DeutscheBankResearchM&Aspotlight:WhatsportdealssignaltothebroadermarketDistributedon:22/04/202413:22:07GMTApril2024LukeTemplemanGalinaPozdnyakovaResearchAnalystResearchAnalystLuke.Templeman@db.comGalina.Pozdnyakova@db.com+442075410130+442075474994IMPDOeRuTtAsNchTeREBSaEnAkRRCHesDeIaSrCcLhOSUMRE&SAANspDoAtlNigAhLtY:SWThCaEtRsTpIFoICrtAdTeIOaNlsSsLigOnCaAlTtEoDthINeAbProPEaNdeDrIXm1a.MrkCeIt(P)A0p41ri/l1200/220423.UNTIL19thMARCH2021INCOMPLETEDISCLOSUREINFOR0MATIONMAYHAVEBEENDISPLAYED,PLEASESEEAPPENDIX1FORFURTHERDETAILS.7T2se3r0Ot6kwoPaExecutivesummaryDemandforWhenvarioussectorsintheeconomylookatthesportsM&Aboom,itiseasytodismissitasaniche‘trending’1uncorrelatedasset.Weseethatasamistake.Infact,therearesignalsaboutthethematicdriversofM&Athatwecanpullfromthesportsdealmakingboomandthenapplyacrossmanysectors,evenasbroaderM&Aremainssupressed.assetsInthischartbook,webuildonourrecentreportSportsM&A:Comingforyourteam(seethechartbookhere).WeYounghighlightfivethemesthatapplytoallsectorsbutareemblematicofwhysportsM&Ahascontinuedtogrow2customeragainstthebackdropofaggressivecentralbankratehikes.Theseinclude:priorities•Investorsprioritisinguncorrelatedassets•LongertimehorizonsarebackinvogueMany•Howthewideninggapbetween‘good’and‘bad’operationalefficiencyofferssynergyopportunities3ccoomuldpabneiersun•Alotofmoneyislook...
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