Dealcast: The M&A Podcast

US equities’ decade-long overperformance takes a pause

In our first regular feature on equities, Sam Kerr, Mergermarket’s Global ECM Editor, joins Dealcast host Julie-Anna Needham to discuss how big selldowns in names like Italian luxury automobile giant Ferrari and Swiss pharmaceutical conglomerate Novartis are driving the European market. Despite the success of European selldowns, why did the IPO of Spanish travel-tech company HBX Group fall flat? What went wrong with the IPO of US liquified natural gas (LNG) producer Venture Global? Are US Presid...

How Germany’s upcoming coalition and uncertainty from abroad could drive M&A

Aurelia Seidlhofer, Mergermarket’s Munich-based senior reporter joins Dealcast host Julie-Anna Needham to discuss the outlook for dealmaking in Germany and Europe as a whole, including: How US policies could push European M&A and potentially create pan-European champions How CDU campaign points like lowering energy prices and investing in infrastructure could boost dealmaking in Germany Why German companies may look at buying US companies, while Germany and Europe at large may simultaneously...

AI to drive more, but potentially smaller cybersecurity deals

Troy Hooper, Mergermarket’s Los Angeles-based editor, and Cristiano Dalla Bona, Mergermarket’s New York-based senior ECM reporter, join Dealcast host Julie-Anna Needham to discuss the outlook for dealmaking in the sector, including: How inexpensive, open-source AI platforms, like DeepSeek, are opening up opportunities for dealmaking and potential criminal activity How the rapid developments in AI affect buyers’ needs and shape dealmaking Why buyers in cybersecurity are targeting smaller acquisit...

APAC dealmaking flourishes in 1Q

Yiqing Wang, Mergermarket’s Managing Editor for APAC, joins Dealcast host Julie-Anna Needham to discuss why the overall mood is optimistic, despite the risks of a new trade war. When could DeepSeek, the low-cost artificial intelligence (AI) player, seek financing? Has Nippon Steel [TYO:5401] thrown in the towel in its battle to buy US Steel yet? What are the latest developments in the takeover battle for Fuji Soft? All this and more in this week’s Dealcast....

Sponsors begin European spacetech odessey

Auri Aittokallio, Mergermarket’s head of Nordics and assistant editor, joins Dealcast host Julie-Anna Needham to discuss why a new space race between the US and China is igniting deal flow in Europe. How will increased spending by members of the North Atlantic Treaty Organisation (NATO) impact companies in Europe? What is driving a modest recovery in M&A volumes in the sector? If the trajectory continues, what kind of deals will be likely to see? All this and more in this week’s Dealcast...

Synopsys’ takeover of Ansys in spotlight as tariffs ramp up global tensions

Reuben Miller, Mergermarket’s global chief regulatory editor, based in Washington DC, joins Dealcast host Julie-Anna Needham to discuss the multi-fold impact of tariffs on dealmaking. China and the US are currently circling each other like fighters. Why does he see this as “a delicate dance”? Could Trump’s threat of tariffs on allies and competitors be a catalyst for demand for US manufacturing assets? Are the threats a negotiating position to gain concessions or a real statement of intent? All ...

North America’s consumer and retail M&A outlook for 2025

While momentum from deal volumes in the second half of 2024 is expected to continue into 2025, there remains uncertainty and a lingering “wait and see” approach while the impact of certain policies under President Donald Trump, like tariffs, are still unknown. Sources also anticipate more megadeals this year as the US moves away from the antitrust environment that stopped deals, like the Kroger and Albertsons merger, for example. In addition, new consumer trends favoring health-conscious snackin...

Brazilian aviation consolidation faces regulatory scrutiny

Azul’s non-binding proposal to merge with Gol to face antitrust challenge Trump’s interventionist rhetoric hangs over Mexican market One of the key ongoing deals in Latin America is designed to enhance the aviation industry in Brazil. Airline Azul entered a non-binding agreement to merge with its troubled peer Gol earlier this month. If the deal goes ahead, it will face tough antitrust scrutiny. Thiago Barrozo Mergermarket’s Latin America Editor, joins Dealcast host Julie-Anna Needham to discuss...

EMEA dealmakers cautiously optimistic on 2025; AI, Energy deals in spotlight

Dealmakers in Europe, Middle East and Africa (EMEA) are cautiously optimistic about M&A pipelines in 2025, with energy providers for data centres likely to be a significant source of activity. The rise in artificial intelligence (AI) is driving strong demand for data centres. Behind the scenes, data centre owners are cutting deals with utilities to supply renewable energy – and these energy providers in turn need to seek significant amounts of private capital to help fund the investments. Sp...

Private Equity Touchdown – How firms could be scoring big in the NFL

The US’ National Football League has recently enacted a new game plan – the league passed a resolution in August to allow private equity investment into team franchises for the first time. With the average team valued at approximately USD 5bn, the new initiative presents big opportunities for investors. The new resolution is playing into an even larger trend: the creation of a new asset class of sports investing, with PE investments into the Buffalo Bills and Miami Dolphins leading the charge. F...

European advisors need to consider narratives that can help clients unlock Chinese capital

European dealmakers need to consider national-security concerns, state subsidies to make deals happen Trump’s second term likely to accelerate protectionist trends Advisors and consultants who want to help their European clients access Chinese capital need to work hard on narratives that emphasise industrial use cases while downplaying any national security concerns. The continent badly needs investment to rebuild its manufacturing base. At the same time, Chinese investors are thinking about dep...

M&A Tales - Companies vulnerable to hacks in post-close period

The post-closing period is when companies are most vulnerable to hacks. The deal announcement might have attracted the attention of malicious hackers at a time that large amounts of data are changing hands. Peter A. Emmi, partner and leader in the Technology Transactions practice within Reed Smith’s Global Corporate Group has some clear advice for dealmakers: “Do your homework and prepare well.” Key steps include securing virtual data rooms (VDRs) and only using artificial intelligence (AI) tool...

Trump's tariffs could drive Chinese M&A in Europe

Dealmakers in China and the country’s government are unsurprised by US President-elect Donald Trump's election victory and have been preparing for strategies to cope with his threats of tariffs. A strong protectionist stance from the US could fuel Chinese-led transactions in other regions like Europe and Southeast Asia, particularly in mid-market sector. From stimulus packages to increasing inquires about M&A opportunities, China has been prepared for this American political outcome. Ling Ya...

Leaks of confidential deal info in Australia attract regulatory scrutiny

Australia’s leaky M&A market is worrying market regulators. One of the most notorious examples came last year, during a deal involving Nitro Software, when a newspaper published the names of the regulators on Australia’s Takeovers Panel that were scrutinising the transaction. As a result of disclosures like this, both the Takeovers Panel and the Australian Securities and Investments Commission (ASIC) have expressed concerns about drops of confidential deal information through backchannels. S...

Investors look for winners in Brazil

The US Federal Reserve might not have been thinking of Brazil when it cut interest rates by half a point in September, but the home of Pelé has been an unlikely beneficiary of US dovishness. Lower interest rates meant US investors turned their attention to emerging markets equities and businesses. The result was a carnival of investment in Brazil just as the country was continuing to inch its way to investment grade status. Deal activity boomed throughout 3Q24. The increasingly liberalized secto...

French sponsors suffer performance anxiety in tough market

French private equity experts are facing performance anxiety as 2024 turns into 2025 at a time when PE exits have plummeted to their lowest level since 2013. At the same time, there is a fierce fight for quality assets, with trade buyers providing stiff competition to sponsors. And, to keep everyone on their toes, the exit market remains dogged by political uncertainty as a result of a hung parliament. A consultancy called Astek, which is backed by ICG, is an example of a PE-backed company with ...

US IPO market springs to life despite tense election

The Federal Reserve’s bumper half-point rate cut in September has opened an unexpected pre-election window for sponsors seeking to list portfolio companies in an IPO. Sponsors Carlyle Group [NASDAQ: CG] and Partners Group [SWX: PGHN] saw a window following the Fed cut and ran through it without a second thought to the next occupant of the White House, ahead of a 50/50 Presidential election on 5 November. Mergermarket's North American equity capital markets (ECM) senior reporter Cristiano Dalla B...

Latin America's growing commercial routes

In this episode, we talk about logistics in Latin America, where Brazil is taking the top position in M&A, with strong consolidation. Despite many challenges yet to be faced in the region, the South American nation is even taking advantage of nearshoring opportunities in Mexico. Joining Julie-Anna Needham is Priscilla Murphy, Mergermarket editor for Latin America based in Rio de Janeiro

US oil deals in focus ahead of elections

In this episode we discuss the potential impact of the US presidential election on the oil and gas sector. A second Donald Trump administration is generally expected to be friendlier to the sector, with most eyes set on who could be named chair of the Federal Trade Commission, which has recently increased its scrutiny of oil and gas deals. However, a Kamala Harris administration, and its possible restrictions of drilling in federal land, could ironically lead to more oil and gas M&A. Joining...

Green shoots in Japan

Japanese dealmakers have high hopes that the year will outperform 2023, based on solid volumes in the year to date. This is driven by a number of factors, including new government-led guidelines. We also look at an unusual case study - the ongoing Fuji Soft deal - as it continues to unfold. Joining Julie-Anna Needham is Raiha Mahmoud, senior reporter with Mergermarket

Path to APAC ECM recovery: a changing landscape

In this episode we’re heading to Asia Pacific region to delve into how APAC equity capital market has been performing with changing themes. When shall we expect for a HK/China deals recovery? Will the IPO boom in India last? What's the IPO outlook for the rest of 2024? Joining Julie-Anna Needham is Yiqing Wang who is the Managing Editor for Mergermarket APAC and Perris Lee, who is the Asia ECM Editorial Director for Mergermarket.

Green shoots in Europe

In this episode, we look at the post-summer pipeline for deals in Europe. The mood among dealmakers is cautiously optimistic in anticipation of interest rates continuing to fall. Joining Julie-Anna Needham is Rupert Cocke, senior editor for Mergermarket based in Barcelona.

Latin America – What to expect for 2H24?

In this episode we look at Latin America’s deal forecast for the second half of the year. On the spotlight, the region’s two biggest economies and a key question: why is Mexico more optimistic than Brazil? Joining Julie-Anna Needham is Thiago Barrozo, Latin America editor for Mergermarket based in Sao Paulo.

Hollysys: The tortuous 3-year take-private

In this episode we look at how the tortuous three year saga to take a US listed Chinese company private ended successfully - despite the efforts of its own CEO. Joining J-A is Ed Vinales a Hong Kong based Public Markets M&A Editor.

US private credit market is booming

UK has opportunity to reinvigorate LSE IPOs following FCA reforms

Latin America – Travel and tourism industry is driving growth but where are the M&A opportunities?

Into the Matrix: Generative AI dealmaking heats up

Mergermarket's 1H24 M&A Report: Key Global Trends and Insights

1H APAC M&A and outlook