Global M&A By the Numbers: 2020 Recap

Overall global transaction values and the number of closed deals declined in 2020 due to the pandemic's impact. Most regions
declined in transaction value YoY with the exception of Africa and the Middle East, which saw a 99% jump boosted by a $94.2B
mega deal in the Materials sector. The majority of 2020's largest announced deals occurred in Q4, potentially signaling market
optimism in 2021. Contact us to explore more M&A data >

Global M&A Activity by Deal Size and Total Transaction Value

Total Transaction Value 2020 Portion of Q4 Deals Out of 2020 Totals, by Deal Size

26 46%

$10B+
The number of mega deals in 2020, defined
as $10B+, which comprised 32% of the
year’s total transaction value.

29%

$1-10B
$1-10B, $809B

$10B+, $685B $0-$1B, $677B

37%
28%
$0-$1B

32% TotalTotal
Transaction Value
Transaction Value in 2020
31%
10 20 30 40 50 60 70 80 90 100

Data as of: January 14, 2021. Transaction data is from 1/1/2020 to 12/31/2020 and includes only closed transactions. Source: S&P Global Market Intelligence

Global M&A Activity Global M&A Activity by Year

By Number of Closed Deals By Transaction Value ($B)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
45,000 3,500
40,000
3,000
35,000
2,500
Number of Deals

30,000 10,737 10,765 10,075 696.90

25,000 2,000 1,104.22 766.93
US$B

8,595
20,000 9,689 9,463 9,265 1,500 614.74
748.64 636.29
15,000 7,351 738.92 359.47
1,000
10,000 9,739 9,485 9,003 5,958 683.84 499.17
500 821.63 692.98
5,000
0 10,119 9,791 9,624 8,818 0 691.14 590.13 734.78 504.76
2017 2018 2019 2020 2017 2018 2019 2020

Data as of: January 14, 2021. Transaction data is from 1/1/2017 to 12/31/2020 and includes only closed transactions. Source: S&P Global Market Intelligence

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 2020 Changes in Total Transaction Value
Year-over-Year by Region (US$B)

Regional declines, excluding Africa and Middle East, illustrate the pandemic's impact on M&A in 2020. The US and
Canada, and Latin America and Caribbean regions were most impacted, declining 30.2% and 39.3% respectively.
Region 2020 Total Deal Value (US$B) 2019 Total Deal Value (US$B) YoY % Change 2020 Number of Deals
Africa and Middle East 115.2 57.8 99.4 548
Asia-Pacific 307.1 368.1 -16.6 3827
Europe 560.3 601.1 -6.8 10657
Latin America and Caribbean 44.4 73.1 -39.3 918
United States and Canada 1145.0 1639.7 -30.2 14772

Global Total 2172.0 2739.8 -20.7 30722

United
States Europe
99.4%
& The percentage
Canada
Asia- Africa & Middle
Pacific
East grew YoY,
Africa
& largely due to
Middle
East the Saudi
Arabian Oil Co.
Latin
America & deal ($94.2B)
Caribbean comprising
86.2% of
regional M&A
activity.

0%+ 0 to -25% -25 to -50%

Data as of: January 14, 2021. Transaction data is from 1/1/2019 to 12/31/2020 and includes only closed transactions that disclose the target’s geographic location.
Source: S&P Global Market Intelligence

2020 Regional M&A Activity Year-over-Year Comparison

Global M&A Activity by Year
By Transction Value ($B) and Number of Deals By Number of Deals
Number of
2020 Deals
by Region:
548 3,827 10,657 918 14,772
2,000
Transaction Value (US$B)

1,600 1,639.7

1,200 1,145.0

800
560.3 601.1
400 368.1
307.1
115.2 57.8 44.4 73.1
0
Africa & Middle East Asia-Pacific Europe Latin America & United States & Canada
Caribbean
2020 2019
Data as of: January 14, 2021. Transaction data is from 1/1/2019 to 12/31/2020 and includes only closed transactions that disclose the target’s geographic location.
Source: S&P Global Market Intelligence

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Top Ten Global Closed Deals of 2020
Transaction
Quarter Target Name(s) Target Country Buyer(s) Buyer Country Target Sector Value
(HQ) (HQ)
(US$B)
Q2 Saudi Basic Saudi Arabia Saudi Arabian Oil Company Saudi Arabia Materials 94.2
Industries
Q2 Raytheon United States Raytheon Technologies United States Industrials 93.2
Q2 Allergan Ireland AbbVie United States Healthcare 86.2
Q2 Sprint United States T-Mobile US United States Communication 83.7
Type something Services
Q4 TD Ameritrade United States Charles Schwab United States Financial 28.4
Q1 Cytiva United States Danaher United States Healthcare 21.3
Q4 Immunomedics United States Gilead Sciences United States Healthcare 20.9
Q4 Livongo Health United States Teladoc Health United States Healthcare 19.1
Q3 Thyssenkrupp Germany Advent International; Cinven; Thyssenkrupp; Multiple Industrials 18.9
Elevator RAG-Stiftung
Q3 Caesars Holdings United States Caesars Entertainment United States Consumer 18.8
Discretionary

Data as of: January 14, 2021. Transaction data is from 1/1/2020 to 12/31/2020. Source: S&P Global Market Intelligence

Largest Closed Transaction per Quarter in 2020

Q1: $21.3B Q2: $94.2B Q3: $18.9B Q4: $28.4B

Danaher Saudi Arabian Oil Advent Intl., Charles
Corporation Cinven, & Investors
Company acquired acquired
Schwab
acquired Saudi Basic Thyssenkrupp acquired TD
Cytiva Industries Elevator Ameritrade

Not drawn to scale. For illustration purposes only.

Notable M&A Activity in 2020 Global M&A Activity by Year

Top Announced Deals of the Year Cancelled Deals in 2020

$54.3B
Next Private announced the acquisition
of Altice Europe on September 11, 2020.
$132B
2020 cancelled deals finished at a lower total
$45.5B value than previous years; $455B in 2019 and
S&P Global announced the acquisition of $416B in 2018.
IHS Markit on November 30, 2020.

$43.4B The total count was lower as well, at 34 deals

AstraZeneca announced the acquisition versus 59 and 78 in 2019 and 2018,
of Alexion Pharmaceuticals on respectively.
Data as of Apr. 9, 2020. Includes deals announced within time frams, excludes canceled deals and deals involving solely assets or brands.
December 12,
Source: S&P Global Market Intelligence.
2020.

Data as of: January 14, 2021. Transaction data is from 1/1/2020 to 12/31/2020. Source: S&P Global Market Intelligence

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 Biggest Increases and Declines in Global M&A Activity by Sector in 2020
Nine out of 11 industries experienced double-digit decline in transaction value YoY with only Industrials and Materials,
driven by the top two closed deals in 2020, experiencing YoY increases.

+30.6% YoY +11.7% YoY

Industrials Materials Only two sectors saw an
Total Transaction Value Total Transaction Value Materials
increase in M&A activity
in 2020: $313.0B in 2020: $190.5B Total Transaction Value
in
in2020. All others saw a
2020: $190.5B
Total Transaction Value Total Transaction Value decline.
in 2019: $239.7B in 2019: $170.5B Total Transaction Value
in 2019: $170.5B
-63.3% YoY -42.4% YoY
-31.1%YoY
Energy Information Technology
Total Transaction Value Total Transaction Value Utilities
in 2020: $79.6B in 2020: $227.1B Total Transaction Value
in 2020: $64.5B
Total Transaction Value Total Transaction Value
in 2019: $216.7B in 2019: $394.0B Total Transaction Value
in 2019: $93.7B
Data as of: January 14, 2021. Transaction data is from 1/1/2019 to 12/31/2020 and includes only closed transactions. Source: S&P Global Market Intelligence

2020 Transaction Volumes and Average Deal Sizes by Sector

Number of 2020 Deals by Sector:

2,124 3,311 1,410 503 2,101 2,650 5,417 4,114 1,844 4,985 768

350K 175

300K 150

250K 125

200K 100

150K 75

100K 50

50K 25

0 0
Communication Consumer Consumer Energy Financials HealthCare Industrials Information Materials Real Estate Utilities
Services Discretionary Staples Technology

Total Transaction Value (US$M) Average Deal Size (US$M)

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.
Data as of: January 14, 2021. Transaction data is from 1/1/2020 to 12/31/2020 and includes only closed transactions with disclosed target industry.
Source: S&P Global Market Intelligence

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