Business Services M&A Insights 2008

September 2008

Welcome to this edition of Business Services Insights, a review of M&A activity and key trends within the Business Services sector by PricewaterhouseCoopers. The report highlights some of the deals and developments that occurred in 2007 and the first half of 2008, as well as forecasts for the year ahead.

Although there are areas of overlap, we define Business Services as broadly comprising five key sub-sectors:

• Transport, Distribution and Logistics (TDL)
• Facilities Management and Services (FM)
• Professional Advisory (PA)
• Human Capital Management (HCM)
• Business Process Outsourcing (BPO)

The Business Services sector is continuing to experience significant mergers and acquisitions activity even during the downturn, bucking the trend of declining deal volumes. With price expectations slowly realigning, many investors see 2009 as a good time for buying opportunities.