Monthly M&A Insider March 2015

A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER MARCH 2015 INSIDE:

GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIA-PACIFIC

EUROPE

MIDDLE EAST & AFRICA

ABOUT MERRILL DATASITE

MERRILL CORPORATION CONTACTS

Monthly M&A Insider | March GLOBAL OVERVIEW

Despite a small decrease in M&A activity so far this year, the factors that propelled 2014 to record highs are still in place.

Dealmaking fell slightly in the first two months of this year Mega consolidation after a record 2014, with year-to-date M&A notching up 1,914 deals worth US$421.2bn. By comparison, deals over the same Another good sign for the market is the continued flow of period last year reached 1,962 deals worth US$429.2bn. mega transactions. In fact, the first two months of 2015 has already seen 16 large-cap deals in the US$5bn and over range, Private equity numbers also followed a similar trajectory. increasing from 12 transactions in 2014. Global buyouts reached 260 deals worth US$24.5bn for the first two months of the year compared with 276 deals worth The top deals in February were in the Telecommunications US$44.6bn in the first quarter of last year. and Pharmaceutical sectors, continuing last year’s trend. This activity is being driven by consolidation in both industries. In telecommunications, for instance, transactions from phone Positive outlook and cable carriers have dominated the European and US The slight fall in activity is a reflection of the uncertainty currently dealmaking landscape. These firms have been trying to combine pervading markets. Indeed, long-term macroeconomic factors their assets to bundle television, wireless, and web services such as oil price volatility and ongoing issues in the Eurozone with their mobile-based offerings. Bundling helps these have hampered appetite in some instances. Yet despite this, companies generate increased revenue and remain competitive the bigger picture shows favourable environment for dealmaking, by broadening their service and entertainment offerings. For which bodes well for activity in 2015. example, the largest transaction announced during the quarter was BT Group’s US$19bn acquisition of mobile operator EE, For one, companies are still flushed with cash to support a joint venture between Orange and Deutsche Telekom. This their M&A plans. Financial research firm Factset said that deal will allow BT Group to significantly expand its mobile and the balance of cash and short-term investments in S&P broadband capabilities. 500 companies reached a record-high of US$1.4tn in the fourth quarter. For pharmaceuticals, consolidation is being typically driven by the need for companies to fill out drug pipelines. For example, On top of this, private equity firms have a significant amount by acquiring Hospira, Pfizer makes inroads into the sterile of dry powder that they still have to deploy. Dry powder injectable pharmaceuticals and biosimilars areas. levels rose last year by US$128bn and stood at US$1.2tn as of December 2014, according to alternative asset research As we enter the second quarter of 2015, therefore, dealmaking firm Preqin. is still very much riding a wave. And while activity has dipped slightly from last year, the continued presence of key deal drivers push M&A even further.

Head of Research: Elias Latsis Global Overview: Elizabeth Lim and Karen Sibayan

Editor: Laura Resetar Latin America: Fabio Lopes North America: Nicole Corazza and Urna Chakraborty For advertising opportunities contact: Asia-Paciﬁc: Chris Wong and Brandon Taylor Erik Wickman Tel: + (1) 212 686 3329 Europe: Damien Julliard and Andrea Putaturo [email protected] Middle East & Africa: Damien Julliard

Monthly M&A Insider | March | 01 TREND GRAPHS

GLOBAL M&A QUARTERLY TREND GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND

1,400 5,000 400 900

4,500 800 1,200 350 4,000 700 300 1,000 3,500 Number of deals 600 Number of deals 250 3,000 800 500 2,500 200 600 400 Value (US$bn) Value 2,000 (US$bn) Value 150 300 400 1,500 100 200 1,000 200 50 500 100

0 0 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 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 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15* 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

GLOBAL M&A ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

4,000 18,000 900 3,500

16,000 800 3,500 3,000

14,000 700 3,000 2,500 Number of deals 12,000 Number of deals 600 2,500 10,000 500 2,000 2,000 8,000 400 1,500 Value (US$bn) Value Value (US$bn) Value 1,500 6,000 300 1,000 1,000 4,000 200

500 500 2,000 100

0 0 0 0 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

GLOBAL OVERVIEW Monthly M&A Insider | March | 02 TREND GRAPHS

GLOBAL M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME

0.8% 2.0% 2.1% 2.7% North America North America Europe Europe Asia-Pacific Asia-Pacific 34.7% Central & South America 23.7% Central & South America 32.6% 40.6% Middle East & Africa Middle East & Africa

24.0% 36.8%

GLOBAL M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

0.8% 0.7%

1.3% 1.7% 0.2%

0.2% 7.7% 10.0% 3.5% Industrials & Chemicals Industrials & Chemicals 4.0% 19.0% 6.4% 3.2% Business Services Business Services 4.1% Consumer Consumer 3.6% Technology 4.3% Technology Financial Services Financial Services 4.3% Pharma, Medical & Biotech 6.7% Pharma, Medical & Biotech 19.4% 1.8% Energy, Mining & Utilities 13.3% Energy, Mining & Utilities 1.7% Media Media

Leisure 8.3% Leisure 11.7% Transportation Transportation 5.9% Construction Construction Real Estate 8.3% 12.9% Real Estate Agriculture Agriculture 13.2% 9.6% Telecommunications 12.2% Telecommunications Defence Defence

GLOBAL OVERVIEW Monthly M&A Insider | March | 03 TREND GRAPHS

GLOBAL M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

0.5% 0.4% 0.5% 0.4% 0.4% 0.5% 0.8% 100 100 1.0% 1.0% 1.0% 1.1% 1.0% 1.1% 1.1% 90 98 27.2% 28.1% 29.9% 29.1% 3.7% 4.7% 4.7% 4.7% 4.5% 4.5% 80 40.5% 37.4% 96 4.5% 44.5% 70 94 3.9% 20.2% 19.4% 18.9% 60 19.0% 92 4.3% 4.5% 4.8% 4.7% 4.7% 4.6% 16.5% 18.0% 50 90 16.5% Percentage 40 27.9% Percentage 88 27.6% 26.1% 27.5% 20.4% 22.7% 30 20.0% 86 90.9% 89.3% 89.2% 89.8% 89.2% 9.8% 10.1% 9.9% 89.0% 89.0% 20 7.9% 9.8% 8.9% 84 7.6% 10 82 14.7% 15.2% 14.9% 14.2% 15.2% 13.0% 11.4% 0 80 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

GLOBAL OVERVIEW Return to contents Monthly M&A Insider | March | 04 Merrill DataSite The global due diligence platform for every sector in the business landscape

[email protected] www.datasite.com A MERGERMARKET M&A REPORT ON LATIN AMERICA

February, traditionally a slow month for M&A in Latin America, saw even less action than usual in 2015. There were only seven deals with disclosed values, totalling US$988m in deals for the month. Year-to-date, the region had 50 deals worth US$8.2bn, a 66.9% decrease from the same period last year (148 deals, US$24.8bn).

Private equity activity has also been uninspiring, with Currency volatility, falling commodity prices and corruption only two buyouts worth US$300m and two exits valued at scandals have made investors somewhat wary of investing in the US$212m. Private equity in Latin America, and especially Energy, Mining & Utilities sector. However, there is still plenty Brazil, should pick up in the following months with very of light at the end of the tunnel. Petrobras, Brazil’s biggest strong fundraising taking place in 2014 compared to the and, until very recently, most prestigious company, recently two previous years. With an economic outlook of stagnation announced its divestment plan for 2015 and 2016. The company, in Brazil, companies cannot depend on a strong economy which had a fall from grace due to a bribery scandal followed to stimulate demand and instead are looking to strengthen by a shocking downgrade of its debt to junk status at the end their positions with cost control, better internal process of February, plans to sell as much as US$13.7bn of its assets and tighter management, making those companies ideal by the end of 2016. The new divestment strategy plan hopes to candidates for a private equity overhaul. restore market confidence. The company wasn’t very active in 2014, accounting for an aggregate of only US$578m in between Energy, Mining & Utilities, a sector with a substantial market acquisitions and divestments in the year- a substantial decrease share in the region and, on average, accounting for 31% of from 2013 when it participated in over US$9.3bn in transactions, the total activity in Q1 for the past six years, saw its presence most of which were divestments. decrease to a mere 9% in this quarter, explaining in part, the overall lacklustre performance for the region. The largest deal in the sector in February was Statkraft AS’, the Norway-based state owned generator of renewable energy, acquisition of Empresa Electrica Pilmaiquen, a listed Chile-based hydroelectric power plant company, for a consideration of US$416m. The transaction strengthened Statkraft’s position in Chile and will enable the company to further grow its expanded international hydropower project portfolio.

Monthly M&A Insider | March | 06 TOP DEALS

TOP SEVEN* LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (FEB-15)

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

25-Feb-15 Statkraft AS Empresa Electrica Energy, Mining - ----0.9% 416 Pilmaiquen SA & Utilities

09-Feb-15 Tarpon Investimentos SA Abril Educacao SA Business Civita Family ---18.6% 240 (20.73% stake) Services

17-Feb-15 Hamburg Suedamerikanische Compania Chilena Naviera Transportation Compania --- -160 Dampfschifffahrts-Gesellschaft KG Interoceanica SA (container Chilena Naviera liner business) Interoceanica SA

24-Feb-15 Werthein Group QBE Insurance Group Limited Financial QBE Insurance n/a n/a --95 (workers’ compensation Services Group Limited business)

02-Feb-15 NH Hotel Group SA Hoteles Royal (80.77% stake) Leisure - --- -53

06-Feb-15 Inception Mining Inc Clavo Rico Ltd Energy, Mining - --- -17 & Utilities

16-Feb-15 ABS Global Inc In Vitro Brasil SA Pharma, Medical - 2.3 -- - 7 (51% stake) & Biotech

*There were only seven deals with a deal value disclosed in Feb-15 Source: Mergermarket Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin America n/a=not applicable Data correct as of 06-Mar-15

LATIN AMERICA Monthly M&A Insider | March | 07 TREND GRAPHS

LATIN AMERICAN M&A QUARTERLY TREND LATIN AMERICAN M&A QUARTERLY PRIVATE EQUITY TREND

70 250 4,500 30

4,000 60 25 200 3,500 50 Number of deals 3,000 20 Number of deals 150 40 2,500 15 30 2,000 Value (US$m) Value Value (US$bn) Value 100 1,500 10 20 1,000 50 5 10 500

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

180 800 8,000 70

160 700 7,000 60

140 600 6,000 50

120 Number of deals Number of deals 500 5,000 100 40 400 4,000 80 30 Value (US$m) Value Value (US$bn) Value 300 3,000 60 20 200 2,000 40

10 20 100 1,000

0 0 0 0 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

LATIN AMERICA Monthly M&A Insider | March | 08 TREND GRAPHS

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME

1.2% 1.2% 2.0% 8.0% 13.9% Brazil Brazil Chile 2.0% Chile Colombia Colombia 7.0% Ecuador Ecuador Mexico Honduras 18.0% 1.5% 42.0% Peru Mexico 2.8% Argentina Peru Venezuela Argentina 2.0%

4.0% 72.4% 10.0% 12.0%

LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

1.2% 2.0% 1.9% 1.0% 2.0% 0.6% 3.8% 4.0% Industrials & Chemicals 18.0% Industrials & Chemicals 4.0% Business Services Business Services 4.0% 22.8% Consumer Consumer Technology 4.0% Technology 33.7% Energy, Mining & Utilities Energy, Mining & Utilities Transportation 6.0% Transportation Pharma, Medical & Biotech 14.0% Pharma, Medical & Biotech 1.2% Construction Construction Financial Services 6.0% Financial Services 10.1% Telecommunications Telecommunications Leisure Leisure 8.0% Media 10.0% Agriculture 0.1% 8.2% Real Estate Media 8.3% 8.0% 7.1% 10.0% Real Estate

LATIN AMERICA Monthly M&A Insider | March | 09 TREND GRAPHS

LATIN AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

0.3% 1.2% 0.8% 0.3% 0.9% 0.8% 2.0% 1.8% 2.0% 1.1% 0.7% 1.5% 100 100 9.2% 5.7% 6.8% 6.1% 6.8% 6.2% 6.0% 17.3% 8.0% 90 21.7% 6.6% 4.0% 28.6% 90 5.3% 5.5% 5.7% 6.4% 32.0% 32.5% 6.6% 80 39.2% 29.3% 80 14.3% 70 18.2% 70 60 45.5% 22.2% 50 19.0% 60 33.4% 38.4% Percentage Percentage 36.6% 85.8% 86.5% 86.7% 86.6% 88.0% 40 82.2% 85.1% 28.5% 50 23.0% 30 24.7% 15.8% 13.8% 8.7% 40 20 10.1% 10.3% 10.6% 7.5% 30 10 21.4% 20.4% 14.8% 14.4% 16.8% 9.6% 12.2% 0 20 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

LATIN AMERICA Return to contents Monthly M&A Insider | March | 10 A MERGERMARKET M&A REPORT ON NORTH AMERICA

Coming off of a record year for M&A in terms of value, 2015 started off with the US dollar getting stronger and 654 deals worth US$160.7bn in the year-to-date. Private equity deals constituted a third of total deal volume, with 116 exits worth US$21.3bn and 101 buyouts worth US$6.5bn.

The Pharma, Medical & Biotech sector saw the highest deal Low oil prices may have a positive effect on operating costs at value so far with 72 deals worth US$46bn. The top deal for mines, especially those which rely on oil fuelled generators. February was Pfizer’s US$16.4bn acquisition of Hospira, with This may be reflected in the Energy, Mining & Utilities sector Valeant Pharmaceuticals’ acquisition of Salix Pharmaceuticals in the coming months, since decreases in mining costs will for US$14.5bn came in as the second largest deal. Rite Aid’s allow mining companies to have more cash on hand for US$2bn acquisition of Envision Pharmaceutical Services acquisitions and consolidation. So far the sector saw 57 deals rounded out the top ten deals and contributed to the Pharma, worth US$32.7bn, with Iberdrola USA’s US$4.7bn acquisition Medical & Biotech sector’s market share of 28.7% by deal value of UIL Holdings breaking into the top deals for the month. for the month. After the trend of tax inversion transactions from last year, this year will reportedly bring more deals where bigger The growing strength of the dollar coupled with corporations and firms shed non-core assets to streamline business. Additionally, private equity funds’ record amounts of cash on hand are just the industry will undoubtedly be responding to the Affordable some of the reasons that the mega deal trend can be expected Care Act as physician groups consolidate. to continue in North America for 2015. The Pharma, Medical & Biotech sector will be one to watch given the transformation Staples’ US$6.7bn acquisition of Office Depot and JM Smucker happening in the space, along with the oil and gas industry. Company’s US$5.8bn acquisition of Big Heart Pet Brands in the While 2014 ended as the strongest year for M&A since the Consumer sector brought the collective total for the sector in financial crisis, it remains to be seen whether 2015 can sustain the year to date to 72 deals worth US$17.1bn, a 10.6% market these record levels of growth along with stabilised markets and share by value. The Consumer sector will be seeing more deals continued confidence in the economy. between strategics since companies with more cash on hand will be looking to acquire companies with which they share synergies. Conversely, continued consolidation in the space could also bring about divestitures of units that offer no synergies.

Monthly M&A Insider | March | 11 TOP DEALS

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (FEB-15)

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

05-Feb-15 Pfizer Inc Hospira Inc Pharma, Medical - 3.7 22.7 46.2 38.9% 16,449 & Biotech

22-Feb-15 Valeant Pharmaceuticals Salix Pharmaceuticals Ltd Pharma, Medical - 12.8 (negative) (negative) 0.1% 14,500 International Inc & Biotech

05-Feb-15 Frontier Communications GTE Southwest Telecommunications Verizon 1.8 6.6 --10,540 Incorporated; Verizon Communications Inc Florida LLC; and Verizon California Inc

04-Feb-15 Staples Incorporated Office Depot Inc Consumer 0.4 177.2 (negative) 22.9% 6,734

03-Feb-15 The JM Smucker Company Big Heart Pet Brands Consumer Kohlberg Kravis -- - -5,800 Roberts & Co LP; Vestar Capital Partners; AlpInvest Partners BV; and Centerview Capital Holdings LLC

26-Feb-15 Iberdrola USA Inc UIL Holdings Corporation Energy, Mining - 2.9 11.7 27.5 24.8% 4,678 & Utilities

06-Feb-15 Harris Corporation Exelis Inc Defense - 1.4 9.3 20.0 34.1% 4,667

23-Feb-15 Asahi Kasei Corporation Polypore International Inc Energy, Mining - 4.1 19.1 79.6 14.3% 2,714 & Utilities

02-Feb-15 SS&C Technologies Advent Software Inc Business Services - 6.2 28.4 47.1 5.7% 2,472 Holdings Inc

11-Feb-15 Rite Aid Corporation Envision Pharmaceutical Pharma, Medical TPG Capital LP 0.5 -- -2,000 Services Inc & Biotech

Based on announced deals, including lapsed and withdrawn bids Source: Mergermarket Based on dominant geography of target company being North America (US + Canada) Data correct as of 06-Mar-15

NORTH AMERICA Monthly M&A Insider | March | 12 TREND GRAPHS

NORTH AMERICAN M&A QUARTERLY TREND NORTH AMERICAN M&A QUARTERLY PRIVATE EQUITY TREND

700 1,600 300 350

600 1,400 300 250

1,200 500 250 Number of deals Number of deals 200 1,000 400 200 800 150 300 150 Value (US$bn) Value Value (US$bn) Value 600 100 200 100 400

50 100 200 50

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

NORTH AMERICAN M&A ANNUAL TREND NORTH AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

1,800 7,000 500 1,200

1,600 450 6,000 1,000 400 1,400

5,000 350

1,200 Number of deals 800 Number of deals 300 1,000 4,000 250 600 800 3,000 Value (US$bn) Value (US$bn) Value 200 600 400 2,000 150 400 100 200 1,000 200 50

0 0 0 0 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

NORTH AMERICA Monthly M&A Insider | March | 13 TREND GRAPHS

NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

0.5% 0.6% 0.3% 0.1% 2.3% 2.9% 0.3% 1.5% 0.1% 2.9% 6.6% 13.2% 16.2% Industrials & Chemicals 3.1% Industrials & Chemicals 1.4% Business Services 4.7% Business Services 1.3% 4.8% Technology Technology 1.3% Consumer Consumer 2.4% 8.7% Pharma, Medical & Biotech Pharma, Medical & Biotech Financial Services Financial Services 15.9% 20.3% 10.6% Energy, Mining & Utilities Energy, Mining & Utilities

Media 10.1% Media Transportation Transportation Leisure Leisure Construction Construction 4.9% Real Estate 11.0% 12.4% Real Estate Telecommunications Telecommunications 28.6% 11.0% Agriculture Agriculture Defence Defence

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

0.7% 0.6% 0.7% 0.5% 0.6% 0.9% 100 100 1.2% 1.0% 1.1% 1.4% 1.1% 1.4% 1.4% 1.2% 90 3.4% 31.7% 32.1% 5.3% 3.5% 37.2% 5.5% 4.9% 5.9% 5.3% 80 41.3% 95 47.7% 53.6% 3.8% 70 58.7% 4.1% 4.4% 5.2% 5.4% 60 17.8% 21.2% 90 5.0% 5.0% 20.9% 50 15.9% 16.6% Percentage Percentage 40 17.0% 85 13.2% 27.6% 20.8% 27.4% 91.1% 30 24.2% 90.0% 88.6% 19.9% 87.6% 87.6% 87.2% 87.4% 13.2% 13.6% 20 9.9% 80 9.0% 8.2% 7.4% 5.4% 6.7% 6.0% 10 9.5% 13.0% 12.1% 11.1% 11.2% 9.1% 9.8% 0 75 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

NORTH AMERICA Return to contents Monthly M&A Insider | March | 14 A MERGERMARKET M&A REPORT ON ASIA-PACIFIC

The wave of acquisitions across Asia-Pacific from 2014 is showing no signs of slowing down anytime soon. At the close of February, M&A across the region hit 213 deals worth US$45.9bn. Year-to-date (YTD) figures show that Q1 has already surpassed figures for the full first quarter in 2014, exhibited by the US$137.2bn in transactions against US$123.6bn in Q1 2014.

Despite the announcement by Chinese Premiere Li Keqiang Two mega deals involving Sunac China Holdings Ltd in China that the Chinese government had revised its growth target down and Federations Centers in Australia ensured that the real to around 7%, the largest economy in Asia still led the way for estate sector saw the highest value activity at US$13.8bn February deal volume. The 73 deals represented 34.3% of the (30% of regional activity). The transportation sector, also overall M&A market at a value of US$13.9bn. The largest deal to aided by high-value transactions in Australia, accounted for take place was the Sunac China Holdings Ltd US$3.9bn bid for a 21.2% of regional activity at a total value of US$9.7bn. 70.1% stake in Kaisa Group Holdings Ltd in the real estate sector. Private equity buyouts continue to paint a solid picture for February was also a good month for Australian M&A with investors across Asia-Pacific after a record breaking year in 29 deals worth US$15.5bn, the largest value share at 33.8%. 2014. Last year, there were 564 PE-backed deals valued at This was, in part, driven by the two largest M&A deals of US$108bn compared to 454 deals valued at US$76bn the year February: Federation Centers’ US$8.2bn deal for real estate prior. So far in 2015, YTD figures underline a more tentative company Novian Property Group; and Japan Post Holdings’ start to the year. The total buyout value is US$7.5bn from 38 US$6.3bn deal for Toll Holdings Ltd in the transportation buyouts. This appears to be a solid return compared to the sector. Inbound activity could see an uptick in the coming quarterly totals for Q1 2014, where buyout values totalled months following the establishment of several free trade US$19.7bn from 88 deals across the region. agreements between Australia and its regional neighbours.

Japan had the second largest number of deals with 33 transactions (15.5% of regional deal volume) worth US$1.9bn (4.1% of value). While inbound investment continues to be lacklustre, Japan’s outbound story is one of interest. Acquisitive Japanese companies continue to make ambitious forays into foreign markets, and outbound deal values were up 9% to reach US$53.2bn in 2014 compared to the previous year. Industry experts remain positive on this trend as 2015 unfolds. Outbound deals are being driven by the appeal of strong consumer segments in Indonesia, India, Myanmar, Thailand and Singapore.

Monthly M&A Insider | March | 15 TOP DEALS

TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF THE MONTH (FEB-15)

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

03-Feb-15 Federation Centres Novion Property Group Real Estate - 13.98 19.93 18.75 9.9% 8,184

18-Feb-15 Japan Post Holdings Co Ltd Toll Holdings Limited Transportation - 0.91 11.30 22.00 48.7% 6,283

06-Feb-15 Sunac China Holdings Kaisa Group Holdings Ltd Real Estate - n/a n/a n/a 13.2% 3,870 Limited (70.06% stake)

14-Feb-15 Consortium led by Suzlon Energy Limited Energy - 1.28 n/a n/a -2.4% 2,847 Mr Dilip Shanghvi

12-Feb-15 Harim Holdings Co Ltd; Pan Ocean Co Ltd Transportation - n/a n/a n/a -3.7% 2,169 and JKL Partners (59.88% stake)

17-Feb-15 Kintetsu World Express Inc APL Logistics Limited Transportation Neptune Orient Lines ----1,200 Limited

17-Feb-15 Anbang Insurance Group Tong Yang Life Insurance Co Ltd Financial Yuanta Securities Korea Co n/a n/a n/a 45.3% 1,032 Co Ltd (63.05% stake) Services Ltd; and Vogo Investment

13-Feb-15 China Orient Asset Shanghai Zendai Property Real Estate - n/a n/a n/a 9.3% 983 Management Corporation Limited

13-Feb-15 China Steel Corporation Formosa Ha Tinh Steel Corp Industrial - ----939 (20% stake) products and services

02-Feb-15 Mylan Inc Famy Care Ltd (certain female Pharma, Medical Famy Care Ltd ----750 healthcare businesses) & Biotech

n/a=not applicable Source: Mergermarket Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Asia-Pacific Data correct as of 09-Mar-15

ASIA-PACIFIC Monthly M&A Insider | March | 16 TREND GRAPHS

ASIA-PACIFIC M&A QUARTERLY TREND ASIA-PACIFIC M&A QUARTERLY PRIVATE EQUITY TREND

200 1,200 25 120

180 1,100 1,000 100 160 20 900 140 Number of deals 800 80 Number of deals

120 700 15

100 600 60

500 Value (US$bn) Value 80 (US$bn) Value 10 400 40 60 300 40 5 200 20

20 100

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

ASIA-PACIFIC M&A ANNUAL TREND ASIA-PACIFIC M&A ANNUAL PRIVATE EQUITY TREND

700 4,000 80 450

400 600 3,500 70

350 3,000 60 500

Number of deals 300 Number of deals 2,500 50 400 250 2,000 40 300 200 Value (US$bn) Value (US$bn) Value 1,500 30 150 200 1,000 20 100

100 500 10 50

0 0 0 0 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

ASIA-PACIFIC Monthly M&A Insider | March | 17 TREND GRAPHS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME 0.7% 0.6% 1.6% 1.8% 1.4% 1.5% 8.8% 4.9% 3.1% Hong Kong Hong Kong 3.5% 1.1% China China Australia Australia 7.1% 11.3% India India 39.5% South Korea South Korea Singapore Singapore 2.4% 11.7% Thailand Thailand Japan 3.3% 41.9% Japan Vietnam Vietnam Indonesia 6.0% Indonesia Other Other

9.7%

29.0% 9.1%

ASIA-PACIFIC M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

1.1% 0.4% 1.4% 2.0% 0.4% 2.5% 0.4% 3.8% 3.2% Industrials & Chemicals 3.8% Industrials & Chemicals 3.4% 19.6% Technology 3.8% Technology 5.9% 33.8% Business Services Business Services 5.1% Consumer Consumer

6.1% Energy, Mining & Utilities Energy, Mining & Utilities 5.3% Pharma, Medical & Biotech Pharma, Medical & Biotech Financial Services Financial Services 14.2% 6.4% Transportation 6.2% Transportation Media Media Real Estate Real Estate 7.5% Construction 7.1% Construction Leisure Leisure 12.5% 10.6% 7.7% Agriculture 7.7% Agriculture 8.1% Other 10.0% Telecommunications Other

ASIA-PACIFIC Monthly M&A Insider | March | 18 TREND GRAPHS

ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

0.4% 0.3% 0.4% 0.3% 0.3% 0.3% 100 100 0.9% 1.0% 1.4% 0.8% 0.9% 0.7% 0.8% 13.5% 13.3% 1.5% 90 19.9% 20.5% 22.1% 24.0% 4.7% 5.4% 5.1% 5.4% 4.4% 5.2% 80 15.2% 95 44.5% 6.2% 26.6% 17.0% 16.5% 70 13.6% 14.8% 5.2% 5.6% 5.4% 5.9% 5.7% 6.0% 60 90 34.5% 50 27.6% 7.7% 30.3% 26.6% 29.7% 28.8% 15.2% Percentage Percentage 40 85

30 13.7% 12.8% 18.1% 11.3% 11.3% 12.3% 12.1% 87.8% 88.7% 87.7% 88.5% 87.9% 87.8% 20 80 9.2% 83.7% 23.3% 10 21.5% 22.0% 20.6% 21.9% 22.7% 13.0% 0 75 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

ASIA-PACIFIC Return to contents Monthly M&A Insider | March | 19 A MERGERMARKET M&A REPORT ON EUROPE

Europe’s M&A activity in the first two months of 2015 was 16% down on the same period last year – US$100.9bn worth of deals targeting Europe-based companies were agreed during January and February 2015, against US$120.2bn the year before. Volume too declined year-on-year, from 1,078 transactions in 2014 to 705 so far this year, a 34.6% contraction. On a monthly basis, January saw a substantial 41.3% drop, whilst February was 11.75% higher.

Coincidentally, 24 transactions above 1bn were signed by the Being the target geography of the two largest deals listed end of February in both 2014 and 2015. The largest transaction above, the UK was also the dominant country by value – year-to-date (YTD) was BT group’s US$19bn acquisition of US$50.8bn of deals were announced YTD, of which the two mobile carrier EE’s, which enables the UK telecoms player to transactions accounted for more than half. The country covered re-enter the mobile segment while taking another step towards 50.3% of total European M&A activity by value, against 22.6% the developing of its bundle ‘quad’ offer of phone, internet and by volume (159 transactions). Germany, Italy, and France were TV services. The deal also propelled the Telecommunications also among the top-four geographies by value, with US$8.4bn, sector to the top spot value-wise at US$19.1bn (18.9% of the US$7.4bn, and US$6bn worth of deals respectively. total sectors pie), although with as few as four transactions. Italy was the country with the least number of transactions Ball Corporation’s tender offer for UK-listed Rexam was the among the top four (58, against 104 for Germany and 87 second largest deal at nearly US$8.6bn. The combination for France). Its position so high in the list is due mainly to of the US-listed packaging products specialist with its UK the presence of three operations above the 1bn threshold – counterpart will create a global leader in metal beverage listed EI Tower’s US$1.5bn bid for peer Rai Way; US-based packaging, the company said in a press release. On the Cyberonics’s US$1.5bn merger with Sorin Group; and Hitachi’s back of this transaction, the consumer sector came in acquisition of Ansaldo’s rail equipment business for US$1.9bn. second YTD, with a total of 118 deals valued at US$13.3bn (13.1% of the total). Private equity buyouts activity was rather subdued so far in 2015, with only 115 transactions worth US$9.8bn. Exits stood Financial Services was the third most active sector YTD at US$17.6bn and 122 deals. (US$11.7bn on 53 deals), followed by Industrials & Chemicals (US$11.6bn; 159), and Construction (US$9.2bn; 28).

Monthly M&A Insider | March | 20 TOP DEALS

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (FEB-15)

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

05-Feb-15 BT Group plc EE Limited Telecommunications Orange SA; and 2.0 12.1 --19,048 Deutsche Telekom AG

19-Feb-15 Ball Corporation Rexam Plc Consumer 1.4 10.2 12.4 16.9% 8,547

02-Feb-15 CRH Plc Holcim Ltd and Lafarge SA Construction Lafarge SA; and 1.3 8.7 --7,359 (certain assets) Holcim Ltd

16-Feb-15 Deutsche Wohnen AG Conwert Immobilien Real Estate - ---4.8% 3,095 Invest SE

10-Feb-15 Canon Inc Axis AB Technology - 4.2 29.2 43.4 49.8% 2,757

20-Feb-15 Fonciere des Regions SA Fonciere des Murs SCA Real Estate Assicurazioni Generali SpA; ----7.6% 2,018 (23.8% stake) and Credit Mutuel

03-Feb-15 Arkema Group SA Bostik SA Industrials & Total SA 1.1 -- -1,980 Chemicals

23-Feb-15 Globe Specialty Metals Inc Grupo Ferroatlantica SL Industrials & Grupo Villar Mir SL 1.6 11.9 - 1,953 Chemicals

17-Feb-15 Fairfax Financial Holdings Brit PLC Financial Services - ---11.2% 1,879 Limited

24-Feb-15 Hitachi Ltd Ansaldo STS SpA Transportation Finmeccanica SpA 1.3 --9.2% 1,854

Based on announced deals, including lapsed and withdrawn bids Source: Mergermarket Based on dominant geography of target company being Europe Data correct as of 06-Mar-15

EUROPE Monthly M&A Insider | March | 21 TREND GRAPHS

EUROPEAN M&A QUARTERLY TREND EUROPEAN M&A QUARTERLY PRIVATE EQUITY TREND

600 2,000 120 450

1,800 400 500 100 1,600 350

1,400

400 Number of deals 80 300 Number of deals 1,200 250 300 1,000 60 200

Value (US$bn) Value 800 (US$bn) Value 200 40 150 600

100 400 100 20 200 50

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

EUROPEAN M&A ANNUAL TREND EUROPEAN M&A ANNUAL PRIVATE EQUITY TREND

1,600 8,000 300 1,600

1,400 7,000 1,400 250

1,200 6,000 1,200 Number of deals Number of deals 200 1,000 5,000 1,000

800 4,000 150 800 Value (US$bn) Value (US$bn) Value 600 3,000 600 100

400 2,000 400

50 200 1,000 200

0 0 0 0 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

EUROPE Monthly M&A Insider | March | 22 TREND GRAPHS

EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME

1.0% 1.2% 0.7% 1.3% 2.0% 1.5% 1.8% 13.0% UK UK 2.4% 22.6% Germany Germany 3.2% 2.4% Italy Italy 3.5% France 4.7% France 1.6% 4.2% Switzerland 0.6% Switzerland Spain Spain 1.4% 5.3% 50.4% Austria 2.1% Austria Sweden Sweden 2.4% Belgium 4.0% 14.8% Belgium 5.9% Russia Russia 2.1% Czech Republic Czech Republic 4.7% 7.3% Portugal Portugal Republic of Ireland 3.1% 8.2% Republic of Ireland 8.3% Netherlands 12.3% Netherlands Turkey Turkey Other Other

EUROPEAN M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

0.6% 0.3% 1.4% 0.7% 0.1%

11.4% 3.3% Industrials & Chemicals 3.5% Industrials & Chemicals 19.1% 22.6% Consumer 3.7% Consumer Business Services 4.0% Business Services 13.1% Technology Technology Financial Services 5.5% Financial Services 6.5% Pharma, Medical & Biotech Pharma, Medical & Biotech 1.8% Leisure Leisure 7.1% Construction Construction 4.9% 8.3% Transportation 16.7% Transportation 2.9% Media Media 7.5% Energy, Mining & Utilities Energy, Mining & Utilities 3.5% Real Estate Real Estate 11.5% 9.1% Telecommunications 10.9% Telecommunications 12.8% 3.3% 3.9% Defence Agriculture Defence

EUROPE Monthly M&A Insider | March | 23 TREND GRAPHS

EUROPEAN M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

0.4% 0.3% 0.4% 0.3% 0.2% 0.4% 0.4% 100 100 0.9% 0.7% 0.9% 0.8% 0.9% 1.0% 0.7% 90 98 26.6% 22.0% 2.7% 3.5% 3.2% 28.5% 3.8% 3.4% 4.3% 33.6% 33.9% 33.8% 34.7% 4.0% 80 96 2.9% 94 3.2% 70 3.3% 3.7% 3.5% 25.7% 3.6% 3.4% 18.6% 20.4% 60 14.5% 92 20.7% 18.6% 21.6% 50 90 Percentage Percentage 40 29.3% 28.8% 27.3% 88 21.0% 25.3% 31.7% 23.4% 93.1% 30 86 91.9% 91.7% 92.5% 91.1% 91.7% 91.2% 20 8.4% 10.3% 84 9.0% 9.8% 9.5% 9.1% 8.8% 10 82 16.3% 14.6% 14.7% 14.4% 12.7% 12.1% 10.3% 0 80 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

EUROPE Return to contents Monthly M&A Insider | March | 24 A MERGERMARKET M&A REPORT ON THE MIDDLE EAST & AFRICA

Overall, February has seen an increase in the number of deals announced. There were 22 deals announced in February with a deal value worth US$1.4bn in comparison to the 18 deals announced in January worth US$1.9bn. Although February has seen a decrease of 27.6% in the total deal value of announced deals, it is worth paying attention to the 22.2% rise in the number of deals which perhaps reflects investor confidence slowly returning to the region.

The sector with both the highest volume and value of deals for The transaction will enable CDC and Norfund to focus their February came from the Energy, Mining & Utilities sector, with activities in sub-Saharan Africa, and help to develop more five deals valued at US$665.7m – a trend which keeps the sector power plants in Africa in order to alleviate the critical shortage as the regions ongoing top performer in terms of deal value of reliable electricity. Norfund Chief Executive, Kjell Roland since 2011. Technology, a sector which has previously been quite is quoted as saying “inadequate and unreliable power supply subdued within the region, came second in terms of deal value is a major constraint on economic and social development with three deals totalling US$449.7m for February. in sub-Saharan Africa” and that “this investment will expand Norfund’s presence in African power markets and widen our In correlation with February’s top sector, the largest two deals of technology choice.” the month came from the Energy, Mining & Utilities sector. The top deal came from Seplat Petroleum Development Company, According to the February data on private equity buyouts, the listed Nigeria-based company engaged in providing oil and this month’s volume has increased considerably compared gas exploration and production services that acquired a 40% to January which had only one transaction compared to the working interest in OML 53 for a consideration of US$259.4m. five buyouts for February worth US$264m. The private equity OML 53 is a Nigeria-based oil field located onshore in north exits were worth US$425m in February, which is a significant eastern Niger Delta from Chevron Nigeria Limited – who will increase relative to the US$176m for January considering each still hold the remaining 60% interest in OML 53. The deal comes month had three exits. as part of Seplat’s strategy of “supplying the rapidly growing and evolving domestic market” as stated by their CEO, Austin Avuru. In continuation with January, Israel maintains its position in the region at the top in terms of deal value at US$489.1m, although The second largest deal came from Norfund and CDC’s formed noticeably losing ground with its share of total value reducing partnership to take direct ownership and control of Globeleq from January’s 74.1% to 35.7% in February. Nigeria closely Africa, a South African energy production company. Through followed with a total value share of 28.6%, noting however that the partnership, Norfund, the Norway-based private equity this came from only two deals, in comparison with Israel’s and venture capital firm, will acquire a significant minority six. Together the two countries accounted for over half of the stake (30%) in Globeleq Africa from the Actis Infrastructure regions deal value. 2 Fund for a cash consideration of approximately US$225m. CDC Group Plc, the UK-based investment firm headquartered According to a report published at the end of February by in London, already holds a major indirect investment in The African Private Equity and Venture Capital Association, Globeleq Africa via the Actis fund, which will concurrently the outlook for private equity in Africa looks extremely positive sell a small part of its holding to Norfund and transfer its for 2015. Private Equity investment is forecasted to grow remaining 70% stake into the new venture. The result of towards the consumer sector as well as infrastructure, real this agreement is a direct ownership of Globeleq Africa by estate and energy. Within the Middle East, Israel stands out Norfund and CDC at 30% and 70% shareholdings respectively. with two thirds of the exits listed this month attributed to them.

Monthly M&A Insider | March | 25 TOP DEALS

TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF THE MONTH (FEB-15)

Announced Bidder company Target company Target Seller company Exit multiples (x) Bid premia Deal dominant 1-day value sector Revenue EBITDA P/E before (US$m)

05-Feb-15 Seplat Petroleum Development OML 53 (40% stake) Energy, Mining Chevron Nigeria Limited ----259 Company Plc & Utilities

03-Feb-15 Norfund AS Globeleq South Africa Energy, Mining Actis LLP ----225 Management Services Pty Ltd & Utilities (30% stake)

16-Feb-15 Infosys Limited Panaya Ltd Technology Benchmark Capital; ----200 Battery Ventures; and Hasso Plattner Ventures Management GmbH

11-Feb-15 Bezeq The Israeli Telecom DBS Satellite Services (1998) Ltd Media Eurocom ----175 Corp Ltd (50.2% stake) Communications Ltd

11-Feb-15 Rocket Internet AG Talabat Technology - ----170

05-Feb-15 Seplat Petroleum Development OML 55 (22.5% stake) Energy, Mining Chevron Nigeria Limited ----132 Company Plc & Utilities

18-Feb-15 Check Point Software Hyperwise Technology - ----80 Technologies Ltd

04-Feb-15 Heaven-Sent Capital Village Main Reef Limited Energy, Mining - 0.3 1.3 62.2 14.9% 39 Management Group Co Ltd & Utilities

09-Feb-15 JamesAllen.com Segoma Consumer - ----18

23-Feb-15 Global EcoPower SA Nova Power Group Construction - ----15

Based on announced deals, including lapsed and withdrawn bids Source: Mergermarket Based on dominant geography of target company being Middle East or Africa Data correct as of 06-Mar-15

MIDDLE EAST & AFRICA Monthly M&A Insider | March | 26 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A MIDDLE EASTERN & AFRICAN M&A QUARTERLY QUARTERLY TREND PRIVATE EQUITY TREND

40,000 160 7,000 25

35,000 140 6,000 20 30,000 120 5,000 Number of deals Number of deals 25,000 100 15 4,000 20,000 80 3,000 Value (US$m) Value Value (US$m) Value 10 15,000 60

2,000 10,000 40 5 5,000 20 1,000

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

MIDDLE EASTERN & AFRICAN M&A MIDDLE EASTERN & AFRICAN M&A ANNUAL ANNUAL TREND PRIVATE EQUITY TREND

100 600 14 70

90 12 60 500 80

70 10 50 Number of deals 400 Number of deals 60 8 40 50 300 6 30 Value (US$bn) Value Value (US$bn) Value 40 200 30 4 20

20 100 2 10 10

0 0 0 0 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

MIDDLE EAST & AFRICA Monthly M&A Insider | March | 27 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME

2.1% 1.5% 5.2% Israel Israel 4.9% South Africa 22.5% South Africa Nigeria Nigeria 32.5% Kenya Kenya 12.0% Saudi Arabia Saudi Arabia Kuwait Kuwait 2.5% Other Other 5.0% 58.0% 5.0% 16.3% 5.0%

27.5%

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

1.2%

1.8% 5.5% Energy, Mining & Utilities 20.0% Energy, Mining & Utilities 5.9% Consumer Consumer 27.5% Technology Technology Financial Services Financial Services Transportation Transportation Media Media 21.6% Other Other 15.0%

57.6% 5.0%

7.5% 6.4% 15.0% 10.0%

MIDDLE EAST & AFRICA Monthly M&A Insider | March | 28 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

2.5% 100 100 3.3% 5.9% 5.7% 4.8% 4.0% 7.2% 7.7% 2.5% 5.6% 4.3% 5.9% 90 90 6.1% 4.8% 13.0% 29.6% 9.2% 22.5% 10.3% 12.5% 11.8% 80 80 11.3% 53.1% 70 58.9% 70 58.3% 7.9% 25.8% 64.8% 32.4% 27.7% 68.0% 72.2% 33.1% 22.5% 60 60 29.0% 31.0%

50 50 Percentage 13.2% Percentage 40 49.0% 40 17.1% 16.2% 30 12.3% 30 12.6% 55.0% 50.0% 19.2% 49.8% 10.3% 47.3% 45.1% 46.4% 44.0% 20 14.1% 15.1% 20 9.4% 13.7% 10.0% 10 12.9% 11.2% 10 9.0% 9.2% 8.3% 6.5% 8.7% 0 1.6% 1.0% 1.3% 0.9% 1.0% 1.1% 2.3% 0 2009 2010 2011 2012 2013 2014 YTD 2015* 2009 2010 2011 2012 2013 2014 YTD 2015*

US$0-US$14.9m US$0-US$14.9m US$15m-US$100m US$15m-US$100m US$101m-US$250m US$101m-US$250m US$251m-US$500m US$251m-US$500m >US$501m >US$501m

MIDDLE EAST & AFRICA Return to contents Monthly M&A Insider | March | 29 THE GLOBAL DUE DILIGENCE PLATFORM

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= 25 VDRs anywhere in the world = 1m pages

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Supporting deals in the top sectors MERRILL CORPORATION CONTACTS

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Return to contents Monthly M&A Insider | March | 32 The following notes pertain to data contained in this publication: Deals are included where the deal value is greater than or equal to US$5m.

Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.

Deals are included in the graphs and Top Deals in each section based on the dominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

Mid-market is defined as US$10m - US$250m.

*Q1 2015 refers to the period 01-Jan-15 to 28-Feb-15. *YTD 2015 refers to the period 01-Jan-15 to 28-Feb-15.

For a full version of the mergermarket M&A deal database inclusion and league table criteria, go to http://www.mergermarket.com/pdf/deal_criteria.pdf.

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