英国安理国际律师事务所（Allen &ampamp； Overy）：2020年第四季度全球并购洞察报告（英文版）（20页）.pdf

1、M&AInsightsQ4 2020Towards a new M&A Insights | Q4 2020 | Towards a new era2ContentsM&A market shows signs of recovery in second half 04Global M&A snapshot 06Biden election set to boost investor confidence 08Financial services: towards digitalisation and consolidation 10Connecting data centres: attra

2、cting investors 11Global deal flows 14Healthcare accent is on smaller deals 15U.S. and China relations will take time to mend 16UK national security regime: scrutiny of transactions tightens activity across regions and sectors came to a near standstill in H1 as the pandemic spread rapidly around th

3、e globe. The effect of that has been to depress both deal value and volume for the year as a whole, down by 8% and 9% respectively.Strong recovery in deal activity But those figures obscure an extraordinarily strong recovery in deal activity that began in the late summer and has continued through th

4、e rest of the year, with private equity funds playing a particularly active role in the turnaround.Against that background we are seeing something of a recovery in the value of cross-border transactions, which have been under pressure for some time. However deal volume for the year remains depressed

5、.Despite the uncertainties caused by Covid-19 and a highly divisive presidential election, the U.S. remains the most active outbound investor and the leading target nation for inbound investment.In some sectors we are seeing investors do a larger number of smaller transactions.Megadeals have therefo

6、re declined, having underpinned overall market growth in recent years. The value of deals over USD5 billion has declined by 8%. The value of deals in excess of USD10bn have fallen by 21%.Will the market recovery last? The big question is: can the recovery in deals be sustained?There seems good reaso