Dealcast: The M&A Podcast

Troy Hooper, Mergermarket’s Los Angeles-based editor, and Cristiano Dalla Bona, Mergermarket’s New York-based senior ECM reporter, join Dealcast host Julie-Anna Needham to discuss the outlook for dealmaking in the sector, including:How inexpensive, open-source AI platforms, like DeepSeek, are opening up opportunities for dealmaking and potential criminal activityHow the rapid developments in AI affect buyers’ needs and shape dealmakingWhy buyers in cybersecurity are targeting smaller acquisitions rather than megadealsWhich IPOs could arise in the near future, including unicorns like Orca Security and WizAll this and more in this week’s Dealcast.

Yiqing Wang, Mergermarket’s Managing Editor for APAC, joins Dealcast host Julie-Anna Needham to discuss why the overall mood is optimistic, despite the risks of a new trade war.When could DeepSeek, the low-cost artificial intelligence (AI) player, seek financing?Has Nippon Steel [TYO:5401] thrown in the towel in its battle to buy US Steel yet?What are the latest developments in the takeover battle for Fuji Soft?All this and more in this week’s Dealcast.

Auri Aittokallio, Mergermarket’s head of Nordics and assistant editor, joins Dealcast host Julie-Anna Needham to discuss why a new space race between the US and China is igniting deal flow in Europe.How will increased spending by members of the North Atlantic Treaty Organisation (NATO) impact companies in Europe?What is driving a modest recovery in M&A volumes in the sector?If the trajectory continues, what kind of deals will be likely to see?All this and more in this week’s Dealcast

Reuben Miller, Mergermarket’s global chief regulatory editor, based in Washington DC, joins Dealcast host Julie-Anna Needham to discuss the multi-fold impact of tariffs on dealmaking.China and the US are currently circling each other like fighters. Why does he see this as “a delicate dance”?Could Trump’s threat of tariffs on allies and competitors be a catalyst for demand for US manufacturing assets?Are the threats a negotiating position to gain concessions or a real statement of intent?All this and more in this week’s Dealcast, which was recorded on Tuesday 4 February.

While momentum from deal volumes in the second half of 2024 is expected to continue into 2025, there remains uncertainty and a lingering “wait and see” approach while the impact of certain policies under President Donald Trump, like tariffs, are still unknown. Sources also anticipate more megadeals this year as the US moves away from the antitrust environment that stopped deals, like the Kroger and Albertsons merger, for example.In addition, new consumer trends favoring health-conscious snacking and weight-loss drugs like Ozempic could change the shape of M&A targets, exemplified in Ferrero Group’s recent acquisition of Power Crunch.Brian Yue, Mergermarket’s New York-based consumer and retail reporter, joins Dealcast host Julie-Anna Needham to discuss the outlook for dealmaking in the sector this year, including:How the rise of weight-loss drugs like Ozempic could impact food & beverage dealsHow underlying consumer trends towards health & wellness will drive dealmakingHow Trump’s policies could impact the international food & beverage supply chain and labor forceAll this and more in this week’s Dealcast.

Azul’s non-binding proposal to merge with Gol to face antitrust challenge Trump’s interventionist rhetoric hangs over Mexican marketOne of the key ongoing deals in Latin America is designed to enhance the aviation industry in Brazil. Airline Azul entered a non-binding agreement to merge with its troubled peer Gol earlier this month. If the deal goes ahead, it will face tough antitrust scrutiny.Thiago Barrozo Mergermarket’s Latin America Editor, joins Dealcast host Julie-Anna Needham to discuss why the deal is so important at a time when the Brazilian currency is down against the dollar and interest rates are rising.Given the tough macro-economic environment, what other deals could we see in Brazil?How have US President Donald Trump’s threats of tariffs against Mexico affected dealmakers' moods in that country?How are deal volumes in Latin America?All this and more in this week's Dealcast

Dealmakers in Europe, Middle East and Africa (EMEA) are cautiously optimistic about M&A pipelines in 2025, with energy providers for data centres likely to be a significant source of activity.The rise in artificial intelligence (AI) is driving strong demand for data centres. Behind the scenes, data centre owners are cutting deals with utilities to supply renewable energy – and these energy providers in turn need to seek significant amounts of private capital to help fund the investments. Spain’s Iberdrola is likely to be a major player in this trend. Its new data centres business already has a valuation above EUR 2bn and it is seeking investment of up to EUR 10bn in the area.Rupert Cocke, Mergermarket’s senior features editor for EMEA, joins Dealcast host Julie-Anna Needham to discuss this trend, along with the ongoing consolidation of the European asset management space and other market developments.Adnoc’s ongoing takeover of Covestro was the largest deal of last year. Will Covestro still be a source of activity after the deal closes in 2H25?Interest rates are expected to fall this year. What does that mean for private equity dealmaking?Europe accounted for more than 90% of EMEA deal value in 2024. How can dealmakers drive more pan-EMEA M&A by putting sovereign capital from the Middle East to work?

The US’ National Football League has recently enacted a new game plan – the league passed a resolution in August to allow private equity investment into team franchises for the first time. With the average team valued at approximately USD 5bn, the new initiative presents big opportunities for investors.The new resolution is playing into an even larger trend: the creation of a new asset class of sports investing, with PE investments into the Buffalo Bills and Miami Dolphins leading the charge. Furthermore, deal structures have opened up opportunities to own broadcasting rights, real estate, and infrastructure via the stadiums themselves.Tom Cane, Mergermarket’s US-based funds editor, joins Dealcast host Julie-Anna Needham to discuss how the NFL’s playbook will impact investors, including a look into: How do firms get the necessary pre-approval to buy stakes in different teams and how much can they own?Which funds are already involved in the NFL and how have those deals come together?How have other sports leagues like the MLB and NBA allowed private investments?What’s on the horizon, including an interest in investing in women’s sports and college teams?All this and more in this week’s Dealcast.

European dealmakers need to consider national-security concerns, state subsidies to make deals happenTrump’s second term likely to accelerate protectionist trendsAdvisors and consultants who want to help their European clients access Chinese capital need to work hard on narratives that emphasise industrial use cases while downplaying any national security concerns.The continent badly needs investment to rebuild its manufacturing base. At the same time, Chinese investors are thinking about deploying capital overseas to sidestep an acceleration of protectionist trends throughout the world when President-elect Donald Trump enters the White House next month.There are two main hurdles to clear to make these cross-border transactions happen. Dealmakers need to show that bringing Chinese capital into European manufacturing is safe from a national-security perspective; while downplaying the risks of state subsidies in the Asian giant distorting home-grown markets.John West, Mergermarket’s managing editor for Europe, the Middle East and Africa (EMEA), and Luuk de Klein, head of analytics (EMEA), join Dealcast host Julie-Anna Needham to discuss why the art of the defensive deal is likely to be a big theme of Trump’s second term throughout the world.https://mergermarket.ionanalytics.com/content/1004138166What are the implications for global markets of a likely block on Nippon Steel’s [TYO:5402] USD 15bn takeover of US Steel [NYSE:X]?https://mergermarket.ionanalytics.com/content/1004148730Has Europe’s automotives industry been able to access Chinese capital as it struggles with the transition to electric vehicles (EVs)?Why is the fine print of any incoming tariffs so important for any dealmakers considering defensive transactions in the US?All this and more in this week’s Dealcast

The post-closing period is when companies are most vulnerable to hacks. The deal announcement might have attracted the attention of malicious hackers at a time that large amounts of data are changing hands.Peter A. Emmi, partner and leader in the Technology Transactions practice within Reed Smith’s Global Corporate Group has some clear advice for dealmakers: “Do your homework and prepare well.” Key steps include securing virtual data rooms (VDRs) and only using artificial intelligence (AI) tools in private networks.Emmi joins Aurelia Seidlhofer, Mergermarket’s Senior Germany, Austria and Switzerland (DACH) correspondent, and Dealcast host Julie-Anna Needham to discuss the risks around dealmaking, including AI systems generating hard-to-spot mistakes or copyright issues. They also discuss some of the opportunities.Why are junior staff seeing a bigger impact on their workflows than their senior colleagues?Is AI a game-changer for dealmakers? Or is it more about incremental changes?How can AI be used in deal sourcing, due diligence and in drafting legal documents?All this and more in this week’s Dealcast M&A Tales, which looks at the human side of M&A.

Dealmakers in China and the country’s government are unsurprised by US President-elect Donald Trump's election victory and have been preparing for strategies to cope with his threats of tariffs. A strong protectionist stance from the US could fuel Chinese-led transactions in other regions like Europe and Southeast Asia, particularly in mid-market sector. From stimulus packages to increasing inquires about M&A opportunities, China has been prepared for this American political outcome.Ling Yang, Mergermarket’s China-based editor, joins Dealcast host Julie-Anna Needham to discuss the impact of Trump’s re-election on US-China deals.How could this impact retail M&A like the presence of Walmart’s Sam’s Club in China, given its recent sale of JD.com?How have underlying trends been shaping China-US dealmaking since before the election?How have Chinese dealmakers been preparing for geopolitical volatility in China? Other than Europe, which regions are they thinking about for cross-border transactions?All this and more in this week’s Dealcast.

Australia’s leaky M&A market is worrying market regulators.One of the most notorious examples came last year, during a deal involving Nitro Software, when a newspaper published the names of the regulators on Australia’s Takeovers Panel that were scrutinising the transaction.As a result of disclosures like this, both the Takeovers Panel and the Australian Securities and Investments Commission (ASIC) have expressed concerns about drops of confidential deal information through backchannels.Simon Segal, Mergermarket’s Australia director, joins Dealcast host Julie-Anna Needham to discuss the different reasons why market insiders leak information. Are deals where info is leaked more likely to lapse than those that maintain a veil of secrecy?What are the penalties for deal practitioners who get caught leaking confidential information?Is there a market transparency case to justify some leaks some of the time?All this and more in this week’s Dealcast

The US Federal Reserve might not have been thinking of Brazil when it cut interest rates by half a point in September, but the home of Pelé has been an unlikely beneficiary of US dovishness.Lower interest rates meant US investors turned their attention to emerging markets equities and businesses. The result was a carnival of investment in Brazil just as the country was continuing to inch its way to investment grade status.Deal activity boomed throughout 3Q24. The increasingly liberalized sector of sports betting is becoming a hot market in a soccer mad nation. One company seeking to score big returns here is Flutter Entertainment [NYSE:FLUT, LON:FLTR] which bought a majority stake in Betnacional operator NSX Group for USD 350m just before the Fed decision.https://mergermarket.ionanalytics.com/content/1003914075Thiago Barrozo, Mergermarket’s Latin American editor, joins Dealcast host Julie-Anna Needham to discuss why Brazilian dealmakers are in such a good mood, despite terrible flooding earlier in the year.Why will upcoming tax reforms continue to help the market?What are the hottest areas in Brazilian tech?Why is the sports betting liberalization such a big deal?All this and more in this week’s Dealcast

French private equity experts are facing performance anxiety as 2024 turns into 2025 at a time when PE exits have plummeted to their lowest level since 2013.At the same time, there is a fierce fight for quality assets, with trade buyers providing stiff competition to sponsors. And, to keep everyone on their toes, the exit market remains dogged by political uncertainty as a result of a hung parliament.A consultancy called Astek, which is backed by ICG, is an example of a PE-backed company with ambitious plans, despite the headwinds. It wants to carry out half a dozen bolt-on dealss per year over the 2025-2027.https://mergermarket.ionanalytics.com/content/1003975431Arezki Yaiche, Mergermarket’s French bureau chief, and senior reporter Myriam Mariotte join Dealcast host Julie-Anna Needham to discuss why French exits remain so tricky.Why are dealmakers finding it hard to move beyond their pre-election wait-and-see stance?Why are regulatory issues so important in France?How have Mergermarket’s French team begun to take the Pulse of the market?https://mergermarket.ionanalytics.com/content/1003960050All this and more in this week’s Dealcast

The Federal Reserve’s bumper half-point rate cut in September has opened an unexpected pre-election window for sponsors seeking to list portfolio companies in an IPO.Sponsors Carlyle Group [NASDAQ: CG] and Partners Group [SWX: PGHN] saw a window following the Fed cut and ran through it without a second thought to the next occupant of the White House, ahead of a 50/50 Presidential election on 5 November.Mergermarket's North American equity capital markets (ECM) senior reporter Cristiano Dalla Bona joins Dealcast host Julie-Anna Needham to discuss why the sponsors were able to shake off the political risks.Will Platinum Equity follow Carlyle Group and Partners Group’s example with an IPO for Ingram Micro?What was the mood in the US ECM like before the Fed rate cut?How will the IPO market react to different outlooks in 2025 depending on who wins the election?

In this episode, we talk about logistics in Latin America, where Brazil is taking the top position in M&A, with strong consolidation. Despite many challenges yet to be faced in the region, the South American nation is even taking advantage of nearshoring opportunities in Mexico.Joining Julie-Anna Needham is Priscilla Murphy, Mergermarket editor for Latin America based in Rio de Janeiro

In this episode we discuss the potential impact of the US presidential election on the oil and gas sector. A second Donald Trump administration is generally expected to be friendlier to the sector, with most eyes set on who could be named chair of the Federal Trade Commission, which has recently increased its scrutiny of oil and gas deals. However, a Kamala Harris administration, and its possible restrictions of drilling in federal land, could ironically lead to more oil and gas M&A. Joining Julie-Anna Needham is Serafina Smith, who is a Mergermarket reporter in New York, and Carlos Martinez, who is Canada editor for Mergermarket.

Japanese dealmakers have high hopes that the year will outperform 2023, based on solid volumes in the year to date. This is driven by a number of factors, including new government-led guidelines. We also look at an unusual case study - the ongoing Fuji Soft deal - as it continues to unfold.Joining Julie-Anna Needham is Raiha Mahmoud, senior reporter with Mergermarket

In this episode we’re heading to Asia Pacific region to delve into how APAC equity capital market has been performing with changing themes. When shall we expect for a HK/China deals recovery? Will the IPO boom in India last? What's the IPO outlook for the rest of 2024? Joining Julie-Anna Needham is Yiqing Wang who is the Managing Editor for Mergermarket APAC and Perris Lee, who is the Asia ECM Editorial Director for Mergermarket.

In this episode, we look at the post-summer pipeline for deals in Europe. The mood among dealmakers is cautiously optimistic in anticipation of interest rates continuing to fall. Joining Julie-Anna Needham is Rupert Cocke, senior editor for Mergermarket based in Barcelona.

In this episode we look at Latin America’s deal forecast for the second half of the year. On the spotlight, the region’s two biggest economies and a key question: why is Mexico more optimistic than Brazil?Joining Julie-Anna Needham is Thiago Barrozo, Latin America editor for Mergermarket based in Sao Paulo.

In this episode we look at how the tortuous three year saga to take a US listed Chinese company private ended successfully - despite the efforts of its own CEO. Joining J-A is Ed Vinales a Hong Kong based Public Markets M&A Editor.

In this episode we’re heading to New York to find out how Private Credit in the US is booming. Joining Julie-Anna Needham is Francesca Friday who is a senior private equity reporter and Pooja Sarkar who is a reporter for auctions and antitrust for Mergermarket.

In this episode we look at the FCA's new LSE listing reforms. Will they make the difference in finally revitalising the London Stock Exchange as a global IPO hub? Joining Julie-Anna Needham is Samuel Kerr, Global ECM Editor for Mergermarket based in London.

In this episode we’re talking about the travel and tourism industry in Latin America but where does M&A fit into the picture? Joining Julie-Anna Needham is Ana Toral who is the Chile Correspondent for Mergermarket

In this episode we’re heading to North America to discuss one of the hottest sectors and 2024 is shaping up to be the biggest year yet. Julie-Anna Needham is Troy Hooper, who is a senior editor based in Los Angeles and Michelle Cheng who is a M&A reporter based in New York.

In this episode, Julie-Anna Needham is joined by Mergermarket's Executive Editor, Lucinda Guthrie, to explore the findings from Mergermarket's 1H24 M&A Highlights report. Global M&A activity continued to recover in the first half of 2024, driven by a resurgence in North America. With deal volume rising 17% year-over-year to USD 1.6 trillion, hawkish monetary policy worldwide appeared to tame inflation and returned some stability to markets. The pendulum swung firmly in favor of the corporate buyer, which accounted for 73% of deal volume in the first half, a level last seen before the pandemic. Megadeals made a comeback and there's been a rebound in buyouts. Dive into the full report for more detailed insights: https://ionanalytics.com/insights/mergermarket/ma-highlights-1h24/?utm_content=1h2024+ma+highlights&utm_source=dealcast&utm_medium=podcast&utm_campaign=analytics+mergermarket+content

In this episode we’re heading back to Asia where there has been a significant slowdown in dealmaking in the first part of this year. M&A deal volume in APAC plunged 40% year over year to USD 107bn in 1Q24, the lowest since 2013. Deal count slid 19% to 1,908 transactions, the smallest number since 2004. Our Mergermarket data also reflected low activity in China – which accounted for 33.2% of all APAC deal volume, down from 39.2% a year ago – as well as in private equity, coupled with less than stellar performance elsewhere. Joining Julie-Anna Needham is the Seoul Bureau Chief and Editor for APAC, Kate Kim. Correctional note: Toshiba deal 2023 mentioned during the recording. Deal was 16bn USD. / 14bn EUR.

In this episode, we’re looking at the next installment of a series of special episodes called M&A Tales, where you'll hear about the human side of M&A. These episodes are presented by Rupert Cocke who's a senior editor for Mergermarket is joinied by Julian Macedo, who is the founder of the Deal Team, a London based firm that provides in house project management for IPOs and M&A

In this episode we’re finding out about space M&A in Europe. Joining Julie-Anna Needham is Joanna Socha, who is a Mergermarket Journalist based in Warsaw.

Today we’re heading to Mumbai and in this episode we’re looking at how the ownership model of the IPL teams is changing. Joining Julie-Anna Needham is Darshan Rane who is the India Bureau Chief for Mergermarket.

In this episode we're heading to Mexico to find out about the booming Fintech Sector in Latin America. Joining Julie-Anna Needham is Adriana Curiel who is the Mexico correspondent for Mergermarket.

In this episode we’re looking at a funny thing which has happened on the way to the US stock market hitting record highs this year. Several publicly traded companies decided they would be better off operating in the private markets. Joining Julie-Anna Needham is Troy Hooper who is Head of Pre-Event Equity Capital Market Coverage at Mergermarket and Cristiano Bona who is Senior US Equity Capital Markets Reporter at Mergermarket.

Today's Dealcast will take a look at an emergent trend towards a greater need for qualitative research. Due diligence around environmental, social and governance issues - known as ESG - is becoming much more important by the day. Joining Julie-Anna Needham is Rupert Cocke, Senior Editor for Mergermarket and Liz O’Leary Co-Founder and Director of Claros Due Diligence

In this week’s episode we’re heading to Sydney to find our about the resurgence of take privates in Australia. Joining Julie-Anna Needham is Maggie Lu Yueyang, who is the Bureau Chief in Australia and also Associate Editor for the APAC region.

In this week’s episode we’ve looking at how the LATAM Ecommerce industry has seen outstanding growth and shows huge potential to continue to grow over the year ahead. Joining Julie-Anna Needham is Max Gonzales who is the Brazil correspondent for Mergermarket with a focus on Technology, based in San Paolo.

In this episode we’re going nuclear and talking about the resurgence of nuclear power in Europe and the M&A opportunities it presents. Joining Julie-Anna Needham is Georgina Barnard who is the Industrials Reporter for Europe and Arezki Yaïche, the France Bureau Chief for Mergermarket.

This week we are hearing from the US and finding out why Private equity wants to get it’s teeth into the dental market. Joining Julie-Anna Needham is Rebecca Wenzel who is a senior reporter for Mergermarket with a focus on Healthcare.

In this week’s episode we’re finding out how the new government in Indonesia is likely to impact M&A activity. Joining Julie-Anna Needham is Mick Basa an Analyst at Mergermarket.

In this week's episode we are talking about we’re talking about ice cream M&A. Mergermarket analysed the potential for Unilever to divest its ice creams business in August last year (2023) and Unilever has now confirmed it will do so. This is the largest transaction the year announced in Europe so far at a potential value of up to EUR 20bn and showcases the power of Mergermarket’s journalism and analytical capabilities. Joining Julie-Anna Needham is William Cain who is Head of Analytics EMEA for Mergermarket and Christel Thunell who is a Senior Reporter for Mergermarket.

In this week’s episode we’re heading to San Paolo in Brazil to find out about the country new law to regulate the booming online betting industry and what opportunities there are for M&A. Joining Julie-Anna Needham is Camila Pavanelli who is a reporter for Mergermarket.

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories

We’ve made it easier to go from selling to sold.Our easy-to-use M&A Checklist drawn from more than 20 years of VDR experience ensures you have everything you need to get the deal done. Never missing a step means deals go full speed ahead.For a limited time, get your M&A Checklist covering key areas, including:FinanceLabor relationsIntellectual propertyRegulatory and legal mattersPlus 8 more critical categories