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Laxman Pai, Opalesque Asia: Mergers and acquisitions with direct pension fund involvement soared in the second quarter as transaction value totaled $13.58 billion, a 157.9% jump from $5.28 billion in the second quarter of 2023.
However, the number of deals in the second quarter fell to 21 from 28 announced transactions in the same period a year earlier, revealed a report by S&P Global Market Intelligence data shows.
In the first half of 2024, the total deal value stood at $14.92 billion. During the period, 53 deals were announced.
According to the report, pension funds invested the most capital in the energy and utility sector in the second quarter of 2024, with $7.72 billion in total, higher than $405.6 million in the second quarter of 2023. The industrial sector came second with $4.26 billion.
Meanwhile, pension fund-backed M&A deals in the technology, media, and telecom sectors plunged to $1.13 billion in 2024 from $17.23 billion in the same quarter in 2023.
Among the top transactions, Canadian pension funds have been involved in five of the 10 biggest deals announced in the second quarter.
In the biggest M&A deal with direct pension fund involvement, Canada Pension Plan Investment Board and Global Infrastructure Management LLC agreed to buy energy company Allete Inc. for $6.23 billion, including the assumption of debt.
In the second-biggest deal, an investor group including the Employees Provident Fund of Malaysia offered to buy the remaining stak...................... To view our full article Click here
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