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Outlook for M&A in Israel

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Outlook for M&A in Israel Innovation drives In this publication, White & Case means the international legal practice comprising dealmaking: OutlookWhite & Case LLP, a New York State registered limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law for M&A in Israel and all other affi liated partnerships, companies and entities. This publication is prepared for Competition for technological expertise has the general information of our transformed Israel’s M&A landscape as clients and other interested persons. It is not, and does not dealmakers strive to stay ahead of the curve attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice. ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome. 2 White & Case W&C_Israel_MA2017_v15_AP.indd 1 15/06/2017 18:30:59 Contents Israel M&A scales new heights Page 1 Disruption fuels deals Page 3 Tech leads the way Page 6 A positive outlook Page 8 Regulation: Where challenge meets opportunity Page 10 Conclusion: Looking ahead Page 12 II White & Case W&C_Israel_MA2017_v15_AP.indd 2 15/06/2017 18:31:02 Israel M&A scales new heights Investors continue to flock to Israel, as innovation and technological advancements create fertile ground for M&A. The country’s leading expertise in cybersecurity is proving a key draw for dealmakers David Becker ubbed the “startup nation,” Israel is an epicenter of innovation. It boasts more venture Partner, White & Case capital firms and startups on a per capita basis than any other country in the world. In tech terms, it is second only to Silicon Valley. DMuch of this is borne of necessity, with a large portion of government R&D spending dedicated to technology relating to defense and national security. But many of these technologies have been adapted for the commercial sector, opening the door for ample M&A opportunities. Yet many Israeli startups struggle to gain scale. Few unicorns (private companies with US$1 billion-plus valuations) originate from Israel, and only one of the 500 largest global companies, Teva Pharmaceutical, is Israeli. Will this continue to be the case? And does M&A offer a way for Israeli innovators to achieve greater scale? To get a clearer sense of the forces shaping M&A in Israel, White & Case worked with Mergermarket to survey 66 senior-level executives at Israeli companies and PE firms. That provided a qualitative and quantitative basis for assessing dealmaker sentiment, which we analyzed along Colin Diamond with data on current M&A activity. This report offers a perspective on Israel M&A, including views Partner, White & Case on which sectors are likely to be in demand, how deal activity may evolve and where investment opportunities may emerge in the future. Key takeaways include: Deal values remain high Inbound and domestic dealmaking combined achieved record values in 2016 with 99 deals worth US$20 billion, and 2017 is already on course to be another strong year—there were 19 deals worth US$15.3 billion in the first quarter alone. Executives are optimistic about the future of dealmaking The vast majority of respondents (86 percent) expect 2017 deal activity to remain high or even increase compared to 2016. Deal stats for Q1 2017 support this view. Tech tops the charts Technology remains the most active sector for M&A in Israel, with the country’s expertise in cybersecurity drawing particular interest. Life sciences and financial services are also attracting investors. Regulation offers both opportunities and challenges While respondents say regulation remains a challenge in Israel, particularly antitrust enforcement, the country’s Anti-Concentration Law has created opportunities for private equity, as many of Israel’s largest holding companies and conglomerates are set to be broken up. Innovation drives dealmaking: Outlook for M&A in Israel 1 W&C_Israel_MA2017_v15_AP.indd 1 15/06/2017 18:31:02 W&C_Israel_MA2017_v15_AP.indd 2 15/06/2017 18:31:04 Disruption fuels deals HEADLINES n The 19 deals worth US$15.3 billion with Israeli targets recorded in Q1 2017 have already reached the second-highest annual value on record (following 2016), with three quarters left to run n TMT is the most active sector, notching up 45 deals worth US$7 billion in 2016 and the first quarter of 2017 combined n The US was the top bidder in Israel through 2016 and in the first quarter of 2017, with 37 deals worth US$17.1 billion. China was second, with 10 deals worth US$10.9 billion n The US was also the top outbound market in 2016 and the first quarter of 2017, with 17 deals worth US$2.1 billion. The UK was second, with five deals worth US$1.1 billion hile Israel’s technological prowess has attracted Israel M&A 2009—Q1 2017 inbound interest for Wyears, domestic limitations are now prompting some Israeli firms 100 25 to search for scale abroad. Israel’s rich entrepreneurial 20 ecosystem makes it a prime target for 80 Value (US$ billion) Value M&A. In 2016, there were 99 M&A deals with an Israeli target, worth 60 15 a total of US$20 billion, a record in value terms and a joint-record by Volume 40 10 volume, tying with 2015. Indeed, total annual inbound deal values in 20 5 2016 were more than double those of any previous year going back to 2007. 0 0 This momentum continued into 2009 2010 2 011 2012 2013 2014 2015 2016 Q1 2017 2017, with 19 deals worth a total Volume Value (US$ billion) of US$15.3 billion in Q1. Most of this value can be attributed to the largest deal of the period: Intel’s Top sectors 2016—Q1 2017 US$14.7 billion acquisition of Mobileye, a developer of advanced driver assistance systems and 50 Volume Value (US$ billion) autonomous driving. This means that, in one quarter, the market already 40 reached the second-highest annual value on record (following 2016), with three quarters left to run. 30 The Mobileye deal, which falls under the industrials and chemicals 20 category of deal activity, pushed that sector to the top of the value charts, 10 with 25 deals worth US$21.9 billion through 2016 and the first quarter of 0 2017. But in terms of volume, TMT TMT Industrials Pharma, Consumer Business Financial Energy, Leisure was the clear winner: The sector and medical services services mining chemicals and and notched 45 deals worth US$7 billion biotech utilities during that same period. Innovation drives dealmaking: Outlook for M&A in Israel 3 W&C_Israel_MA2017_v15_AP.indd 3 15/06/2017 18:31:05 It’s worth noting that the In second place was China, with between 2009 and 2016 (excluding Mobileye deal could quite easily 10 deals worth US$10.9 billion. Teva-Allergan) was 27 deals worth have qualified for the TMT category, The US and Israel, in particular, US$3.8 billion. This suggests that as emerging technologies and the have strong ties, with the former 2016 volume was average, although solutions they provide are adopted showing robust diplomatic and value was low. Global markets were by adjacent industries. economic support for the latter, highly volatile at the beginning This trend toward convergence US$ but savvy Chinese and American of 2016, which is likely to have is particularly evident in the 15.3 investors know that, in terms of hampered activity. automotive sector served by billion technology, Israel remains one of Through 2016 and into the first Mobileye, where manufacturers The value of the best markets in the world for quarter of 2017, the top outbound rely heavily on technology to 19 deals with innovative thinking. market was the US, with 17 deals Israeli targets in enable autonomous vehicles, Q1 2017 (surpassing worth US$2.1 billion, followed connectivity, advanced safety annual totals Searching for growth by the UK, with five deals worth systems and high efficiency. We between 2006 Israel may boast more startups per US$1.1 billion. The latter claimed expect to see more cross-sector and 2015) capita than any other nation, but with the largest deal of the period—the deals underpinned by technology a population of only 8.4 million, about US$1.1 billion purchase of Ithaca in Israel in the future. the same as New York City, the scope Energy by Delek Group in February As the head of business for domestic growth, through M&A 2017, which saw the firm secure a development at one company or otherwise, is relatively narrow. foothold in the North Sea. says, while fintech, foodtech Outbound acquisitions offer inroads In terms of industry, the majority and automotive are attracting the to foreign markets and opportunities of the largest 10 deals were most attention at the moment, for scalability. accounted for by the software “automotive is the most appealing In 2016, there were 25 outbound sector, including the second-largest because the industry is in transition 45 M&A deals with an Israeli bidder, deal of the 15-month period, the worldwide. Manufacturers are worth a total of US$2.2 billion, down US$940 million acquisition of US- Total number looking to add technological of TMT deals in from 42 deals worth US$47.8 billion based on-demand contact-handling innovation to their vehicles, with 2016 and Q1 2017 in 2015. However, 2015 was an application services firm InContact many companies in Israel pursuing combined outlier, with values inflated by by NICE. this strategy aggressively.” Teva Pharmaceutical Industries’ Activity has also been strong in On the inbound side, the top US$39.6 billion acquisition of the US the lower end of the market, as bidder through 2016 and the first generics business of Allergan.
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