S&P Global Market Intelligence Quarterly Report Finds Global M&A Continues to Rebound while IPO Activity Continues to Falter in Q3
Global M&A activity showed positive momentum in Q3 2024, with deal announcements increasing 0.36% quarter-over-quarter and 7.3% year-over-year, reaching $708.74 billion in total value. This marks the first consecutive quarterly growth since 2020. However, equity issuance faced challenges, with total value dropping nearly 33% to $65.63 billion from Q2 levels and 21% from the previous year. The number of equity issuances fell to 788, down 241 from Q2 2024. Market volatility and upcoming US elections are expected to impact IPO activity, while potential Federal Reserve rate reductions could support M&A financing costs.
L'attività M&A globale ha mostrato un buon slancio nel terzo trimestre del 2024, con un aumento delle annunci di operazioni dello 0,36% rispetto al trimestre precedente e del 7,3% su base annuale, raggiungendo un valore totale di 708,74 miliardi di dollari. Questo segna la prima crescita trimestrale consecutiva dal 2020. Tuttavia, l'emissione di capitale ha affrontato delle sfide, con un valore totale in calo di quasi il 33%, scendendo a 65,63 miliardi di dollari rispetto ai livelli del Q2 e riducendosi del 21% rispetto all'anno precedente. Il numero delle emissioni di capitale è sceso a 788, con una diminuzione di 241 rispetto al Q2 2024. La volatilità del mercato e le imminenti elezioni negli Stati Uniti si prevede influenzeranno l'attività di IPO, mentre potenziali riduzioni dei tassi da parte della Federal Reserve potrebbero supportare i costi di finanziamento M&A.
La actividad de M&A global mostró un impulso positivo en el tercer trimestre de 2024, con un aumento del 0,36% en los anuncios de acuerdos en comparación con el trimestre anterior y un 7,3% en comparación con el año pasado, alcanzando un valor total de 708,74 mil millones de dólares. Este es el primer crecimiento trimestral consecutivo desde 2020. Sin embargo, la emisión de acciones enfrentó desafíos, con un valor total que cayó casi un 33%, bajando a 65,63 mil millones de dólares desde los niveles del Q2 y un 21% desde el año anterior. El número de emisiones de acciones cayó a 788, 241 menos que en el Q2 de 2024. Se espera que la volatilidad del mercado y las próximas elecciones en EE. UU. afecten la actividad de IPO, mientras que posibles reducciones en las tasas de la Reserva Federal podrían apoyar los costos de financiamiento de M&A.
글로벌 M&A 활동은 2024년 3분기에 긍정적인 모멘텀을 보이며, 거래 발표가 전 분기 대비 0.36% 증가하고 전년 대비 7.3% 증가하여 총 가치가 7087.4억 달러에 도달했습니다. 이는 2020년 이후 처음으로 2분기 연속 성장한 것입니다. 그러나 주식 발행은 도전 과제를 겪었으며, 총 가치는 2분기 수준에서 거의 33% 하락하여 656.3억 달러, 전년 대비 21% 감소했습니다. 주식 발행 건수는 788건으로, 2024년 2분기 대비 241건 감소했습니다. 시장 변동성과 다가오는 미국 선거가 IPO 활동에 영향을 미칠 것으로 예상되며, 연방준비제도 이사회의 금리 인하 예상이 M&A 자금 조달 비용을 지원할 수 있습니다.
L'activité mondiale de M&A a montré un élan positif au troisième trimestre 2024, avec une augmentation des annonces de transactions de 0,36% par rapport au trimestre précédent et de 7,3% par rapport à l'année précédente, atteignant une valeur totale de 708,74 milliards de dollars. Cela marque la première croissance trimestrielle consécutive depuis 2020. Cependant, l'émission d'actions a rencontré des défis, la valeur totale ayant chuté de près de 33% à 65,63 milliards de dollars par rapport aux niveaux du T2 et de 21% par rapport à l'année précédente. Le nombre d'émissions d'actions a chuté à 788, soit 241 de moins par rapport au T2 2024. La volatilité du marché et les prochaines élections américaines devraient avoir un impact sur l'activité des IPO, tandis que des réductions potentielles des taux de la Réserve fédérale pourraient soutenir les coûts de financement des M&A.
Die globale M&A-Aktivität zeigte im dritten Quartal 2024 einen positiven Trend, mit einer Zunahme der Transaktionsankündigungen um 0,36% im Vergleich zum vorherigen Quartal und um 7,3% im Vergleich zum Vorjahr, was einen Gesamtwert von 708,74 Milliarden Dollar erreicht. Dies markiert das erste aufeinanderfolgende Quartalswachstum seit 2020. Dennoch hatte die Eigenkapitalemission mit Herausforderungen zu kämpfen, da der Gesamtwert um fast 33% auf 65,63 Milliarden Dollar im Vergleich zu den Werten des 2. Quartals und um 21% im Vergleich zum Vorjahr gesunken ist. Die Zahl der Eigenkapitalemissionen fiel auf 788, was einem Rückgang von 241 gegenüber dem 2. Quartal 2024 entspricht. Marktschwankungen und die bevorstehenden US-Wahlen werden voraussichtlich die IPO-Aktivitäten beeinflussen, während potenzielle Zinssenkungen der Federal Reserve die Finanzierungs Kosten für M&A unterstützen könnten.
- M&A deal announcements increased 7.3% year-over-year, ending 10 quarters of decline
- Total value of global M&A deals rose 29.1% YoY to $708.74 billion
- Second consecutive quarter of M&A growth, first time since 2020
- Equity issuance value fell 33% QoQ to $65.63 billion
- Global equity issuance volume decreased by 241 deals from Q2
- Market volatility causing slowdown in IPO activity
Insights
The Q3 2024 M&A landscape shows significant recovery with
The divergence between M&A and IPO activity reflects broader market dynamics. Strong M&A performance suggests corporate strategic initiatives are moving forward despite higher rates, while volatile market conditions are deterring new listings. The anticipated Fed rate cuts in 2025 could catalyze both M&A financing and potentially revive the IPO market, though near-term challenges around the US elections and holiday season may delay IPO recovery.
The contrasting trends in M&A and equity issuance present strategic implications for SPGI's revenue streams. The company's Market Intelligence segment benefits from increased M&A activity through data and analytics services. The
However, the sharp decline in equity issuance activity, with 241 fewer deals compared to Q2, could impact revenue from new issuance-related services. The anticipated pause in IPO activity around US elections might extend this weakness into Q4. Long-term prospects remain positive with building pent-up IPO demand and potential Fed rate cuts creating more favorable conditions for 2025.
The number of global M&A announcements ticked up slightly,
"Signs of recovery continue to dot the dealmaking landscape, and additional positive indicators in the fourth quarter should create a substantial amount of optimism for 2025 as further rate reductions from the Federal Reserve tend to lower the cost of acquisition financing," said Joe Mantone, lead author of the report at S&P Global Market Intelligence. "However, after a strong start to the third quarter, equity issuance was sidetracked after a spike in volatility, and issuers have been slow to return. Even if volatility is more subdued in the fourth quarter, the calendar presents some near-term challenges for IPO pipelines with deals expected to pause around the US elections and year-end holidays. A lack of fourth-quarter IPOs would only add to pent-up demand for the transactions."
Key highlights from the Q3 2024 Global M&A and Equity Offerings Report include:
- Stock market volatility led to the total value of equity issuance falling nearly
33% to$65.63 billion 21% from the year-ago period. - Global equity issuance volume fell to 788, down 241 from the second quarter of 2024 and down 198 from the third quarter of 2023.
- The number of global M&A announcements increased quarter over quarter for the second straight period, the first time that has happened since the third and fourth quarters of 2020.
- The total value of global M&A deals increased
29.1% year over year to$708.74 billion
The quarterly report provides an overview of global M&A and equity issuance trends, offering insights into the sectors and geographies that are seeing the most activity. It also focuses on deals with the highest valuations and strategies larger players pursue that underscore trends occurring throughout an industry. S&P Global Market Intelligence has produced the quarterly, global M&A and equity offering report since the first quarter of 2018.
To request a copy of the Q3 2024 Global M&A and Equity Offerings Report, please contact press.mi@spglobal.com.
S&P Global Market Intelligence's opinions, quotes, and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendation to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.
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S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence.
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S&P Global Market Intelligence
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SOURCE S&P Global Market Intelligence
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