Fear is powerful motivator. Lately, anxiety over tariffs and general global disarray has discouraged would-be buyers of companies from taking the plunge. But for some, the fear of not doing a deal can be worse.
Amid President Trump’s capricious trade policy, the number of deals signed globally in April fell to the lowest in at least 20 years, according to Dealogic data. Bankers the world over are bemoaning the withering of their carefully-tended M&A pipelines.
Yet one group ploughed ahead: private equity. In the US, leveraged buyouts led by these well-upholstered firms totalled $46bn last month. That’s a 25 per cent increase compared with April last year and almost twice the three-year monthly average.
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