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Berkery Noyes Releases 2009 Information Industry Merger & Acquisition Trends - Mixed Messages

Thursday, February 04, 2010

Information Industry M&A activity experienced a significant half-to-half gain in aggregate value and a slight half-to-half increase in aggregate volume. Aggregate value increased by 115% from approximately $27 billion in 1st Half 2009 to approximately $58 billion in 2nd Half 2009. Volumetrically, activity increased by 5% from 651 deals in 1st Half 2009 to 686 in 2nd Half 2009.

Year-to-year, the Information Industry exhibited mixed trends with a volumetric decline but a slight gain in aggregate value. Total transaction volume declined by 22% from 1716 deals in 2008 to 1337 in 2009. Aggregate value increased by 3%, from $82.12 billion in 2008 to $84.31 billion in 2009.

The largest transaction in the Information Industry was the proposed joint venture between Comcast and General Electric's NBC Universal, announced on . Comcast will contribute cash and assets valued at $13.75 billion for a 51% stake in the joint venture. The aforementioned transaction is nearly double the next largest transaction, Oracle's proposed acquisition of Sun Microsystems for $7 billion, announced on .

Please note that for evaluating aggregate transaction values, value represents total consideration paid by acquirer. For multiples Berkery Noyes uses enterprise values (EV) which is an adjusted value that normalizes values where less than 100% of a company is being acquired or has Net debt.

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