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Monthly M&A Insider

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Monthly M&A Insider A mergermArket report on globAl m&A Activity Monthly M&A InsIder September 2010 CONTENTS GlobAl overvIew 01 AmericAS: Latin AmericA 05 North AmericA 12 ASiA-Pacific 24 europe 35 middle eASt & AfricA 46 mergermarket Monthly M&A InsIder Part of the mergermarket group www.mergermarket.com 80 Strand 895 broadway #4 Suite 2401-3 london, Wc2r 0rl new york, ny 10003 grand millennium plaza united kingdom uSA 181 Queen’s road, central hong kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] global overVIEW GlobAl overvIew glob THE rECENT rETUrN OF LArGE-cap COrPOrate M&A HAS BEEN WELL DOCUMENTED. INDEED, A l overvie the thirD quarter of 2010 already abounds with Examples of Transformational playS MADE By acqUISITIVE AND AMBITIOUS TrADE PLAyErS. THE NOrTH AMErican MArKET HAS SEEN ONE OF THE LArGEST ANNOUNCED M&A DEALS OF rECENT yEArS IN THE forM OF BHP W Billiton’S US$41.91bn hostile bid for Canada’S Potash COrporation of Saskatchewan. Not to be completely outdone, Europe has seen its fair share While private equity buyout numbers continue to recover in of M&A activity at the top-end of the market with the largest terms of transaction volumes and valuations, it is also notable transaction being the €20.70bn (US$27.28bn) reverse takeover that several significant exits have also come to market as sale involving GDF Suez Energy International and International conditions gradually improve. This has helped spur a relative Power. Even Latin America and the Asia-Pacific regions have flurry of private equity disposals with mergermarket data witnessed significant activity with regional heavyweights such showing that 24 US$500m+ exits have been brokered over the as Telefonica, Panasonic and the newly created Sumitomo second half of 2010 so far, compared to just five such deals Mitsui Trust Holdings all recently moving to broker deals. over the same timeframe 12 months previous. Against this backdrop, private equity houses have largely taken Clearly, the global financial crisis has had a profound impact something of a backseat as their corporate counterparts upon holding periods with many funds opting against a sale have grabbed the M&A headlines. Nevertheless, it is arguable over the last 24 months, generally preferring to keep firms in that the real story of recent months has been the return of portfolio until the market begins to recover. While the global the private equity mega-deal with 14 US$1.00bn+ buyouts economy is far from out of the woods, it is reasonable to argue announced in the second half of 2010. Unsurprisingly, such that leverage is slowly becoming easier to obtain and the activity has largely centred in the North American market with price dislocation between buy and sell-side parties is easing. the top buyout seeing the Blackstone Group acquire US-based As such, a number of private equity firms, under pressure energy firm Dynergy for a total consideration of US$4.85bn. to provide returns to increasingly disaffected and impatient Elsewhere, another high profile deal was announced in the limited partners, are now exploring disposal avenues, leading Leisure space with 3G Capita acquiring fast food behemoth to recent brisk activity in the exit market. With the IPO Burger King in a take private valued at US$3.83bn. window remaining shut, a sale to a trade player remains the most likely exit route, accounting for 67.0% of overall exits To an extent, recent deal flow has been an exacerbation (excluding IPOs) in H2 2010 to date. of a longer-term trend which has seen financial investors increasingly ready, willing and able to broker sizeable deals. The top exit of recent months is a case in point in this regard This is reinforced to good effect by mergermarket data which with a consortium of firms comprising Ontario Teachers’ shows that the average size of disclosed value private equity- Pension Plan, Torstar Corporation and The Woodbridge related deals in 2010 to date stands at US$256m. Tellingly, Company disposing of an 85.00% stake in Canadian this represents a marked increase on 2009 and, to a lesser multimedia firm CTVglobemedia (excluding its Globe and Mail extent, 2008 numbers where the corresponding figures stood businesses). In a deal valued at US$2.85bn, the firms sold out at US$189m and US$240m respectively. to telecommunications giant Bell Canada Enterprises. head of research – Elias Latsis Global overview: Tom Coughlan editor – rory McNeil latin America: Mathew Albert For advertising opportunities contact: north America: Jason Cozza erik wickman Asia-Pacific:Shunsuke Okano and Anita Wong tel: + (1) 212 6863329 europe: Samuel Tedjasukmana and Giovanni Gallorini [email protected] Middle east & Africa: Marie-Laure Keyrouz and Lars Lundqvist Monthly M&A Insider 01 TrEND GrAPHS GLOBAl M&A quArterly trend glob value volume A l overvie 1,400,000 4,500 4,000 1,200,000 W 3,500 1,000,000 3,000 m) $ 800,000 2,500 600,000 2,000 alue (US V olume of deals V 1,500 400,000 1,000 200,000 500 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10* GLOBAl M&A quArterly MId-MArket trend value volume 140,000 2,000 120,000 1,500 100,000 m) $ 80,000 1,000 60,000 alue (US V Number of deals 40,000 500 20,000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10* Moving average trend line Monthly M&A Insider 02 TrEND GrAPHS GLOBAl M&A quArterly PrIvAte equIty trend glob value volume A l overvie 400,000 800 350,000 700 W 300,000 600 250,000 500 200,000 400 alue (US$m) V Number of deals 150,000 300 100,000 200 50,000 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10* 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10* Global buyouts Global buyouts Global exits Global exits GLOBAl M&A sector breAkdown ytd 2010 value volume 0.9% 2.2% 1.3% 2.8% 0.4% 0.5% 1.8% 3.8% 13.3% 2.9% Industrials & Chemicals 3.4% 17.7% Industrials & Chemicals 1.3% TMT 4.1% TMT 9.1% Consumer Consumer 7.6% 15.3% Business Services Business Services Energy, Mining & Utilities Energy, Mining & Utilities 15.0% Financial Services Financial Services 10.9% 10.4% Pharma, Medical & Biotech Pharma, Medical & Biotech Construction Construction 8.5% Leisure Leisure Tr ansportation 10.9% Tr ansportation 6.3% 12.4% Real Estate 25.6% Real Estate 11.6% Agriculture Agriculture Defence Defence Monthly M&A Insider 03 TrEND GrAPHS GLOBAl M&A deAl sIze breAkdown glob A value volume l overvie 2,500 9,000 8,000 W 2,000 7,000 6,000 1,500 5,000 4,000 alue (US$bn) 1,000 V Number of deals 3,000 2,000 500 1,000 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010* 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010* > US$501m > US$501m US$251m-US$500m US$251m-US$500m US$101m-US$250m US$101m-US$250m US$15m-US$100m US$15m-US$100m US$5m-US$14.9m US$5m-US$14.9m Value not disclosed Monthly M&A Insider 04 A MERgERMARkET M&A REpoRT oN LATIN AMERICA IN AUgUST, ThE Latin American dEAL MARkET SAw yET ANoThER LARgE TIE-Up BRokEREd IN ThE TMT LATIN AMERICA LATIN sectoR, STRAIghT oN ThE hEELS oF A STRINg oF LARgE-cap dEALS IN ThE Space ThIS yEAR.
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