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Report Projects Continued Acceleration of M&A Activity in Engineering, Construction

Tuesday, August 24, 2010

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Merger and acquisition activity in the global engineering and construction sector showed continued momentum in the second quarter, and the trend is expected to continue in the second half, according to a report from PricewaterhouseCoopers LLP.

The report, “Engineering growth: Second-quarter 2010 global engineering and construction industry mergers and acquisitions analysis,” indicates that 30 more deals were completed in the first half of 2010 than the first half of 2009, largely as a result of a weak first quarter of 2009. Meanwhile, deal volume increased from 34 in the first quarter of 2010 to 44 in the second quarter.

In terms of value, deals totaled $11.8 billion in the second quarter of 2010, compared with $22.5 billion and $10.4 billion in the first quarter of 2010 and second quarter of 2009, respectively.

Although deal value trended downward in the second quarter, overall deal activity is expected to build momentum in the months ahead, said Kent Goetjen, U.S. engineering and construction industry leader at PricewaterhouseCoopers.

“The first half of 2010 ended strong, and we think that as the global economy improves and risk aversion moderates, these factors will help drive a strong recovery in deal activity within this sector,” Goetjen said.

From a regional perspective, targets located in the Asia and Oceania regions were the primary drivers of deal activity in Q2 2010, accounting for 48% of transactions valued at $50 million or more. Meanwhile, North America transactions declined significantly from 24% in Q1 2010 to 11% in Q2 2010.

The level of activity affiliated with BRIC countries (Brazil, Russia, India and China) also grew in Q2 2010, with China being the primary driver. Of the 19 deals announced for BRIC targets, 11 were in China. Similarly, of the 15 deals announced by BRIC acquirers, 11 were China-based companies.

More information and the full report are available at http://www.pwc.com/us/industrialproducts.

   

Tagged categories: Acquisitions; Construction; Economy; Engineering; Mergers; Trends

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