Trump’s sweeping tariffs have jolted markets, but dealmakers are finding ingenious ways to keep M&A moving — even if it means rewriting the playbook.
🔹 Silver Lake’s $4.46B Altera Deal with Intel now includes deferred payments:
$1B postponed (half due end-2025, half by 2027).
Clever structure boosts IRR without cutting Intel’s proceeds.
If market (SOX index) recovers, part of payment accelerates.
🔹 Global Payments’ $24.3B Worldpay Deal:
Stock price plunged 15% post-tariff.
Company honored $97/share pre-tariff price, despite trading near $80, to save the deal.
🔹 Prada’s $1.38B Versace Buyout:
Strategic rationale drove deal forward despite volatility.
Originated after U.S. regulators blocked Capri–Tapestry merger.
📉 M&A Activity Slides:
Global deal volume fell 29% YoY in early April, per Dealogic — worst Q2 start since 2020.
Q1 was strong (+12.6% YoY to $984B), but uncertainty is stalling momentum.
💬 “We live in turbulent times. Every scenario must be gamed out,” said Ageas CEO Hans De Cuyper, after acquiring esure for £1.3B last week.
💡 Takeaway: Deals aren’t dead — they’re just evolving. From deferred payouts to share-price guarantees, creative structuring is now a survival skill in crosswinds of trade war and market dislocation.
