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# Reply To: Impact of downturns on M&A deals

#116621

Thomas Teltscher
Participant

I don’t have relevant statistics for the last year yet, but M&A seems to be quite cyclical in my industry, i.e. more M&A during periods of growth. I have often wondered by barely anybody acquires anti-cyclically as the acquisition price tends to be much lower, whereas I have seen numerous examples of acquisitions being far over-paid during robust economic times because everybody wants to be buying during these times.