Top Irish dealmaker says Irish M&A 'significantly down' on last year
Irish mergers & acquisitions (M&A) activity is "significantly down" on last year and is likely to remain below 2015 levels for the rest of the year, according to the chief executive of one of Ireland's top corporate finance houses.
Tom Godfrey, chief executive of IBI Corporate Finance, told the Sunday Independent that uncertainty surrounding the Brexit referendum had a negative impact on Irish deals.
"I can see that the volume and value is down significantly on 2016 (in Ireland), and who knows what will be the end result but it is significantly down," Godfrey said.
He said IBI was set to conclude more transactions in the second half of the year than in the first.
"We're heavily weighted this year, just as it happens, towards the second half so more of our transactions are going to conclude in the second half than in the first half. We can't deny that Brexit is going to have a significant impact on activity in Ireland just by virtue of the close ties. So 2016 is going to be more muted, but it's not the end of the world, it's not a financial crisis. It's just we happen to have had the Brexit vote in 2016."
He said that for M&A activity to pick up, there needs to be more certainty around Britain's future relationship with the EU.
"The reality of the situation is that nobody wants a bad outcome from Brexit... I think it'll be more or less ok. My only worry is that it takes a while to get there."
Sunday Indo Business