The Comprehensive Review of Mergers and Acquisitions in the EMEA Region FY 2017 an Acuris Company

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The comprehensive review of mergers and acquisitions in the EMEA region

FY 2017 Deal Drivers EMEA

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Contents

Foreword 4 Telecoms, Media & Technology 42 EMEA Heat Chart 5 Transportation 48 All Sectors 6 Pharma, Medical & Biotech 54 Financial Services 18 Construction 60 Industrials & Chemicals 24 The Middle East & North Africa 66 Energy, Mining & Utilities 30 About Merrill Corporation 73 Consumer 36 Merrill Corporation Contacts 73

mergermarket.com Mergermarket Deal Drivers EMEA Foreword 4 FY 2017

Foreword

Welcome to the full-year 2017 edition of While dealmaking activity spanned a variety of With strong economic fundamentals, Deal Drivers EMEA, published by Mergermarket sectors, it was industrials & chemicals which heightened boardroom confidence and strong in association with Merrill Corporation. This took the M&A crown in 2017. Driven by large balance sheets underscoring European M&A, report provides an extensive review of M&A deals in the chemical segment and renewed the positive momentum seen in 2017 looks set activity across Europe, the Middle East and interest in the automotive space, deal value to continue into the coming year. Doug Cullen North Africa. It offers detailed analyses of ended the year having achieved the highest Senior Vice President, Deal Drivers provides readers with an indepth specific regions and sectors. It also identifies annual deal count since the financial crisis. Global Head of Solution review of EMEA-based M&A during 2017 key trends that are set to develop over the Sales, Merrill Corporation A host of megadeals caused the consumer using sector-specific and geographical course of the next six months. sector to become the second-most active data – all filtered through the expert lens The year started with an uncertain outlook in terms of value, with a record start to of Mergermarket journalists. We hope that for European M&A, with ongoing Brexit the year causing 2017 to close with a 2.3x this full-year edition is useful to you and we negotiations and several hotly contested increase compared to 2016. Deals such as welcome your feedback. elections looking to upset political stability. the €24bn merger between eyewear giants Sincerely, However, with the elections mostly returning Essilor and Luxottica and UK wholesaler more stable candidates and confidence in the Booker’s agreed €4.2bn takeover by grocer market growing, the European M&A market Tesco served to boost deal value. has gathered pace. While megadeals eluded the sector in 2017, Positive growth in the Eurozone and relative TMT still posted its highest annual deal count macroeconomic stability supported a healthy on Mergermarket record. Convergence Doug Cullen appetite for deals in 2017, propelling annual between the tech, media and telecoms Senior Vice President deal value to a post-crisis high. One reason sub-sectors has been a key driver of activity. for this uptick in activity has been the growth Meanwhile, consolidation within the media in the number of megadeals targeting the industry is being driven by a need to gain continent. scale in order to compete with international tech players – Facebook, Amazon, Netflix Amid this competitive dealmaking environment, and Google – entering the market. private equity firms are stepping up to the plate. European buyout activity accelerated in 2017, as Despite ongoing Brexit negotiations and leading European funds are under pressure to uncertainty surrounding the future of the deploy record levels of dry powder. Meanwhile, Eurozone, the UK & Ireland attracted the lion’s heightened competition has pushed up share of M&A in 2017. Business services, TMT valuations as PE funds vie for top-class assets. and industrials & chemicals were sectors which proved particularly popular. mergermarket.com Mergermarket Deal Drivers EMEA Heat Chart 5 FY 2017

EMEA Heat Chart

Looking ahead to the next six months of EMEA Heat Chart based on potential companies for sale dealmaking, the TMT, industrials & chemicals, Sector UK & Ireland DACH Italy Russia France Benelux MENA Iberia SEE CEE Nordic Total and consumer sectors are expected to generate (excluding the highest number of deals across a number Russia) of markets, according to Mergermarket’s Heat TMT 199 139 60 71 97 54 85 32 35 6 23 573 Chart, which tracks ‘companies for sale’ stories. Industrials and Chemicals 57 188 96 73 72 58 40 30 29 19 15 586 The TMT sector within the UK & Ireland looks Consumer 118 88 154 73 60 73 32 30 29 30 4 539 set to deliver the highest level of deal activity Business Services 104 62 33 27 42 39 17 26 5 3 9 251 over 2018. The need to scale up and widen the Pharma, Medical & Biotech 44 62 22 31 33 27 36 13 9 2 12 233 scope of services offered to businesses will Financial Services 111 46 39 24 30 34 20 24 6 21 4 223 accelerate M&A activity in the fragmented UK Energy, Mining & Utilities 88 32 30 42 12 22 36 15 17 22 10 206 IT and telecom services market for both small and mid-size companies. A strong economy Leisure 54 21 17 20 13 11 14 14 17 8 5 127 is drawing international interest to Ireland’s Transportation 7 24 26 21 10 19 5 9 12 7 9 126 telecoms sector, as shown through Iliad’s €3bn Construction 21 36 13 14 11 21 4 13 8 6 5 120 takeover of Eircom. Real Estate 12 7 4 15 1 5 7 8 4 1 1 51 The German-speaking industrials & chemicals Agriculture 3 3 0 29 1 5 7 2 0 8 1 47 sector – traditionally the top regional Defence 2 0 1 2 1 2 1 0 1 0 0 8 performers within the sector – follows closely Total 820 708 495 442 383 370 304 216 172 133 98 3090 behind. The Chinese government is expected to relax capital strains over outbound investment in 2018. The DACH region will likely be the focus of their attention, as Chinese firms look to improve their industrial capabilities through overseas acquisitions. Hot Warm Cold

150 50 20

100 40 10

60 30 1

Note: The Intelligence Heat Charts are based on ‘companies for sale’ tracked by Mergermarket in the respective regions between 01/01/2017 and 31/12/2017. Opportunities are captured according to the dominant geography and sector of the potential target company. mergermarket.com Mergermarket Deal Drivers EMEA All Sectors 6 FY 2017

Part of the Acuris report on global M&A activity

All Sectors

mergermarket.com Mergermarket Deal Drivers EMEA All Sectors 7 FY 2017

All sectors

Further information European dealmaking displayed impressive by comparison. Deal count, on the other hand, Private equity performs Get in touch growth over 2017, despite ongoing Brexit reached its highest figure since 2007. Within this heated deal climate, buyout value negotiations and political uncertainty across all sectors soared to €140.2bn over On a regional level, the German-speaking threatening to de-rail stability within the 1,423 deals, up 22.5% compared to 2016, Katharine Dennys region garnered the highest proportion of deals Eurozone. A total of 7,439 transactions and reaching a post-crisis high in terms of within the sector in 2017. A total of 359 deals worth €830.4bn announced over the both deal value and count. Record levels of accounted for almost a quarter (24%) of M&A year represents a 12.1% uptick in value dry powder available in the market increased activity within the sector. This prosperity appears compared to 2016, and the highest the pressure on PE funds to deploy funds, in to be at the cost of the UK and Ireland, which deal count on Mergermarket record. turn pushing up valuations and competition saw its share in the sector deal value halve over for assets. According to research firm Preqin, This healthy dealmaking activity took place the year to 9.3%. Ongoing Brexit negotiations Europe-focused funds closed in the third against a backdrop of positive economic are seemingly deterring investment within this quarter of 2017 secured 25% more capital indicators. Eurozone economies grew at their particular sector, as dealmakers choose more than the equivalent period in the previous fastest rate for a decade – 2.5% according stable ground to carry out their investments. year. Intense competition for top-class assets to the European Commission – and the most Consumer carries on resulted in some big-ticket deals crossing rapid rate of expansion since the pre-crisis The year of dealmaking was characterised the finish line, including the acquisition of boom of 2007. Meanwhile, unemployment fell by a flurry of high-profile consumer deals. Unilever’s spreads business by KKR for €6.8bn, to its lowest level since 2009. The sector attracted some of the highest- which marked the second largest buyout in Boardroom confidence resulted in some high- valued deals of the year, with five out of the Europe since the financial crisis. profile deals changing hands over the course top 20 European deals of the year targeting of the year: 28 deals valued at over €5bn the sector. The luxury/retail sub-sector was worth a combined €333.6bn. This marks a particularly active, with eyewear giants Essilor significant increase compared to the 21 deals and Luxottica announcing a €24bn merger; the worth €292.7bn recorded in 2016. Arnault Family Group’s €12.1bn purchase of its remaining 25.9% stake in Christian Dior; and Industrials tops the charts Michael Kors’ €1.2bn takeover of Jimmy Choo One such megadeal was the €40.5bn merger announced over the year. between US-based Praxair and Germany’s Linde – the highest valued deal across all Private equity activity within the consumer sectors in Europe during 2017. This pushed the sector is gaining traction, and will be an area sector to become the most targeted by both to watch in 2018; the sector saw 180 buyouts value and deal count over the year. Yet despite for a total of €16.3bn over the year, up 63% this dominance, annual deal value was not able by value compared to 2016, and is showing no to overtake 2016’s record figure, slipping 12.3% signs of slowing down. mergermarket.com Mergermarket Deal Drivers EMEA All Sectors 8 FY 2017

Top deals

Top 20 Announced Deals for Year Ending 31 December 2017 (European target company)

Announced Status Bidder Company Target Company Target Company Sector Vendor CompanyVendor Company Deal Value Date (€m)

1-Jun-1724-Apr-17 P PraxairDubai Aerospace Inc Enterprise Linde AG AWAS Aviation Capital Limited Industrials & Chemicals Terra Firma Capital Partners Limited; and Canada Pension Plan Investment 40,5356,908 Board 18-Oct-17 P Hochtief AG Abertis Infraestructuras SA Construction 33,085 6-Mar-17 P Standard Life Plc Aberdeen Asset Management PLC 4,381 15-May-17 P Atlantia SpA Abertis Infraestructuras SA Construction 31,025 24-Jan-17 C Raiffeisen Bank International AG Raiffeisen Zentralbank Oesterreich AG Raiffeisen-Landesbanken-Holding GmbH 4,129 26-Jan-17 C Johnson & Johnson Actelion Pharmaceuticals Ltd Pharma, Medical & Biotech 27,591 20-Apr-17 P Macquarie Group Limited; and Universities Superannuation Scheme Limited UK Green Investment Bank plc HM Treasury 2,744 16-Jan-17 P Essilor International SA Luxottica Group SpA Consumer 23,965 7-Mar-17 P Hellman & Friedman LLC; and GIC Private Limited Allfunds Bank SA Intesa Sanpaolo SpA; and Santander Asset Management SA SGIIC 1,800 23-Feb-17 C Svenska Cellulosa Aktiebolaget SCA (Shareholders) Essity Aktiebolag (Publ) Consumer Svenska Cellulosa Aktiebolaget SCA 18,283 31-Mar-17 P Lone Star Funds Novo Banco SA (75% stake) Banco de Portugal 1,000 2-Jun-17 C China Investment Corporation LogiCor Europe Limited Transportation Blackstone Group LP 12,250 6-Mar-17 P BNP Paribas Personal Finance SA; and Banque PSA Finance SA Adam Opel AG and Vauxhall Motors Limited General Motors Company 927 (European Captive Financing Operations) 25-Apr-17 C Bernard Arnault (Private investor) Christian Dior SA (25.9% stake) Consumer 12,111 30-Jun-17 P VTG AG Nacco SAS CIT Group Inc 900 9-Aug-17 C Vantiv Inc Worldpay Limited Business Services 10,231 30-Jan-17 P Bridgepoint Advisers Limited Zenith Group Holdings Limited HgCapital 879 6-Dec-17 P Hammerson Plc Intu Properties Plc Real Estate 9,329 21-Feb-17 C Banco Bilbao Vizcaya Argentaria SA Turkiye Garanti Bankasi AS (9.95% stake) Dogus Holding AS; and Dogus Arastirma Gelistirme ve Müsavirlik Hizmetleri 868 19-Jan-17 P Safran SA Zodiac Aerospace SA Defence AS 8,316

8-Sep-1724-Jun-17 P CEFCBankia China SA Energy Company Limited Rosneft Oil CompanyBanco OAO Mare(14.16% Nostrum stake) SA Energy, Mining & Utilities Glencore Plc; and Qatar Investment Authority 7,683825

26-Sep-1728-Jun-17 PL AlstomThe Co-operative SA Bank Plc (Noteholders) Siemens AG (MobilityThe business) Co-operative Bank Plc Industrials & Chemicals Siemens AG 7,406792

21-Mar-176-Jun-17 C GovernmentJCDecaux SA of France AREVA SA (Fuel cycleEurazeo business) SA (15.42%(50% stake) stake) Energy, Mining & Utilities Credit Agricole SA 6,939791

24-Apr-1729-Jun-17 CP DubaiEXIN Financial Aerospace Services Enterprise Holding BV AWAS Aviation CapitalEthniki Limited Hellenic General Insurance SA (75% stake)Financial Services National BankTerra of Greece Firma SACapital Partners Limited; and Canada Pension 6,908718 Plan Investment Board 30-Jun-17 P UnipolSai Assicurazioni SpA Unisalute SpA (98.53% stake) Unipol Gruppo Finanziario SpA 715 15-Dec-17 P Kohlberg Kravis Roberts & Co LP Unilever Plc (Global spreads business) Consumer Unilever Plc 6,825

C=11-Dec-17 Completed; P= Pending;C L= CentralLapsed Bank of Russia Otkritie Financial Corporation Bank Open Joint-Stock Company Financial Services 6,551 (99.9% stake)

23-May-17 C LVMH Moet Hennessy Louis – Vuitton SE Christian Dior Couture SA Consumer Christian Dior SA 6,500

15-May-17 C Thermo Fisher Scientific Inc Patheon NV Pharma, Medical & Biotech Royal DSM NV; and JLL Partners 6,481

21-Aug-17 P Total SA Maersk Olie Og Gas AS Energy, Mining & Utilities A.P. Moller-Maersk AS 6,325

C= Completed; P= Pending; L= Lapsed

mergermarket.com mergermarket.com Mergermarket of the target. in Europe. Industry sector is based onthe dominant industry were withdrawn, where the dominant location of the target is Based onannounced deals, excluding those that lapsed or Value Mix of deals by industry sector Value (€bn) 100 140 120 60 40 80 20 0 131.9 Industrials & Chemicals € 86.9 Financial Services € 65.2 Business Services € 109.7 FY 2017 Deal Drivers EMEA Consumer € 105.2

Energy, Mining & Utilities € 61.1 TMT € 21.5 Leisure € 46.2 Transportation € 63.8 Pharma, Medical & Biotech € All Sectors 79.8 Construction € 48.4 Real Estate € 8.7 Defence € € Agriculture 2 of the target. in Europe. Industry sector is based onthe dominant industry were withdrawn, where the dominant location of the target is Based onannounced deals, excluding those that lapsed or Count Deal Mix of deals by industry sector Number of deals 1,000 1,400 1,600 1,200 600 400 800 200 0 1,495 Industrials & Chemicals 454 Financial Services 1,120 Business Services 959 Consumer

Energy, Mining & Utilities 481 1,179 TMT 357 Leisure 273 Transportation 538 Pharma, Medical & Biotech 363 Construction

Real Estate 126

Defence 12

Agriculture 82 9 Mergermarket Deal Drivers EMEA All Sectors 10 FY 2017

European M&A split by deal size European M&A split by deal size Value Deal Count

900 8,000 xx 28 21 37 47 173 184 800 19 185 176 7,000 20 41 41 189 182 186 197 700 12 2,001 6,000 2,109 € € 12 35 333.6 138 336.5 36 13 170 174 34 172 162 2,099 600 € € 154 213.1 292.7 2,258 5,000 1,918 500 € € 88.9 161.8 2,035 1,807 € 4,000 106.7 € € €

Value (€bn) Value 116.9 127.2 153.1 400 € € 113.1 112.7 deals of Number € € 104.9 97.5 3,000 300 € € 5,002 178.5 181.8 € € 4,812 € 161.3 160.6 € € 171.5 4,282 149.6 136.1 2,000 3,979 200 3,622 3,188 3,327 € € € € € 70.6 € 61.3 € 66.2 66.8 61.4 53.2 60.8 1,000 100 € € € € € € € 109 100.2 93.1 91.6 103.5 106.7 101.2 0 0 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017

€5m-€250m €251m-€500m €501m-€2000m Value not disclosed Value€5m-€250m €251-500m €2001m-€5000m >€5001m Value€501-€2000m Value€2001m-€5000m >€5001m

mergermarket.com mergermarket.com Mergermarket dominant location of the target is inEurope. that lapsed orwere withdrawn, where the Based onannounced deals, excluding those Value European quarterly M&Aactivity Value (€m) 300,000 200,000 250,000 100,000 150,000 50,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 All Sectors Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 dominant location of the target is inEurope. that lapsed orwere withdrawn, where the Based onannounced deals, excluding those Count Deal European quarterly M&Aactivity Number of deals 2,000 2,200 Deal Count Deal 1,000 1,400 1,600 1,800 1,200 600 400 800 200 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 11 Mergermarket Deal Drivers EMEA All Sectors 12 FY 2017

European buyouts European exits

Based on announced buyouts, excluding those Based on announced exits, excluding those that lapsed or were withdrawn, where the that lapsed or were withdrawn, where the dominant location of the target is in Europe. dominant location of the target is in Europe.

55,000 400 70,000 300

50,000 350 60,000 250 45,000

300 40,000 50,000

200 35,000 250 Number of deals Number of deals 40,000 30,000

200 150 Value (€m) Value 25,000 (€m) Value 30,000

150 20,000 100

20,000 15,000 100

10,000 50 50 10,000 5,000

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 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 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017

Value Deal count Value Deal count

mergermarket.com mergermarket.com Mergermarket and bidder and excludes all buyouts. Based ondominant location of target Value Transatlantic deals Value (€m) 150,000 120,000 60,000 90,000 30,000 Total European/North American deals AmericanNorth bidderacquiring aEuropean target European bidderacquiring American aNorth target 0 Q1 Q2 US$ 2011 xxx Q3 Q4 US$ xxx Q1 Q2 2012 US$ xxx Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 US$ xxx Q3 Q4 Q1 Q2 2014 Q3 US$ xxx Q4 Q1 Q2 2015 Q3 US$ xxx All Sectors Q4 Q1 Q2 2016 Q3 US$ xxx Q4 Q1 Q2 2017 Q3 Q4 and bidder and excludes all buyouts. Based ondominant location of target Count Deal Transatlantic deals Number of deals 300 200 Total European/North American deals AmericanNorth bidderacquiring aEuropean target European bidderacquiring American aNorth target 350 250 100 150 50 0 Q1 Q2 US$ 2011 xxx Q3 Q4 US$ xxx Q1 Q2 2012 US$ xxx Q3 Q4 Q1 Q2 2013 US$ xxx Q3 Q4 Q1 Q2 2014 Q3 US$ xxx Q4 Q1 Q2 2015 Q3 US$ xxx Q4 Q1 Q2 2016 Q3 US$ xxx Q4 Q1 Q2 2017 Q3 Q4 13 Mergermarket Deal Drivers EMEA All Sectors 14 FY 2017

Mix of deals by geographic region Mix of deals by geographic region Value Deal Count

Based on announced deals, excluding those that lapsed Based on announced deals, excluding those that lapsed or were withdrawn. Geographic region is determined with or were withdrawn. Geographic region is determined with reference to the dominant location of the target. reference to the dominant location of the target.

5.2% 1.7% 1.9% 8.5%

23.7% 23% 12.4%

14.8%

5.5%

9.2% 16.4% 13.3% 19.9%

7.1% 7.4% 11.2% 11.8%

UK & Ireland DACH France UKValue & IrelandValue DACHValue France Italy Iberia Benelux ItalyValue Value IberiaValue Benelux

Nordic Central & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com Mergermarket Deal Drivers EMEA All Sectors 15 FY 2017

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company Name Value Number 2017 2016 Company Name Value Number EUR (m) of Deals EUR (m) of Deals

1 1 Goldman Sachs & Co 371,744 118 1 1 KPMG 47,185 293

2 3 Bank of America Merrill Lynch 294,780 88 2 2 PwC 45,924 292

3 6 JPMorgan 285,501 141 3 3 Rothschild 187,608 280

4 2 Morgan Stanley 278,834 111 4 5 EY 16,149 256

5 8 Lazard 252,890 155 5 4 Deloitte 14,250 235

6 11 Citi 194,060 87 6 6 Lazard 252,890 155

7 4 Rothschild 187,608 280 7 8 JPMorgan 285,501 141

8 5 Credit Suisse 177,256 82 8 7 BDO 2,868 124

9 9 Deutsche Bank 175,154 64 9 9 Goldman Sachs & Co 371,744 118

10 10 UBS Investment Bank 167,608 80 10 10 Morgan Stanley 278,834 111

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and cover all sectors. Legal advisers by value Legal advisers by deal count

2017 2016 Company Name Value Number 2017 2016 Company Name Value Number EUR (m) of Deals EUR (m) of Deals

1 1 Freshfields Bruckhaus Deringer 239,083 177 1 1 DLA Piper 62,935 352

2 3 Linklaters 211,620 202 2 2 CMS 40,999 273

3 7 Davis Polk & Wardwell 205,076 41 3 5 Baker McKenzie 64,740 222

4 6 Clifford Chance 186,813 206 4 3 Allen & Overy 123,278 214

5 5 Cravath, Swaine & Moore 184,560 19 5 6 Clifford Chance 186,813 206

6 10 Skadden Arps Slate Meagher & Flom 157,376 75 6 4 Linklaters 211,620 202

7 30 Herbert Smith Freehills 145,501 92 7 9 Eversheds Sutherland 5,234 191

8 22 Kirkland & Ellis 138,112 114 8 8 Freshfields Bruckhaus Deringer 239,083 177

9 9 Cleary Gottlieb Steen & Hamilton 133,507 51 9 7 White & Case 81,768 174

10 4 Allen & Overy 123,278 214 10 11 Latham & Watkins 116,058 163

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and cover all sectors. mergermarket.com Mergermarket Deal Drivers EMEA All Sectors 16 FY 2017

League tables

Financial advisers by value – mid-market (€5m

2017 2016 Company Name Value Number 2017 2016 Company Name Value Number EUR (m) of Deals EUR (m) of Deals

1 1 Rothschild 9,017 86 1 1 KPMG 5,693 102

2 2 KPMG 5,693 102 2 3 Rothschild 9,017 86

3 4 PwC 5,287 84 3 2 PwC 5,287 84

4 5 Lazard 5,207 42 4 5 EY 4,596 77

5 7 EY 4,596 77 5 4 Deloitte 3,954 67

6 3 Deloitte 3,954 67 6 6 Lazard 5,207 42

7 14 Citi 3,188 22 7 7 BDO 1,802 38

8 6 JPMorgan 2,785 20 8 8 ALANTRA 1,474 28

9 8 BNP Paribas 2,113 17 9 14 Grant Thornton 714 25

10 11 Jefferies 2,021 15 10 31 Lincoln International 1,331 23

The financial adviser mid-market league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and cover all sectors. Legal advisers by value – mid-market (€5m

2017 2016 Company Name Value Number 2017 2016 Company Name Value Number EUR (m) of Deals EUR (m) of Deals

1 1 Clifford Chance 6,507 62 1 1 DLA Piper 6,244 106

2 3 DLA Piper 6,244 106 2 3 Baker McKenzie 5,119 81

3 6 Linklaters 5,568 51 3 2 CMS 5,116 75

4 2 Allen & Overy 5,212 55 4 4 Clifford Chance 6,507 62

5 5 Baker McKenzie 5,119 81 5 17 Orrick Herrington & Sutcliffe 2,332 60

6 4 CMS 5,116 75 6 6 Allen & Overy 5,212 55

7 8 White & Case 4,564 46 7 5 Linklaters 5,568 51

8 7 Freshfields Bruckhaus Deringer 3,671 37 8 9 Jones Day 2,514 50

9 10 Latham & Watkins 3,354 33 9 11 Eversheds Sutherland 2,291 49

10 11 Hogan Lovells International 2,964 40 10 10 Cuatrecasas 2,114 47

The legal adviser mid-market league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and cover all sectors. mergermarket.com Mergermarket Deal Drivers EMEA All Sectors 17 FY 2017

League tables

PR advisers by value PR advisers by deal count

2017 2016 Company Name Value Number 2017 2016 Company Name Value Number EUR (m) of Deals EUR (m) of Deals

1 1 Brunswick Group 232,013 119 1 1 FTI Consulting 157,648 154

2 5 FTI Consulting 157,648 154 2 2 Brunswick Group 232,013 119

3 3 Finsbury Hering Schuppener GPG 154,062 114 3 3 Finsbury Hering Schuppener GPG 154,062 114

4 8 Kekst (Publicis/MSLGROUP) 100,266 59 4 6 Citigate 17,252 91

5 2 Sard Verbinnen & Co 86,675 47 5 4 Maitland (AMO) 49,291 78

6 6 Joele Frank Wilkinson Brimmer Katcher 83,888 35 6 8 Tulchan Communications 36,610 60

7 18 Community Group 77,583 32 7 13 Kekst (Publicis/MSLGROUP) 100,266 59

8 4 CNC/JKL (Publicis/MSLGROUP) 64,737 42 8 18 Barabino & Partners 6,866 51

9 69 Ashton Consulting (AMO) 61,203 2 9 7 Greenbrook Communications 21,855 50

10 11 Maitland (AMO) 49,291 78 10 5 Image Sept 32,009 48

The PR adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and cover all sectors. PR advisers by value – mid-market (€5m

2017 2016 Company Name Value Number 2017 2016 Company Name Value Number EUR (m) of Deals EUR (m) of Deals

1 1 FTI Consulting 4,460 66 1 1 FTI Consulting 4,460 66

2 3 Brunswick Group 3,252 33 2 11 Citigate 2,803 36

3 2 Finsbury Hering Schuppener GPG 3,107 26 3 2 Brunswick Group 3,252 33

4 7 Citigate 2,803 36 4 7 Maitland (AMO) 2,623 28

5 6 Maitland (AMO) 2,623 28 5 4 Finsbury Hering Schuppener GPG 3,107 26

6 13 Barabino & Partners 1,824 23 6 9 MHP Communications 978 26

7 5 Greenbrook Communications 1,755 12 7 13 Barabino & Partners 1,824 23

8 8 Tulchan Communications 1,679 23 8 5 Tulchan Communications 1,679 23

9 32 Sard Verbinnen & Co 1,497 12 9 3 Instinctif Partners 1,496 22

10 4 Instinctif Partners 1,496 22 10 10 Powerscourt 1,038 17

The PR adviser mid-market league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and cover all sectors. mergermarket.com Mergermarket Deal Drivers EMEA Financial Services 18 FY 2017

Part of the Acuris report on global M&A activity

Financial Services

mergermarket.com Mergermarket Deal Drivers EMEA Financial Services 19 FY 2017

Financial services Overview

Further information In what was another active year for European Group accepted the €1.2bn takeover offer Capital Partners and the Canadian Pension Get in touch dealmakers, with the region completing 7,439 from South Africa-based lender FirstRand. Plan Investment Board. The deal – the largest deals worth a total of €830.4bn in 2017, up The deal has the potential to spark further targeting the sector in 2017 – is valued at 12.1% by value compared to the previous year UK challenger bank consolidation driven €6.9bn. It served to propel DAE into the global Aaran Fronda (€740.7bn), the financial services sectors’ by overseas suitors looking to enter the top 10 of aircraft leasing businesses, doubling contribution to the pie has shrunk slightly. UK market. the size of the company and giving it sufficient 2017 saw the sector complete €86.9bn from scale to compete with major rivals in the space. Meanwhile, British fund managers are 454 transactions, representing a 10.5% share increasingly concerned that Brexit could In 2017, the European financial services of total European M&A value. A year prior the leave the UK asset management sector under sector had to contend with several poles of sector pulled the trigger on €91.3bn across siege from rivals in France and Germany, uncertainty, driven by events in Spain, that 485 deals, grabbing a 12.3% piece of the pie. should Brussels move to limit access to EU threatened its constitution and prompted the European banks, despite regulators welcoming funds domiciled in Dublin and Luxembourg. two largest Catalan banks – CaixaBank and consolidation in the sector, have on the whole By coincidence, or perhaps design, Standard Banco Sabadell – to buy away from their home erred on the side of caution when it comes to Life completed its €4.4bn merger with regions before moving their headquarters out conducting large-scale M&A. Profits at many Aberdeen Asset Management in August to of Catalonia. In Italy, the government continues of the largest institutions have felt the pinch create the second-largest fund manager to try to curtail the €350bn-worth of bad loans of a prolonged low interest environment and in Europe. Further consolidation appears sitting on its banks balance sheets, while the increased regulation. So far, banks have opted inevitable for European fund managers, but UK attempts to brace itself for the unknown to invest in new technologies to enhance their the starting gun is unlikely to sound until quantity that is Brexit. digital offerings and strike off non-performing the post-Brexit landscape becomes clearer. In this context, it is unsurprising that the sector assets from their books in a bid to cut costs. European insurers continue to explore shied away from M&A in 2017, but once the Deals that were concluded in the sector acquisition opportunities in a desperate dust begins to settle in the months ahead, were often part of wider restructuring plans attempt to find growth, but suitable targets consolidation is a trend likely to return. aimed at strengthening capital bases rather are few and far between. It is for this reason than aggressively pursuing growth. Illustrating that Allianz announced it would buy out the this point best was Austria-based Raiffeisen remaining minority shareholders in Euler Bank International’s acquisition of commercial Hermes for €1.3bn, representing a 21% and investment bank Raiffeisen Zentralbank premium on the stock at the time of purchase. Oesterreich from Raiffeisen-Landesbanken- Helping to prop up deal values in the sector Holding GmbH in a deal valued at €4.1bn. was Dubai Aerospace Enterprise’s (DAE) In the UK, investment in the challenger acquisition of Dublin-based aircraft leasing banking sector heated up after Aldermore firm AWAS from funds managed by Terra Firma mergermarket.com Mergermarket Deal Drivers EMEA Financial Services 20 FY 2017

Top deals

Top 15 Announced Deals for Year Ending 31 December 2017 – European Targets Financial Services Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

24-Apr-17 C Dubai Aerospace Enterprise AWAS Aviation Capital Limited Terra Firma Capital Partners Limited; and Canada Pension Plan Investment Board 6,908

11-Dec-17 C Central Bank of Russia Otkritie Financial Corporation Bank Open Joint-Stock Company (99.9% stake) 6,551

29-Jun-17 C Ilmarinen Mutual Pension Insurance Company Etera Mutual Pension Insurance Company 6,084

29-Jul-17 C Banca Monte dei Paschi di Siena SpA (Bondholders) Banca Monte dei Paschi di Siena SpA (45.35% stake) 4,473

6-Mar-17 C Standard Life Aberdeen plc Aberdeen Asset Management PLC 4,381

24-Jan-17 C Raiffeisen Bank International AG Raiffeisen Zentralbank Oesterreich AG Raiffeisen-Landesbanken-Holding GmbH 4,129

29-Jul-17 C Ministero dell'Economia e delle Finanze Banca Monte dei Paschi di Siena SpA (52.08% stake) 3,854

20-Apr-17 C Macquarie Group Limited; and Universities Superannuation Scheme Limited Green Investment Group Limited HM Treasury 2,744

7-Mar-17 C Hellman & Friedman LLC; and GIC Private Limited Allfunds Bank SA Intesa Sanpaolo SpA.; and Santander Asset Management SA SGIIC 1,800

7-Nov-17 C PKA AS; PFA Pension Forsikringsaktieselskab AS; AP Pension; Nykredit AS (16.9% stake) Forenet Kredit AS; Ostifterne fmba; and Industriens Fond 1,559 PensionDanmark AS; and MP Pension

22-Nov-17 P Groupe HLD; and Dentressangle Initiatives SAS KILOUTOU SAS PAI Partners SAS; and Sagard Private Equity Partners 1,500

1-Sep-17 P Legend Holdings Corporation Banque Internationale a Luxembourg SA (89.93% stake) Precision Capital SA 1,484

27-Nov-17 P Allianz SE Euler Hermes SA (25.66% stake) 1,335

6-Nov-17 P FirstRand Limited Aldermore Group Plc AnaCap Financial Partners LLP 1,220

4-Dec-17 P Tr yg AS Alka Forsikring AS Folksam AB; Arbejdernes Landsbank AS; and Landsorganisationen i Danmark 1,102

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers EMEA Financial Services 21 FY 2017

Mix of deals by geographic region Mix of deals by geographic region Value Deal count

2.5% 2.2% 9.8% 11.5%

32.2% 30.2%

9.9% 14.8%

6.6% 2.7%

6% 6.8%

8.2% 12.3%

9.7% 15.4% 8.4% 10.8%

UK & Ireland DACH France UKValue & IrelandValue DACHValue France Italy Iberia Benelux ItalyValue Value IberiaValue Benelux

Nordic Central & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com mergermarket.com Mergermarket Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Value Quarterly M&Aactivity Value (€m) 40,000 30,000 20,000 35,000 25,000 10,000 15,000 5,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Deal Drivers Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Financial Services Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 100 150 125 50 25 75 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 22 Mergermarket Deal Drivers EMEA Financial Services 23 FY 2017

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 9 Goldman Sachs & Co 20,734 15 1 3 Rothschild 12,626 36

2 1 Morgan Stanley 15,729 16 2 1 KPMG 3,562 31

3 8 Lazard 15,396 14 3 7 EY 2,950 19

4 6 JPMorgan 14,013 17 4 2 JPMorgan 14,013 17

5 2 Rothschild 12,626 36 5 16 Fenchurch Advisory Partners 6,290 17

6 12 Citi 11,280 11 6 8 Morgan Stanley 15,729 16

7 7 Mediobanca 10,449 11 7 10 Goldman Sachs & Co 20,734 15

8 14 UBS Investment Bank 8,294 11 8 17 BNP Paribas 5,191 15

9 5 Credit Suisse 7,687 11 9 12 Lazard 15,396 14

10 3 Bank of America Merrill Lynch 6,534 8 10 4 Deloitte 6,392 14

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and are based on the following sector: Financial Services. Legal advisers by value Legal advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 1 Freshfields Bruckhaus Deringer 17,685 23 1 3 Linklaters 15,053 31

2 7 Linklaters 15,053 31 2 1 Freshfields Bruckhaus Deringer 17,685 23

3 21 Slaughter and May 9,992 12 3 2 Allen & Overy 8,170 21

4 28 BonelliErede 9,750 14 4 5 Clifford Chance 5,484 21

5 9 Latham & Watkins 8,173 9 5 15 Hogan Lovells International 3,286 19

6 11 Allen & Overy 8,170 21 6 7 White & Case 3,943 16

7 320 Milbank Tweed Hadley & McCloy 7,072 2 7 76 BonelliErede 9,750 14

8 - Castren & Snellman 6,103 3 8 21 Weil Gotshal & Manges 5,234 14

9 - HPP Attorneys 6,084 1 9 11 Eversheds Sutherland 177 14

10 14 Clifford Chance 5,484 21 10 8 DLA Piper 2,430 13

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sector: Financial Services. mergermarket.com Mergermarket Deal Drivers EMEA Industrials & Chemicals 24 FY 2017

Part of the Acuris report on global M&A activity

Industrials & Chemicals

mergermarket.com Mergermarket Deal Drivers EMEA Industrials & Chemicals 25 FY 2017

Industrials & Chemicals Overview

Further information The European industrials & chemicals sector The tie-up between US-based Praxair and The largest exit by private equity last year was Get in touch topped the European M&A charts by both Germany’s Linde ranked as the highest valued the sale of German energy metering company value and deal count in 2017, driven by large deal across all sectors in Europe during 2017. ista International by CVC Capital for €6.2bn to deals in the chemical segment and renewed The €40.5bn-transaction will create the world’s Sarvana, an investment vehicle of CKI, a Hong Joao Grando interest in the automotive space. Subdued largest industrial gases supplier. The chemicals Kong-based infrastructure group. In contrast to investment from Chinese buyers and political space has also seen a trend of large global 2016, in which companies such as ChemChina uncertainty within the region and across the players seeking to scale up via acquisitions. led the top deal charts with its €42bn takeover Atlantic, however, meant performance was Germany’s BASF emerged as a consolidator of Syngenta and Midea managed to grab not as strong as 2016, causing value to drop last year with the takeover of Bayer’s crop Germany’s robotics champion Kuka, the deal for the first time in four years. science businesses for €5.9bn and of Solavy’s was an outlier amid an overall waning appetite polyamide unit for €1.6bn. from Chinese buyers for Europe in 2017. Deal value ended the year at €131.9bn, 12.3% less than 2016, but still the second Large automotive deals made a comeback This could take a turn again in 2018 as the highest annual figure since the financial in 2017, after a shy presence among large Chinese government relaxes capital strains over crisis. Meanwhile, deal count posted its transactions in the year previously. Besides outbound investment and Chinese companies highest annual figure since 2007, with Geely’s building up a stake in Volvo, Delphi look to resume their efforts to upgrade their 1,495 transactions accounting for 20.1% Automotive announced the spin-off of its industrial capabilities by buying assets abroad. of the region’s total M&A deal count. powertrain segment into a separate listed Save political turbulences, such as from the company. The €3.9bn-transaction created German-speaking countries, the customary Brexit negotiations or the Trump administration, a business focused on trends of connected top performers, extended their dominance dealmakers have reasons to be confident they cars and safety solutions, named Aptiv, and within the sector. Their share in total value will have a busy year in 2018. A continuation another one which deals with its legacy grew to 59.3% from 49.2%. The UK and Ireland, of the current low yields environment makes propulsion technologies. second place in the value chart, saw their it more likely that companies will deploy cash share cut by half to 9.3%, in a year where Brexit Taking advantage of what has been regarded as to invest in growth, potentially choosing the dominated the news and uncertainty over the a seller’s market, buyout firms acted mostly on acquisition route. pound made dealmakers more cautious about the sell-side of some of the largest industrials targeting industrials assets in the country. & chemicals deals last year. Clayton, Dubilier & Rice sold Germany’s packaging company Dealmakers within the Nordic region were Mauser Group for €2.2bn to US-based the highest achievers, climbing to third from industrial group Stone Canyon Industries, while fifth place in value. This was in part a result of Cinven exited of CeramTec, a German ceramics Geely’s acquisition of an 8.2% stake in Swedish products maker, in a €2.6bn transaction led by truck maker AB Volvo from Cevian for €2.7bn – BC Partners. the seventh largest deal in the sector. mergermarket.com Mergermarket Deal Drivers EMEA Industrials & Chemicals 26 FY 2017

Top deals

Top 15 Announced Deals for Full Year-Ending 31 December 2017 – European Targets Industrials & Chemicals Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

1-Jun-17 P Praxair Inc Linde AG 40,535

26-Sep-17 P Alstom SA Siemens AG (Mobility business) Siemens AG 7,406

27-Jul-17 C Sarvana Sarl ista International GmbH CVC Capital Partners Limited; and Canada Pension Plan Investment Board 6,230

13-Oct-17 P BASF SE Bayer AG (Selected crop science businesses) Bayer AG 5,900

1-Jun-17 C Deere & Company WIRTGEN GROUP Holding GmbH Wirtgen family 4,600

13-Nov-17 C Delphi Automotive Plc (Shareholders) Delphi Technology PLC Aptiv PLC 3,918

27-Dec-17 P Zhejiang Geely Holding Group Co Ltd AB Volvo (8.2% stake) Cevian Capital AB 2,699

11-Oct-17 P BC Partners Limited; Ontario Teachers' Pension Plan; and Public Sector Pension CeramTec GmbH Cinven Partners LLP 2,600 Investment Board

3-Feb-17 C Government of France AREVA SA (61.48% stake) 2,290

7-Feb-17 C Stone Canyon Industries LLC Mauser Group BV Clayton, Dubilier & Rice LLC 2,150

16-Jun-17 P ArcelorMittal SA; Intesa Sanpaolo SpA; and Marcegaglia SpA ILVA SpA 1,800

25-Sep-17 C Genuine Parts Company Alliance Automotive Group Blackstone Group LP; Alistair Brown (Private investor); and Jean-Jacques Lafont 1,683 (Private investor)

19-Sep-17 P BASF SE Solvay SA (Polyamide business) Solvay SA 1,600

11-Dec-17 P LKQ Corporation Inc STAHLGRUBER GmbH Stahlgruber Otto Gruber AG 1,500

10-Jul-17 C Norsk Hydro ASA Hydro Extruded Solutions AS (50% stake) Orkla ASA 1,407

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers EMEA Industrials & Chemicals 27 FY 2017

Mix of deals by geographic region Mix of deals by geographic region Value Deal Count

0.6% 3.3% 1.3% 7.5% 9.3% 14.6% 7.4%

5.3%

15.5%

4.3%

4.7%

24%

5.8% 8.3%

5.1% 59.3%

11.5% 12.2%

UK & Ireland DACH France UKValue & IrelandValue DACHValue France Italy Iberia Benelux ItalyValue Value IberiaValue Benelux

Nordic Central & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com mergermarket.com Mergermarket Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Value Quarterly M&Aactivity Value (€m) 60,000 40,000 50,000 30,000 20,000 70,000 10,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Industrials &Chemicals Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 400 300 200 450 350 250 100 150 50 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 28 Mergermarket Deal Drivers EMEA Industrials & Chemicals 29 FY 2017

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 3 Goldman Sachs & Co 76,347 23 1 2 PwC 2,456 69

2 6 Bank of America Merrill Lynch 59,296 15 2 3 Rothschild 22,132 57

3 1 Morgan Stanley 53,930 13 3 4 Deloitte 2,504 57

4 2 Credit Suisse 50,677 14 4 1 KPMG 3,076 54

5 61 Macquarie Group 48,241 9 5 5 EY 2,774 47

6 48 Perella Weinberg Partners 42,609 2 6 8 Lincoln International 601 38

7 4 Rothschild 22,132 57 7 7 Lazard 11,530 33

8 15 Citi 19,632 21 8 12 Oaklins 791 29

9 5 JPMorgan 18,194 16 9 9 Goldman Sachs & Co 76,347 23

10 8 UBS Investment Bank 13,322 12 10 13 ALANTRA 435 23

The financial adviser league tables by value and count have been run from 01/01/2017 to 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Automotive; Chemicals & Materials; Industrials – Electronics; Automation and Products and Services; and Manufacturing – Other. Legal advisers by value Legal advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 29 Freshfields Bruckhaus Deringer 64,021 30 1 2 DLA Piper 4,491 70

2 4 Sullivan & Cromwell 59,210 10 2 1 CMS 828 54

3 32 Latham & Watkins 57,849 36 3 4 Baker McKenzie 14,984 51

4 6 Linklaters 56,868 33 4 5 Jones Day 6,150 39

5 37 Hengeler Mueller 53,210 19 5 3 White & Case 22,181 38

6 19 Davis Polk & Wardwell 46,058 4 6 8 Latham & Watkins 57,849 36

7 101 Willkie Farr & Gallagher 44,019 9 7 11 Eversheds Sutherland 806 36

8 25 Gleiss Lutz 42,708 19 8 10 Allen & Overy 8,679 34

9 2 Cravath, Swaine & Moore 42,008 2 9 9 Linklaters 56,868 33

10 438 William Fry 41,105 5 10 6 Clifford Chance 19,853 31

The legal adviser league tables by value and count have been run from 01/01/2017 to 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Automotive; Chemicals & Materials; Industrials – Electronics; Automation and Products and Services; and Manufacturing – Other. mergermarket.com Mergermarket Deal Drivers EMEA Energy, Mining & Utilities 30 FY 2017

Part of the Acuris report on global M&A activity

Energy, Mining & Utilities

mergermarket.com Mergermarket Deal Drivers EMEA Energy, Mining & Utilities 31 FY 2017

Energy, Mining & Utilities Overview

Further information The rise in oil and commodity prices, along with Other power and utility deals were also linked before it was announced. This was not only a Get in touch the competitive market for regulated power and to the restructuring of the power sector. sign that the relatively stable oil price allowed utility assets, caused a fairly predictable and Two standout transactions were the long- the return to significant M&A by the majors, steady deal flow in 2017 in the energy, mining & awaited sale of Elenia, the Finnish district but it was also a massive endorsement of the Patrick Harris utilities (EMU) sector. But what made 2017 stand heating company, to a consortium of bidders viability of the North Sea as an oil basin with out from previous years was the competitive led by Allianz Capital Partners, Macquarie a future. M&A landscape in unexpected areas, Infrastructure and Real Assets, and Finnish state The deal followed two other North Sea- particularly the thermal power generation and pension fund Valtion Eläkerahasto for €4bn; and affirming deals. The acquisition of a Shell North Sea oil and gas segments, traditionally the sale of a 26.3% stake in Thames Water to portfolio of North Sea assets by EIG-backed considered in slow decline but which instead a consortium led by OMERS and Wren House Chyrsaor for €2.8bn in January, and Carlyle subverted long-held assumptions on the future for €1.5bn. These are both examples of a trend, and CVC-backed Neptune Energy acquiring direction of the energy market. seen in the last few years, of infrastructure Engie’s oil and gas business for €4.6bn in May. funds investing in solid European regulated Deal count rose modestly in 2017, from 451 utility assets. The impact of mining is less visible in the roll deals to 481 year-on-year. For a second call of top deals, with the only transaction consecutive year, deal value across the sector These are both examples of a trend, making a show being Volcan Holdings, the increased substantially, with €101.6bn-worth seen for a number of years, of vehicle controlled by Anil Agarwal, which of deals increasing 16.9% compared to the infrastructure funds investing in solid acquired for over €2bn an 11.44% stake in €86.9bn-worth of deals recorded in 2016. European regulated utility assets. Anglo American. This has now been pushed Power and utilities has driven EMU M&A Oil and gas was the area that saw real up to 19.35%. activity over the last two years, but in 2017 maverick deals in 2017. The year started With commodity prices rising steadily across this was matched by equally bullish activity in with Brent hovering around US$55-a-barrel the board in 2016, other mining majors natural resources, accounting for eight of the and ended at around US$66-a-barrel. by-and-large saw no need to pursue major top fifteen EMU deals. A bullishness that reflected in deal flow. asset sales or restructuring in 2017. However, The biggest transaction targeting the sub- One of the most interesting deals of 2017 pleasing prices were reflected in steady mining sector involved a 14.16% stake in Rosneft, was Fortum’s €3.8bn acquisition of E.ON’s deal count, if not values. which passed hands from QIA and Glencore stake in its 2016-spun conventional power to CEFC China Energy Company for €7.7bn. subsidiary Uniper. Fortum had capital to deploy but the energy mix of Uniper, gas and However, it is the deals further down the coal-heavy, made it an unlikely target for the table that stand out the most for a number Finnish energy giant. The acquisition is a clear of reasons. indication that there remains a valid equity Firstly, Total’s leftfield acquisition of Maersk story in conventional power generation. Oil in August was a deal few were aware of mergermarket.com Mergermarket Deal Drivers EMEA Energy, Mining & Utilities 32 FY 2017

Top deals

Top 15 Announced Deals for Year Ending 31 December 2017 – European Targets Energy, Mining & Utilities Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

8-Sep-17 P CEFC China Energy Company Limited Rosneft Oil Company OAO (14.16% stake) Glencore Plc; and Qatar Investment Authority 7,683

21-Mar-17 C Government of France AREVA SA (Fuel cycle business) (50% stake) 6,939

21-Aug-17 P Total SA Maersk Olie Og Gas AS A.P. Moller – Maersk AS 6,325

11-May-17 P Neptune Oil & Gas Limited ENGIE E&P International SA (70% stake) ENGIE SA 4,610

13-Dec-17 P Allianz Capital Partners GmbH; Macquarie Infrastructure and Real Assets; Elenia Group Ilmarinen Mutual Pension Insurance Company; Teachers Insurance and 3,971 and The State Pension Fund of Finland Annuity Association of America; Goldman Sachs Infrastructure Partners I; and 3i Infrastructure plc

24-Oct-17 C Aker BP ASA Hess Norge AS Hess Corporation 3,929

26-Sep-17 P Fortum Oyj AB Uniper SE (47.12% stake) E.ON SE 3,794

31-Jan-17 C Chrysaor Holdings Limited Shell UK Limited (North Sea assets) Shell UK Limited 2,818

15-Aug-17 C Transocean Ltd Songa Offshore ASA Goldman Sachs & Co LLC; UBS AG; Skandinaviska Enskilda Banken AB; 2,745 Brown Brothers Harriman & Co; The Bank of New York Mellon Corporation; Euroclear Bank; and Perestroika AS

24-Apr-17 C Abu Dhabi Investment Council; JP Morgan Asset Management; Swiss Life Asset Naturgas Energia Distribucion SA Energias de Portugal SA 2,591 Management AG; and Covalis Capital LLP

31-Oct-17 C PKA AS; and PFA Pension Forsikringsaktieselskab AS Orsted (Walney Extension 659 MW offshore wind farm project) (50% stake) Orsted 2,274

13-Apr-17 C Volcan Investments Ltd Anglo American Plc (11.44% stake) 2,216

2-May-17 C Allianz Capital Partners GmbH; HICL Infrastructure Company Limited; and DIF Affinity Water Limited Veolia Water UK Limited; Infracapital Partners LP; and Morgan Stanley 1,902 Infrastructure Inc

5-Mar-17 C OMV AG Yuzhno-Russkoye field (24.99% stake) Uniper SE 1,719

14-Mar-17 C OMERS Infrastructure Management Inc; and Wren House Infrastructure Thames Water Utilities Limited (26.3% stake) Macquarie Infrastructure and Real Assets 1,544 Management Limited

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers EMEA Energy, Mining & Utilities 33 FY 2017

Mix of deals by geographic region Mix of deals by geographic region Value Deal Count

4.9% 4%

12.8% 22.5% 16.3% 30%

15% 5.3%

22.7% 5.2% 15.2% 10.8%

1.1% 1.3% 12.3% 6.3% 10.7% 3.6%

ValueUK & IrelandValue DACHValue France UKValue & IrelandValue DACHValue France ItalyValue Value IberiaValue Benelux ItalyValue Value IberiaValue Benelux

NordicValue Value CentralValue & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com mergermarket.com Mergermarket Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Value Quarterly M&Aactivity Value (€m) 60,000 90,000 40,000 50,000 30,000 80,000 20,000 70,000 10,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Energy, Mining &Utilities Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 100 140 120 60 40 80 20 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 34 Mergermarket Deal Drivers EMEA Energy, Mining & Utilities 35 FY 2017

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 7 Citi 28,368 14 1 1 Rothschild 15,859 23

2 3 Morgan Stanley 23,115 16 2 3 Lazard 20,833 19

3 2 Bank of America Merrill Lynch 20,879 16 3 15 JPMorgan 19,523 19

4 12 Lazard 20,833 19 4 2 KPMG 1,147 17

5 11 Goldman Sachs & Co 19,720 14 5 6 EY 649 17

6 20 JPMorgan 19,523 19 6 11 Morgan Stanley 23,115 16

7 16 Rothschild 15,859 23 7 9 Bank of America Merrill Lynch 20,879 16

8 29 TD Securities 13,258 3 8 4 Citi 28,368 14

9 34 Scotiabank 12,627 7 9 14 Goldman Sachs & Co 19,720 14

10 21 Societe Generale 10,005 11 10 18 UniCredit Group 283 14

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Energy; Mining; and Utilities. Legal advisers by value Legal advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 1 Linklaters 25,820 32 1 6 Orrick Herrington & Sutcliffe 793 35

2 27 Allen & Overy 21,826 20 2 1 Linklaters 25,820 32

4 3 Clifford Chance 16,834 32 3 4 Clifford Chance 16,834 32

3 163 Michelet & Co 15,727 5 4 7 Herbert Smith Freehills 9,356 22

5 4 Freshfields Bruckhaus Deringer 13,581 15 5 2 CMS 3,668 22

6 49 BA-HR 12,523 21 6 12 Eversheds Sutherland 388 22

7 109 Bredin Prat 12,230 4 7 18 BA-HR 12,523 21

8 2 White & Case 11,651 20 8 8 Allen & Overy 21,826 20

9 107 McCarthy Tetrault 10,454 3 9 3 White & Case 11,651 20

10 103 Bennett Jones 10,445 4 10 16 Baker McKenzie 2,732 17

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Energy; Mining; and Utilities. mergermarket.com Mergermarket Deal Drivers EMEA Consumer 36 FY 2017

Part of the Acuris report on global M&A activity

Consumer

mergermarket.com Mergermarket Deal Drivers EMEA Consumer 37 FY 2017

Consumer Overview

Further information Dealmakers looking to carry out deals in In October, it launched a buyback of its of €15bn announced, representing a 24% Get in touch Europe’s consumer sector in 2018 hope to Dutch-listed preference shares – an early increase compared to the previous year. relive last year’s wild start and not its second- step to simplify its dual-listed company (DLC) Besides KKR’s deal with Unilever, noteworthy half hangover. The value of deals targeting the structure. In December, it sold its spreads Deane McRobie private equity deals announced in the second sector reached €52.4bn in Q1 – the second- brands to KKR for €6.8bn. half of the year include ADM Capital Europe’s highest quarterly value on Mergermarket Kraft’s foray was frustrated only because €130m investment in Olivos Naturales; record – reflecting an impressive start to demand for M&A was greater than supply. L Catterton’s €34.3m purchase of a 51% the year. On 16 January, eyewear giants Willing targets found willing bidders. CVC stake in fashion group Ganni; Montagu’s Essilor and Luxottica announced a €24bn bought Zabka Polska for €1.3bn in February, exit from French supplier of chilled and merger. Later in the month, UK wholesaler and Canica and Sundt took on Arcus Gruppen frozen products St Hubert for €613m; Booker agreed to a €4.2bn takeover by for €79.2m in March. and BC Partners’ €550m investment in grocer Tesco. No other sector started the Spanish bridal wear designer Pronovias. year at such pace in Europe. The year Among Q1 2017 transactions, Groupe Bruxelles closed with a total of €109.7bn announced Lambert’s €247m purchase of a 3% stake Signs point to another M&A rush in 2018. deals – a 2.3x increase compared to 2016. in Burberry augured things to come. On As 3G-controlled AB InBev is in its second Burberry’s heels, the spring’s busiest subsector business year since acquiring SABMiller, Europe’s M&A fever spread as outbound was luxury. In April, Groupe Arnault announced and as Kraft Heinz whiffed on Unilever last investment kept pace. The day after Essilor it would restructure its holdings in Christian year, 3G has the will and the capacity to and Luxottica paired up, British American Dior, Hermès and LVMH. Jimmy Choo sought a disrupt the sector in 2018. Tobacco struck a €49.6bn deal for US-based buyer before Michael Kors agreed to a €1.2bn Reynolds American. On 10 February, Reckitt deal in July. Benckiser took on Mead Johnson for €13.6bn. Total outbound investment in Q1 2017 reached By the summer, M&A activity began to wane. €77.5bn, higher than the combined full-year Only one of the year’s five biggest deals in the figures for 2015 and 2016 (€49.8bn). sector – KKR’s €6.8bn acquisition of Unilever’s spreads – was recorded in H2 2017. A misstep was made in February, when 3G Capital and Kraft Heinz approached Unilever Private equity firms offer hope for 2018. for a takeover. 3G and Kraft, known as ascetic With interest rates low, private-equity managers, saw an opportunity in Unilever’s activity strengthened in 2017. The sector top-heavy balance sheet. Once denied, the saw 180 buyouts for a total of €16.3bn over pair opted against going hostile and slunk the year, up 63% by value compared to away, unsated. Unilever is now trimming fat. 2016. There were also 125 exits for a total

mergermarket.com Mergermarket Deal Drivers EMEA Consumer 38 FY 2017

Top deals

Top 15 Announced Deals for Year Ending 31 December 2017 – European Targets Consumer Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

16-Jan-17 P Essilor International SA Luxottica Group SpA 23,965

23-Feb-17 C Svenska Cellulosa Aktiebolaget SCA (Shareholders) Essity Aktiebolag (Publ) Svenska Cellulosa Aktiebolaget SCA 18,283

25-Apr-17 C Bernard Arnault (Private investor) Christian Dior SA (25.9% stake) 12,111

15-Dec-17 P Kohlberg Kravis Roberts & Co LP Unilever Plc (Global spreads business) Unilever Plc 6,825

23-May-17 C LVMH Moet Hennessy Louis – Vuitton SE Christian Dior Couture SA Christian Dior SA 6,500

27-Jan-17 P Tesco Plc Booker Group Plc 4,175

18-Jul-17 C McCormick & Company Inc Reckitt Benckiser Group Plc (Foods business) Reckitt Benckiser Group Plc 3,638

25-Oct-17 P Sunshine Investments BV Refresco Gerber BV 3i Group Plc; and Stodir hf 2,244

26-Jun-17 P L1 Retail Holland & Barrett Retail Limited The Carlyle Group 2,014

18-Apr-17 C Post Holdings Inc Weetabix Limited Bright Food (Group) Co Ltd; and Baring Private Equity Asia 1,660

21-Feb-17 C CVC Capital Partners Limited Zabka Polska sp z oo Ardian and Mid Europa Partners LLP 1,296

26-Apr-17 C HNA Group Co Ltd Dufry Group (16.2% stake) Temasek Holdings Pte Ltd; and GIC Private Limited 1,281

25-Jul-17 C Michael Kors Holdings Limited Jimmy Choo Plc JAB Holdings BV 1,158

11-Sep-17 C Pilgrim's Pride Corporation Moy Park Group JBS SA 1,100

11-Sep-17 C NKT Holding A/S (Shareholders) Nilfisk AS NKT Holding AS 1,027

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers EMEA Consumer 39 FY 2017

Mix of deals by geographic region Mix of deals by geographic region Value Deal Count

1.8%

2.6% 2% 11.4% 18.5% 23.7% 19.5%

12.2%

2.3% 13.9% 3.9%

2.6% 8.8%

19.6%

7.9% 14.9% 24%

10.4%

ValueUK & IrelandValue DACHValue France UKValue & IrelandValue DACHValue France ItalyValue Value IberiaValue Benelux ItalyValue Value IberiaValue Benelux

NordicValue Value CentralValue & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com mergermarket.com Mergermarket Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Value Quarterly M&Aactivity Value (€m) 100,000 140,000 120,000 60,000 40,000 80,000 20,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Consumer Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 300 200 250 100 150 50 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 40 Mergermarket Deal Drivers EMEA Consumer 41 FY 2017

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 5 Goldman Sachs & Co 96,396 13 1 1 KPMG 2,127 54

2 7 JPMorgan 77,411 16 2 3 PwC 3,231 47

3 4 Deutsche Bank 75,096 6 3 5 EY 1,209 43

4 2 Lazard 68,283 18 4 2 Deloitte 634 37

5 13 UBS Investment Bank 61,942 12 5 4 Rothschild 47,806 31

6 34 Centerview Partners 58,148 5 6 6 Lazard 68,283 18

7 1 Rothschild 47,806 31 7 12 JPMorgan 77,411 16

8 6 Bank of America Merrill Lynch 45,099 9 8 21 Houlihan Lokey 2,489 15

9 16 BNP Paribas 38,521 7 9 16 Credit Suisse 16,817 14

10 3 Morgan Stanley 35,600 8 10 9 Oaklins 327 14

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and are based on the following sector: Consumer – retail, food and other. Legal advisers by value Legal advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 45 Davis Polk & Wardwell 91,778 11 1 3 Baker McKenzie 3,519 32

2 3 Cravath, Swaine & Moore 88,826 5 2 1 DLA Piper 3,660 30

3 66 Jones Day 82,819 11 3 2 Allen & Overy 5,362 27

4 16 Kirkland & Ellis 76,340 15 4 4 CMS 26,922 26

5 4 Skadden Arps Slate Meagher & Flom 65,481 10 5 6 Linklaters 28,298 22

6 18 Simpson Thacher & Bartlett 63,850 4 6 9 Eversheds Sutherland 568 22

7 25 Weil Gotshal & Manges 58,800 11 7 5 Clifford Chance 24,191 19

8 43 Herbert Smith Freehills 57,105 11 8 39 Squire Patton Boggs 380 19

9 - Moore & Van Allen 56,822 1 9 8 White & Case 4,393 18

10 12 Cleary Gottlieb Steen & Hamilton 51,724 7 10 51 Kirkland & Ellis 76,340 15

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sector: Consumer – retail, food and other. mergermarket.com Mergermarket Deal Drivers EMEA Telecoms, Media 42 FY 2017 & Technology

Part of the Acuris report on global M&A activity

Telecoms, Media & Technology

mergermarket.com Mergermarket Deal Drivers EMEA Telecoms, Media 43 FY 2017 & Technology

Telecoms, Media & Technology Overview

Further information A lack of megadeals targeting the European sector has reached the point where most of 60% of Sky, which was the third-largest TMT Get in touch TMT sector in 2017 pushed deal value down the players left standing are behemoths. deal announced in 2016.While media M&A to its lowest level since 2012. In fact, the top targeting UK firms fell to €2.3bn, from €24.3bn Similarly, dealmaking activity that characterised 20 largest European deals for the year did in 2016, deal count increased from 56 to 64. Amy-Jo Crowley the European telecoms market in recent years not include a single TMT deal. A total deal has quietened down. Total deal value fell Despite an absence of megadeals in 2017, TMT value of €61.1bn announced in 2017 marked to €17bn across 122 deals, versus €20.3bn M&A deal value could pick up over the coming a precipitous value decrease of 60.3% Yining Su from 131 deals in 2016, and the lowest annual year. Trends such as convergence between compared to 2016, when €153.7bn changed value on Mergermarket record. Iliad’s €2.9bn technology, media and telecoms, the need for hands. Meanwhile, deal count reflected a takeover of Irish telco firm Eircom was the increased investment in telecoms infrastructure, more positive trend, with 1,179 transactions largest telecoms deal (and fifth largest deal in and a continued decline of the legacy media announced over the year representing a the TMT sector), which is relatively smaller as industry all exert pressure to consolidate. Such 12.2% increase compared to 2016’s 1,051 far as major telco deals go. pressure explains recent deals such as AT&T/ deals, and the highest annual deal count on Time Warner and Disney/21st Century Fox. Mergermarket record. Appetite for convergence remains, however, as evidenced by the sale of Liberty Global’s Disney’s proposed takeover of 21st Century Whereas the first half of 2016 saw relatively Austrian cable operations, UPC Austria, to Fox, still pending regulatory approval, is one low deal value compared with previous years, mobile network operator T-Mobile Austria, dealmakers will be watching closely, as it could the second half more than made up for it with owned by German telco Deutsche Telekom, provide a model for how to defend against the a few huge deals, including the €42bn tie-up for €1.9bn. The deal is reportedly aimed to new media giants, FANG (Facebook, Amazon, between semiconductor firms Qualcomm and open new merger talks between Liberty Global Netflix and Google). NXP, and SoftBank’s €27.3bn acquisition of ARM and UK-listed Vodafone in order to combine Holdings. By contrast, H1 2017 was lukewarm, and create a global telecom and cable and H2 2017 even worse, posting a half-year company worth about US$175bn. In another deal value of €26.3bn, compared to €116.7bn deal, United Internet and Drillisch’s €2.2bn during the same period the year before. merger would combine the former’s internet In the technology sector, semiconductor deal service provider (ISP) business with the value plummeted from €73.6bn to €1.4bn, a latter’s mobile and fixed-network businesses 98% drop. This can be attributed to the tail- to create the country’s fourth largest player. end of a historic wave of consolidation within In media, total M&A in Europe saw a 54.4% the industry beginning in 2015, and which drop in terms of value, to €12.3bn from €27bn has seen nearly every sizeable player tie up a year earlier. The decline can be attributed to with a peer. US-based Broadcom’s unsolicited the absence of large-scale deals, most notably US$130bn bid in November for Qualcomm is 21st Century Fox’s €21.3bn takeover offer for just further evidence that consolidation in the mergermarket.com Mergermarket Deal Drivers EMEA Telecoms, Media 44 FY 2017 & Technology

Top deals

Top 15 Announced Deals for Year Ending 31 December 2017 – European Targets Telecoms, Media & Technology Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

17-Dec-17 P Thales Group Gemalto NV 5,424

29-Jun-17 C HgCapital; Cinven Partners LLP; Montagu Private Equity LLP; Visma AS Cinven Partners LLP; and Kohlberg Kravis Roberts & Co LP 4,700 Intermediate Capital Group Plc; and GIC Private Limited

7-Jun-17 C Vivendi SA Havas SA Bollore SA 3,733

15-May-17 C Moody's Corporation Bureau Van Dijk Electronic Publishing EQT Partners AB 3,000

20-Dec-17 P Iliad SA; and NJJ Holding eircom Group Limited (64.5% stake) GIC Private Limited; Davidson Kempner Capital Management LP; and Anchorage 2,994 Capital Group LLC

31-May-17 C Advent International Corporation; and Bpifrance SA Sagem Sécurité Safran SA 2,425

12-May-17 C United Internet AG Drillisch AG (79.92% stake) 2,239

21-Dec-17 P T-Mobile Austria GmbH UPC Austria GmbH Liberty Global Plc 1,900

28-Feb-17 L SoftBank Group Corp Intelsat SA (Undisclosed stake) 1,691

13-Jul-17 C Yandex NV/Uber Technologies Inc joint venture Yandex NV (Ridesharing, food delivery and related logistics businesses in Russia Yandex NV; and Uber Technologies Inc 1,195 and neighbouring countries); and Uber Technologies Inc (Ridesharing, food delivery and related logistics businesses in Russia and neighbouring countries)

23-Nov-17 P Aurora Optoelectronics Co Ltd Ampleon Co Ltd (77.41% stake) An investor group led by Hangzhou Rui Yue Investment Management Partnership 1,147 (Limited Partnership)

20-Jan-17 C Consortium led by Ou Yaping Outfit7 Investments Limited 913

31-Oct-17 C Gazprombank OAO MegaFon OAO (19% stake) Telia Company AB 898

20-Feb-17 C Kohlberg Kravis Roberts & Co LP Telxius Telecom SA (24.8% stake) Telefonica SA 791

13-Mar-17 C Telefonica SA Telefonica Deutschland Holding AG (6% stake) Koninklijke KPN NV 745

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers EMEA Telecoms, Media 45 FY 2017 & Technology

Mix of deals by geographic region Mix of deals by geographic region Value Deal Count

0.8% 1.5% 7.2% 7.4%

22.1%

11.2% 26.5%

15.4%

18.2% 16.3% 12.4%

17.7%

4.4% 5.7% 1.9% 3.4% 16.6% 11.3%

ValueUK & IrelandValue DACHValue France UKValue & IrelandValue DACHValue France ItalyValue Value IberiaValue Benelux ItalyValue Value IberiaValue Benelux

NordicValue Value CentralValue & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com mergermarket.com Mergermarket Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Value Quarterly M&Aactivity Value (€m) 60,000 90,000 40,000 50,000 30,000 80,000 20,000 70,000 10,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 & Technology Telecoms, Media Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 300 200 350 250 100 150 50 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 46 Mergermarket Deal Drivers EMEA Telecoms, Media 47 FY 2017 & Technology

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 4 Morgan Stanley 28,398 18 1 4 EY 6,072 51

2 1 Goldman Sachs & Co 25,016 17 2 5 Deloitte 2,871 34

3 9 JPMorgan 23,595 23 3 3 Rothschild 18,915 33

4 19 LionTree Advisors 20,610 6 4 2 KPMG 1,482 33

5 13 Lazard 20,573 25 5 1 PwC 71 30

6 25 Rothschild 18,915 33 6 12 Lazard 20,573 25

7 15 Bank of America Merrill Lynch 17,366 7 7 16 JPMorgan 23,595 23

8 8 UBS Investment Bank 15,397 7 8 8 BDO 310 23

9 - Kotak Investment Banking 11,886 2 9 6 Morgan Stanley 28,398 18

10= - Axis Capital 11,804 1 10 9 Goldman Sachs & Co 25,016 17

10= 12 Robey Warshaw 11,804 1

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Computer – software, hardware and semiconductors; Telecoms – hardware and carriers; Internet/e–Commerce; and Media. Legal advisers by value Legal advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 9 Shearman & Sterling 21,514 14 1 1 DLA Piper 5,367 74

2 4 White & Case 18,304 32 2 3 CMS 4,141 53

3 1 Allen & Overy 15,898 36 3 8 Orrick Herrington & Sutcliffe 2,346 49

4 13 Slaughter and May 12,710 2 4 5 Allen & Overy 15,898 36

5 116 Trilegal 11,812 3 5 7 Baker McKenzie 5,175 34

6= 106 AZB & Partners 11,804 2 6 6 Jones Day 3,649 34

6= - S&R Associates 11,804 2 7 2 White & Case 18,304 32

8= - Bharucha & Partners 11,804 1 8 10 Clifford Chance 11,016 31

8= 247 Shardul Amarchand Mangaldas & Co 11,804 1 9 19 Goodwin Procter 3,871 30

8= - Vaish Associates 11,804 1 10 13 Latham & Watkins 8,060 29

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Computer – software, hardware and semiconductors; Telecoms – hardware and carriers; and Internet/e–Commerce; and Media. mergermarket.com Mergermarket Deal Drivers EMEA Transportation 48 FY 2017

Part of the Acuris report on global M&A activity

Transportation

mergermarket.com Mergermarket Deal Drivers EMEA Transportation 49 FY 2017

Transportation Overview

Further information M&A values across Europe’s transportation second largest UK deal was the sale of high- China-based bidders steered a European Get in touch sector have taken flight, lifted by increased speed rail link operator, High Speed 1 Project transportation course again in May when they spending from private equity houses, the by Ontario Teachers’ Pension Plan and OMERS were part of the sector’s sixth biggest deal of divestment of assets in the shipping sector Infrastructure Management to the National the year. Italian toll road operator Atlantia sold a Elaine Green and higher transaction prices. In the UK in Pension Service, Equitix Limited and listed HICL 12% stake for €1.8bn in its motorway operation particular, inbound buys proved that the Infrastructure Company Limited for €3.6bn. Autostrade per l’Italia to a consortium that region has not lost its M&A lustre despite included China’s Silk Road Fund, German The Nordic region – one of Europe’s its slow and inevitable Brexit process. insurer’s infrastructure investment vehicle led biggest shipping hubs – took the second- by Allianz Capital Partners. At €46.2bn, 2017’s total transportation deal biggest slice by value of the M&A pie value exceeded 2016 by a staggering 131.6%, (26%), comprising 44 deals at a total of The sale of Aéroports de Paris (Group ADP), the latter of which had been just €19.9bn. €12bn. So it came as no surprise when is set to be among French transport Overall deal value was boosted by increasingly shipping was the deal star in March as privatisation deals in 2018 if political hurdles sizeable deals. A healthy 10 European deals the sector witnessed its second biggest can be successfully navigated. US and valued over €1bn put the transport sector divestment of the year – that of Hamburg Chinese investors are likely to be the driving firmly back on the M&A map. To put this in Suedamerikanische Dampfschifffahrts- force behind the transaction. perspective, there were just five deals within Gesellschaf, to Europe’s biggest shipping Meanwhile, Apollo Global Management is this price bracket announced in 2016. line, Denmark’s Maersk for €3.7bn. expected to list its Dutch shipper, CEVA The most robust period of 2017 was the Maersk is the largest container shipper in Logistics since there remains a price second quarter, which saw €18.9bn-worth of the world and is part of the 2M alliance with expectation seller and buyer gap for an M&A transactions, the second strongest quarter on number two player globally: Mediterranean deal. Thorny pricing differentials could likewise Mergermarket record following Q2 2006. This Shipping Company (MSC) of Switzerland. derail Bollore from any remaining hopes of a tie- was mainly due to the sizzling hot month of Maersk has been shedding other non-core up with French railway operator SNCF Group. June’s mega €12.3bn buy of UK logistics giant, assets, but the sale proves that the 2M formula LogiCor Europe from Chinese sovereign wealth is a consolidation driver. fund, China Investment Corporation. Vendor The shipping sector showed it is still an asset- and private equity giant, Blackstone netted the saturated segment in sunny July, when the sale seventh biggest deal across all sectors in Europe of marine transportation, oil production and and one of the largest exits of a PE globally. logistics player Teekay Offshore Partners 60.47% In all, a chunky 37.4% of European deal value stake sailed into the fifth spot in the sea of took place in the UK and Ireland, made up large-cap deals. Private equity player, Brookfield of 35 deals with a total value of €17.2bn. The Business Partners snapped it up for €3bn.

mergermarket.com Mergermarket Deal Drivers EMEA Transportation 50 FY 2017

Top deals

Top 15 Announced Deals for Year Ending 31 December 2017 – European Targets Transportation Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

2-Jun-17 C China Investment Corporation LogiCor Europe Limited Blackstone Group LP 12,250

14-Mar-17 C AP Moller – Maersk AS Hamburg Suedamerikanische Dampfschifffahrts-Gesellschaft KG Dr. August Oetker KG 3,700

14-Jul-17 C National Pension Service; HICL Infrastructure Company Limited; and Equitix HS1 Limited Ontario Teachers' Pension Plan; and OMERS Infrastructure Management Inc 3,643 Limited

26-Jul-17 C Brookfield Business Partners LP Teekay Offshore Partners LP (60.47% stake) 2,979

24-Nov-17 P Ontario Teachers' Pension Plan; and ATP Group Copenhagen Airports AS (42.3% stake) 2,126

5-May-17 C Allianz Capital Partners GmbH; DIF; EDF Invest; and Silk Road Fund Co Ltd Autostrade per l’Italia (11.94% stake) Atlantia SpA 1,767

24-Mar-17 C Solstad Offshore ASA Farstad Shipping ASA 1,559

2-Apr-17 P Finint Corporate Advisors; Deutsche Asset Management (DeAM); and Save SpA Morgan Stanley Infrastructure Inc; and Andrea de Vido (Private investor) 1,387 InfraVia Capital Partners

6-Feb-17 C Farstad Shipping ASA (Senior lenders, bondholders); and F-Shiplease AS Farstad Shipping ASA (98.7% stake) 1,365

7-Feb-17 L Trinfico Property Management UVZ-Logistic LLC UBT Uralvagonzavod CJSC 1,270

7-Apr-17 C JP Morgan Asset Management Beacon Rail Leasing Limited Pamplona Capital Management LLP 1,000

29-Mar-17 C Abertis Infraestructuras SA Sanef SA (17% stake) Predica Prevoyance Dialogue du Credit Agricole SA 797

31-Jul-17 C IFM Investors Mersin Uluslararasi Liman Isletmeciligi AS (40% stake) Akfen Holding Anonim Sirketi 738

23-Jan-17 C AXA SA; Predica Prevoyance Dialogue du Credit Agricole SA; and Sanef SA (15% stake) Caisse des Depots et Consignations 700 Abertis Infraestructuras SA

24-Mar-17 C Solstad Offshore ASA Deep Sea Supply Plc 590

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers EMEA Transportation 51 FY 2017

Mix of deals by geographic region Mix of deals by geographic region Value Deal Count

5.5% 5.9% 1.8% 12.8%

12.5%

37.2% 26% 14.6%

16.1%

0.2% 13.6% 2.8%

8.2% 9.9% 10.2% 7.3% 8.1% 7.3%

ValueUK & IrelandValue DACHValue France UKValue & IrelandValue DACHValue France ItalyValue Value IberiaValue Benelux ItalyValue Value IberiaValue Benelux

NordicValue Value CentralValue & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com mergermarket.com Mergermarket Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Value Quarterly M&Aactivity Value (€m) 20,000 10,000 14,000 12,000 16,000 18,000 4,000 2,000 8,000 6,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Transportation Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 60 40 50 30 80 20 70 10 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 52 Mergermarket Deal Drivers EMEA Transportation 53 FY 2017

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 13 Morgan Stanley 16,598 7 1 2 KPMG 176 9

2 2 Bank of America Merrill Lynch 16,218 3 2 4 PwC 291 8

3 1 Citi 14,266 6 3 17 Morgan Stanley 16,598 7

4 7 Goldman Sachs & Co 14,144 4 4 47 JPMorgan 5,029 7

5 9 UBS Investment Bank 13,839 5 5 20 Pareto Securities 3,616 7

6 52 PJT Partners 13,230 2 6 39 Macquarie Group 2,007 7

7 - Wells Fargo Securities 12,250 1 7 9 EY 515 7

8 - DNB Markets 6,285 6 8 5 Deloitte 67 7

9 26 JPMorgan 5,029 7 9 22 Citi 14,266 6

10 33 Deutsche Bank 4,654 6 10 - DNB Markets 6,285 6

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and are based on the following sector: Transportation. Legal advisers by value Legal advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 2 Clifford Chance 17,252 11 1 4 Allen & Overy 5,566 12

2 81 Deloitte Legal 12,700 5 2 6 CMS 585 12

3 48 Garrigues 12,638 3 3 2 Clifford Chance 17,252 11

4 76 Loyens & Loeff 12,250 4 4 11 Baker McKenzie 2,008 11

5 - Simpson Thacher & Bartlett 12,250 2 5 3 Linklaters 4,435 10

6 1 Freshfields Bruckhaus Deringer 6,112 8 6 1 DLA Piper 473 9

7 4 Allen & Overy 5,566 12 7 5 Freshfields Bruckhaus Deringer 6,112 8

8 6 Linklaters 4,435 10 8 35 BA-HR 3,896 8

9 123 Michelet & Co 4,344 2 9 64 Hogan Lovells International 325 7

10 - Machado Meyer Sendacz e Opice 4,055 3 10 17 Wikborg Rein & Co 3,799 6

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sector: Transportation. mergermarket.com Mergermarket Deal Drivers EMEA Pharma, Medical & Biotech 54 FY 2017

Part of the Acuris report on global M&A activity

Pharma, Medical & Biotech

mergermarket.com Mergermarket Deal Drivers EMEA Pharma, Medical & Biotech 55 FY 2017

Pharma, Medical & Biotech Overview

Further information The hefty €27.6bn acquisition of Switzerland- upside potential in the company’s portfolio. The by PE firm Nordic Capital to Danish Novo. Get in touch based Actelion by Johnson & Johnson in deal eventually came to fruition in the second Although the asset is not placed in a high- January set the tone for what turned out to half of the year for a healthy €5.2bn, showing margin segment, the acquisition of a minority be a year of prolific dealmaking in the pharma, that bidders are having to pay higher premiums stake hedges risk for Novo and enables market Mintoi Chessa-Florea medical & biotech (PMB) sector. A total of and shy away from opportunistic dealmaking. penetration in the UK, a healthcare system €33.4bn spent across 128 deals during the first that focuses on cost-cutting and on paying for Not surprisingly, the DACH region was under quarter marked the highest quarterly value on supplies based on outcome measures. For a the spotlight as the most active dealmaker Mergermarket record following Q2 2014. For medical products group such as ConvaTec, this within Europe by value, taking a 62.5% share. a second consecutive year, total M&A value means squeezing prices and steering towards Contributing to this figure was the takeover across the sector increased substantially, high volume sales. of German plasma and biotherapeutic drugs with nearly €63.8bn-worth of deals up 19.6% specialist Biotest by Chinese investment fund The flurry of consolidation among smaller compared to 2016 and accounting for 7.7% Creat for €1.3bn. Asian inbound interest in assets within the PMB sector propelled the of total deal value across Europe. the European PMB sector is also reflected in highest number of deals on Mergermarket A theme that pervaded PMB M&A in 2017 Astellas’ acquisition of Belgian biotech Ogeda record in Q2 2017, with a total of 157 deals was the dichotomy between bidder and seller for €500m, plus €300m worth of earnouts, worth €16.5bn announced. Yet European price expectations. The pursuit of Actelion by one of the 15 largest deals of the year. dealmaking may be impacted going forward by Johnson & Johnson began in the latter part changing tax regulations in the US, encouraging France proved to be an active region in the of 2016, with the Swiss target rebuffing the corporations to return overseas cash or deploy medical space, taking a 12.5% share of total takeover approach based on the US healthcare it towards M&A. deal value in Europe. PAI sold its 55.5% stake giant’s proposed offer not meeting the seller’s in nursing homes operator DomusVi to a valuation expectations. The deal eventually consortium of investors for €1.3bn, as well as came to fruition a few months later with a price medical biology laboratories Cerba HealthCare bump that factored in the spin-off of Actelion’s to Partners Group and PSP Investments for early stage pipeline, Idorsia. And as investor €1.8bn. Swiss Novartis – typically known as a confidence would have it, the asset is trading pharma-focused consolidator – also jumped at a 119% price increase since its IPO. onto the wave of M&A in the medical sector Similarly, German generics Stada faced in France with the acquisition of Advanced controversy when the deal fell through in the Accelerator Applications, a radiopharma second quarter, as takeover offers from private company, for €3.2bn. equity consortium Bain and Cinven did not The medical subsector also took the limelight meet shareholder acceptance thresholds. in the UK with the €1.2bn disposal of a 20% Stada management contended that the stake in medical products group ConvaTec takeover price did not include the long-term mergermarket.com Mergermarket Deal Drivers EMEA Pharma, Medical & Biotech 56 FY 2017

Top deals

Top 15 Announced Deals for Year Ending 31 December 2017 – European Targets Pharma, Medical & Biotech Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

26-Jan-17 C Johnson & Johnson Actelion Pharmaceuticals Ltd 27,591

15-May-17 C Thermo Fisher Scientific Inc Patheon NV Royal DSM NV; and JLL Partners 6,481

10-Jul-17 C Cinven-Bain consortium STADA Arzneimittel AG 5,191

10-Apr-17 L Cinven-Bain consortium STADA Arzneimittel AG 5,183

7-Dec-17 C Novartis AG Advanced Accelerator Applications SA HBM BioVentures AG; and Seventure Partners SA 3,151

22-Jan-17 C Partners Group Holding AG; and Public Sector Pension Investment Board Cerba HealthCare SAS PAI Partners SAS 1,800

8-Jun-17 C Intermediate Capital Group Plc; Mubadala Development Company PJSC; DomusVi SAS (55.5% stake) PAI Partners SAS 1,312 Yves Journel (Private investor); and CDC International Capital

7-Apr-17 C Creat Group Corporation Biotest AG Ogel GmbH 1,252

19-Jun-17 C PerkinElmer Inc EUROIMMUN Medical Laboratory Diagnostics AG Prof Dr Winfried Stoecker (Private investor) 1,200

28-Mar-17 C Novo AS ConvaTec Group PLC (19.95% stake) Nordic Capital; and Avista Capital Partners LP 1,170

5-Apr-17 C Actelion Pharmaceuticals Ltd (Shareholders) Idorsia Ltd Actelion Pharmaceuticals Ltd 1,003

9-Aug-17 C An investor group led by SoftBank Group Corp Roivant Sciences Inc (Undisclosed stake) 937

4-Dec-17 C Getinge AB (Shareholders) Arjo AB (Publ) Getinge AB 661

27-Apr-17 C IK Investment Partners Limited; and Teycheney Family Colisee Patrimoine Group SAS Eurazeo PME 650

3-Apr-17 C Astellas Pharma Inc Ogeda SA Capricorn Venture Partners; Fortis Private Equity Belgium SA; Societe Regionale 500 d'Investissement de Wallonie SA; Vesalius Biocapital Partners Sarl; and Fund+

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers EMEA Pharma, Medical & Biotech 57 FY 2017

Mix of deals by geographic region Mix of deals by geographic region Value Deal Count

2.1% 0.3%

1.5% 2% 4.8% 5.8%

11.9% 19.7%

13%

1.6%

2.3%

10.4% 12.5%

20.8%

10.2% 62.5%

6.5% 12.1%

ValueUK & IrelandValue DACHValue France UKValue & IrelandValue DACHValue France ItalyValue Value IberiaValue Benelux ItalyValue Value IberiaValue Benelux

NordicValue Value CentralValue & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com mergermarket.com Mergermarket Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Value Quarterly M&Aactivity Value (€m) 60,000 40,000 50,000 30,000 20,000 10,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Pharma, Medical &Biotech Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 100 160 140 120 60 40 80 20 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 58 Mergermarket Deal Drivers EMEA Pharma, Medical & Biotech 59 FY 2017

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 6 Bank of America Merrill Lynch 43,683 12 1 3 Rothschild 10,069 31

2 23 Credit Suisse 36,114 11 2 1 PwC 1,003 26

3 10 Lazard 30,468 7 3 5 KPMG 705 20

4 4 Citi 29,264 4 4 4 EY 834 19

5 35 ALANTRA 28,648 12 5 7 JPMorgan 16,982 17

6 9 JPMorgan 16,982 17 6 2 Deloitte 222 15

7 1 Goldman Sachs & Co 14,482 9 7 6 Jefferies 11,029 13

8 3 Morgan Stanley 13,423 5 8 9 Bank of America Merrill Lynch 43,683 12

9 11 Jefferies 11,029 13 9 10 ALANTRA 28,648 12

10 8 Rothschild 10,069 31 10 28 Credit Suisse 36,114 11

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Pharmaceuticals; Medical; and Biotechnology. Legal advisers by value Legal advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 1 Freshfields Bruckhaus Deringer 44,793 24 1 3 CMS 1,407 26

2 3 Cravath, Swaine & Moore 40,509 5 2 10 Freshfields Bruckhaus Deringer 44,793 24

3 - Wachtell, Lipton, Rosen & Katz 34,970 3 3 2 Baker McKenzie 843 23

4 - Niederer Kraft & Frey 29,233 4 4 1 DLA Piper 1,386 22

5 12 Slaughter and May 27,917 3 5 9 Latham & Watkins 7,430 20

6 45 Gibson Dunn & Crutcher 27,657 5 6 21 PwC legal 1,175 17

7 31 Homburger 27,591 4 7 13 Kirkland & Ellis 17,455 15

8 - ALRUD 27,591 2 8 4 White & Case 2,949 15

9 - Sexton Riley 27,591 1 9 18 Goodwin Procter 8,365 14

10 32 Skadden Arps Slate Meagher & Flom 19,986 8 10 6 Weil Gotshal & Manges 4,501 14

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Pharmaceuticals; Medical; and Biotechnology. mergermarket.com Mergermarket Deal Drivers EMEA Construction 60 FY 2017

Part of the Acuris report on global M&A activity

Construction

mergermarket.com Mergermarket Deal Drivers EMEA Construction 61 FY 2017

Construction Overview

Further information European deal activity in the construction In addition, the sector received a boost after €1bn acquisition of building materials supplier Get in touch sector was brisk throughout 2017, with an the Spanish government announced a €5bn Stark Group from UK-based Ferguson was the annual value of €79.8bn marking the highest highway infrastructure investment plan in July largest Nordic deal of the year, followed by the yearly figure since the crisis as local markets 2017, with funding expected from both public sale of Finnish insulation business Paroc Group Nick Cheek continue to recover from the downturn. The and private sources. A few months later, IFM to US buyer Owens Corning for €900m. The number of deals announced in 2017 was also Investors, an Australian infrastructure fund consolidation of the construction sector in the up – albeit marginally – on 2016 totals, rising management group, agreed a deal to acquire region also continued as two Finnish urban from 354 to 363. While activity remained 100% of Spanish toll road, port and airport regeneration companies YIT Corporation and fairly steady throughout the year, many of the developer and operator OHL Concesiones, Lemminkainen tied up in a €771m merger. largest deals were struck in the second half of for €2.8bn. Including all announced deals, The economic outlook is broadly positive 2017 – 12 out of the top 15. the Iberian peninsula accounted for over for the euro area, with the European Banking 85.2% of M&A deal value in 2017, but just However, the value total for the year was Federation forecasting 1.9% GDP growth for 5.2% of deal count. skewed somewhat by a contested bid. Spanish 2018. This suggests a benign environment for toll road and infrastructure business Abertis Technological developments are also a driver the construction industry, with M&A set to be Infraestructuras was the subject of a €31bn for M&A in the European Construction sector. driven by increased consolidation as companies offer by Italian rival Atlantia in May, a bid The €3bn acquisition of Netherlands-based seek access to new markets, technologies and that was outgunned by a €33bn counter- Chicago Bridge & Iron Company by US buyer sustainable building solutions. The sector’s offer by German construction giant Hochtief McDermott International, announced in prospects in the UK may be more volatile several months later. Nevertheless, even when December, was motivated partly by a strategy over the year to come, however. This is partly either of the bids is excluded from the total, of creating a global onshore and offshore oil because the Brexit outcome remains highly announced M&A value for the year remains & gas and utilities infrastructure construction uncertain, but is also because the effects of comfortably above the 2016 figure of €17.3bn. business, but also by new technologies under the recent collapse of the country’s second development by Chicago Bridge, including a largest construction company, Carillion, ripple Interest in Abertis reflects the pick-up in the new demonstration fossil fuel power plant that out to sub-contractors and other parts of the Spanish Construction sector’s prospects. produces emission-free electricity. building trade. It seems likely that consolidation Residential and commercial property prices and some distressed sales will emanate from appear to have turned the corner following Nordic deals featured heavily in 2017 this. Private equity buyers could well spot an the post-crisis crash, with the former posting construction M&A totals, accounting for 23.1% opportunity here as 2018 unfolds. two years of growth in 2016 and 2017 and of deal count in 2017, followed by the UK & predictions of up to 8% growth by 2020 in Ireland, with 21.5%. There were some sizeable a forecast by Sabadell Bank. deals in the Nordic region. The Lone Star Funds

mergermarket.com Mergermarket Deal Drivers EMEA Construction 62 FY 2017

Top deals

Top 15 Announced Deals for Year Ending 31 December 2017 – European Targets Construction Sector

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

18-Oct-17 P Hochtief AG Abertis Infraestructuras SA 33,085

15-May-17 P Atlantia SpA Abertis Infraestructuras SA 31,025

18-Dec-17 P McDermott International Inc Chicago Bridge & Iron Company NV 3,057

16-Oct-17 P IFM Investors OHL Concesiones SA Obrascon Huarte Lain SA 2,775

10-Nov-17 P Lone Star Funds Stark Group AS Ferguson plc 1,025

29-Oct-17 C Owens Corning Paroc Group Oy CVC Capital Partners Limited 900

19-Jun-17 C YIT Corporation Lemminkainen Oyj 771

1-Aug-17 C Bridgepoint Advisers Limited Miller Homes Limited Coller Capital Limited; and GSO Capital Partners LP 733

7-Aug-17 C CRH Plc Fels-Werke GmbH Xella International GmbH 600

8-Nov-17 P James Hardie Industries SE Fermacell GmbH Xella International GmbH 473

7-Aug-17 C Xella International GmbH URSA Insulation SA Kohlberg Kravis Roberts & Co LP 470

21-Aug-17 P Grandland Holdings Group Limited Permasteelisa SpA LIXIL Group Corporation 467

2-Mar-17 C ENGIE SA Keepmoat Limited (Regeneration division) Keepmoat Limited 385

1-Dec-17 C Goldman Sachs International Robyg SA 376

19-Sep-17 C Italcementi SpA Cementir Italia SpA Cementir Holding SpA 315

C= Completed; P= Pending; L= Lapsed

mergermarket.com Mergermarket Deal Drivers EMEA Construction 63 FY 2017

Mix of deals by geographic region Mix of deals by geographic region Value Deal Count

21.5%

23.3%

11%

9.6% 14%

85.2% 5.2% 3.3%

ValueUK & IrelandValue DACHValue France UKValue & IrelandValue DACHValue France ItalyValue Value IberiaValue Benelux ItalyValue Value IberiaValue Benelux

NordicValue Value CentralValue & Eastern Europe Other NordicValue Value CentralValue & Eastern Europe Other

mergermarket.com mergermarket.com Mergermarket Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Value Quarterly M&Aactivity Value (€m) 40,000 30000 45,000 35,000 20000 25000 10000 15000 5000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Construction Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 Industry sector is based onthe dominant industry of the target. withdrawn, where the dominant location of the target is inEurope. Based onannounced deals, excluding those that lapsed orwere Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 100 60 90 40 50 30 80 20 70 10 0 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 64 Mergermarket Deal Drivers EMEA Construction 65 FY 2017

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 11 JPMorgan 42,728 7 1 2 PwC 31,851 16

2 3 Citi 36,090 5 2 6 Rothschild 3,726 11

3 19 Societe Generale 35,869 3 3 3 Deloitte 110 11

4 4 Lazard 35,820 8 4 18 Livingstone Partners 364 10

5 8 Goldman Sachs & Co 35,388 4 5 1 KPMG 33,165 9

6 1 Santander Global Corporate Banking 33,800 2 6 4 Lazard 35,820 8

7 6 Morgan Stanley 33,366 3 7 17 EY 8 8

8 24 KPMG 33,165 9 8 15 JPMorgan 42,728 7

9 45 AZ Capital 33,085 2 9 9 Citi 36,090 5

10 - Key Capital Partners 33,085 1 10 21 Global M&A Partners - 5

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are pan-European and are based on the following sector: Construction. Legal advisers by value Legal advisers by deal count

2017 2016 Company name Value Number 2017 2016 Company name Value Number (EUR m) of Deals (EUR m) of Deals

1 16 Allen & Overy 34,765 8 1 4 DLA Piper 33,036 16

2 15 Freshfields Bruckhaus Deringer 34,266 4 2 1 Baker McKenzie 31,138 9

3 38 Clifford Chance 33,587 7 3 3 Linklaters 27,685 9

4 104 Uria Menendez 33,359 3 4 5 Allen & Overy 34,765 8

5 63 Herbert Smith Freehills 33,128 7 5 48 Schjodt 1,106 8

6 - Legance Avvocati Associati 33,085 5 6 11 Pinsent Masons 112 8

7 - Davis Polk & Wardwell 33,085 2 7 2 CMS 48 8

8 37 DLA Piper 33,036 16 8 12 Clifford Chance 33,587 7

9 25 Cleary Gottlieb Steen & Hamilton 31,979 3 9 26 Herbert Smith Freehills 33,128 7

10 92 Gianni, Origoni, Grippo, Cappelli & Partners 31,410 3 10 58 Garrigues 8,730 7

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are pan-European and cover the following sector: Construction. mergermarket.com Mergermarket Deal Drivers EMEA The Middle East 66 FY 2017 & North Africa

Part of the Acuris report on global M&A activity

The Middle East & North Africa MENA

mergermarket.com Mergermarket Deal Drivers EMEA The Middle East 67 FY 2017 & North Africa

The Middle East & North Africa Overview

Further information Reforms in Saudi Arabia and technology The MENA oil and gas landscape is in flux There are interesting areas to watch. The Eastern Get in touch disruption spurred deals in the Middle East due to a changing global energy landscape Mediterranean – offshore Israel, Egypt, Cyprus and North Africa in 2017, which saw 117 M&A and tumultuous regional politics disrupting and Lebanon – has massive gas developments transactions worth a total €14.3bn, according decades of staid policies and oil prices. The ripe for M&A and investment. With years of under Ruth McKee AlGhamdi to Mergermarket data. This compares to 126 elephant in the room is of course the planned investment and some of the world’s largest deals at a total value of €34.3bn in 2016. flotation of the world’s largest company, Saudi hydrocarbon reserves, Iran is also interesting, Aramco, for potentially US$2tn. Other, smaller provided investors can negotiate the country’s The TMT sector recorded the most deals companies in the region have already sought complex legal and regulatory requirements. with 19 worth a total €3.5bn announced. to take advantage of improving oil prices to tap Tech companies, particularly in the UAE, Abu Dhabi state-owned renewable energy international capital markets, with mixed results. are expected to raise capital next year. developer Masdar is reportedly seeking Shipping and logistics app Fetchr has The current window of opportunity looks investments in Colombia and Argentina, begun talks with investors from Silicon to remain open through 2018, allowing and plans to invest a further €892m in Valley and the Gulf for an estimated €82m companies to attempt radical restructuring energy projects globally. In January 2018, Series C round in H2, as reported. and recapitalisation. ADNOC conducted a Masdar announced it had acquired 49% local listing of its fuel distribution business in in Montenegro’s first wind-energy project, Telecoms companies in the region have little December to realise value from its downstream a 72 MW onshore wind farm operated by room to grow organically, and are considering operations, raising US$851m and prompting Krnovo Green Energy, a subsidiary of French regional or international bolt-on deals in the expectations that other NOCs, particularly independent power producer Akuo Energy. ICT or other adjacent sectors. Others, like Zain ENOC, might do the same. Saudi Arabia, are looking to carve out their Easing social controls in Saudi Arabia presents towers to free up capital. International investor sentiment in the region new opportunities in sectors including remains unclear, however. ADNOC Distribution entertainment; for instance, a 35-year ban Private equity firms are reaching term on priced at the lower end and Kuwait Energy on cinemas was lifted in December. Investors their investments: November saw UAE’s Waha Company pulled a London listing in June, should also keep an eye on businesses targeting Capital and Fajr Capital sell their holdings in both ultimately due to over-valuation. women, who will be allowed to drive from June. National Petroleum Services and Gulf Energy to Economic changes in the Kingdom include new National Energy Services Reunited Corporation Sustained low oil prices have lowered value electricity tariffs, the introduction of VAT, and for €944m; and NBK Capital Partners exit expectations in other regions, boosting looser restrictions on foreign investment in the Saudi confectioner Sanabel Al-Salam, which M&A in 2017 and expected to continue to country’s stock market. Savola Group acquired for €258m. Standard do so through 2018. However, MENA oil Chartered Private Equity exited its position and gas companies still hold valuations that in Dubai’s ETC Group, which was acquired by leave incoming investors with no reasonable Japan’s Mitsui & Co for €227m. assurance of upside, stifling deals.

mergermarket.com Mergermarket Deal Drivers EMEA The Middle East 68 FY 2017 & North Africa

Top deals

Top 15 Announced Deals for Year Ending 31 December 2017 – The Middle East & North Africa All Sectors (Based On Target, Excludes Israel)

Announced Status Bidder Company Target Company Vendor Company Deal Value Date (€m)

21-Feb-17 P Tronox Limited The National Titanium Dioxide Company Ltd (Titanium dioxide business) The National Titanium Dioxide Company Ltd 2,096

12-Sep-17 C Kingdom Holding Company Banque Saudi Fransi (16.2% stake) Credit Agricole Corporate and Investment Bank 1,286

26-Oct-17 C Oman Telecommunications Company SAOG Mobile Telecommunications Company KSCP (12.1% stake) Mohammed Abdulmohsin Al Kharafi & Sons Company WLL; and Gulf 1,150 National Holding Company KSC

8-Feb-17 C Group of Jordanian and Arab investors led by Sabih El-Masry Arab Bank Group (19.83% stake) Saudi Oger Limited 1,049

12-Nov-17 P National Energy Services Reunited Corporation National Petroleum Services; and Gulf Energy SAOC Waha Capital PJSC; and Fajr Capital Limited 944

8-Nov-17 P VEON Ltd Global Telecom Holding SAE (42.31% stake) 773

22-Jan-17 C Saudi Basic Industries Corporation Saudi Arabia Petrochemical Co (50% stake) Royal Dutch Shell Plc 769

10-Aug-17 C Oman Telecommunications Company SAOG Mobile Telecommunications Company KSCP (9.84% stake) 722

19-Jun-17 C ENGIE SA Tabreed (40% stake) Mubadala Development Company PJSC 693

22-Mar-17 C Amazon.com Inc Souq.com Baillie Gifford & Co Ltd; International Finance Corporation; Standard 602 Chartered Private Equity Limited; Tiger Global Management LLC; and Naspers Limited

12-Jun-17 C Ala Al Khawaja (Private investor) Bankmed sal (42.24% stake) Ayman Hariri (Private investor) 477

29-Jun-17 C Khaleefa Bin Butti (Private investor); and H.E. Saeed Bin Butti (Private investor) NMC Health Plc (4.89% stake) Dr B.R. Shetty (Private investor) 264

1-Nov-17 C The Savola Group Sanabel Al-Salam Co NBK Capital Partners; and Saleh Bin Nasser AlFarhan (Private investor) 258

26-Apr-17 C Al Qudra Holding PJSC Al Rayan Investment Company 250

20-Nov-17 P Mitsui & Co Ltd ETC Group Limited (30% stake) Standard Chartered Private Equity Limited; and Pembani Remgro 227 Infrastructure Fund

C= Completed; P= Pending; L= Lapsed

mergermarket.com mergermarket.com Mergermarket based onthe dominant industry of the target. in Middle East (excl. Israel) Africa. orNorth Industry sector is were withdrawn, where the dominant location of the target is Based onannounced deals, excluding those that lapsed or Value Mix of deals by industry sector Value (€m) 4,000 2,000 3,000 2,500 3,500 1,000 1,500 500 0 3,700

Industrials & Chemicals € 4,000

Financial Services € 100 Business Services € FY 2017 Deal Drivers EMEA 500 Consumer € 1,700 Energy, Mining & Utilities € 3,500

TMT € 100 Leisure € & North Africa& North The MiddleEast 200 Transportation € 300 Pharma, Medical & Biotech € 100 Construction € 200 Agriculture € based onthe dominant industry of the target. in Middle East (excl. Israel) Africa. orNorth Industry sector is were withdrawn, where the dominant location of the target is Based onannounced deals, excluding those that lapsed or Count Deal Mix of deals by industry sector Number of deals 20 10 16 14 12 18 0 6 4 2 8 13 Industrials & Chemicals

Financial Services 13

Business Services 16

Consumer 15

Energy, Mining & Utilities 13

TMT 19

Leisure 4

Transportation 10

Pharma, Medical & Biotech 8

Construction 4

Agriculture 2 69 mergermarket.com Mergermarket or North Africa.or North dominant location of the target is inMiddle East (excl. Israel) that lapsed orwere withdrawn, where the Based onannounced deals, excluding those Value Quarterly M&Aactivity Value (€m) 10,000 14,000 12,000 16,000 4,000 2,000 8,000 6,000 Deal Value 0 Q1 Q2 2011 Q3 Q4 Q1 Moving average trend line Q2 2012 Q3 Q4 FY 2017 Deal Drivers EMEA Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 & North Africa& North The MiddleEast Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 or North Africa.or North dominant location of the target is the Middle East (excl. Israel) that lapsed orwere withdrawn, where the Based onannounced deals, excluding those Count Deal Quarterly M&Aactivity Number of deals Deal Count Deal 40 30 20 35 25 10 15 0 5 Q1 Q2 2011 Q3 Q4 Moving average trend line Q1 Q2 2012 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 Q1 Q2 2016 Q3 Q4 Q1 Q2 2017 Q3 Q4 70 Mergermarket Deal Drivers EMEA The Middle East 71 FY 2017 & North Africa

League tables

Financial advisers by value Financial advisers by deal count

2017 2016 Company Name Value Number 2017 2016 Company Name Value Number (EUR m) of Deals (EUR m) of Deals

1 9 Goldman Sachs & Co 17,091 5 1 1 EY 481 22

2 20 Morgan Stanley 13,829 3 2 53 PwC 450 8

3 7 JPMorgan 12,247 7 3 6 JPMorgan 12,247 7

4 - Centerview Partners 8,295 1 4 21 Goldman Sachs & Co 17,091 5

5 3 VTB Capital 7,683 2 5 15 Citi 6,055 5

6 - China International Capital 7,683 1 6 4 Rothschild 655 5

7 6 Citi 6,055 5 7 20 Bank of America Merrill Lynch 1,472 4

8 1 Credit Suisse 3,968 3 8 10 Morgan Stanley 13,829 3

9 14 HSBC 2,349 2 9 13 Credit Suisse 3,968 3

10 4 Bank of America Merrill Lynch 1,472 4 10 25 BNP Paribas 770 3

The financial adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and exclude lapsed and withdrawn deals. The tables are based on dominant target, bidder or seller company geography being Middle East and North Africa excluding Israel, and cover all sectors. Legal advisers by value Legal advisers by deal count

2017 2016 Company Name Value Number 2017 2016 Company Name Value Number (EUR m) of Deals (EUR m) of Deals

1 47 Latham & Watkins 16,049 5 1 4 Allen & Overy 3,504 23

2 4 White & Case 11,218 9 2 2 Freshfields Bruckhaus Deringer 10,128 14

3 5 Linklaters 10,311 8 3 1 Clifford Chance 6,462 14

4 3 Freshfields Bruckhaus Deringer 10,128 14 4 9 Shearman & Sterling 8,765 11

5 8 Shearman & Sterling 8,765 11 5 3 Baker McKenzie 1,295 11

6= 29 Goodwin Procter 8,295 1 6 5 White & Case 11,218 9

6= - Simpson Thacher & Bartlett 8,295 1 7 6 Linklaters 10,311 8

8 125 Milbank Tweed Hadley & McCloy 6,908 1 8 29 Herbert Smith Freehills 1,747 8

9 2 Clifford Chance 6,462 14 9 11 Eversheds Sutherland 12 8

10 53 Dentons 3,729 2 10 15 Latham & Watkins 16,049 5

The legal adviser league tables by value and count have been run from 01/01/2017 to the 31/12/2017 and include lapsed and withdrawn deals. The tables are based on dominant target, bidder or seller company geography being Middle East and North Africa excluding Israel, and cover all sectors. mergermarket.com DRIVE M&A DEALS, RAISE CAPITAL, AND MANAGE REGULATORY FILINGS

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Europe and Middle East C&S America Merrill Corporation provides technology- & Africa enabled platforms for secure content sharing, Mexico City regulated communications and disclosure Frankfurt; London; Paris +52 55 9171 2237 services. Clients trust Merrill’s innovative +44 20 3031 6300 applications and deep subject expertise to Sao Paulo successfully navigate the secure sharing of their +55 11 3895 8542 most sensitive content, perfect and distribute North America critical financial and regulatory disclosures, and Andover; Atlanta; Boston; Asia-Pacific create customised communications across Chicago; Dallas; Denver; Grove stakeholders. With more than 3,800 people in City; Houston; Irvine; La Mirada; Chennai; Coimbatore; 41 locations worldwide, clients turn to Merrill Los Angeles; Minneapolis; New Hong Kong; Japan; when their need to manage complex content York; Oregon City; Palo Alto; Shenzhen; Singapore intersects with the need to collaborate securely Philadelphia; Sartell; Seattle; +44 20 3031 6300 around the globe. St. Cloud; St. Paul; Toronto; Troy; Union; Washington DC +888 311 4100

mergermarket.com Mergermarket Deal Drivers EMEA 74 FY 2017

Criteria Contacts

Head of Research Consumer Advertising Opportunities The following notes pertain to data contained Data underlying the League Tables are based Giovanni Amodeo Deane McRobie Erik Wickman in this publication: on deals where the bidder, target or seller [email protected] geography of either is that of the geography Americas Telecoms, Media & Technology + (1) 212 686 3329 Deals are included where the deal value is in focus. Lana Vilner Amy-Jo Crowley, Yining Su greater than or equal to US$5m. Mid-market is defined as €5-€250m. Asia-Pacific Transportation Where no deal value has been disclosed, deals Gerry Tee Elaine Green are included if the turnover of the target is All data included is correct as of 10 January 2018. EMEA Pharma, Medical & Biotech greater than or equal to US$10m. Kathleen Van Aerden Mintoi Chessa-Florea League Tables correct as of 23 January 2018. Deals where the effective stake acquired is All Sectors Construction less than 30% will only be included if the value Top deals correct as of 31 January 2018. Katharine Dennys Nick Cheek is greater than US$100m. For a full version of the Mergermarket Financial Services The Middle East & North Africa Aaran Fronda Ruth McKee AlGhamdi Deals are included in the graphs and Top M&A deal database inclusion and league Deals in each section based on the dominant table criteria, go to: Industrials & Chemicals geography and dominant sector of the www.mergermarket.com/pdf/deal_criteria.pdf Joao Grando target company. Energy, Mining & Utilities Patrick Harris

mergermarket.com Mergermarket Deal Drivers EMEA 75 FY 2017

Mergermarket is an Acuris company

In M&A, information is the most valuable currency. Mergermarket reports EMEA Americas Asia on deals 6-24 months before they become public knowledge, giving our 10 Queen Street Place 330 Hudson St. 16/F, Grand Millennium Plaza subscribers a powerful competitive advantage. With the largest network London 4th Floor 181 Queen’s Road Central of dedicated M&A journalists and analysts, Mergermarket offers the most EC4R 1BE New York, NY 10013 Hong Kong comprehensive M&A intelligence service available today. Our reporters United Kingdom USA + 852 2158 9790 are based in 67 locations across the Americas, Europe, Asia-Pacific, the +44 203 741 1000 +1 212 500 7537 Middle East and Africa.

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