BusinessCorporate FinanceEmerging green shoots for M&A, says PKF

Emerging green shoots for M&A, says PKF

UK M&A market continued to suffer in first half 2009, but steadier second quarter figures

The UK M&A market continued to suffer in the first half of the year as a
result of global economic conditions, but steadier second quarter figures show
emerging green shoots, according to a PKF study.

The report, Deal Drivers UK report, produced in association with
mergermarket, documented 257 transactions in the six months from January to June

2009, and showed a reduction of 66% compared to the same period last year.

Hugh Mathew-Jones, head of corporate finance at PKF said: ‘There is little
doubt that the UK M&A market is still struggling and the figures in this
report verify this. But there are some more positive signs on the horizon as
lenders begin to provide acquisition financing again and as the global financial
markets slowly begin to stabilise.

‘The UK mid-market has also proved to be relatively resilient with deals
valued under £250m making up 25% of the total transaction valuations for the
period in the first half of the year – which was the largest proportion
attributable to the mid-cap space over the past three years. Also, with added
confidence generally in the market, as lenders start to be more amenable, it
looks hopeful that the trend will continue to be upward.’

The business services, consumer, manufacturing and TMT sectors accounted for
nearly 60% of overall deal volume in the first six months of year.

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