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After a strong start to the year, February was a slower month for European TMT sector M&A. The number of deals was 14% lower and the aggregate value was 30% lower at $14 billion. Valuation multiples in terms of the Price/Sales ratio increased from 1.6 to 1.7 while the Price/EBITDA ratio eased down from 8.5 to 7.9. Listed technology companies, as represented by the UK TechMark index, more than recovered from a 4.4% fall in January with a 5.4% gain in February.

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