M&A Deal Volume, Value Drop 18% in April

Companies and Markets

By FactSet Mergers Staff | May 22, 2017

U.S. M&A deal activity decreased in April, down 18.4% from March with 783 announcements compared to 959. Aggregate M&A spending also decreased. In April, 18.4% less was spent on deals compared to March.

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Over the past three months, the sectors that have seen the biggest increases in M&A deal activity, relative to the same three-month period one year ago, have been Consumer Durables (59 vs. 45) and Distribution Services (168 vs. 162). Only two of the 21 sectors tracked by FactSet Mergerstat posted relative gains in deal flow over the last three months compared to the same three months one year prior.

Sector By Activity
Target Sector	L3M 4/30/17 Deal Count	L3M 4/30/16 Deal Count	Difference
Consumer Durables	59	45	14
Distribution Services	168	162	6
Utilities	68	69	(1)
Government	6	8	(2)
Consumer Non-Durables	79	86	(7)
Energy Minerals	33	44	(11)
Miscellaneous	12	23	(11)
Communications	31	43	(12)
Transportation	47	61	(14)
Non-Energy Minerals	65	81	(16)
Electronic Technology	75	92	(17)
Process Industries	102	121	(19)
Industrial Services	108	128	(32)
Health Technology	96	128	(32)
Finance	345	380	(35)
Retail Trade	74	134	(60)
Commercial Services	401	477	(76)
Health Services	98	186	(88)
Total	2,642	3,126	(484)

Over the past three months, the sectors that have seen the biggest declines in M&A deal volume, relative to the same three-month period one year ago have been Health Services (98 vs. 186), Commercial Services (401 vs. 477), Retail Trade (74 vs. 134), Finance (345 vs. 380), and Health Technology (96 vs. 128). Nineteen of the 21 sectors tracked by FactSet Mergerstat posted negative relative losses in deal flow over the last three months compared to the same three months one year prior, for a combined loss of 504 deals.

Topping the list of the largest deals announced in April are:

Becton, Dickinson & Co. agreeing to acquire CR Bard, Inc. for $23 billion
JAB and BDT Capital Partners LLC agreeing to acquire Panera Bread Co. for $7.2 billion
Cardinal Health, Inc's agreement to acquire Medtronic Plc's Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency businesses $6.1 billion
Fresenius SE & Co KGaA's deal to acquire Akorn, Inc. for $4.2 billion
PetSmart, Inc. agreeing to acquire Chewycom LLC for $3.4 billion

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