wave of purchases of innovative companies

Whereas the general mergers and acquisitions (M&A) market is slowing down Since the outbreak of the war in Ukraine, the aeronautics, defense and space market has stood out by remaining lively. This, despite the deterioration of the economic situation linked to the rise in interest rates and inflation. “The first months of 2022 are in line with 2021, a year marked by a clear recovery in M&A, with a 54% increase in their volume (574 transactions, + 54%) and 338% in their value ( to 116 billion dollars), after the low point recorded in 2020”confirms Nicolas Beaugrand, Managing Director at AlixPartners, who has just published a study on the subject.

In 2021, a peak was observed in terms of the value of companies which were trading with a very high margin multiple (Ebitda), i.e. 13.8 against an average oscillating between 10 and 11 before the health crisis. “Companies, which have been subject to M&A, have generally not yet recovered…