Market Trends 2022: Termination Fees

Summary

This practice note discusses market trends in termination fees in public target mergers in 2022, including both termination fees payable by the seller or target, and those payable by the acquirer. The discussion covers frequency, size, triggers, and other aspects of such fees, and includes a list of representative deals with links to deal summaries and full-text agreements. The data analyzed in this practice note was obtained using Market Standards, which contains publicly filed M&A deals from 2008 to the present. A total of 150+ data points are searchable for deals from 2017 to present, for public target deals initially valued at $100+ million and private target deals initially valued at $25+ million.