Market Observations – Q1 2017
Year to date we’ve observed that foreign companies are the acquirers in some of the largest deals involving U.S.-based targets, specifically deals in the consumer staples and restaurant sectors. 2011 was the last year where the top 50 announced acquisitions of U.S. targets by foreign buyers commanded a higher average multiple, though that dynamic appears to be poised for a change in 2017. Track these deals and gain insights into S&P Global Market Intelligence’s perspectives on the equity, fixed income, M&A and private capital markets in the latest issue of Market Observations.
The largest ever announced U.S. M&A transaction in the restaurant industry occurred this month as Germany’s JAB Holdings B.V. agreed to buy Panera Bread Company in a deal valued at nearly $7.5 billion, or 18.5x Panera’s last twelve months EBITDA. The largest restaurant M&A deal in 2017 to date involving both a domestic target and acquirer was Darden Restaurants Inc.’s $780 million purchase of Cheddar’s Inc. at 10.4x EBITDA. Of recently announced deals in the U.S. restaurant industry, domestic buyers paid an average of 10.4x the target’s EBITDA, according to disclosed figures.
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The June 2017 S&P Global Market Intelligence Asia-Pacific Markets Newsletter is now available for your viewing. This complimentary report provides timely insights and data on the Equity, CDS, Fixed Income, M&A, IPO, Private Equity and Venture Capital Investment markets.
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