M&A MARKET UPDATE MARCH 2020 U.S. MONTHLY REVIEW
Notable Trends in March 2020
Year-over-year, both deal count and capital invested decreased by 8.8% and 8.1%, respectively. When compared to the previous month, capital invested increased by 73.1% while deal count decreased by 23.2%. The increase in capital invested from the prior month is due to the two largest deals this month, Aon buying Willis Towers Watson and Danaher buying GE’s BioPharma unit. These two deals make up a third of the total capital invested this month.
Median deal size more than doubled year-over-year from $46.6 million in March 2019 to $94 million this month. The EV/EBITDA median for this month is 10.1x which is a 26.2% decrease year-over-year.