Mergers and acquisitions
2019 was the fourth biggest year on record for global M&A, with activity particularly strong in the US. Big deals were particularly common in pharmaceuticals. Bristol-Myers’ (BMY) consummated acquisition of Celgene resulted in a contingent value right (BMY.RT) which could still be a good opportunity today. AbbVie’s (ABBV) acquisition of Allergan (AGN) has yet to be completed and still offers an attractive arbitrage spread.
Leveraged buyouts
Private equity was a bright spot over this past year – deals hit a post-crisis high of almost