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Global M&A By the Numbers: Q2 2020

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Top Ten Global Deals of the Quarter

Overall global M&A activity for closed deals declined significantly in Q2, down 35% from Q1. But overall transaction value was buoyed, in part, by four $80B+ mega-deals. The seven largest transactions, all closing at $10B+, made up 57% of the global total transaction value; since 2015, deals over $10B typically only accounted for 29%. Contact us to explore more M&A data >

Data as of: July 31, 2020. Transaction data is from 4/1//2020 to 6/30/2020 and includes only closed transactions that disclose the target's geographic location.Source: S&P Global Market Intelligence

Saudi Basic Industries Corporation Saudi Arabia Saudi Arabian Oil Company Saudi Arabia Materials 94.22Raytheon Company United States Raytheon Technologies United States Industrials 93.16Allergan Ireland AbbVie United States Health Care 86.22Sprint Corporation United States T-Mobile U.S. United States Communication Services 83.65The Stars Group Canada Flutter Entertainment Ireland Consumer Discretionary 11.30CUB Australia Asahi Holdings (Australia) Australia Consumer Staples 11.27Cypress Semiconductor Corporation United States Infineon Technologies Germany Information Technology 10.35Hitachi Chemical Company Japan Showa Denko K.K. United States Materials 8.94ADLER Real Estate Germany ADO Properties Japan Real Estate 8.05WABCO Holdings Switzerland ZF Friedrichshafen Germany Industrials 7.99

Target Name Target Country (HQ) Buyer Buyer Country (HQ) Target Industry Sector Transaction

Value (US$B)

Data as of: July 31, 2020. Transaction data is from 4/1/2020 to 6/30/2020 and includes only closed transactions.Source: S&P Global Market Intelligence

United States

& Canada

Europe

Africa & Middle East Asia-Pacific Europe Latin America & Caribbean United States & Canada

57%

Total Transaction Value of Global M&A by Region (US$B)

Historical Avg. Percentage of Global Total Transaction Value for Deals >US$10B, 2015 - Q1 2020

29%

Percentage of Global Total Transaction Value for Deals >US$10B in Q2 2020

$678.8B in Q2 2020

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Q2 2020 saw a nearly 40% decline in the number of closed deals compared to Q2 2019 data. The precipitous drop in M&A activity, due to the COVID-19 pandemic, is the largest in recent years since 2015. Total global M&A transaction value closed during Q2 was propped up by the four $80B mega-deals announced in 2019, allowing the quarterly value to remain in line with prior quarters.

Data as of: July 31, 2020. Transaction data is from 4/1/2020 to 6/30/2020 and includes only closed transactions.Source: S&P Global Market Intelligence

3,500

3,000

2,500

2,000

1,500

1,000

500

02017 2018 2019 2020691.1

682.8

748.0

696.4

589.2

821.6

635.9

1,103.1

732.2

497.4

733.6

748.3

489.8

678.8

US

$B

Q1 Q2 Q3 Q445,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

02017 2018 2019 2020

10,106

9,720

9,674

10,686

9,772

9,455

9,445

10,698

9,571

8,968

9,046

9,557

8,374

5,462

Num

ber

of D

eals

Q1 Q2 Q3 Q4

Data as of: July 31, 2020. Transaction data is from 4/1/2020 to 6/30/2020 and includes only closed transactions.

Source: S&P Global Market Intelligence

Real Estate

Industrials

InformationTechnology

Financials

ConsumerDiscretionary

0 20 40 60 80 100

90.9

73.2

70.4

61.8

46.5

Sectors with the Highest Global M&A Activity in Q2By Transaction Value with YoY Percentile Change

US$BUS$B

Q2 2020 Q2 2019

Global M&A ActivityBy Number of Deals

Global M&A Activity by YearBy Transaction Value ($B)

Industrials

Materials

Healthcare

CommunicationServices

Real Estate

0 20 40 60 80 100 120 140

123.7

121.5

113.5

92.1

59.8

+533%

-34%

+69%

+179%

+196%

Data as of Apr. 9, 2020. Includes deals announced within time frams, excludes canceled deals and deals involving solely assets or brands.Source: S&P Global Market Intelligence.

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Data as of August 3, 2020. Includes transaction data from 4/1/2020 to 6/30/2020, and only includes closed transactions; deals with multiple buyers excluded. International deals include transactions where target and buyer are headquartered in separate regions. Intra-regional deals include transactions where target and buyer are headquartered in the same region.Source: S&P Global Market Intelligence

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95.6 60.5 59.3 3.2 265.7

Intra-Regional M&A Deal Flow, Q2 2020 by Transaction Value (US$B)

Q2 Regional M&A Activity YoY ComparisonBy Transction Value ($B) and Number of Deals

Global M&A Activity by YearBy Number of Deals

Data as of: July 31, 2020. Transaction data is from 4/1/2020 to 6/30/2020 and includes only closed transactions that disclose the target's geographic location. Excludes deals featuring

multiple regions. Source: S&P Global Market Intelligence

173 1,107 3,125 240 4,319

Number of

Q2 2020 Deals

by Region:

Cross-Regional M&A Deal Flow, Q2 2020 by Transaction Value (US$B)

Africa & Middle East Asia-Pacific Europe Latin America & Caribbean United States & Canada

Africa & Middle East Asia-Pacific Europe Latin America & Caribbean United States & Canada350

300

250

200

150

100

50

0Africa & Middle East Asia-Pacific Europe Latin America & Caribbean United States & Canada

17.14

97.04 90.1577.52

121.01

171.21

15.18 13.46

253.88

319.56

Tra

ns

ac

tio

n V

alu

e (

US

$B

)

Q2 2019 Q2 2020