Valuations in the Russian mergers and acquisitions market are declining in tandem with a sharp downturn in local equity markets.
The drop in deal prices reflects the broader weakness across the Moscow Exchange, where investor sentiment has deteriorated significantly over the past week.
75 points. The dollar-denominated RTS index mirrored this decline, underscoring persistent selling pressure across both domestic and foreign-currency hedged assets.
The MOEX and RTS indices have posted consecutive losses, with the ruble-denominated MOEX index falling 1.54% to 2,160.32 points in early trading on Tuesday before closing lower on Thursday at 2,186.75 points.
The dollar-denominated RTS index mirrored this decline, underscoring persistent selling pressure across both domestic and foreign-currency hedged assets.
This equity weakness is directly impacting M&A activity, as sellers adjust expectations downward to match the compressed valuations of listed peers.
In a risk-off environment, buyers gain leverage, leading to lower transaction multiples and a slowdown in deal flow.