全世界の M&A 選ぶs up in Q1 after flurry of large 取引，協定s
By Anirban Sen and Anousha Sakoui
NEW YORK, March 28 (Reuters) - 合併s and 取得／買収s (M&A) bounced 支援する in the first ４半期/4分の1 after a downbeat 2023, thanks to the return of mega 取引，協定s, 元気づける 投資 銀行業者s and lawyers waiting for a 選ぶ-up.
Total M&A 容積／容量s globally climbed 30% to about $755.1 billion, によれば the most 最近の data from Dealogic. The number of 処理／取引s 価値（がある） more than $10 billion jumped to 14, compared with five during the same period last year.
投資 銀行業者s said boardroom 信用／信任 for dealmaking has 改善するd on the 支援する of strong 収入s, 可能性のある 利益／興味 率 削減（する）s this year and an ebullient market.
"When you see larger 取引，協定s happening, it's a much more direct 調印する of the returning health of the market, because boards and CEOs, 予定 to the nature of large 取引，協定s, are going to be more 保守的な when they approach them," said Blair Effron, co-創立者 of 投資 bank Centerview Partners. "We do think that the activity that we see today is 長，率いるing in the 権利 direction."
U.S. M&A 容積／容量s 殺到するd 59% to $431.8 billion. European 取引，協定s jumped 64%, while Asia 太平洋の 容積／容量s 低迷d 40%. Dealmakers said a 可能性のある market 回復, に引き続いて the successful debuts of Astera Labs and Reddit, could 供給する a 上げる to the pipeline.
"The fact that we've got two data points in the IPO market...gives the CEOs, boards and 財政上の sponsors that we're talking to, a sense that there might be 多重の paths to 達成する their 客観的なs rather than one," said Tyler Dickson, 長，率いる of 投資 banking at Citigroup.
てこ入れ／借入資本d buyout 容積／容量s, which 低迷d last year 予定 to a spike in 財政／金融ing costs, 拒絶する／低下するd 7% to $91 billion.
"We're still waiting for the 私的な 公正，普通株主権 work to really 選ぶ up - that's still the 行方不明の 成分," said Krishna Veeraraghavan, 全世界の co-長，率いる of the M&A group at 法律 会社／堅い Paul, Weiss, Rifkind, Wharton & 守備隊. "You still are seeing a mismatch between what 販売人s 推定する／予想する their 資産s to transact for and what 買い手s are willing to 支払う／賃金 based on where 率s are 権利 now."
During the ４半期/4分の1, several large companies 出資するd on strong valuations to 財政／金融 big 取引，協定s, while some 投資 grade companies borrowed to 追求する high-value 的s.
銀行業者s and M&A lawyers said their pipelines look 強健な, with cash-紅潮／摘発する 買い手s 追求するing 的s as 恐れるs of a 後退，不況 沈下する.
"The base 事例／患者 is probably a soft 上陸 type シナリオ for the economy, and that インフレーション is under 支配（する）／統制する," said Ivan Farman, co-長，率いる of 全世界の M&A at Bank of America. "As a result, boards and 管理／経営 teams feel more comfortable about the 未来 and that's when they're more likely to 追求する 取引，協定s."
資本／首都 One's $35.3 billion 引き継ぎ／買収 of Discover 財政上の, Synopsys' 取引，協定 to acquire design ソフトウェア 競争相手 Ansys for $35 billion, and Diamondback Energy's $26 billion tie-up with 努力する Energy were the ４半期/4分の1's largest 処理／取引s.
Structured 取引，協定s, which 含む spin-offs, 分離, and carve-out 処理／取引s, also drove 容積／容量s. Large 公然と 貿易（する）d companies 行為／行うd 戦略の reviews and either shed 非，不，無-核心 部隊s or separated faster-growing 商売／仕事s.
著名な 取引，協定s 含むd building 構成要素s 巨大（な） Holcim's spin-off of its North American 操作／手術s in a 取引，協定 that could value the 商売／仕事 at $30 billion and Unilever's ice cream spin-off. During the ４半期/4分の1, 13 法人組織の／企業の 分離 処理／取引s with an 推定する／予想するd value of more than $1 billion were 発表するd globally, compared w ith eight during the same period last year, によれば David Dubner, 全世界の 長，率いる of M&A structuring at Goldman Sachs.
"2024 is on path to be one of the highest years ーに関して／ーの点でs of 法人組織の／企業の 分離 activity, and the 対話 we're having is supportive of that 主題 as we look 今後," said Dubner.
RETURN OF TECH
The 科学（工学）技術 部門 is 伝統的に the biggest driver of 取引，協定s but underwent a 低迷 last year.
It has since 回復するd to bring in the largest 株 of 処理／取引s with 容積／容量s up more than 42% to $153.8 billion.
Blockbuster 取引，協定s in oil and gas, which propped up 容積／容量s に向かって the end of last year, showed no 調印するs of slowing, driven まず第一に／本来 by consolidation in the lucrative Permian shale oil 水盤／入り江.
"We have seen more all-在庫／株 取引，協定s recently. The 財政／金融ing markets are not yet fully 利用できる to support large all-cash 処理／取引s. Also, given where we are in the 経済的な cycle, 管理／経営 teams are 気が進まない to てこ入れ／借入資本 up to do a big 取引，協定," said 示す McMaster, 全世界の 長，率いる of M&A at Lazard.
Companies 勇敢に立ち向かうd a 堅い 独占禁止の 環境 to 追求する large 取引，協定s, ますます 支援 themselves to 勝利，勝つ in 法廷，裁判所 against regulatory challenges. JPMorgan's co-長，率いる of EMEA M&A, Dwayne Lysaght, said companies have to be willing to wait 18 months or longer for 処理／取引s to の近くに, 追加するing that the time it takes to 完全にする 取引，協定s has risen 意味ありげに.
"Tech is the 部門 that's the most scrutinized by regulators, and yet tech seems to be materially 支援する and is 権利 at the 最前部 of 取引，協定 activity. So that just tells you that the 現在の regulatory 問題／発行するs certainly aren't going to be a headwind to broader M&A activity," said Raul Gutierrez, 長，率いる of M&A at Truist 安全s.
銀行業者s also 推定する／予想する a 好転 in cross-国境 取引，協定s, as cash-紅潮／摘発する 買い手s 追跡（する） for transformative 取得／買収s. Cross-国境 容積／容量s rose 17% to $171.7 billion during the ４半期/4分の1.
"法人組織の／企業のs remain 用心深い on the growth prospects for 中国 and Asia more 概して and there is a lot of thinking around hedging against that. We will 潜在的に see more 取引，協定s from Europe into the US, some of which will be 防御の," said Jan Weber, 長，率いる of EMEA M&A at Morgan Stanley.
(報告（する）／憶測ing by Anirban Sen in New York and Anousha Sakoui in London. Editing by Sam Holmes.)
