35% of all mid-market M&A deals are now cross-border, reveals global study

PRESS RELEASE - Brussels, 28 March 2024

Almost 20,000 cross-border mergers and acquisitions have been sealed among mid-sized companies in the past five years as ambitious firms look beyond their own borders for growth opportunities.

These results are published in the latest edition of the Moore Global Cross-border Mid-market M&A Compass, which annually analyses realised and announced M&A deals in this key segment of the market.

The Compass report is launched today byMoore Global Corporate Financein partnership with Belgium’s highly respected Vlerick Business School and tracked more than 40,000 transactions announced in 2023.

Results and findings

The main findings of the research were:

• 35% of all mid-market M&A deals are now cross-border
• The average deal size of cross-border mid-market transactions has grown from €42.4 million in 2019 to €47.4 million in 2023 - an increase of 12%
• 62% of all cross-border mergers and acquisitions took place in the mid-market segment last year
• North American buyers account for four out of 10 cross-border deals in this segment
• More than half of the cross-border deals in the mid-market segment happened in the IT and Healthcare sectors

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"Cross-border mergers and acquisitions have always been more complex than domestic deals, but this year's Compass report confirms their continued strategic importance for companies looking to grow sustainably. With our broad experience and competence, as international corporate finance advisers we are able to help clients with any cross-border deal, starting from deal sourcing through negotiations and up to structuring in all its complexity." - Philippe Craninx, chairman of Moore Global Corporate Finance

Belgium is a net investor in cross-border mid-market M&A. The balance of outbound versus inbound acquisitions is +11: specifically, 26 Belgian acquisitions abroad and 15 foreign acquisitions in Belgium were registered in 2023, in the mid-market segment. In euros, this means a positive balance of more than €467 million (higher amount invested abroad than vice versa). In terms of sectors, Belgium follows international trends, with a focus on Healthcare and IT, but remarkably also on Food & Beverage. The United States remains both the main target market and the main buyer of Belgian companies in the mid-market segment.

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"The cross-border mid-market segment is a niche, but the study does show this to be a key part of the overall M&A market with its own development. Like other segments, the mid-market faced challenges in 2023, with this segment found to be more stable in terms of average deal value than other parts of the market." - Professor of Strategy for Vlerick

Read the full report here.

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Contact

For further information, please contact:

• Philippe Craninx, Managing Partner Moore Corporate Finance - TEL: +32 2 204 41 66
• Birgit Heymans, Marketing Director - TEL: +32 3 202 09 43

About Moore Belgium

Moore Belgium is the largest independent accountancy and advisory services provider in Belgium, with four main centres in Antwerp, Brussels, Ghent and Kortrijk, and a regional presence throughout Flanders. The company has a turnover of €174 million in 2023 with over 1,500 employees.

As ‘The Company’s Companion’, Moore Belgium supports the growth trajectory of SMEs, large companies rooted in Belgium and local authorities with accounting, auditing, business analytics, business consulting, corporate finance, grants and incentives, interim management and tax and legal services. As a member of Moore Global - one of the largest accountancy and consultancy networks in the world - Moore Belgium also assists clients in over 100 countries.