PE Firms Sit Out Merger Monday

The M&A market did not recognize Chris Columbus today, as it showed up to work with nearly $9 billion worth of deals. Buyout firms, on the other hand, took the day off.

We’ve returned to the olden days (read: 2005), where a big-time merger is more likely done by strategics than by private equity. It’s really just a cyclical function of access to capital, and we’ve returned to an upright and locked position.

The day’s biggest deal, of course, was SAP agreeing to buy Business Objects for around $6.74 billion — which will likely lead to more strategic M&A when someone scoops up Cognos. 

Other big deals included Textron Inc. agreeing to buy United Industrial Corp. for $806.5 million; Hexagon AB agreeing to by NovAtel Inc. for $426 million; Spansion Inc. agreeing to buy Saifun Semiconductors for about $354.7 million; and OMG Group agreeing to buy most of Rockwood Holdings Inc.’s chemicals business for $265 million.

The only buyout deal of note was Ontario Teachers’ agreeing to buy proxy advisory firm Glass, Lewis & Co. LLC from Xinhua Finance — but that transaction doesn’t move the headline needle at $46 million.

I guess we’ll have to wait ’till next Monday…