Transactions: Featured Interviews 62 Palladio Holding Invests in Wisycom 66 Inprova’s MBO 70 Oshkosh’s Acquisition of Hinowa SpA As we close out 2022, we look ahead to the new year and what it may have in store for the M&A and IPO markets. Analysis from multiple organisastions has demonstrated that, due to a number of disruptive geopolitical and economic factors, deal volume fell significantly in the past year.1 No ‘mega deals’ (exceeding a $10 billion valuation) were closed in Q3 2022, the first such occurrence in more than three years, and deals in the $1-10 billion range were also much thinner on the ground than in 2021, falling from 67 to 49. Some analysts have posited the return of the socalled ‘lipstick effect’2 as investment focuses shift to lowervalue prospects in 2023, while others tout the resilience of the tech industry3 as digital transformations remain in high demand. As we will see later in this roundup, this outlook on tech may be optimistic. The outlook has also been grey for IPOs. The number of global IPOs fell to 1,333 – a contraction of 43% - while issue volume fell by 61% to $180 billion.4 However, while these figures represent a harsh fall from totals seen in 2021, they also demonstrate a 16% increase in IPOs from 20195, the last pre-pandemic year. It remains to be seen whether this foreshadows a greater return for IPOs following the COVID-19 shock, or whether the market will continue to shrink as anti-inflation measures continue to bite. Meanwhile, the last M&A moves of the year have made a splash. In the biggest biotech deal of 2022 (and in the company’s history), Amgen has agreed to buy Irelandbased pharmaceutical manufacturer Horizon Therapeutics for $27.8 billion.6 The acquisition grants Amtech access to Horizon’s portfolio of rare and immune disease drugs, which are predicted to earn a revenue of $3.4 billion in the coming year. The deal marks a continuation of Amtech’s acquisition strategy, having purchased Tavneos producer ChemoCentryx for $4 billion this summer. December also saw Microsoft facing a legal battle against the FTC7 to save its monolithic $75 billion acquisition of Activision Blizzard – representing a continuation of regulatory backlash against tech giants and their attempts to move into adjacent industries – and new analysis from the Financial Times8 confirming that a venture capital slump has cost European tech firms more than $400 billion in market value since their peak in 2021. While it seems outlandish to assume that tech’s fortunes will worsen in the coming year, there is reason to be cautious as we continue to unpick the market forces that will shape the future of the sector. 1https://www.natlawreview.com/article/global-ma-trends-widerslowdown-still-track-to-surpass-pre-pandemic-activity 2https://www.insurancebusinessmag.com/asia/news/breaking-news/ global-manda-market--what-are-the-trends-for-2023-430703.aspx 3https://www.ey.com/en_gl/news/2022/12/ey-report-predicts-appetitefor-tech-deals-will-return-in-2023-despite-adverse-conditions 4https://www.wealthbriefingasia.com/article.php?id=196500 5https://finance.yahoo.com/news/ipo-public-companies-activity-fallsstock-market-decline-195438001.html 6https://www.biopharmadive.com/news/amgen-horizon-acquire-biotechdrug-deal/638485/ 7https://www.ft.com/content/cdce62a1-1205-4c32-a28a-ba2dcb68e97e 8https://www.ft.com/content/ac0805f2-292e-4e7c-8d2d-bec5af9c4577 Funds & Investments 72 Andera Acto’s Investment in the Ozitem Group Mergers & Acquisitions 73 Banca Finint’s Acquisition of a Company Branch of Ideal Standard 75 BlackPeak Capital’s Acquisition of a Stake in Telelink Bulgaria
RkJQdWJsaXNoZXIy Mjk3Mzkz