US deal flow into Europe is up marginally to €63 billion during 2023 to date, according to Mergermarket data. In relative terms, US investors took 17% of the total, compared to 8% last year.
US investment in Europe had been on the backburner as the European Central Bank and the Bank of England raised rates to fight inflation. "The aggressive interest rate hike cycle seems to have ended, allowing for a stable market making it easier to price acquisitions" said London-based White & Case M&A partner Ferdinand Mason. US firms could acquire in technology, healthcare, consumer discretionary, energy, and financial institutions, according to White & Case's Mason.
Michael Deyong, New York-based White & Case partner and the Firm's Head of M&A and Corporate in the Americas, said: "European assets look cheap compared to US ones, as the valuation gap between US and European listed stock indices is at its largest in decades."
The full article is online here (paywall).
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