Bankers who specialize in restructurings report that strategic acquirers are succeeding in buying assets out of the distressed M&A pool, rather than their private equity counterparts. Corporate dealmakers are doing a better job matching the expectations of sellers these days. Strategics also have the upper hand, in that they can offer synergies, which may make the deal more attractive to the debtors involved.

With sales going to strategic buyers, corporate dealmakers are considered the acquirers who can pay the most and appease the sellers, which is the key problem today, according to bankers.

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