M&A dealers beat the market

Deal-makers who brave the uncertain market conditions to make multiple acquisitions are being rewarded, according to research by Cass Business School and Towers Watson. Groups that made two or more acquisitions with a value above $100m in the last quarter of 2010 outperformed the MSCI World index by 4.9 per cent, and have beaten the market by 3.3 per cent on average during the last three years. M&A activity more than doubled in 2010, said the researchers, with 688 deals compared to 322 in 2009 - though Europe is lagging behind the US and Asia.