M&A Spending and Value Down in July

U.S. M&A deal activity decreased in July, down 8.3% with 897 announcements compared to 978 in June. Aggregate M&A spending slightly decreased. In July, 0.6% less was spent on deals compared to June.

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 Services (215 vs. 206), Energy Minerals (45 vs. 38), Transportation (63 vs. 58), Non-Energy Minerals (69 vs. 64), and Distribution Services (159 vs. 156). Six 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.

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: Technology Services (443 vs. 483), Commercial Services (405 vs. 444), Process Industries (108 vs. 141), Industrial Services (114 vs. 147), and Producer Manufacturing (165 vs. 194). Twelve 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 254 deals.

Topping the list of the largest deals announced in July are

• Discovery Communications, Inc. signing an agreement to acquire Scripps Networks Interactive, Inc. for $11.7 billion
• Vantiv, Inc. agreeing to acquire Worldpay Group Plc for $9.8 billion
• Elliott Management Corp.'s proposal to acquire Energy Future Holdings Corp. for a reported $9.3 billion
• Crown Castle International Corp.'s agreement to acquire Light Tower Fiber LLC for approximately $7.1 billion
• Westar Energy, Inc.'s deal to acquire Great Plains Energy, Inc. for $6.9 billion

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