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Any Redistribution of This Information Is Strictly Prohibited. Copyright © 2017 EMIS, All Rights Reserved. a Euromoney Institutional Investor Company Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. A Euromoney Institutional Investor company. 2 › Latin American M&A picked up pace in the last sector was oil & gas, which saw two transactions, quarter of 2016 with 386 deals - the highest the more notable of which was Russian oil major quarterly amount during the year but still slightly Rosneft’s purchase of 23% in PetroMonagas for less than in the last quarter of 2015. Overall for USD 500mn. the year the announced deals were 1,456. › M&A in Central America and the Caribbean was › Argentina and Chile were the chief contributors largely unchanged from last year, with a total of for the increased deal flow in Q4 with 40 and 52 129 deals in 2016 (4 deals less y/y). The largest deals, respectively. In Argentina, deal activity transaction was Liberty Global’s purchase of remained flat y/y in the last quarter, while in regionally-focused counterpart Cable & Wireless Chile the number of deals rose by 27%. Communications for USD 4bn (excl. debt). › M&A activity in Brazil, Mexico and Colombia remained mostly unchanged on a quarterly base in the last three months of 2016 but annual drops were reported in all countries. › In Peru (104 deals in 2016, 10 less y/y), a couple of larger deals albeit for small stakes happened in Q4 – notably the additional acquisition of 5.6% in local retailer Falabella by its Chilean parent, and the purchase of 1.6% in gas operator TgP by Spanish sector player Enagas. There was also a string of smaller mining deals, as the sector saw a particularly strong deal flow during 2016. › Throughout the year Venezuela was plagued by worsening political and economic conditions, and M&A suffered. In 2016, there were only 12 deals (25% decline y/y). What is more, half of those deals were not purely domestic but involved cross-regional assets. In Venezuela alone, the top Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. 3 A Euromoney Institutional Investor company. › A flurry of expensive transaction in the oil & gas, telecoms and energy sectors contributed to a 55% y/y increase in the total value of deals in Latin America, which reached USD 100.8bn in 2016 – the highest value in two years. › In Q4 alone, the deal value was USD 22.8bn and larger deals included the sale of the fertiliser business of Vale in Brazil and Peru for USD 2.5bn, and Total’s purchase of oil blocks and thermal plants in Brazil for USD 2.2bn. › Deal flow for the whole year stood at 1,456 transactions in total, down by 4% from last year’s numbers. The mining sector was the most active with 110 deals - twice more y/y. › After a jump in the third quarter, the median value of deals fell to USD 24mn, in line with a decline in the median EV/EBITDA multiple to 12.7x. Still, both indicators have been on an upward trend over the last two years. › The Netherlands overtook USA as the top investor by value in the region mostly due to Shell’s acquisition of the Brazilian assets of BG Group, but USA remained first by number of transactions. 75.0 450 50.0 300 25.0 150 0.0 0 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Disclosed value ($bn, left axis) Est. undisclosed value ($bn, left axis) Deals (right axis) Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. 4 A Euromoney Institutional Investor company. 450 15.5x 15.0x 14.5x 14.0x 13.5x 300 13.0x 12.5x 12.0x 11.5x 11.0x 150 10.5x 10.0x 9.5x 9.0x 8.5x 0 8.0x Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Number of deals (left axis) Median EV/EBITDA (right axis) 36.0 15.5x 15.0x 14.5x 14.0x 13.5x 24.0 13.0x 12.5x 12.0x 11.5x 11.0x 12.0 10.5x 10.0x 9.5x 9.0x 8.5x 0.0 8.0x Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Median value ($mn, left axis) Median EV/EBITDA (right axis) Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. 5 A Euromoney Institutional Investor company. IT & Internet Services 2016 2015 Finance & Insurance Wholesale & Retail Mining Foods & Tobacco Energy & Utilities Real Estate Petroleum Products & Chemicals Transportation & Warehousing 0 25 50 75 100 125 150 175 200 Oil & Gas Energy & Utilities 2016 2015 Finance & Insurance Petroleum Products & Chemicals Transportation & Warehousing Real Estate Wholesale & Retail Mining Telecoms Foods & Tobacco 0.0 $bn 4.0 $bn 8.0 $bn 12.0 $bn 16.0 $bn 20.0 $bn 24.0 $bn 28.0 $bn Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. 6 A Euromoney Institutional Investor company. Other Spain 171 deals 37 deals United Kingdom 38 deals France 45 deals Canada United States 76 deals 155 deals United Kingdom 4.9 $bn Other 14.8 $bn China 6.7 $bn Canada 7.2 $bn Netherlands 11.4 $bn United States 9.9 $bn * Only deals with a single investor are included. Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. 7 A Euromoney Institutional Investor company. Country Country Deal Value Target Industry Deal Type Buyer of Target of Buyer (USD mn) BG Group Plc Global / Tender offer 11,190.0 1. Oil & Gas Royal Dutch Shell Plc Netherlands (Brazilian assets) Brazil (100%) (EMIS est.) Brookfield Asset Management; British Canada; Nova Transportadora Acquisition 5,194.0 2. Brazil Oil & Gas Columbia Investment Singapore; do Sudeste SA (NTS) (90%) (Official) Management; GIC Pte Ltd; China State Power Investment Central Cable & Wireless Acquisition United 4,026.7 3. America & Telecoms Liberty Global Plc Communications Plc (100%) Kingdom (EMIS est.) the Caribbean Cetip SA - Mercados Finance & Acquisition 3,215.0 Brazil BM&FBovespa SA Brazil 4. Organizados Insurance (100%) (Official) BM-S-8 oil block in Acquisition 2,500.0 Brazil Oil & Gas Statoil ASA Norway 5. Santos basin (66%) (Official) Fertilizers business Brazil; Peru; Petroleum Products Acquisition United 2,500.0 6. units of Vale SA in The Mosaic Co Canada & Chemicals (100%) States (Official) Brazil, Peru and Canada BM-S-11 and BM-S-9 oil blocks; Romulo de Minority 2,200.0 7. Brazil Oil & Gas Total SA France Almeida and Celso stake (n.a. %) (Official) Furtado TPPs Estacio Acquisition 1,962.8 Brazil Education Kroton Educacional SA Brazil 8. Participacoes SA (100%) (Official) Privatisation Brookfield Asset 9. Isagen SA ESP Colombia Energy & Utilities Canada 1,949.0 (56.7%) Management Inc (Official) Acquisition State Grid Corporation 1,867.6 10. CPFL Energia SA Brazil Energy & Utilities China (11.3%) * of China (Official) Note: The deals for CPFL Energia (Brazil) and Isagen (Colombia) involve different sellers and transaction stages. * Following the deal, the buyer will own a majority stake in CPFL Energia. Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. 8 A Euromoney Institutional Investor company. Country Country Deal Value Target Industry Deal Type Buyer of Target of Buyer (USD mn) Minority State Grid Corporation 1,800.0 CPFL Energia SA Brazil Energy & Utilities China 11. stake (23%) of China (Official) Niobium and Acquisition 1,700.0 Phosphates businesses Brazil Mining China Molybdenum Co China 12. (100%) (Official) of Anglo American Plc Linea Amarilla SAC; Transportation & Acquisition 1,607.2 13. Peru Vinci SA France PEX Peru SAC Warehousing (100%) (Official) Minority State Grid Corporation 1,484.8 14. CPFL Energia SA Brazil Energy & Utilities China stake (19.3%) of China (EMIS est.) Servicos e Tecnologia Acquisition United 1,300.0 Brazil IT & Internet FleetCor Technologies 15. de Pagamentos SA (100%) States (Official) Spal Industria Brasileira Acquisition Brazil; 1,092.1 16. Vonpar SA Brazil Foods & Tobacco de Bebidas; (100%) Mexico (Official) Coca-Cola FEMSA Canada Pension Plan Autopista Arco Transportation & Minority Investment Board (CPPIB); 1,061.6 17. Mexico Canada Norte SA de CV Warehousing stake (49%) Ontario Teachers' Pension (Official) Plan (OTPP) Sociedad Concesionaria Acquisition Abertis 18. Chile Construction Spain 1,035.4 Autopista Central SA (50%) Infraestructuras SA (Official) Tender offer Brookfield Asset 976.0 Isagen SA ESP Colombia Energy & Utilities Canada 19. (26.3%) Management Inc (Official) Acquisition El Puerto de Liverpool 951.2 20. Suburbia Mexico Wholesale & Retail Mexico (100%) SAB de CV (Official) Note: The deals for CPFL Energia (Brazil) and Isagen (Colombia) involve different sellers and transaction stages. Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. 9 A Euromoney Institutional Investor company. outer ring: Volume inner ring: Value Exits 22 deals 2.8 $bn Entries & Exits 11 deals 1.2 $bn 16.4 $bn Entries 139 deals Undisclosed 74 deals above 250 $mn 17 deals 100-250 $mn 14 deals 50-100 $mn 15 deals 25-50 $mn 1-25 $mn 13 deals 39 deals Any redistribution of this information is strictly prohibited. Copyright © 2017 EMIS, all rights reserved. 10 A Euromoney Institutional Investor company. Country Country Deal Value Target Industry Deal Type Buyer of Target of Buyer (USD mn) Brookfield Asset Management; British Canada; Nova Transportadora Acquisition 5,194.0 1. Brazil Oil & Gas Columbia Investment Singapore; do Sudeste SA (NTS) (90%) (Official) Management; GIC Pte Ltd; China State Power Investment Energy & Privatization Brookfield Asset 2.
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