Deal Street in H1 closes 4.4% more transactions

Overall M&As during the first half of 2024 inched up by 4.4% in value to $37.3 billion over the same period last year despite the number of announced deals falling by 18.4% in the same period
Representational image.
Representational image.

MUMBAI: In spite of over 18% fall in volume, deal street saw transactions worth $37.3 billion being closed in the first six months of the year, logging in a growth of 4.4% year-on-year.

Overall M&As during the first half of 2024 inched up by 4.4% in value to $37.3 billion over the same period last year despite the number of announced deals falling by 18.4% in the same period, according to the data compiled by LSEG Deals Intelligence, which is an London Stock Exchange group venture as was previously known as Refintiv.

According to the agency, the volume fall was primarily due to a 19% dip in mid-market deals, or transactions valued up to $500 million and where most of the volume takes place outside of the mega-deal category. Unlike the previous year, the first half saw at least six deals above $1 billion including the $3.1 billion merger between Walt Disney and Reliance Industries’ media assets, as well as the $3-billion merger between Data Infrastructure Trust and ATC India (the Indus Tower deal). Deals in the technology, media & entertainment, and telecom sector more than doubled to $14 billion.

Equity capital markets hit record levels during the first half, raising $29.5 billion in proceeds, which was more than double the amount raised in the comparative period of 2023 when it was $12 billion. The activity was led by follow-on offerings which grew 156% YoY by proceeds and 56% in terms of issues. This was driven by a record number of block trades raising $16.4 billion, which was up 117% over the same period last year. IPOs raised $4.4 billion, up 98% YoY and number of IPOs grew 71%YoY.

This had investment bankers earning $530 million in fees during first half, down 11% as against last year. Of this, equity underwriting fees were $243.8 million, up 127% from a year ago.

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