全球并购交易量在 2021 年创下新纪录

全球并购 (M&A) 活动创下新高，延续了年初以来在低利率和股价飙升的推动下创纪录的交易记录。根据 Refinitiv 的数据，2021 年宣布的未决和已完成交易的总价值今年迄今已达到 3.6 万亿美元，超过了 2020 年全年的 3.59 万亿美元。今年到目前为止，已经宣布了 35,128 笔交易，比去年增长了 24%。

Global merger and acquisition (M&A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low-interest rates and soaring stock prices. The total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020.

安永全球副主席 Andrea Guerzoni 表示：“并购势头表明，未来市场基本面强劲。随着新的融资解决方案和行业推动活动，这种交易步伐可能会在未来 18-24 个月内持续下去。” 技术相关并购通常占每个季度交易量的大部分，继续在行业领跑。技术并购今年已达到价值 7990 亿美元的交易。金融服务并购交易额为 4420 亿美元，而工业并购交易额为 4380 亿美元。

"The M&A momentum points to a fundamentally strong market looking ahead. This pace of dealmaking could continue for the next 18-24 months, with new financing solutions and sectors driving activity," said Andrea Guerzoni, global vice chair at Ernst & Young. The technology sector, which typically accounts for the majority of deal volume every quarter, continued to lead the way -- deals worth $799 billion were announced from the sector. Financial services M&A volumes stood at $442 billion, while industrials accounted for $438 billion.

今年迄今为止，空白支票公司或SPAC（特殊目的收购公司）的收购也达到了创纪录的4950亿美元。分析师表示，大型收购公司和企业的交易已经积累了创纪录的现金水平，将在短期内进一步提振并购交易量。AT&T (TN) Warner Media 和 Discovery (DISCA.O)的合并是今年迄今为止最大的一笔交易，合并后的新公司的企业价值更高。超过 1200 亿美元。

SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public. Going public through a SPAC merger has emerged as an extremely popular route for venture-funded private companies and startups over the past 18 months, as such a process allows such companies to sidestep the more onerous regulatory checks of a traditional initial public offering (IPO).  

Refinitiv 的最新数据显示，消费零售和旅游公司等仍在受疫情影响的行业今年的并购活动落后于技术和医疗保健等其他收购行业。今年迄今为止，可再生能源行业已完成价值约 180 亿美元的交易，是去年并购交易量的两倍多。ESG 正日益成为投资决策不可或缺的一部分。

The latest data from Refinitiv revealed that sectors which are still struggling from the pandemic, such as consumer retail and travel firms, have lagged other acquisitive sectors such as technology and healthcare on M&A activity this year. The renewable energy sector has raked in about $18 billion worth of deals so far this year, more than twice the M&A volume that was generated last year.

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