M&A Reports

Overview:

At Cascade, we view M&A as a dynamic engine for transformation and growth. It’s not just about closing deals—it’s about merging complementary strengths, unlocking synergies, and driving innovation. Our analysis highlights how strategic integrations and smart risk management create value, shape industries, and sustain competitive advantage. This approach gives you a clear window into how companies evolve and thrive through well-executed M&A strategies.

Filippo Zuccari

Director M&A Reporting

“In my role as Director of M&A at Cascade Research, I am excited by how our student-led initiatives foster a deep understanding of complex deal dynamics through practical experience and strategic analysis. Our rapid growth reflects our dedication to empowering emerging financial analysts with the skills and insights needed to navigate the ever-evolving world of M&A, paving the way for future leadership in the industry.”

– Filippo Zuccari

The TMT sector thrives on digital innovation and disruption. Historically, TMT has been a hotbed of technological breakthroughs, and today, M&A activity is driven by the need to integrate advances like AI, cloud computing, and digital content platforms. At Cascade, we analyze how strategic acquisitions in TMT help companies capture new revenue streams, enter emerging markets, and build robust digital ecosystems that redefine competitive advantage.

Multiple Overview

Download our sector-specific valuation multiples for past deals.
Please note that this data is provided for general informational purposes only, and we do not assume any liability for its accuracy or completeness.

Infrastructure remains the backbone of economic growth. Traditionally, large-scale investments in physical assets have propelled urban and industrial development. In the current market, M&A in this space increasingly focuses on modernizing systems through sustainable practices and digital integration. At Cascade, we track deals that drive the deployment of smart cities, renewable energy projects, and advanced transport networks, merging time-tested investment models with forward-looking environmental priorities.

Multiple Overview

The healthcare and MedTech sector is characterized by relentless innovation and the imperative to improve patient outcomes. Historically, consolidation has helped companies manage high R&D costs and accelerate breakthrough treatments. Today, M&A activity focuses on personalized medicine, digital health solutions, and next-generation therapies. Our analysis at Cascade explores how these strategic deals combine the strengths of established pharmaceutical giants with agile biotech startups, expediting drug development and clinical advancements in an increasingly competitive global market.

Multiple Overview

Financial services have long experienced waves of consolidation aimed at achieving scale and efficiency. With the advent of fintech, the sector is undergoing a digital transformation that reshapes traditional banking. M&A activity here is driven by the integration of digital financial solutions, improved risk management, and expanded market reach. At Cascade, we examine how private equity and strategic mergers are fueling innovation, streamlining operations, and positioning firms to capitalize on new business models in a rapidly evolving financial landscape.

Multiple Overview

Industry Overview:

Cisco Acquires Splunk

01.01.2020

Value: $28 billion

Industry: Cybersecurity & full‑stack observability software

Buy Side Advisor: Tidal Partners LLC

Buyer: Cisco Systems, Inc.

Seller: Splunk Inc.

Sell Side Advisor: Qatalyst Partners + Morgan Stanley & Co. LLC

Highlights

Cisco’s record‑setting $28 bn cash takeover folds Splunk’s market‑leading SIEM and log‑analytics into its security stack, creating an AI‑driven, network‑to‑application resiliency platform.
Closed 18 Mar 2024, the deal accelerates Cisco’s shift to high‑margin software and recurring revenue while giving it an unrivalled footprint in threat prediction and prevention.

Deutsche Bank Acquires Numis

01.01.2020

Value: $410 Million

Industry: corporate‑broking & investment‑banking advisory

Buy Side Advisor: Lazard & Co., Limited (external) + Deutsche Bank AG, London Branch

Buyer: Deutsche Bank AG

Seller: Numis Corporation Plc

Sell Side Advisor: Fenchurch Advisory Partners LLP (financial adviser to Numis)

Highlights

Deutsche’s £410 m swoop instantly adds 170‑plus UK corporate‑broking relationships, creating “Deutsche Numis.”
Completed 13 Oct 2023, the deal advances the bank’s Global Hausbank strategy ahead of a hoped‑for rebound in UK ECM activity.

Brookfield & Ontario Teacher PP Acquires Compass Datacenter

01.01.2020

Value: $5.5 billion

Industry: Hyperscale Datacenter Developement

Buy Side Advisor: BMO Capital Markets, Scotiabank,
TD Secruities

Buyer: Brookfield Infrastructure Partners L.P. (and institutional partners) + Ontario Teachers’ Pension Plan Board (co‑controlling stake)

Seller: RedBird Capital Partners and Azrieli Group, divesting their ownership in Compass Datacenters, LLC

Sell Side Advisor: Goldman Sachs & Co., Guggenheim Securities, and Deutsche Bank Securities

Highlights

Brookfield and Ontario Teachers gain a best‑in‑class hyperscale‑campus developer, bolstering their global digital‑infrastructure footprint amid surging AI/cloud demand.
CEO Chris Crosby stays at the helm; deal is slated to close by year‑end 2023 pending customary approvals.

Synopsys Acquires Ansys

01.01.2020

Value: $35 billion

Industry: Enterprise software

Buy Side Advisor: Evercore

Buyer: Synopsys

Seller: Ansys

Sell Side Advisor: Qatalyst Partners

Highlights

Integration of EDA and multi‑physics simulation will give engineers a single, seamless “silicon‑to‑systems” design workflow.
Cross‑selling opportunities in automotive and aerospace are projected to drive double‑digit growth for the combined platform.

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