In this episode of The Pipeline podcast, Devin Ryan, an equity research analyst with Citizens JMP, provided insights into the current state and future prospects of mergers and acquisitions. Following a record-breaking year in 2021, the M&A landscape faced significant challenges in 2022 and 2023. However, Ryan expressed optimism that 2023 may represent a low point and activity is getting closer to more normal levels. A key factor in the recovery is the role of private equity firms and whether they start deploying more dry powder. 

More S&P Global Market Intelligence Content:  

• Webinar: M&A in Focus: Dealmaking Amid High Volatility 
• Price tags on biggest M&A deals grow larger in 2025
• Balance sheet, M&A and capital raising strategies for a volatile environment 
• Navigating M&A Trends During Market Volatility

Credits:

• Host: Joe Mantone
• Guest: Devin Ryan
• Published With Assistance From: Sophie Carr, Patrick Moroney, Alison Perico and Feranmi Adeoshun

In this episode of The Pipeline, S&P Global Market Intelligence's Joe Mantone speaks with Carole Streicher, the deal advisory and strategy service group leader for KPMG in the U.S., to discuss the evolving landscape of M&A activity amidst changing economic conditions. They discuss the initial pause in M&A due to tariffs, which introduced significant economic uncertainty, and how companies are now reassessing their supply chains and considering geographic expansion as a strategic response. 

Streicher shares insights from KPMG's recent mid-year M&A survey, revealing that despite the challenges posed by tariffs, dealmakers remain optimistic about M&A prospects for 2025 and 2026, driven by favorable tax policies and antitrust initiatives from the current administration. The conversation highlights the complexities introduced by tariffs, which not only add costs and time to deals but also complicate the valuation process. 

The episode also addresses sector-specific trends, noting that industrial manufacturing and consumer retail are most impacted by tariffs. Streicher emphasizes the increasing activity in the energy sector, driven by the growing demand for energy, particularly in relation to the AI revolution. 

Looking ahead, they discuss the critical need for thorough due diligence and scenario modeling in navigating the current M&A landscape. 

Join this insightful discussion that offers valuable perspectives on the current and future state of M&A, providing essential information for deal practitioners. More S&P Global Market Intelligence Content:  

• Webinar: M&A in Focus: Dealmaking Amid High Volatility
• Balance sheet, M&A and capital raising strategies for a volatile environment
• Four $10B-plus deals in May contribute to M&A revival
• Navigating M&A Trends During Market Volatility 

Host: Joe Mantone Guest: Carole Streicher Edited By: Marz Marcello Published With Assistance From: Sophie Carr, Patrick Moroney, Feranmi Adeoshun, and Alison Perico

In this episode of The Pipeline, S&P Global Market Intelligence’s Joe Mantone sits down with Richard Truesdell, a partner and global chair of capital markets at Davis Polk, to discuss the current landscape of the IPO market. They explore the cyclical nature of IPO activity, noting recent increases, particularly in the tech sector, while acknowledging that overall numbers remain low compared to historical standards. The conversation delves into the impact of market volatility, driven by factors such as tariff concerns and Federal Reserve decisions, which have affected IPO momentum. 

Truesdell highlights the importance of conservative valuations in today's choppy market, explaining how companies willing to accept these terms are prioritized for successful IPOs. The resurgence of SPACs is also a key topic, with a notable increase in SPAC IPOs in the first quarter of the year, despite low merger activity. 

The episode covers sector-specific trends, including the challenges facing biotech IPOs due to regulatory uncertainty, and the role of cornerstone investors in de-risking IPOs. Looking ahead, Mantone and Truesdell discuss the necessity of market stability and investor demand for a robust IPO market, emphasizing the pent-up supply-side demand and the potential for regulatory changes to facilitate more IPOs. 

Join a candid discussion that illuminates the current and future state of IPOs, offering valuable perspectives for investors and market participants alike.  More S&P Global Market Intelligence Content:

• Navigating M&A Trends During Market Volatility  
• Two $10B-plus financials deals led April worldwide M&A
• After yearlong recovery, global IPO activity sputters in Q1

Credits:

• Host: Joe Mantone
• Guest: Richard Truesdell
• Edited By: Marz Marcello
• Published With Assistance From: Feranmi Adeoshun, Sophie Carr, Patrick Moroney

In this episode, Joe Mantone is joined by West Riggs, head of equity capital markets at Truist Securities, who discusses IPO activity in 2024 and the outlook for 2025. West also touches on interest rate cuts and how the U.S. elections tend to impact the market. More S&P Global Content: •   Subscribe to our monthly M&A in focus newsletter •   Listen to a webinar on capital markets activity in H1 2024 •   See our latest news headlines 

Credits: •    Host: Joe Mantone •    Producer: Adam Kovalsky •    Published with assistance from: Carl Schmidt

On this edition of the Pipeline, an S&P Global Market Intelligence podcast, we speak with Michael Mufson, managing partner of the investment banking firm Mufson Howe Hunter. Many of the deals Michael's firm works on involve private equity. The absence of private equity has been a big reason for the downturn in M&A that started in 2022, but Michael sees that changing. The amount of dry powder in PE coffers along with the number of portfolio companies that PE needs to liquidate should serve as a catalyst for M&A, Michael said. But through the first half of 2024, M&A volumes have remained largely muted, especially in the middle market. I started off asking Michael about that. Here’s our conversation.

During recent earnings conference calls, executives from Evercore, Moelis and Lazard said interest rate cuts aren't the only driver that will push private equity firms to pursue transactions. The rise in private credit funds gives advisory-focused investment banks an opportunity to increase their exposure to the debt business.

About six to nine months ago companies were preparing to stay private longer, but now management teams are gaining confidence that they can execute a successful IPO, said Dave Stadinski, Piper Sandler's global co-head of equity capital markets.  A pickup in the IPO market would certainly be welcome by deal advisers because Stadinski notes the the current slowdown in the capital markets has been longer than the one that occurred around 2008 and the Great Financial Crisis. 

JMP Securities analyst Devin Ryan expects that 2023 will mark a trough year for M&A and 2024 can put investment banks on a path to acceleration in their advisory fee business. 

The IPO market has been extremely slow since the early part of 2022. The lack of activity has created some "pent-up supply" of high-quality companies that are ready to go public, according to Seth Rubin, head of US equity capital markets for Stifel Financial Corp. Rubin recently spoke with The Pipeline about the strategies some companies are taking to execute an IPO, the outlook for the market as a whole and the future of SPAC issuance.