PwC Consumer Markets M&A Deals newsletter june 2023
26/07/23
Transactions that move the retail, consumer and leisure industries
Eurozone shares took a step back in May after a strong performance so far. The MSCI EMU index returned -2.5 per cent. Overall, energy was one of the worst-performing sectors this month, driven by strongly declining prices of natural gas and crude oil.
This however did not lead to much lower inflation levels. Eurostat data showed that the euro area annual inflation rate was seven per cent in April 2023, up from 6.9 per cent in March, and the European Central Bank raised all three of its key interest rates by a further 0.25 per cent. More recently, the UK Central Bank even increased rates by 0.50 per cent.
For M&A, deal activity in May involved 111 deals in total; that’s an increase of 45 deals year-on-year. A couple of the notable ones are:
Minor International Public Co. Ltd. acquired a 5.9 per cent stake in NH Hotel Group SA.
EG Group Ltd (UK and Ireland operations) was acquired by Asda Group Ltd.
OJSC Detsky Mir Group was acquired by OJSC Detsky Mir Group and Alexey Zuev.
The most active sector (in number of deals) in May was Apparel & Footwear Retail as shown by:
- Groupe Courier being acquired by JD Sports Fashion plc,
- Pentland Group Limited and Spodis SA acquiring Gap France SAS, and
- Scotch & Soda B.V. and Scotch & Soda Retail SAS being acquired by B. Riley Financial Inc. and Group Alain Broekaert respectively.
Read more in the june-edition of our monthly newsletter.
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