UBS Pips BofA for M&A Dealflow in H1 2024 as GS Tops ECM - Dealogic
(1 July 2024 – Australia) Dealogic reports that UBS is heading merger and acquisition (M&A) dealflow ahead of major rival Bank of America (BofA) to top the Australia/NZ league table in H1 2024.
In H1 2024, announced M&A volumes fell to US$43 billion from almost US$50 billion in H1 2023, noting the lion share of that volume was attributable to a single mega transaction, the US$26.6 billion merger between Newmont and Newcrest in January 2023.
In equity capital markets (ECM), Goldman Sachs and Morgan Stanley ranked first and second in H1 2024 ahead of Barrenjoey and Canaccord Genuity.
“The earlier months of this year have been quiet, as many negotiations were expected to result in second-half deal announcements. Activity has lifted since April. While the return to more normalised market conditions is not linear and we are really grinding our way back, things do feel significantly better than the comparable period in 2023” commented Goldman Sachs’ Managing Director and Head of Mergers and Acquisitions in Australia and New Zealand, Marissa Freund.
“A noisier shareholder base will also push public companies to consider transactions that spruik their valuations. One thing we’ve started to see more of, and I think we’ll see even more of in the second half, is portfolio refinement whether that be the sale or demerger of less core assets. It’s a way to create shareholder value that isn’t reliant on top-line growth. Public market shareholders are getting more vocal and more active than we’ve ever seen before.”
Subscribe