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The Depop app on a smartphone. Etsy last month agreed to buy London-based shopping app for $1.62 billion. (Photo: Bloomberg)
Businesses spent $1.74 trillion on mergers and acquisitions involving U.S. companies during the first six months of the year the highest amount in more than four decades as finance chiefs tapped into cheap funding options to acquire technologies, services and other assets.
Such transactions surged in value in the first six months of the year, up from $511.79 billion during the year-ago period and $1.28 trillion in the first six months of 2019, before the pandemic, according to data provider Refinitiv, which began tracking deals in 1980.
Cash-laden companies are on a mergers and acquisitions spree foxbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foxbusiness.com Daily Mail and Mail on Sunday newspapers.
Vito Sperduto is the co-head for global mergers and acquisitions at RBC Capital Markets. RBC Capital Markets
A new regime in Washington specifically, one that s expected to be less adversarial toward foreign markets could alleviate the apprehensions of some overseas buyers and spark renewed cross-border dealmaking activity, said Vito Sperduto, co-head of global M&A at RBC Capital Markets.
Cross-border transactions are likely to see a significant uptick once the administration of President-elect Joe Biden takes office next year, Sperduto said. While some international deals have happened in the past four years under the presidency of Donald Trump, there already was a slowdown in cross-border transactions pre-pandemic, he said, and it s just gotten worse.