Cross-border deals between the US and China used to be difficult. Now, with escalating tensions over trade, technology and Taiwan, they seem all but impossible. The past five years have seen a major shift in cross-border M&A activity, beginning in 2017 when regulators began cracking down on any acquisitions in the US by China-based companies.
In recent years, Thoma Bravo has been a busy buyer in the tech space, emerging as a key consolidator in cybersecurity. This year, the private equity firm has established itself as a smart seller, unloading holdings at impressive sale prices despite a general slowdown in M&A and higher interest rates.
While the broader US IPO market is showing early signs of coming back to life, blank-check company IPOs remain on life support, hampered by the broader slowdown in M&A and a series of bankruptcies. Just four US-based SPACs went public in Q2, the lowest quarterly total over the past four years.
In the past year, both the Federal Trade Commission and the US Department of Justice have stepped up their scrutiny of private equity deals, especially where a fund has emerged as a consolidator of smaller players in a given subsector. This is changing the PE playbook.
Although the overall technology M&A market is in a bit of a post-pandemic slump, deals targeting semiconductor companies continue at a feverish clip as demand for chips remains high and supplies of key types remain tight.
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