S&P 500 companies have $5-5.5 trillion in available cash and debt they can raise without impacting credit ratings, up from $3.3 trillion at the start of 2017.
Financial capacity for M&A at an all-time high; use of equity for acquisitions expands total further
Technology, consumer, health care have highest amounts available for M&A (total excludes financials and utilities)
Tax reform may allow U.S. acquirers to be more competitive when buying assets overseas
Valuations haven’t fully captured impact of tax reform; current valuations favor that cos. pursue growth over shareholder returns
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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