Big technology companies are hunting for deals at their fastest pace in years, racking up acquisitions and strategic investments despite increased regulatory scrutiny during the coronavirus-led market turmoil.
“One big difference between now and the last financial crisis is the cash balances of the tech majors are in the hundreds of billions, all effectively onshore, due to the Trump tax changes,” said John Gnuse, a tech M&A adviser at Lazard, referring to president Donald Trump’s move to lower the rate on repatriated offshore profits.
The big buy-upAnalysts have been waiting for an increase in tech mergers and acquisitions spurred by the swelling coffers at the five Big Tech companies, which together held more than US$560 billion in cash and marketable securities at the end of the first quarter, according to public filings. Giphy had generated about US$19 million in annual revenues before the acquisition, meaning Facebook paid more than 20 times that amount for it, according to people briefed on the matter. Facebook and Giphy declined to comment on financial details.
However, antitrust advocates have expressed scepticism that the Department of Justice and regulators can rein in spending by big tech companies, instead seeking to marshal popular opinion through measures such as the pandemic bill proposed by Ocasio-Cortez and Warren.
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