1、W INT E R 20 25INSIGHTS Learn moreExecutive Summary1,534 Canadian companies were sold in 202485%of deals completed were under CA$100 million in enterprise valueMegadeals represented 79%of disclosed deal value-500 1,000 1,500 2,000 2,500-50,000 100,000 150,0002015201620172018201920202021202220232024N

2、umber of TransactionsImplied EV(CA$millions)Implied EVNumber of TransactionsIn 2024,Canadian M&A declined in deal volume and in disclosed implied enterprise value(EV).The general slowdown in deal activity can be attributed to heightened buyer precautions,challenging credit conditions and general eco

3、nomic uncertainty.There were 1,534 Canadian companies sold in 2024,with the disclosed EV amounting to$88.5 billionindicating a 4%decrease in deal volume and 21%decrease in deal value when compared to the prior year.Deal activity was up 9%in the latter half of 2024 when compared to the first six mont

4、hs of the year.3Sources:S&P Global Market Intelligence as of January 15,2025;Kroll analysis.All publicly disclosed transaction information available in S&P Global Market Intelligence.For all data herein:All transaction values are in Canadian dollars(unless otherwise noted)and refer to transactions w

5、ith reported financial data.All transaction data refers to acquisitions of majority stakes(minority deals were excluded).M&A transactions in 2024 include those between January 1 and December 31,2024.Canadian M&A Transactions(CA$in millions)Canadian M&A UpdateCanadian M&A Update4Forty-eight megadeals

6、 closed in 2024,averaging$3.7 billion in EV,a decrease in volume from 2023,which had 55 recorded closed megadeals.*In 2024,the largest and second-largest megadeals including a Canadian party were the acquisitions of Telecom Italias Fixed Line Network and AirTrunkboth involving Canada Pension Plan In