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

Written 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.

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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