Deal activity accelerated in Q4 2020
Welcome to our latest issue of the Nordics TMT (Technology, Media and Telecom) M&A Market Update, an industry overview, providing you with the latest market trends, M&A transactions and valuation environment across the Nordic region.
- Significant M&A activity in Q4 2020 in the Nordics amounting to 122 transactions or a third of all (398) transactions during 2020. The full-year deal volume was up by 12.7% from 2019. Private Equity sponsored transactions increased to 38% of all observed transactions in 2020.
- Headline deals in Q4 2020 include leading players: Nordcloud from Finland was sold to IBM, HiQ from Sweden was taken public-to-private by funds managed by Triton (EUR 363m), Visma Commerce was sold to Mercell from Norway (EUR 200m), Nets from Denmark was merged with Nexi from Italy (EUR 7.3bn), Tia from Denmark was sold to Sapiens from Israel (EUR 78m), and Allgon was taken public-to-private by Bure Equity (publ) (EUR 99m).
- The stock market seems to be optimistic about the Nordic TMT sector as the market development of our Software index increased by 118% (Jan’20-Mar’21) and Media & Online Entertainment increased by 107.5%, whereas the benchmark index (OMX Nordics) is up 20%.
- Despite the dip in the stock market during the first outbreak of corona (March-April’20), forward EBITDA multiples for listed Nordic TMT players are now all trading above the four-year long-term and are now trading depending on the segment: ranging between 10.0x (for IT Services) and 21.8x (for Software) in EBITDA for public listed companies.
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"Looking ahead, we foresee considerable deal-making opportunities in the Nordics TMT space, as the pandemic has been a catalyzer in accelerating technology development across industries and our everyday habits. We currently experience a high amount of domestic and international attention from investors and strategic buyers seeking to expand in the Nordic region across technology, business applications, and digital services."