Both the number of M&A deals involving European TMT (technology, media, telecoms) companies and total deal value rose again in July, according to latest data from corporate finance firm Regent Partners. However, Price/EBITDA multiples continued a downwards trend, with the 3-month rolling average now at 8.4x. Price/Sales multiples also eased, to 1.5x.
Two of the most significant transactions in the UK software and IT services market were Cinven’s £438m acquisition of Host Europe (see here) and that of Corero Business Systems by (itself recently acquired) Civica (see here).
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