Kitchen mandate

31 March 2020 By Liam Proud Follow @liamwardproud

The value of global deals fell 28% in the first quarter to $698 bln. Defensive all-stock mergers and distressed sales offer some hope for M&A bankers, who are also learning to schmooze from home rather than in person. Yet hopes of a quick snapback look forlorn.

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The value of global mergers and acquisitions in the first three months of 2020 fell by 28% year-on-year to $698 billion - the lowest level since 2016. The value of deals with a U.S. target more than halved compared with a year ago, hitting $253 billion. Meanwhile M&A transactions worth more than $10 billion fell 57% year-on-year to just $179 billion.

Russia used its National Wealth Fund to finance the quarter's biggest deal - the $39 billion purchase of the country's largest lender Sberbank.

Other big deals included insurance broker Aon's $30 billion all-stock takeover of rival Willis Towers Watson and the $18 billion private equity-led buyout of Thyssenkrupp's elevators business.

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