NYT DealBook: M&A Outlook

DealBook shared some perspectives on the outlook for M&A going into 2023

Selections from today's NY Times DealBook Newsletter:

“We don’t need low interest rates for a robust M.&A. market, but we need a predictable, stable financing market,” said Stephan Feldgoise, a co-head of global M.&A. at Goldman Sachs.

David Sambur, a co-head of private equity at the investment giant Apollo Global Management, added that while many had anticipated more difficulties in obtaining financing this year, “The speed of it, I think, surprised a lot of people.”

And even the challenges that 2022 has presented shouldn’t be, well, deal breakers. Take higher financing costs: “The cost of money now is essentially normal. The world we were living in previously, that was abnormal,” said Mr. Sambur of Apollo. “It’s not like deals can’t work with financing costs where they are.”

Ultimately, companies and private equity firms intent on doing deals are going to carry on hunting — and the turbulence of today’s landscape may even yield bargains. “In our experience, our best performing funds are funds that we deploy during recessions and market downturns,” said Matt Nord, Apollo’s other co-head of private equity. “The more stress there is in the system, the bigger the pipeline of opportunities there are for us."


NYT DealBook: M&A Outlook

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