Press Release - Mergermarket

US M&A Overview
After a strong first quarter in 2011 (US$ 259bn), US M&A saw a downward trend through the rest of the year. US$
177bn-worth of deals were announced in Q4, a 9.3% decrease since Q3 (US$ 195.1bn) and 26.7% less than the same
period the previous year (US$ 241.6bn). In the global picture, however, the US fared well in Q4 and accounted for 37.7%
of the value of global M&A (US$ 432bn).
Despite the downward M&A trend, 2011 finished on a high note. The US saw the announcement of US$ 820.6bn-worth
of deals in 2011, the highest annual total deal value since 2007 (US$ 1,328.1bn), and 14.4% higher than 2010 (US$
717.2bn). Buyout activity in the US was also strong in 2011 with US$ 113bn-worth of deals, just over 2010’s total of
US$ 103.1bn.
US transactions dominated the global top deals in 2011, with eight out of the ten biggest deals having US targets.
Kinder Morgan’s US$ 37.4bn merger proposal for El Paso Corporation, announced during Q4, was the largest
announced transaction of the year.
US inbound cross-border deals amounted to US$ 160.7bn last year - a decrease of 6.6% compared to 2010 (US$
172.2bn) and the second lowest level since 2005 (US$ 107.3bn). US outbound cross-border total value was US$ 216bn,
the highest level since 2008 (US$ 233.9bn).
The Energy, Mining & Utilities sector, which saw four of the top ten deals globally in 2011, dominated in the US too,
with US$ 233.4bn-worth of deals accounting for 28.5% of total US deal value. The aggregate value of deals announced
in the sector increased by 32.6% compared to 2010 (US$ 176bn).
Non-traditional US M&A in the form of spin-offs saw US$ 42.7bn-worth of deals; a 306% increase compared to the
previous year (US$ 10.5bn). The 12 announced spin-offs during 2011 had a higher aggregate deal value than the
previous two years combined (nine deals worth US$ 21.2bn).
Goldman Sachs topped the US financial advisory M&A league tables with US$ 354.1bn-worth of deals, regaining the
top spot after falling behind Morgan Stanley in 2010.
US Private Equity Buyout Activity - Quarterly
Value of Deals (US$bn)
220
200
180
160
140
120
100
80
60
40
20
0
Value (US$bn)
Volume
280
260
240
220
200
180
160
140
120
100
80
60
40
20
0
Volume of Deals
Value of Deals (US$bn)
Value of Deals ($bn)
500
450
400
350
300
250
200
150
100
50
0
140
130
120
110
100
90
80
70
60
50
40
30
20
10
0
Value (US$bn)
Volume
Inbound Value ($bn)
Outbound Value ($bn)
Inbound Volume
Outbound Volume
US M&A Activity - Quarterly
US Inbound/Outbound M&A
Press Release: mergermarket M&A Round-up for Year End 2011
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1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
0
325
300
275
250
225
200
175
150
125
100
75
50
25
0
Volume of Deals
Volume of Deals