Mergermarket

We are proud to extend a huge congratulations to the winners of the 2025 Mergermarket European M&A awards! This year's edition has been largest to date, with over 400 of the European M&A community's finest joining us to celebrate in London's iconic Natural History Museum! With 48 prizes presented, the awards showcased the exceptional talent driving the market forward.   A&L Goodbody LLP, A&O Shearman, Arma Partners, Avance, Advokatfirmaet BAHR AS, Bank of America, BBVA Corporate & Investment Banking, BNP Paribas, Bredin Prat, Carner Corporate Finance, Chiomenti, Danske Bank, DC Advisory, deBreij, Deloitte, DLA Piper, DNB Carnegie, Dora Capital, EY, Goldman Sachs, Herzog, Houlihan Lokey, J.P. Morgan, Kirkland & Ellis, Kromann Reumert, Latham & Watkins, Mediobanca, Paksoy, Pérez-Llorca, Porta Finance, Qatalyst Partners, Rothschild & Co, Schoenherr Attorneys at Law, Sorainen, UBS, Vinge, Walder Wyss Ltd., White & Case LLP   🎉 Well done to all who took part, you can find the full list of winners here 👉https://lnkd.in/e_4HVnRt

Ten months after Nissan Motor Corporation ended merger talks with Honda, the automaker is shaping a new path — exploring fresh partnerships as it navigates tariff uncertainty and prepares for the next wave of technological disruption. I sat down with Nissan CFO Jérémie Papin this week to talk through the company’s strategic reset: how it is managing shifting global trade dynamics, where it stands on its cost-cutting programme, what it’s looking for in new partners, and how it’s building out autonomous driving capabilities. One line from Papin stood out when discussing Nissan’s work with partners including UK AI startup Wayve. On scaling autonomous driving if the technology proves out: “The logic would be: if it is good… we need to make it big.” A clear signal that, for Nissan, the next phase is all about focus, partnership — and bold execution. https://lnkd.in/esYx7Xff

It was a pleasure to join Sean Farrington on the Today Programme this morning to discuss the competing Netflix and Paramount Skydance bids for Warner Bros. Discovery. Should a sale go through, this would be one of the largest deals on record. Even now, it speaks volumes around changing consumer habits across entertainment. 🎬 Mid-size studios are struggling to compete with the huge subscriber bases of streaming and content producers like Netflix. A successful acquisition by Paramount Skydance may work to preserve Warner’s ethos of making movies that people want to pay to see – but the power of Netflix’s subscriber base to help offset costs and its latest "mostly cash" offer for the studios business make it a formidable competitor. ⚖️ But the challenges will go far beyond the price per share. Alarm bells have been raised in Washington around the competition implications of a successful Netflix bid, and the Ellison family has been looking to lay the foundations for a smooth regulatory process by leveraging a network of political influence in the capital. The stakes are high, not only in terms of the value of the deal, but also what it might mean for the future of Hollywood and entertainment. Hear more by listening to the full programme here (I’m on from 24:18): https://lnkd.in/es3ZHQmW #WarnerBros #Netflix #ParamountSkydance #deals

Barely a day before UK Chancellor Rachel Reeves unveiled her £26bn tax-raising Budget, Advent’s James Brocklebank announced he’s leaving the UK for Luxembourg. What does that say about the mood among private equity players? Did the measures in the Budget provide necessary stability, or worsen Britain's competitive position? For this week's episode of Dealcast for Mergermarket, I sat down with Perry Yam, private equity partner at BCLP in London to unpack: ✅ Janus-faced VCT and EIS reforms ✅ The UK valuation gap vs the US ✅ Why IPOs may not be a reliable exit route ✅ Continuation vehicles as a liquidity lifeline It was, as Perry put it, “a very political Budget”. Tune in for a candid discussion on what this means for UK private equity and the outlook for 2026 exits. 🎧 Available wherever you listen to your podcasts: https://lnkd.in/ewvC9p7s Many thanks to Perry for his insights and, as ever, to our fantastic series producer and anchor Julie-Anna Needham.

“I think the budget was disappointing for most people, if not everyone … it was bannered at least as being a budget for growth. And yet when you look at the policies, there wasn't really much to support the growth dynamic.” Earlier this week, Chancellor Rachel Reeves delivered her second budget, but what does it mean for British private equity? On this week’s episode of #Dealcast, Mergermarket Global Commentary Editor John West sits down with Perry Yam, London-based private equity partner at BCLP, to unpack the Budget’s impact on the British sponsor landscape. West and Yam discuss how a budget aimed at restoring fiscal headroom and creating space for rate cuts may influence sponsor sentiment, portfolio strategy and exit planning. They also explore sector-specific implications, including whether measures like the share stamp duty holiday could draw more IPOs to the London Stock Exchange. 🔊 Listen to the full episode here: https://lnkd.in/eDdXTTdB

TDF’s vendors are reevaluating exit options after they received non-binding offers (NBOs) which fell short of their valuation expectations for the French telecoms infrastructure provider. If not bridged, the valuation mismatch could lead to a piecemeal sale or even put the whole process on ice. Bids came in at between EUR 7bn-EUR 8bn, but below the sellside’s expectations of a EUR 8bn valuation. More here: https://lnkd.in/esYpkkcm

The government shutdown has ended, the SEC is clearing filings again, and the IPO window is technically open. Yet, the government’s reopening has collided with a burst of volatility that has reshaped the way issuers and investors are thinking about the rest of the year. The market spent much of last week reacting to sharp swings in tech and artificial intelligence-linked equities, a delayed jobs report, and a collapse in risk appetite that began weeks ago and left many companies reconsidering their December plans. The shock came immediately after Nvidia’s results. The company delivered strong earnings and raised guidance, but after an initial rally, sentiment reversed hours later. The Nasdaq moved from a near 3% intra-day gain to a steep late-session decline, and selling spread across crypto and other growth sectors. The rollercoaster move set the tone for the week, with several AI-adjacent stocks falling sharply, and investors struggling to discern between fundamental strength and overvalued hype. More here: https://lnkd.in/eP5TKTY7

Brookfield, TPG, CPP Investments, and Starwood Capital are among the private equity firms that have been courted by London-listed self-storage company Big Yellow for a potential take-private deal, according to two sources familiar with the matter: https://lnkd.in/eubcZQ8B

European M&A multiples returned to their historical averages in 3Q25, shaking off a second-quarter slump following the announcement of far-reaching US tariffs in April. Median EBITDA multiples slipped to 7.9x in the second quarter, well below their five-year quarterly average of 11.6x, according to Mergermarket data*. A subsequent rebound in the third quarter to 11.9x is more in line with multiples over the past five years, with a range of capital markets and M&A indicators pointing to a similar outcome in the fourth quarter, according to analysis by Mergermarket. More here: https://lnkd.in/eTzUk-Py