While 2009 was a year of seismic changes, with economic and financial collapse and then sharp recovery, the first six months of 2010 have been more steady, if a little nervous. Confidence is rebuilding, but is still fragile as most financial markets are now lower than at the start of the year. However, the technology sector is significantly outperforming the market and mergers and acquisitions activity levels have continued to recover, being up 12% on the second half of last year.
To use a football analogy in a World Cup year, 2009 was very much a game of two halves. The first half was very quiet, as uncertainty and fear of economic collapse kept buyers at bay. However, in the second half of 2009 we saw a strong bounce in both activity levels and the value of transactions with over 70% of the mega deals (>$1bn) happening in the second half.