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3 weeks ago | 
ionanalytics.com | Lloyd Vassell
EMEA follow-ons reached their highest level since 2021, but market volatility triggered by renewed US-China trade tensions and the reintroduction of Trump-era tariffs has slowed down issuance somewhat. Excluding rights issues and PIPE deals, EMEA follow-on volumes reached USD 45.5bn YTD in 2025, a slight increase from USD 44.4bn over the same period last year.
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3 weeks ago | 
ionanalytics.com | Lloyd Vassell
European luxury brands have hit an inflection point that may impact the sector’s entire life cycle – and US tariffs on China could accelerate M&A. Many European luxury brands have long operated on a Euro-branding model while actually producing their high-end goods in China. While many companies have been pushing to move production closer to home already, US tariffs on China could speed up that process.
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3 weeks ago | 
ionanalytics.com | Lloyd Vassell
Aurelius started out 20 years ago focusing on special situations but has in the past decade switched focus towards “healthier companies” with operational improvement potential.
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3 weeks ago | 
ionanalytics.com | Lloyd Vassell
Swiss insurer Helvetia continues to scan markets for acquisition opportunities, Group CFO Annelis Lüscher Hämmerli said. The company, which has a market capitalization of around CHF 10bn (EUR 10.7bn), has a long-term focus on potential acquisitions in markets where it is already present, including in Switzerland, Germany, Austria, Italy and Spain, Lüscher Hämmerli said.
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3 weeks ago | 
ionanalytics.com | Lloyd Vassell
After weeks of low volumes, Europe’s equity capital markets are alive again as sponsors line up listed disposals and possibly even some IPOs before the European summer break. A CHF 1.9bn (USD 2.2bn) sell-down in Swiss skincare company Galderma, sold by EQT and its co-investors last week, was the largest European trade since US President Donald Trump’s “Liberation Day” tariffs. It provided a welcome boon to a market starved of paper.
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3 weeks ago | 
ionanalytics.com | Lloyd Vassell
Tariffs have captured headlines since the end of last year prompting dealmakers to scratch around for opportunities in quirky corners of the market. And the real estate investment trusts (REITS) sector is one area of idiosyncratic M&A activity which has developed over the past year or so – driven in part by rock-bottom valuations. Listed European REITs are trading close to their lowest levels of the past decade.
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1 month ago | 
ionanalytics.com | Lloyd Vassell
Zurich-based White Peaks Capital expects to sign its first majority investment under its private equity strategy this July, managing partner Roy Awad told Mergermarket. The family-backed private markets investment company is in talks with a Swiss target and hopes to close the deal by then, he said. White Peaks was created at the end of 2022 as the midmarket private capital arm of a Swiss family, Awad said.
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1 month ago | 
ionanalytics.com | Lloyd Vassell
European public-market hopefuls are starting to give up on the dream of New York listings in favour of home comforts, given US President Donald Trump’s mercurial approach to policy. Several market participants have told ECM Pulse that over the past few weeks, a retreat from US listing plans is becoming an increasingly common theme among IPO-seeking businesses. This is fuelled by uncertainty over US policy and less confidence in the future of US regulation.
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1 month ago | 
ionanalytics.com | Lloyd Vassell
Germany-based real estate group Vonovia’s EUR 1.3bn dual-tranche convertible bond (CB) has increased hope of a revival of the European CB market in the first half of 2025. CB volumes reached USD 5.56bn in 1H2025 YTD, also boosted by issuance from Fresenius SE & Co KGaA (USD 641m) and Euronext (USD 480m). This marks a significant increase from USD 3.5bn during the same period in 2024, according to Dealogic data.
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1 month ago | 
ionanalytics.com | Lloyd Vassell
Lender concerns over volatility are lowering average multiples for leveraged buyouts (LBOs) in Europe this year, although deal volumes continue to grow. “There is often a fundamental mismatch between sellers and buyers when it comes to LBOs,” according to one London-based lawyer. On the sellside, sponsors are often under pressure from their limited partners (LPs) to show returns, while lenders often struggle to meet leverage expectations on the buyside, the lawyer added.
