Pwc is once again the leader in Spain in 2023 for the twelfth consecutive year, in terms of number of operations in the M&A market, according to the main ratings (LSEG-London Stock Exchange Group (formerly Refinitiv), Mergermarket, Dealogic, Bloomberg and TTR).
The number of operations carried out is different for each of the five ratings because each company considers different parameters and criteria between asset transactions, joint ventures, real estate operations or renewable portfolios.
For LSEG PwC advised on 110 transactions for a total of $10,487 million. 129 the operations completed for Mergermarket per $18.130 million, 100 for Dealogic with $12.042 million and, finally, 128 and 97 respectively for Bloomberg and TTR.
PwC, with all the appropriate differences between the scores, is considered overall by all five of these rating companies as one of the most active financial consultancy companies in the transaction market also in the EMEA region (Europe, Middle East and Africa).
Malcolm Lloyd, PwC Global Deals Partner and Europe, Middle East and Africa (EMEA) said “The year 2023 was characterized by a challenging macroeconomic environment, with a high cost of financing and divergence in price expectations between seller and buyer, which, without a doubt, made it difficult to close transactions, especially in the high segment of the market. In general, we have noticed less investment activity from the private equity segment, which has focused more on the management and optimization of its portfolio and on the consolidation of groups through build-up type operations as a value creation strategy.”
According to Malcom Lloyd’s statements, the forecasts for 2024 regarding a recovery of the M&A market are good due to three main elements: the reduction of the gap in purchase and sales price expectations, the stabilization of interest rates, the need for companies to grow and increase competitiveness in the current European and global context.
“In 2024 we expect greater participation in the venture capital fund market, which according to Preqin sees record levels of funds available in the world, with just over $3.8 trillion. Finally, we also expect greater M&A activity in companies in difficulty, with balance sheets stressed by unsustainable debt, through the sale of companies or production units or through the infusion of new capital and/or debt funds to their shareholders” concludes Malcolm Lloyd .
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