Deal Rush Pushes Takeovers to Most Expensive Since Lehman

Corporate executives in the first quarter paid the most for takeovers since before the collapse of Lehman Brothers Holdings Inc., kicking off what investment bankers say may be the busiest year for deals since 2007.

Acquirers paid a median 9.2 times earnings before interest, taxes, depreciation and amortization for companies in the period, the most since the second quarter of 2008, according to data compiled by Bloomberg. Valuations are still lower than during the last M&A boom, when they peaked at 11.4 times Ebitda.