Europe deals of the year: M&A

Author: IFLR Correspondent | Published: 3 May 2017

The European M&A market stumbled in 2016 and it may be remembered for hosting a record number of abandoned deals. For those deals that did make it, a lot of the heavy lifting went into inventive strategies to secure antitrust clearance or government approval. (The UK government is after all discussing a public interest test.) 

We also saw megadeals and first-time acquisition structures.

AB InBev / SABMiller

The so-called megabrew deal was the third largest merger in history. The transaction's size alone (£79 billion) generated many, but not all, of the innovations in its structure. In a merger that reshapes a global industry, the deal sets a gold standard in how to manage global regulatory and competition strategy. Parties also negotiated under intense public scrutiny either side of the UK's Brexit vote, which created challenging sterling pricing issues.

The novel acquisition structure required an exceptional level of cooperation...