European M&A Still Slow


August 22, 2013

European middle-market M&A activity decreased by 6.9% in Q2 2013, the fifth successive quarter of contraction, according to the latest quarterly European M&A update from Harris Williams & Co. The pace of the slowdown in activity may be decelerating. The biggest declines were noted in the Energy & Power and Healthcare sectors. The use of leverage is on the upswing. The equity contribution in LBOs averaged 47% in the first quarter of 2013, compared to 52% during the full year 2012, demonstrating improved credit markets and lending appetite, says the report.

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