Deal market dynamics and valuation in a shifting landscape

Robert Birdsey describes current M&A activity, noting a high volume of platform deals under some duress, seller-friendly valuations on operating assets, and a dramatic increase in buyer diligence. Darpan Kapadia adds that many development platforms suffer from poor capital discipline following a period of irrational exuberance, and that high-quality platforms now have an opportunity to consolidate weaker competitors at attractive prices.