When Deals Spring a Leak – Volume 2

February 17, 2021
By Eliza Ruggiero

Today, we released our latest research on North American M&A with our second in-depth look at leaks. Our first report on the subject revealed how this point of deal risk impacts the attention on transaction announcements. Today’s report explores the predictability of leaks. What patterns can be found across sectors, seasons or based on deal size.

Some notable findings include:

• There was no leak slowdown in the pandemic: 48% of deals leaked in 2020, perfectly matching the six-year average.
• Leaks are seasonal. Deals announced in the summer leak 57% of the time, while winter M&A leaks just 42% of the time.
• Industry sector matters. Energy deals fly under the radar with just 29% of deals leaking. Telecom deals often broadcast their news early with 67% of deals leaking.
• Mega-deals can’t be kept secret. Working on a deal worth north of $76 billion? Best to plan for a leak with 86% of these deals going public early.

Click the button below to download our full report.