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Monthly M&A Insider

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Monthly M&A Insider A mergermArket report on globAl m&A Activity Monthly M&A InsIder mAy 2010 CONTENTS GlobAl overvIew 01 AmericAs: Latin AmericA 06 North AmericA 14 AsiA-Pacific 24 europe 35 middle eAst & AfricA 47 mergermarket Monthly M&A InsIder Part of the mergermarket group www.mergermarket.com 80 strand 895 broadway #4 suite 2401-3 london, Wc2r 0rl new york, ny 10003 grand millennium plaza united kingdom usA 181 Queen’s road, central hong kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] glObal OvErviEw glob THE glObal M&a MarkET HaS witnessed a briSk STarT to THE SECOND QUarTEr OF THE A l overvie yEar wiTH a total OF 654 DEalS COMiNg to THE MarkET iN aPril, CarryiNg aN aggrEgaTE DiSClOSED valUE OF US$125.04bN. wHilE largE-CaP DEal FlOw OvEr THE FirST QUarTEr OF 2010 FEaTUrED SEvEral EMErgiNg MarkET PlayS, ParTiCUlarly iN THE SOUTH aMEriCaN aND W aFriCaN TMT SPaCE, rECENT activiTy HaS iNCrEaSiNgly CENTrED iN MOrE TraDiTiONal arEaS of activiTy. SEven of the top 10 announced dealS so Far seen iN the second quarter HavE Taken Place iN NOrth AmeriCa, aN encouragiNg SigN of for the US and CaNaDiaN ECONOMiES. The largest such transaction was announced in the US Elsewhere, private equity acquirers have had a busy start telecommunications sector and saw Century link agree to to Q2, undertaking a total of 100 buyouts across the globe, acquire Qwest Communications for a total consideration of worth a collective US$14.65bn. a number of sizeable US$22.15bn. The deal, which will create the third-largest firm transactions have been brokered with the average buyout in the space after aT&T and verizon, is not expected to close deal size currently standing at an instantly calculable until the first half of 2011 with mergermarket intelligence US$146m for the quarter. while this average value figure suggesting that regulators, particularly at state level, are likely could trend downwards over the course of May and June, to heavily scrutinise the deal. it currently stands as the highest quarterly seen since Q4 2007, highlighting to good effect the asset class’ increasing regulators are reportedly keen to avoid a repeat of FairPoint willingness to do deals at the top end of the market as Communications’ 2007 US$2.72bn acquisition of certain economic visibility continues to improve. verizon assets in Maine, New Hampshire and vermont which resulted in FairPoint eventually filing for bankruptcy due to its The two largest deals private equity-related deals in april significant debt burden. The Centuryl ink/Qwest tie up is an were both witnessed in the US industrials & Chemicals all stock offer although regulators will likely look at the capital niche. in a take private valued at US$1.5bn, Cerberus Capital structure of both firms and Centuryl ink will have to give Management acquired DynCorp international while TPg reassurances that service quality will not deteriorate Capital acquired american Tire Distributors from a consortium post-deal. of investors including berkshire Partners for US$1.3bn. with established markets in Europe struggling to shrug off while recent activity has moved to more standard areas of the effects of the financial and sovereign debt crises, it is dealmaking, it is telling that cash-rich emerging market encouraging that North america is showing robust signs of corporate acquirers have remained involved on the buy-side continued recovery, endorsed by the M&a strategies of both of transactions. The top deal saw Sinopec international corporate and private equity players. Petroleum Exploration and Production Company, part of Chinese state-owned enterprise Sinopec Corporation, acquire a 9.03% stake interest in crude oil producer Syncrude Canada by tom Coughlan, remark from ConocoPhillips for US$4.65bn. The sale is part of ConocoPhillips’ US$10bn divestment programme, aimed at reducing the company’s debt. head of research – Elias latsis Global overview: Tom Coughlan editor – anna Henderson latin America: Matthew albert north America: aksana Fitzpatrick and irina arefyeva For advertising opportunities contact: Asia-Pacific:Debbie Jung, Shunsuke Okano and Maggie Cheung erik wickman europe: Samuel Tedjasukmana and Damien Julliard tel: + (1) 212 6863329 Middle east & Africa: Petra witowski , lars lundqvist and [email protected] Marie-laure keyrouz Monthly M&A Insider 01 TrEND graPHS GLOBAl M&A quArterly trend glob valUE vOlUME A l overvie 1,400,000 4,500 4,000 1,200,000 W 3,500 1,000,000 3,000 m) $ 800,000 2,500 600,000 2,000 alue (US V olume of deals V 1,500 400,000 1,000 200,000 500 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* GLOBAl M&A quArterly MId-MArket trend valUE vOlUME 140,000 2,000 120,000 1,500 100,000 m) $ 80,000 1,000 60,000 alue (US V Number of deals 40,000 500 20,000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* Moving average trend line Monthly M&A Insider 02 TrEND graPHS GLOBAl M&A quArterly PrIvAte equIty trend glob valUE vOlUME A l overvie 400,000 800 350,000 700 W 300,000 600 250,000 500 200,000 400 alue (US$m) V Number of deals 150,000 300 100,000 200 50,000 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10* Global buyouts Global buyouts Global exits Global exits GLOBAl M&A seCtor breAkdown ytd 2010 valUE vOlUME 0.7% 0.4% 2.5% 1.1% 2.6% 0.7% 1.5% 2.8% 10.2% 2.7% 1.4% Industrials & Chemicals 3.8% 18.4% Industrials & Chemicals TMT 4.4% TMT 10.8% Consumer Consumer 17.2% Business Services 7.3% Business Services Financial Services Financial Services 14.3% Energy, Mining & Utilities Energy, Mining & Utilities Pharma, Medical & Biotech 10.3% Pharma, Medical & Biotech Construction Construction 21.9% 10.1% Leisure Leisure 2.9% Real Estate 10.5% 12.8% Real Estate Tr ansportation Tr ansportation 17.6% 11.1% Agriculture Agriculture Defence Defence Monthly M&A Insider 03 TrEND graPHS GLOBAl M&A deAl sIze breAkdown glob A valUE vOlUME l overvie 2,500 9,000 8,000 W 2,000 7,000 6,000 1,500 5,000 4,000 alue (US$bn) 1,000 V Number of deals 3,000 2,000 500 1,000 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010* 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010* > $501m > $501m $251m-$500m $251m-$500m $101m-$250m $101m-$250m $15m-$100m $15m-$100m $5m-$14.9m $5m-$14.9m Value not disclosed Monthly M&A Insider 04 M&A Insights FASB eyes possible "Big Bang" implementation of new standards Are your deal teams ready? The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) continue to push forward with their efforts to converge U.S. GAAP and IFRS, with a number of projects slated for completion in mid-2011 followed by a possible "Big Bang" implementation of the resulting accounting standards sometime thereafter. These developments could significantly impact the evaluation and structuring of acquisitions and dispositions in the U.S. and abroad. This new point of view: • Highlights the early results of several projects • Provides examples of how those results could impact dealmakers • Offers tips on how dealmakers might address these possible changes in their modeling and due diligence activities. Click here to download the full article. For more information, please contact: Matthew Himmelman Partner Deloitte & Touche LLP +1 714 436 7277 [email protected] For archive of past M&A Insights articles, please visit: www.deloitte.com/us/mainsights Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity.
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