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M&A Capital Market Update Q3 2019

In 3Q19, overall Middle Market M&A activity increased, but total deal value declined.

3Q19 Middle Market M&A multiples remained elevated in the U.S. at 7.4x EV/EBITDA, as low borrowing costs allowed for larger deals to be completed.

Private equity funds continued to close as a result of a rise in mega-funds. Fundraising grew to $191B through 3Q19, increasing the likelihood of 2019 fundraising to surpass 2018’s total.

While overall cash balances of S&P 500 companies remained lower than YoY 2018, they were still near record levels, providing for continued strategic acquisitions.

Download M&A Capital Market update here: M&A Capital Market Update Q3 2019