The Pipeline: M&A and IPO Insights

• IPO Rebound Beginning to Take Shape

  In this episode, Joe Mantone is joined by West Riggs, head of equity capital markets at Truist Securities, who discusses IPO activity in 2024 and the outlook for 2025. West also touches on interest rate cuts and how the U.S. elections tend to impact the market. More S&P Global Content: •   Subscribe to our monthly M&A in focus newsletter •   Listen to a webinar on capital markets activity in H1 2024 •   See our latest news headlines  Credits: •    Host: Joe Mantone •    Producer: Adam Kovalsky •    Published with assistance from: Carl Schmidt

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  14:11
• The state of middle market M&A

  On this edition of the Pipeline, an S&P Global Market Intelligence podcast, we speak with Michael Mufson, managing partner of the investment banking firm Mufson Howe Hunter. Many of the deals Michael's firm works on involve private equity. The absence of private equity has been a big reason for the downturn in M&A that started in 2022, but Michael sees that changing. The amount of dry powder in PE coffers along with the number of portfolio companies that PE needs to liquidate should serve as a catalyst for M&A, Michael said. But through the first half of 2024, M&A volumes have remained largely muted, especially in the middle market. I started off asking Michael about that. Here’s our conversation.

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  16:45
• M&A executives discuss deals in the higher-for-longer interest rate environment

  During recent earnings conference calls, executives from Evercore, Moelis and Lazard said interest rate cuts aren't the only driver that will push private equity firms to pursue transactions. The rise in private credit funds gives advisory-focused investment banks an opportunity to increase their exposure to the debt business.

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  14:48
• Mindset Around IPOs is Starting to Change

  About six to nine months ago companies were preparing to stay private longer, but now management teams are gaining confidence that they can execute a successful IPO, said Dave Stadinski, Piper Sandler's global co-head of equity capital markets.  A pickup in the IPO market would certainly be welcome by deal advisers because Stadinski notes the the current slowdown in the capital markets has been longer than the one that occurred around 2008 and the Great Financial Crisis. 

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  17:12
• Large Transactions Show Companies are Dealing With Increased M&A Regulations

  Bill Curtin, global head of the M&A practice at the law firm Hogan Lovells, joined The Pipeline podcast and spoke about how dealmakers are executing transactions in the current environment. One of the headwinds slowing deals of different sizes is increased scrutiny from regulators. But Curtin said companies are factoring in the additional hurdles and pursuing transactions in part because deals help acquirers keep up with the latest technology trends. Curtin also noted that joint ventures have become more common during the recent M&A downturn.

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  28:35

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