加拿大并购交易更新报告- 2025 年冬季

INSIGHTS W I N T E R2 0 2 5 Learn more Executive Summary •1,534 Canadian companies were sold in 2024•85% of deals completed were under CA$100 million inenterprise value•Megadeals represented 79% of disclosed deal value Canadian M&AUpdate In 2024, Canadian M&A declined in deal volume and in disclosed implied enterprise value (EV). The generalslowdown in deal activity can be attributed to heightened buyer precautions, challenging credit conditions andgeneral economic uncertainty. There were 1,534 Canadian companies sold in 2024, with the disclosed EVamounting to $88.5 billion—indicating a 4% decrease in deal volume and 21% decrease in deal value whencompared to the prior year. Deal activity was up 9% in the latter half of 2024 when compared to the first sixmonths of the year. Canadian M&AUpdate Forty-eight megadeals closed in 2024, averaging $3.7 billion in EV, a decrease in volume from 2023, which had55 recorded closed megadeals.* In 2024, the largest and second-largest megadeals including a Canadian partywere the acquisitions of Telecom Italia’s Fixed Line Network and AirTrunk—both involving Canada Pension PlanInvestment Board. The third-largest Canadian megadeal was Glencore plc’s acquisition of Elk Valley Resourcesfor $12.7 billion. Significant megadeals announced in 2024 but not yet closed include Canada Pension Plan Investment Board’s(with other parties) acquisition of Nord Anglia Education for $20.1 billion and Brookfield’s acquisition of NeoenS.A. for $14.6 billion. Canadian M&AUpdate The Canadian M&A market had 1,534 completed transactions in 2024, down from 1,606 in 2023. The mediandeal value increased from $5.9 million in 2023 to $6.5 million in 2024, as deals under $50 million represented79% of the deal count. Although megadeals represented only 5% of all transactions, they represented 79% oftotal deal value. It should be noted that, since the values of many smaller transactions are not disclosed, the actual median dealvalue is likely lower. Public vs.Private Private company transactions continued to account for the majority of North American M&A in 2024,representing 94% (also 94% in 2023) of total Canadian deals and 98% (also 98% in 2023) of all U.S. deal flow.In 2024, 60 fewer public companies were sold in North America than in the previous year. Compared to 2023,the total number of public companies sold in Canada decreased by three (92 sold in 2024 vs. 95 sold in 2023),while the U.S. experienced a decrease of 57 public companies sold (251 sold in 2024 vs. 308 sold in 2023). The median 30-day takeover premium of Canadian public companies in 2024 was 36% (a 2% increase from theprior year) and 32% (an 11% decrease from the prior year) for U.S. public companies. In 2024, the Canadianand U.S. 30-day takeover premium trended above its 10-year average by 2% and 1%, respectively. ValuationMultiples North American transactions indicated an increase in overall valuation multiples (where disclosed) in 2024compared to the previous full year. In particular, the average earnings before interest, taxes, depreciation andamortization (EBITDA) multiple was 9.9x, an increase of 0.2x from 2023. In 2024, EBITDA multiples increased in most industry segments except for the consumer staples, informationtechnology, communication services and utilities sectors. The health care industry experienced the largestincrease in industry multiples. IndustrySectors Deals in the industrials and materials sectors are currently the most active in Canada, with 531 combined closeddeals in 2024. In terms of EV, the largest deals among these two sectors were Glencore plc’s acquisition of ElkValley Resources ($12.7 billion) and Cleveland-Cliffs’ acquisition of Stelco Holdings ($4.1 billion). Althoughsimilar in deal volume, the total deal value in terms of EV for the industrials and materials sectors amounted to$10.4 billion (average value of $40.8 million) and $25.9 billion (average value of $94.6 million), respectively. Thethird most-active sector was information technology, with a total of 172 transactions amounting to $8.6 billion.The sectors with the highest aggregate EVs in 2024 were materials, real estate and energy. Cross-BorderTransactions In 2024, the majority of Canadian acquisitions continue to be domestic, with 995 of the 1,534 transactions(65%) completed by a Canadian buyer. Foreign and undisclosed buyers accounted for the remaining 539transactions. Canada maintained a net positive M&A environment, with Canadian companies acquiring 10 more foreign-based companies (549 transactions) than Canadian companies being acquired by foreign companies (539transactions) in 2024. Cross-BorderTransactions Transactions between the U.S. and Canada continue to be the leading cross-border activity involvingCanadian buyers and sellers. There were several notable deals, despite a 4% decrease in U.S. and Canadiandeals compared to the prior year. The largest deal was the $12.1 billion sale of Tricon Residential toBlacksto