航空航天与国防板块引领Q2全球并购回暖，下半年有望继续发力

Group 1 - The core viewpoint of the article highlights a significant rebound in M&A activity in the aerospace, defense, and government services sectors, driven by large transactions and strategic buyers, while financial sponsors are retreating due to tightening credit conditions [1][2] - Global M&A transaction volume increased by 13% in Q2 compared to the previous quarter, primarily due to a 180% rise in large transactions valued over $1 billion, while medium-sized transactions (under $100 million) also grew by 18% [2] - Strategic acquirers, particularly public companies, regained dominance in the market, with U.S. acquisitions of public companies increasing by 75% and global acquisitions rising by 64% [2] Group 2 - The aerospace and defense sectors led the growth in global M&A activity, with transaction values increasing by 24% and 55% respectively [2] - Aerospace transactions in the U.S. grew by 27% year-over-year, while defense transactions increased by 37% [2] - The aerospace components sub-sector remained the most active, with maintenance, repair, and overhaul services following closely, showing a 50% revenue growth [3] Group 3 - Notable transactions in Q2 included Boeing's divestiture of its digital aviation solutions business valued at $10.55 billion and Motorola Solutions' proposed acquisition of Silvus Technologies for $4.4 billion [4] - In the government technology sector, significant transactions included HIG Capital's acquisition of Converge Technology Solutions for $910 million and Leidos' acquisition of Kudu Dynamics for $300 million [6] Group 4 - The public valuation of the industry remains strong, with government service companies like Booz Allen and Leidos having an enterprise value to EBITDA multiple of 11.0 times, while diversified engineering companies hover around 13.8 times [8] - Aerospace original equipment manufacturers have particularly high valuations, with expected P/E ratios exceeding 20 times for companies like Safran, Rolls-Royce, and GE Aerospace, reflecting investor confidence in long-term aerospace demand [8] Group 5 - Strategic investors, especially well-capitalized public companies, are expected to continue leading the transaction process in the second half of 2025, with aerospace and defense assets, particularly those related to modernization, maintenance, and national security technology, remaining hot targets [8]