European M&A Basket and LBO Candidates Refresh

Goldman Sachs has updated its European M&A basket (GSTRACQN) and LBO screening list following a surge in 1Q26 European M&A volumes. New additions to the acquisition-likely basket include Beiersdorf and Puma.

Key Takeaways

• 1.European M&A activity spiked in 1Q26, with volumes for Western European targets more than doubling historical averages.
• 2.The GSTRACQN European M&A basket was rebalanced, adding Beiersdorf, Puma, and Hiscox while removing four others.
• 3.Sponsor activity indicators (financing, deployment, and exits) showed notable broad-based improvement in April and May 2026.

Table of Contents

• M&A Activity mark to market
• Rebalancing our European M&A basket (GSTRACQN)
• Companies with the highest IRRs
• Identifying potential LBO candidates
• Appendix I: GS M&A Framework
• Appendix II: LBO Model Base-Case Assumptions
• Disclosure Appendix

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