Cross-Border Bulletin: Global M&A Transactions Impacting The U.S.

Cross-Border BulletinIn 1H 2023, global cross-border M&A declined 17%, compared to the same period in 2022. Investors and corporations continue to navigate the choppy waters of increasing interest rates, geopolitical uncertainty and the threat of a recession. While we are starting to see some green shoots of activity as deal pipelines fill up, overall transaction volumes remain muted year-to-date.

Despite the recent slowdown in M&A activity, CEOs and Boards of Directors have been increasingly conducting strategic reviews, eager to find paths to unlock shareholder value. Whether it’s an opportunity to divest a lower-margin business or the decision to spin-off an undervalued asset, companies have been aggressively pruning their portfolios where they can.

Earlier this year, Solomon Partners advised on a unique cross-border recapitalization of Wilshire Indexes, the benchmark and index business of Wilshire. The transaction attracted two new international partners for Wilshire – the Financial Times (headquartered in the U.K.) and SGX Group (the Singapore Exchange). These new partners joined Wilshire with a shared ambition to accelerate the growth of its global benchmark and index business.

To celebrate this recent transaction, we are changing our typical format for this issue, taking the opportunity to feature an interview with Mark Makepeace, CEO of Wilshire Indexes. Mark discusses the future of the Index industry and shares his vision for the newly launched Wilshire indexes. As the founder and former CEO of FTSE Russell, Mark has a storied, 40+ year career creating and leading much of the global benchmarking industry. This bulletin contains excerpts from our recent conversation with Mark, in which he provides unique insights into global financial markets. If you would like to hear the interview in its entirety, please feel free to listen to our companion podcast which can be found here.

Read the full report below. The Cross-Border Bulletin is authored by Jeff Jacobs, Head of M&A, and Chris Moynihan.

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