Canadian companies closed $15.1 billion in deals in Europe in Q2, a post-crisis quarterly high.
Companies made $21.8 billion of acquisitions in 40 countries outside of Canada, including 27 growth markets, one of the highest outbound deal values on record.
“Canadian firms are combating slow domestic growth by making acquisitions abroad,” says Nicolas Marcoux, Canadian deals leader at PwC. “Quite often, M&A can be utilized as a tool to achieve growth as well as a means to innovate.”
The middle market segment of the Canadian M&A market also picked up steam during Q2 with 51 transactions worth $12.2 billion announced, up 21% and 35% respectively over the prior quarter.
There were only 12 deal cancellations in Q2, a record low. “This shows Canadian buyers have a high degree of confidence in their ability to complete transactions,” says Marcoux. ”Buyers are investing more time up front ensuring targets are the right strategic fit.”