dealogic market overview and insight...2020/10/21 · confidential 3 dealogic market overview and...
TRANSCRIPT
October 2020
Dealogic Market Overview and Insight
Confidential 1
Agenda
2 Financing – Investment Grade & Leveraged Finance
3 Private Equity
4 SPAC Deep Dive
1 US M&A Market Overview
5 Dealogic App
US M&A Market Overview
1 2 3 4 5
Confidential 3
Dealogic Market Overview and InsightF9M 2020 Global M&A Volume
$3,591.3tn
Sept 30, 2007
$1,605.7tn
Sept 30, 2009
$2,271.5tn
Sept 30, 2020
$2,066.4tn
Avg (1995-2020)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
January February March April May June July August September
Volume ($bn) F9M daily accumulated M&A volume
2007 2009 2020 Median (1995-2020) Average (1995-2020)
2007 F9M – $3.59tn
2008 F9M – $2.55tn
2009 F9M – $1.60tn
2020 F9M - $2.27tn
Dealogic Market Overview and Insight
Confidential 4
Dealogic Market Overview and InsightUS M&A Market Overview
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2012 2013 2014 2015 2016 2017 2018 2019 2020
No.$(tn) US-targeted M&A Activity by Quarter
Deal Value Deal no.
MyoKardia
United Wholesale
Mortgage
Immunomedics
Ellie Mae
Livongo Health
Speedway
Varian Medical Systems
Noble Energy
Maxim Integrated Products
GCI Liberty
Otis Worldwide
Carrier Global
E*Trade Financial Corp
0.5
1
1.5
01-Dec-19 20-Jan-20 10-Mar-20 29-Apr-20 18-Jun-20 07-Aug-20 26-Sep-20 15-Nov-20 04-Jan-21
2020 YTD US-targeted Megadeals
Confidential 5
Dealogic Market Overview and InsightUS M&A Market Overview
0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0
Insurance
Machinery
Constuction
Auto
Energy
Telecom
Finance
Oil & Gas
Healthcare
Technology
US-Targeted M&A Top 10 Sectors - F9M
2019 2020
Analog DevicesMaxim Integrated
Products
• $21.2bn
Teladoc HealthLivongo Health
• $18.4bn
Intercontinental ExchangeEllie Mae
• $11.1bn
SiemensVarian
• $16.5bn
Gilead SciencesImmunomedics
• $20.9bn
Brystol-Myers SquibbMyoKardia
• $13.1bn
Technology overtakes Healthcare…
US Financing
1 2 3 4 5
Confidential 7
Dealogic Market Overview and InsightUS Financing: Overview (1 of 3)
0
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250
0
20
40
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80
100
120
140
160
180
2018
Q4
2019
Q1
2019
Q2
2019
Q3
2019
Q4
2020
Q1
2020
Q2
2020
Q3
$bn US Marketed New M&A-Related Financing, FI
IG Loans LVG Loans - Institutional LVG Loans- Other
IG Bonds HY Bonds Total Non-IG Deal No.
Total IG Deal No.
0
200
400
600
800
1,000
1,200
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900
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018 2019 2020
Deal No.$bnUS Marketed Fixed Income Volume
IG LVG & HY IG Deals LVG & HY Deals
Related M&A Financing still low
Confidential 8
Bonds volume taking over market share
Dealogic Market Overview and InsightUS Financing: Overview (2 of 3)
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
US Marketed New M&A-Related Lev and HY Financing
% High Yield Bonds % Leveraged Loans
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
US Marketed New M&A-Related IG Financing
% Bonds % Loans
Confidential 9
Leverage market struggles
Dealogic Market Overview and InsightUS Financing: Overview (3 of 3)
0
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100
120
Jan Feb Mar Apr May Jun Jul Aug Sep
Deal No.$bn
US Marketed FS-related Volume by Use of Proceeds,
2020
M&A Related Refinancing Div Recap All Other Portability
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2019 2020
LevFin FS-related Perceived Risk
First Lien Inst Loans HY Bonds
Private Equity
1 2 3 4 5
Confidential 11
PE Market Rebounds in 3Q
Dealogic Market Overview and InsightUS Private Equity: Overview
0
30
60
90
120
150
180
0
10
20
30
40
50
60
'20 1Q '20 2Q '20 3Q
# DealsVolume ($ bn)
US FS Entries by Investment Type
Growth Capital LBO Entry Deals
100 80 60 40 20 0 20 40 60 80 100
'08 Q3
'08 Q4
'09 Q1
'09 Q2
'09 Q3
'09 Q4
'10 Q1
'10 Q2
'10 Q3
'10 Q4
-------------
'18 Q1
'18 Q2
'18 Q3
'18 Q4
'19 Q1
'19 Q2
'19 Q3
'19 Q4
'20 Q1
'20 Q2
'20 Q3
Volume ($bn)
US Sponsor M&A Entry/ Exit Volume
PE Entry PE Exit
US SPAC Market Deep Dive
1 2 3 4 5
Confidential 13
0
20
40
60
80
100
120
140
160
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
# of SPACs
# of SPACs
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: US SPAC IPO Activity by Year
Introduction of SPACSo Small SPAC IPOs priced as a new niche
product that raised questions on the quality
of the sponsors
2003 – 2007: Entrance of Big Bankso Larger bulge bracket banks begin to take
part in underwriting SPAC transactions prior
to the financial crisis
Accelerated Growtho Activity spikes to record levels with
September pricing more deals than any
other month on record
Dealogic data as of October 15th.
Confidential 14
-10
0
10
20
30
40
50
60
70
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
2014 2015 2016 2017 2018 2019 2020
# SPAC IPO Filings #SPAC IPO Pricings
0
10
20
30
40
50
60
70
J F M A M J J A S O
2020# SPAC IPO Filings #SPAC IPO Pricings
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: SPAC Filings
The acceleration of SPAC filings and pricings has happened in the last 6 months…
SPAC IPO Filings
SPAC 2020 IPO Filings
Dealogic data as of October 15th.
Confidential 15
72 69 55
144 145
194
272294
234 229
377
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
US SPAC AVERAGE IPO SIZE
269314
344
275
336
210 212254 269
322371
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
US LISTED AVERAGE IPO SIZE
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: Market Trends
The average size of traditional US IPOs has stayed between $200m to $400m, however SPAC size has grown 5x
SPACs currently make up 48% of the US IPO market this year
0
20
40
60
80
100
120
140
2018 YTD 2019 YTD 2020 YTD
$bn
SPACs Technology Healthcare Other Sectors
17%19%
48%
0%
10%
20%
30%
40%
50%
60%
2018 YTD 2019 YTD 2020 YTD
SPACs as % of US IPO Volume
Dealogic data as of October 15th.
Confidential 16
Private Equity firms have been more active than ever before…
…New players come from all backgrounds
Photos: Bill Ackman, Billy Beane , Paul Ryan, Gary Cohn, SHAQ, Reed Hoffman, Amish Jani, Rick Heitzmann0
5
10
15
20
25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018 2019 2020
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: Who are the sponsors of SPACs
SPAC # of SPACs Year of Last SPAC
Gores Holdings 7 Gores Holdings VI Inc (2020)
Social Capital Hedosophia Holdings Corp 6 Social Capital Hedosophia Holdings Corp VI (2020)
Churchill Capital Corp 5 Churchill Capital Corp V (2020)
Capitol Acquisition Corp 4 Capitol Investment Corp IV (2017)
Committed Capital Acquisition Corp 4 Committed Capital Acquisition Corp III
FinTech Acquisition Corp 4 FinTech Acquisition Corp IV (2020)
Hennessy Capital Acquisition Corp 4 Hennessy Capital Acquisition Corp IV (2020)
7 different SPAC Issuers have done 3
SPACs Filed backed by Private
Equity
2
1 Repeat Issuers play a continued role…
Confidential 17
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: IPO to Announcement
16.4 18.57 17.415 13.55
18.6115 14.89
17.38
12.35
4.47
0
5
10
15
20
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Avg Months from IPO to Announced Acq (ALL)
Average Months from IPO to Announced Acquisition…
0
5
10
15
20
25
30
2010
Feb
2010
Nov
2011
Apr
2011
Jan
2011
Jun
2011
May
2011
Oct
2012
Dec
2012
Jul
2013
Aug
2013
Jul
2013
May
2013
Oct
2014
Aug
2014
Feb
2014
Jul
2014
Oct
2015
Aug
2015
Jan
2015
Jun
2015
May
2015
Oct
2016
Apr
2016
Feb
2016
Jun
2016
May
2016
Sep
2017
Aug
2017
Feb
2017
Jul
2017
Mar
2017
Nov
2017
Sep
2018
Aug
2018
Feb
2018
Jul
2018
Mar
2018
Nov
2018
Sep
2019
Aug
2019
Feb
2019
Jul
2019
Mar
2019
Nov
2020
Feb
2020
Jun
2020
May
Avg Months from IPO to Announced Acq (ALL)
Dealogic data as of October 15th.
Confidential 18
65.996.5 115.8
366.2 354.4
725.7
1,097.90
954.3
764.1
1,377.10
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: Size of M&A on the Rise
Deal Count Begins to Riseo Deal count went from 1 deal in
2011 to 11 deals in 2013 with 4
deals closing at over $200m
Acquisition Sizes Jump above $1bno 7 deals closed above $1bn in size. SPACs
begin to acquire portfolio companies from
PE firms
PIPEs Become a Best Practice o Private investments from existing investors
aid in larger M&A transactions
Dealogic data as of October 15th.
Confidential 19
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: Top Sectors and Deals
Technology
26%
Financial Institutions
8%
Industrials
14%
Business Services
6%
Energy & Natural Resources
15%
Healthcare
9%
Consumer & Retail
15%
Real Estate
1%
Communications, Media &
Entertainment
3%
Transportation
3%
Technology
24%
Business Services
7%
Industrials
13%Consumer &
Retail
18%
Energy & Natural
Resources
17%
Communications, Media &
Entertainment
3%
Financial Institutions
9%
Healthcare
6%
Transportation
3%
Announced Deals…
Completed Deals…
Complete Deals by Sector
M&A Volume ($m) # Deals
ALL 106,624.10 128
Technology 34,759.70 30
Business Services 9,934.20 9
Industrials 12,136.40 16
Consumer & Retail 11,780.60 23
Energy & Natural Resources 19,805.60 22
Communications, Media & Entertainment 1,232.60 4
Financial Institutions 6,654.80 12
Healthcare 5,766.80 8
Transportation 4,553.40 4
Announced Deals by Sector
M&A Volume ($m) # Deals
ALL 180,662.30 179
Technology 56,327.50 47
Financial Institutions 25,506.90 15
Industrials 26,307.20 26
Business Services 15,226.80 10
Energy & Natural Resources 24,142.10 26
Healthcare 11,042.50 16
Consumer & Retail 14,263.60 26
Real Estate 1,008.20 2
Communications, Media & Entertainment 1,936.40 6
Dealogic data as from 2011 – Oct 15th.
Dealogic data as from 2011 – Oct 15th.
Top 5 Completed Deals
Completion
Date
Months from
IPO to Acq
Acquisition
Value ($m)Target Target Sector Acquiror Divestor
10/8/2020 8 9,730.60MultiPlan Inc
(100.0%)Technology
Churchill Capital
Corp III
Hellman &
Friedman LLC
5/13/2019 8 4,200.00Clarivate Analytics
(US) LLC (100.0%)Technology
Churchill Capital
Corp
1/17/2020 27 4,180.60 Vivint Inc (100.0%)Business
Services
Mosaic Acquisition
Corp
Blackstone
Group Inc
2/7/2020 20 3,329.20 Vertiv Co (100.0%) TechnologyGS Acquisition
Holdings Corp
Platinum
Equity LLC
6/3/2020 25 3,277.00Nikola Corp (pre-
2020) (100.0%)Industrials
VectoIQ Acquisition
Corp
Dealogic data as of October 15th.
Top 5 Announced Deals
Announcement
Date
Acquisition
Value ($m)Target Target Sector Acquiror
SPAC Deal
Value ($m)
9/22/2020 15,984.10
United Wholesale
Mortgage LLC
(100.0%)
Financial
InstitutionsGores Holdings IV Inc 425
9/15/2020 5,875.00Opendoor Labs Inc
(100.0%)Technology
Social Capital
Hedosophia Holdings
Corp II
414
9/8/2020 5,292.60
Advantage
Solutions Inc
(100.0%)
Business ServicesConyers Park II
Acquisition Corp450
9/3/2020 3,688.00QuantumScape
Corp (100.0%)Industrials
Kensington Capital
Acquisition Corp230
9/2/2020 3,500.00 Skillz Inc (100.0%) TechnologyFlying Eagle Acquisition
Corp690
Confidential 20
0 2 4 6 8 10 12
Transportation
Oil & Gas
Finance
Utility & Energy
Prof. Services
Technology
Volume ($bn)
M&A FS Exit – SPACs Targeting Portcos by Sector-’20 3Q
Exit Reverse Takeover
180
467
280
712
US Technology Portco Hold Time
0-1 yrs 1-3 yrs 3-5 yrs 5+ yrs
MultiPlan
Opendoor Labs
Advantage Solutions
ChargePoint Inc
Grosvenor Capital
Paya Inc
GPM Investments
Open Lending LLC
Digital Media Solutions
Specialists On Call Inc
Porch.com
AerSale
Immatics Biotechnologies
12-Oct 1-Dec 20-Jan 10-Mar 29-Apr 18-Jun 7-Aug 26-Sep 15-Nov
Financial Sponsor SPAC M&A Exit Deals- 2020 YTD
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: Private Equity backed Portfolio Companies
Dealogic data as of October 15th.
Confidential 21
2020 SPAC M&A LEAGUE TABLE 2020 YTD 2019 YTD Change
All Advisor (Parent) Rank
Deal Value at
Announcement USD (m) No. % Share Rank
Deal Value at
Announcement USD (m) No. % Share Pos. Rank
Deal Value at
Announcement USD (m) % Amt. No. % Share
Goldman Sachs 1 22,310.40 8 60.81 11 924.68 1 7.05 ▲ 10 21,385.72 2,312.77 7 53.76
BofA Securities 2 14,919.26 6 40.66 ▲ 14,919.26 6 40.66
Citi 3 12,022.26 4 32.77 5 4,481.65 2 34.15 ▲ 2 7,540.61 168.26 2 -1.38
Morgan Stanley 4 9,980.39 4 27.20 4 5,035.27 3 38.37 4,945.13 98.21 1 -11.17
UBS 5 9,730.64 1 26.52 1 5,500.00 2 41.91 ▼ -4 4,230.64 76.92 -1 -15.39
Barclays 5 9,730.64 1 26.52 ▲ 9,730.64 1 26.52
Centerview Partners 5 9,730.64 1 26.52 ▲ 9,730.64 1 26.52
JPMorgan 8 8,869.77 3 24.18 5 4,481.65 3 34.15 ▼ -3 4,388.12 97.91 0 -9.98
Evercore Inc 9 6,703.39 3 18.27 ▲ 6,703.39 3 18.27
Deutsche Bank 10 6,338.48 3 17.28 8 1,206.33 3 9.19 ▼ -2 5,132.15 425.44 0 8.08
Subtotal 30,410.56 13 82.89 7,259.95 6 55.32 23,150.61 318.88 7 27.56
Total 36,688.80 30 100.00 13,122.42 18 100.00 23,566.38 179.59 12 0.00
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: What Advisors can help
2020 SPAC IPO LEAGUE TABLE 2020 YTD 2019 YTD Change
Bookrunner (Parent) Rank Deal Value USD (m) No. % Share Rank Deal Value USD (m) No. % Share Pos. Rank Deal Value USD (m) % Amt. No. % Share
Credit Suisse 1 10,570.51 28 19.39 4 1,002.71 7 9.55 ▲ 3 9,567.80 954.20 21 9.84
Citi 2 7,421.50 26 13.61 3 1,131.67 4 10.78 ▲ 1 6,289.83 555.80 22 2.83
Goldman Sachs 3 6,071.54 23 11.14 5 888.79 6 8.47 ▲ 2 5,182.75 583.12 17 2.67
UBS 4 4,183.25 17 7.67 16 127.67 2 1.22 ▲ 12 4,055.58 3,176.62 15 6.46
Jefferies LLC 5 4,075.29 14 7.48 9 316.25 1 3.01 ▲ 4 3,759.04 1,188.63 13 4.46
Deutsche Bank 6 3,034.32 17 5.57 2 1,413.41 8 13.46 ▼ -4 1,620.91 114.68 9 -7.90
Cantor Fitzgerald & Co 7 2,752.37 11 5.05 1 2,355.08 10 22.43 ▼ -6 397.30 16.87 1 -17.38
BofA Securities 8 2,506.48 11 4.60 11 268.75 2 2.56 ▲ 3 2,237.73 832.64 9 2.04
Morgan Stanley 9 2,402.67 10 4.41 12 172.50 1 1.64 ▲ 3 2,230.17 1,292.85 9 2.76
JPMorgan 10 2,341.17 9 4.29 19 91.67 1 0.87 ▲ 9 2,249.50 2,454.00 8 3.42
Subtotal 45,359.09 106 83.20 7,768.49 28 74.00 37,590.60 483.89 78 9.20
Total 54,516.74 143 100.00 10,498.03 44 100.00 44,018.71 419.30 99 0.00
Dealogic data as of October 15th.
Confidential 22
Dealogic Market Overview and InsightUS SPAC Market Deep Dive: Largest SPACs Seeking a Target
Pricing Date Ticker IssuerSPAC IPO Value
($m)
SPAC Management
TeamSPAC Proposed SIGs
SPAC Acquisition
Period Months
SPAC Acquisition
Limit DateBookrunner Parent
7/22/2020 PSTH.U Pershing Square Tontine Holdings Ltd 4,000.00Chairman/CEO: William A. Ackman
CFO: Ben Hakim24 7/22/2022 Citi, Jefferies LLC,UBS,
7/30/2020 CCIV.U Churchill Capital Corp IV 2,070.00CEO: Michael Klein
CFO: Jay Taragin 24 7/30/2022 Citi, Goldman Sachs, JPMorgan,
8/18/2020 BFT.U Foley Trasimene Acquisition Corp II 1,467.00
Founder and Chairman: William P.
Foley, II
CEO: Richard N. Massey
CFO: Bryan D. Coy
David W. Ducommun - Senior VP of
Corporate Finance
Computers & Electronics-Software, 24 8/18/2022 BofA Securities, Credit Suisse,
10/8/2020 IPOF.U Social Capital Hedosophia Holdings Corp
VI1,150.00
Chairman/CEO: Chamath
Palihapitiya
President: Ian Osborne
CFO: Steven Trieu
General Counsel: Simon Williams
Computers & Electronics, 24 10/8/2022 Credit Suisse,
5/26/2020 WPF.U Foley Trasimene Acquisition Corp 1,035.00
CEO: Richard N. Massey
Chairman: William P. Foley, II
CFO: Richard L. Cox
SVP: David W. Ducommun
General Counsel: Michael L. Gravelle
Computers & Electronics, Finance, 24 5/26/2022 BofA Securities, Credit Suisse,
7/30/2020 PRPB.U CC Neuberger Principal Holdings II 828
CEO:Chinh E. Chu
CFO:Matthew Skurbe
Executive VP: Jason K. Giordano
Executive VP: Douglas Newton
24 7/31/2022 Citi, Credit Suisse,Morgan Stanley,
9/8/2020 CRHC.U Cohn Robbins Holdings Corp 828Co-Chairman: Clifton S. Robbins
Co-Chairman: Gary D. Cohn
CFO: Charles S. Kwon24 9/8/2022 Credit Suisse,
10/8/2020 IPOE.U Social Capital Hedosophia Holdings Corp
V805
Chairman/CEO: Chamath
Palihapitiya
President: Ian Osborne
CFO: Steven Trieu
General Counsel: Simon Williams
Computers & Electronics, 24 10/8/2022 Credit Suisse,
8/25/2020 FTOCU FTAC Olympus Acquisition Corp 754.7
Betsy Z. Cohen - Chairman of the
Board
Ryan M. Gilbert - President, CEO and
Director
Douglas Listman - CFO
Shami Patel - COO
Computers & Electronics-Software, 24 8/25/2022 Cantor Fitzgerald & Co, Citi,
6/29/2020 GSAH.U GS Acquisition Holdings Corp II 750Chairman: Raanan A. Agus
CEO/CFO: Tom Knott
Computers & Electronics, Healthcare,
Leisure & Recreation, Telecommunications,24 6/29/2022 Citi ,Goldman Sachs,
10/1/2020 APSG.U Apollo Strategic Growth Capital 750
CEO/Director:Sanjay Patel
CFO/CAO:James Crossen
Director: Scott Kleinman
Director: Jennifer Fleiss
Director: Mitch Garber
Director: James H. Simmons III
24 10/1/2022
Apollo Global Management Inc, Citi,
Credit Suisse, Deutsche Bank,
Goldman Sachs, Siebert Williams
Shank & Co LLC,
Dealogic data as of October 15th.
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