M&A’s emerging new direction – by Robert A. Profusek, Global Head of M&A at Jones Day in New York.
Date: August 29, 2008
“In the waning days of summer, it is tempting for some to think mergers and acquisitions have melted away with the heat.
Despite a strong showing in July, with a strategic-driven $179.1 billion of announced transactions, overall deal volume is down close to 30% from the year-earlier period, according to research firm Dealogic. And private equity buyout volume is off nearly 74%. The private equity firms that drove the M&A boom in 2006 and the first half of 2007 are still adjusting to radical changes in the credit markets, adding to the seeming dearth.
Given all this, it’s very easy to justify the doom and gloom of dealmakers who see that private equity no longer rules the roost.
I would argue, however, that commiserating over a meager market, is, for all intents and purposes, missing the point.”
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Robert A. Profusek is global head of M&A at Jones Day in New York.
Source: The Deal
