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17/03/2014
18:53
M&A: Number of M&A transactions up 35% in January

In January 2014, Russia's M&A market performance estimated using AK&M Information Agency's proprietary estimation method was fairly strong. Last year's December rally continued in the first month of 2014. The number of transactions finalized that month increased by 35% year-on-year to 46 from 34 deals in January 2013 making January 2014 the most successful opening month in five years, according to the recent issue of AK&M Information Agency's monthly bulletin MERGERS AND ACQUISITIONS MARKET (no. 193).

This pleasant result was achieved despite the soaring dollar exchange rate in January (+8% to RUB 35.2448 on January 31 from RUB 32.7292 as of December 31, 2013) preventing ca. 5% of the transactions from passing the low-cut filter of $1 million to qualify for our statistics.

The total amount of M&A transactions this January, however, dropped 1.75 times to $1,791.4 million from $3,135.9 million in January 2013.

Average deal value decreased 2.4-fold to $38.9 million from $92.2 million the year before, which shows that the players, against the backdrop of a global financial crisis, tend to postpone major transactions but do not mind dealing on a small scale – so as to secure themselves against depreciation of their financial resources should the ruble plunge still deeper, among other reasons.

Despite the lower average deal value, the percentage of low-price transactions ($1-10 million) in the total number of transactions has not increased (35%, just like the year before, in January 2013, compared with 42% for 12 months of 2013). Instead, the share of transactions in the $11-50 million price range increased to 39% in January 2014 from 31% for the full year 2013 and 38% in January 2013. The absolute number of such transactions also increased to 18 from 13.

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"AK&M", 14.03.2014 12:19

 

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