosed financial terms, and calculated the aggregate transaction value to be $311.02 billion. Based on known transaction values, we project values of 6,170 undisclosed transactions to be $84.64 billion, totaling $395.66 billion worth of transactions tracked over the past two and a half years.

Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 1.9x revenue and 10.3x EBITDA.

Out of 8,579 transactions tracked by Berkery Noyes in this report, we found that 1,094 financially sponsored transactions accounted for 13 percent of the total transactions, yet they totaled $119.36 billion, representing 30 percent of aggregate transaction value.



 

Transaction Volume/Value & Multiples

Transactional Analysis

Strategic vs. Financial Comparison

Purchaser Analysis

Transactions Involving an Online Component

Footnotes