PwC Deals Global Automotive Deals Insights Year-End 2017
In the driver’s seat: Automotive M&A pushes forward in 2017
Executive summary Global Automotive M&A activity was strong in 2017. Automotive “Investments in connected, M&A deal value is up 29.9% to $53.2 billion. Volume is up 2.6% autonomous, and electrification made to 598 deals, and the average disclosed deal size increased 31.9% to $278.6 million. headlines and drove Automotive M&A The increase in value and average deal size is primarily driven activity in 2017. Despite the risk by two megadeals in 2017 compared to zero in 2016. The two associated with these Auto-Tech megadeals were in Auto-Tech segment accounting for $23.3 investments, this trend will continue to billion of deal value, or 43.9% of all disclosed deal value in 2017. drive deal value in 2018.” We define Auto-Tech as investments in connectivity, autonomous, electrification, ride-sharing and the software, sensors, intellectual property and other components that support these trends. Auto-Tech deal value increased more Jeff Zaleski than fivefold from $5.3 billion in 2016 to $26.7 billion in 2017, Partner, US Automotive primarily due to both megadeals in 2017 being Auto-Tech Deals Leader related. Auto-Tech deal volume was up 28.0%, from 50 deals in PwC 2016 to 64 deals in 2017. US acquirers spent $23.6 billion in 2017, or 44.4% of disclosed deal value. With recent tax reform in the U.S. and the expected repatriation of cash, we expect US acquires to drive M&A activity in 2018.
Trends and highlights
• Volume growth in 2017 was driven by the Others sub- Global Automotive M&A deals by disclosed value sector while all value growth was driven by the 2011 - 2017
Component Supplier sub-sector. 250 1 450 )
$388 alue alue
• Consolidation within the aftermarket and dealership 400 mn v
1 - ($ segments is racing alongside Component Supplier 200 2 2 350
eal eal 64
d 4 segment driving M&A volume. Dealerships accounted 40 - $279 300 150 41 56 55
for 26.4% of the total automotive activity, and 12.7% 250 value eal
37 40 d of activity related to transactions in the aftermarket
disclosed 200 100 segment. Increased deal volume in the Others sub- of $214 $211 $186 150 sector was driven by aftermarket and dealer $161 isclosed $141 100 consolidation. 50 volume volume 50 176 147 117 138 116 138 134
• Value growth was driven by Component Suppliers, as deal Deal Deal - - d Average value more than doubled to $40.7 billion in 2017. 2011 2012 2013 2014 2015 2016 2017 • Both megadeals transacted in 2017, and 60% of the <100 mn 100 mn - 5 bn > 5 bn Average deal size (R-Axis) top 10 deals, targeted Component Suppliers. Source: Thomson Reuters Highlights of 2017 deal activity
M&A market activity improves Global Automotive M&A deal volume and value 2011 - 2017 Deal value and volume in 2017 outpaced 2016, with M&A 70 700 598 activity reaching the highest level since 2007 (604 deals). 594 591 583 ) 60 543 600 Total 2017 transaction value of $53.2 billion is up 29.9% bn 490
($ 465 from 2016, while 598 deals were closed in 2017, up 2.6%. 50 500
The Component Supplier sub-sector continues to drive 40 400 volume
M&A value growth while dealership and aftermarket value eal
30 300 Deal consolidation is fueling growth in M&A volume. 20 200 Local deals continue to be attractive and make up a large share of the deal volume, however, a majority of deal d Disclosed 10 100 value is attributable to cross border Auto-Tech deals. $44.9 $30.2 $21.7 $38.7 $62.1 $41.0 $53.2 - - 2011 2012 2013 2014 2015 2016 2017
Disclosed deal value Deal volume (R-Axis)
Source: Thomson Reuters
Largest Megadeals transaction $15.3B ($5B and over) 2 mega-deals
Intel’s $15.3 billion acquisition There were two transactions of MobileEye – an advanced in 2017 exceeding $5 billion driver-assistance system (compared to zero in 2016 providing warnings for collision and four in 2015), making up prevention and mitigation, 43.9% of total disclosed deal accounted for 28.8% of total value. Both megadeals in disclosed deal value in 2017. 2017 were Auto-Tech related.
Automotive assembly
According to PwC Autofacts, the industry is expected to add 20.4 million units of production between 2017 and 2024 for a compounded annual growth rate (CAGR) of 2.8%. The majority of this growth stems from China with a contribution to growth (CTG) rate of nearly 43% (or 8.7 million units), followed by India with a CTG rate of nearly 12% (or 2.4 million units).
Global light vehicle assembly outlook 2004 - 2024 120 900 110 800 100 90 700 (millions) 584 594 604 594 591 583 598 80 549 520 543 600 515 532 70 490 volume 465 500
volumes volumes 60 50 400 Deal 40 300
Assembly 30 58 63 65 69 66 58 72 75 80 84 86 88 93 94 98 103 107 109 111 113 114 20 200 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Global light vehicle assembly outlook Automotive M&A deal volume
Source: PwC Autofacts 2018, Q1 Release
PwC Deals Global Automotive Deals Insights Year-End 2017 2 Highlights of 2017 deal activity (cont.)
Transaction multiples Transaction multiples (median) 2015 - 2017 Disclosed transaction multiples for the automotive industry varied in 2017. The implied EV/EBITDA 1.5x 11.5x 12.0x multiples for automotive transactions announced increased from 8.2x in 2016 to 9.6x in 2017, respectively. 11.0x Additionally, the implied EV/Revenue multiples for 1.0x 9.6x 10.0x automotive transactions announced stayed relatively Revenue
consistent, dropping slightly from 1.2x to 1.1x in 2017, 8.2x 9.0x EV / EV
0.5x EBITDA / EV respectively. 8.0x Multiples are not available for all deals and historically 1.4x 1.2x 1.1x 0.0x 7.0x may get revised as subsequent information becomes 2015 2016 2017 available. Although reported EBITDA multiples are higher for 2017, as more information becomes available, we EV / Revenue EV / EBITDA believe valuation multiples were flat to declining in 2017. Source: Capital IQ
Venture capital activity
Global venture capital deal volume and value for all industries increased in 2017 by 10.5% and 49.5%, respectively. With 11,042 deals completed worth $164.4 billion, 2017 was a record-setting year for venture capital. While the Auto-Tech sector is only a small portion of global venture capital, venture capitalists are showing interest in investing in early stage enterprises focused on artificial intelligence, software, and other technologies in and around the mobility eco-system. Two Auto-Tech areas are receiving noteworthy capital from investors: • On-demand transportation applications – Received over $2.5 billion in venture capital funding in 2017 for the fourth consecutive year. Lyft raised approximately $1.5 billion in 4Q17 alone, evidencing increased interest in ride sharing and autonomous vehicle programs. • Electric and autonomous vehicles – The most notable recipient of venture capital funds this year is NIO, a Shanghai-based start-up focusing on designing and developing autonomous and premium electric vehicles, that raised $1 billion in 4Q17. Along with Component Suppliers and vehicle manufacturers, venture capitalists are also focusing on alternative powertrains that will drive the future of the automotive industry.
The car of the future will be electrified, autonomous, shared, and connected. Venture capitalists will continue to play an integral role of reshaping the automotive industry by injecting cash in early stage technologies and business models.
Source: CB Insights MoneyTree Report
Auto-Tech trends 2017 Auto-Tech deal volume (64 deals)
Significant investments are being made in alternative powertrains, autonomous vehicles, ride sharing/mobility
services, and online vehicle dealerships/trading Tech acquiring tech platforms. Not only are traditional automotive companies 41% acquiring tech companies, tech companies are acquiring Tech acquiring non-tech 53% traditional automotive companies and other Auto-Tech Non-tech acquiring tech focused companies.
Deal value increased over fivefold from $5.3 billion in 6% 2016 to $26.7 billion in 2017, as both megadeals in 2017 were Auto-Tech related. Deal volume increased 28%, from 50 deals in 2016 to 64 deals in 2017, primarily 2017 Auto-Tech deal volume by sub-category (64 deals) driven by Component Supplier activity. In 2017, the main focus in Auto-Tech were driver assistance technologies 11% Alternative powertrains and alternative powertrains, which includes lithium ion 3% Connected car battery manufacturing. In Asia, alternative powertrain 8% companies were attractive assets in auto-tech, 42% Autonomous vehicles comprising 16 deals. The US, Europe, and ROW regions 11% Online dealerships/trading were the most targeted regions for driver assistance technologies. Ride sharing Other Trade buyers dominated Auto-Tech deal activity, 25% transacting 84.4% of Auto-Tech deals, compared to
15.6% of deals transacted by financial buyers. Source: Thomson Reuters
PwC Deals Global Automotive Deals Insights Year-End 2017 3 PwC PwC Deals influences continue drive to consolidation in order reduce to all vehicle manufacturer activity during 2017. China’s governmental Specifically, China vehicle manufacturer activity comprised 25% of of Manufacturer activity during 2017, compared 50.0% to in 2016. Asian vehicle manufacturers comprised 45.5% of Vehicleof vehicle manufacturers in 2017, compared to five in2016. Manufacturers is primarily driven by nine autonomous and electric 2016 2017.to The upward trend in deal volume Vehiclefor Car and motorcycle manufacturer deal volume was largely from flat deals comprise 59.1% Vehicleof Manufacturer deal value in 2017. General of Motors’ European Opel brand $1.2 for billion. These two automobile manufacturer) $2billionfor and Peugeot SA’sacquisition electrical parts) merger with Yongkang Zotye Auto (privately owned led by Huangshan Jinma’s (producer bodies,car of molds, and Two top the 10 of deals were in the Vehicle Manufacturer sub however, deal volume increased 4.8%. value among Vehicle Manufacturers decreased 28.8% in 2017, commercial, heavy The Vehicle Manufacturers category includes car, bus,motorcycle, Vehicle Manufacturers technological winners and losers creating significant the industryrisk as tries figure to out the decade away,these technologies will continue drive to deals in 2018, Although autonomous and penetrationmass of electric vehicles is a vehicle software and Continental AG’s acquisition EasyMileof leading supplier automotive of software development and testing and AG’sacquisition of as evidenced by the acquisition Harman of International. We expect thistrend continueto deals in 2017 were Intel’s acquisition MobileEyeof and Samsung’s sharing applications, and to, compared to transactions as Globally deals compared to deal volume, marks of products be to used in the manufacturing vehicles.of With deal value The Component Suppliers category includes companies who sell Suppliers Component in While differences inefficiencies, lower overall and costs, develop new products. Sub Sub emerging markets. $40.7 connected technologies,car autonomous components, car/ride Global Global Automotive Deals - an all sectors highlights , billion, the strong Component - sector highlights and outlook - time high, 28 194 40 Auto in 2016. Technology deals include, but are not limited deals were transacted within the 2016 Beespeed Automatizari’s automotive unit truck, truck, recent announcementFriedrichshafen of ZF mobility S uppliers continue their focus compared the lastto - . Tech alternative powertrains. The and recreational vehicle assemblers. Deal performance sub solutions. deals were completed - sectors eachexist, continues . Insights Insights of in 2017 – Year Component a provider autonomousof 15 - years. End , down 10.6% on in 2017 two largest In 2017, S Auto uppliers terms of terms - Tech – - sector, to see to or a 23 trends around expansion technologies,of 2011 Vehicle Manufacturers M&A 2011 SuppliersComponent M&A Disclosed deal value ($bn) Disclosed deal value ($bn) - - 40 20 30 45 25 35 2017 2017 10 15 10 18 16 14 12 5 - 8 6 4 2 - Non-megadeal Non-megadeal
303 86 2011
2011 $15.4 $- $10.2 $- 97 2012
2012 $6.3 $8.9 $9.2 $- 236
202 70 2013
2013 $4.8 $- $12.1 $-
activity Megadeal Megadeal
activity 220 2014
2014 $7.7 $9.1 85 $11.4 $5.4 consolidation,
190 69 2015
$5.7 $- 2015 $14.4 $18.4
42 217 2016 Source: Source: 2016 Deal volume (R-Axis)
$7.7 $- Deal volume (R-Axis) $19.8 $-
2017 194 2017 and expansion $- 44 Thomson $5.5 $17.4 $23.3 - 20 40 60 80 100 120 - 50 100 150 200 250 300 350 Reuters
Deal volume Deal volume 4 Sub-sector highlights and outlook
Sub-sectors highlights (continued) Others M&A activity 2011 - 2017 Others 25 400
The Others category includes retail, dealership, 350 aftermarket, rental/leasing, distribution, repair/maintenance 332 360 20 shops, and software for ride sharing. Driven by an 324 300
absence of larger deals, including megadeals, the year- )
over-year decrease in deal value of 48.1% is the second bn
($ 250
year in a row of declining deal value. 15
- $ $6.3 $6.3 238
Increases in deal activity for the Others sub-sector was 200 volume $12.4 $12.4
primarily driven by aftermarket deals increasing, from 45 in value deal 205 193 Deal 2016 to 76 deals in 2017. This is largely being driven by an 10 157 150
aging car parc (cars are on the road longer resulting in
-
Disclosed $
growth in service and service parts). Dealership - -
$ 100
- $
consolidation is also on the rise with a 26.4% increase $ 5 from 133 to 158 deals from 2016 to 2017, respectively. 50
Europe led the Others sub-sector in terms of value and
$12.9 $12.9 $4.9 $11.2 $13.5 $7.0
$5.9 $5.9 $5.2 volume in 2017 with $4.4 billion (63.2% of sub-sector - -
value) transacted in 133 deals. The most popular
2011
2017
2015
2013
2012 2014 European target were dealerships with 48 deals, followed 2016
by repair and maintenance companies with 23 deals. Non-megadeal Megadeal Deal volume (R-Axis)
Source: Thomson Reuters
2016 Share of deal volume - Others 2017 Share of deal volume - Others
19% 31% 41% Dealership 44% Aftermarket Repair & maintenance 16% All others
14% 14% 21%
Source: Thomson Reuters
2018 Automotive deals outlook
Vehicle manufactures, suppliers, technology companies, and venture capital will continue to invest in technology which will aim to disrupt the automotive industry and threaten traditional business models. 2018 will see continued investment in alternative powertrains, connected car technologies, ride sharing, artificial intelligence, and predictive analytics.
Given the global nature of automotive industry, we expect continued focus on cross border activity buoyed by a potential increase in Europe.
In the US, the long-awaited tax overhaul could inject companies and venture capitalists with additional cash to fuel M&A activity and megadeals. Even with interest rates increasing, the cost of debt remains historically low. Coupled with a strong economic environment and historically high profits will likely result in continued high valuation multiples automotive sector.
Asian buyers will continue to be active given further consolidation opportunities, market growth and expected regulations driving the need for alternative powertrain technologies.
PwC Deals Global Automotive Deals Insights Year-End 2017 5 Regional deal trends in 2017
Regional analysis for 2017
Local deals (transactions between targets and acquirers within the same borders) continue to dominate the M&A landscape in 2017, as 85.3% of total deal volume was within the same region. 45.1% of deal value (or $24 billion) was attributable to these local deals.
US deals
Overall, the US companies have been aggressive deal makers in 2017. US acquirers drove growth in global deal value, increasing their share of disclosed deal value from 18.1% in 2016 to 44.4% in 2017, primarily due to Intel’s $15.3 billion acquisition of MobileEye. The share of deal volume by US acquirers increased to 28.8% in 2017, from 27.1% in 2016. The share of deal volume where US companies were the target increased to 27.4% in 2017, compared to 25.2% in 2016.
Cross-border deals
Total cross-border activity in 2017 was $29.2 billion compared to $8.9 billion in 2016.
In addition to the US, Asian acquirers were very active in 2017. Eight of the top 20 deals involved Asian acquirers, which represented 33.5% of total disclosed deal value. The share of deal value for Asian acquirers (both locally and outbound) for 2017 was 42.6%, compared to 40.6% in 2016. However, excluding all megadeals, Asian acquirers made up 49% of deal value, Asian targets comprised 47.2% of deal value. As automotive markets continue to grow and mature in Asia, especially China, we expect this region to continue to play a major role in global automotive M&A.
Europe lost the most share of the deal volume and value during 2017 as none of the megadeals involved European companies. European targets were less attractive as the share of deal volume has declined to 36.8% in 2017 versus 40.7% in 2016. Foreign companies continue to struggle to close deals in Asia, with only 12 inbound deals with a disclosed value of $270 million, despite the growth in the overall automotive market in the region. MobileEye, located in Israel, drove nearly all the inbound deal value in the Rest of World.
Automotive deals by region
Europe Local: 181 deals, $4.54 billion US Inbound: 39 deals, $4.64 billion Local: 145 deals, $5.20 billion Outbound: 19 deals, $0.58 billion Inbound: 19 deals, $8.88 billion Outbound: 27 deals, $18.42 billion Asia and Oceania Local: 140 deals, $13.85 billion Inbound: 12 deals, $0.27 billion Outbound: 25 deals, $8.84 billion
Rest of the world Local: 44 deals, $0.42 billion Inbound: 18 deals, $15.42 billion Outbound: 17 deals, $1.37 billion
Source: Thomson Reuters and other publicly available sources
PwC Deals Global Automotive Deals Insights Year-End 2017 6 Financial vs. Trade buyers
Financial buyers
Financial buyers saw an increase in deal value in 2017, up 13.9% compared to 2016. Regionally, the increase in deal value is primarily driven by investments in Asia. Of the $9 billion in financial buyer disclosed value, $6.9 billion was in Asia.
Overall, financial buyers’ share of M&A activity dropped from 25.6% in 2016 to 22.1% in 2017. Although overall share is down, financial buyers were more interested in Component Suppliers in 2017, as they completed 51 Component Supplier deals, versus 46 in 2016. Financial buyers were also interested in auto-tech targets in 2017, as they completed ten auto-tech deals, compared to six in 2016.
Trade buyers
During 2017, deal value and volume increased for trade buyers to the highest levels since 2006. Deal volume increased 7.4% to 466 completed deals, while deal value grew 33.7% to $44.2 billion. Both megadeals completed in 2017 were transacted by trade buyers, accounting for $23.3 billion, or 43.9% of total disclosed deal value. Excluding megadeals, trade buyer’s deal value decreased $12.2 billion, or 36.9%. However, trade buyers average disclosed deal value increased from $76.3 million in 2016 to $94.9 million in 2017.
Financial Buyer M&A activity Trade Buyers M&A activity 2011 - 2017 2011 - 2017 25 180 50 500 466 160 442 434 160 45 434 450 145 149 149 398 20 40 373 400
132 140 )
) 350 bn 117 115 bn 35 350
($ 120 ($ 15 30 300
100 volume
volume 25 250
deal value value deal deal value value deal
80 Deal 10 Deal 20 200 60
15 150
Disclosed Disclosed 40 5 10 100
20 5 50
$7.9
$9.2 $26.1
$13.7 $4.2 $9.8 $42.1 $33.1
$9.0 $31.2 $29.0 $44.2
$20.0 $12.5
- - - -
2011 2011
2017 2017
2015 2015
2013 2013
2012 2012
2014 2014
2016 2016
Financial value Financial volume (R-Axis) Trade value Trade volume (R-Axis)
Financial Buyer Share of M&A Activity 2011 - 2017 45%
40%
35% 25% 30% 27% 27%
activity 26% 24% 25% 25% 22%
20%
15% Share of M&A M&A of Share 10%
5%
30% 19%
14% 42% 17%
32% 25%
0%
2011
2017
2015
2013
2012
2014 2016
Financial share of total value Financial share of total volume
Source: Thomson Reuters
PwC Deals Global Automotive Deals Insights Year-End 2017 7 2017 Top 20 Automotive Transactions
Date Target name Target Acquirer name Acquirer % of Value of Buyer type Category effective region region share transaction acquired ($mil)
1 08/09/2017 MobileEye ROW Intel US 100 15,300 TRADE Comp
2 03/10/2017 Harman Intl Industries Inc. US Samsung Electronics Co. Ltd. Asia 100 8,041 TRADE Comp
3 05/08/2017 Calsonic Kansei Corp. Asia CK Holdings Co. Ltd. Asia 100 4,404 FIN Comp
4 04/11/2017 Yongkang Zotye Auto Co. Ltd. Asia Huangshan Jinma Co. Ltd. Asia 100 2,047 TRADE VM
5 11/2/2017 Alliance Automotive Group SAS Europe Genuine Parts Co. US 100 2,000 TRADE Other
6 04/06/2017 Metaldyne Performance Group US American Axle & Manufacturing Holdings Inc. US 100 1,512 TRADE Comp
7 08/01/2017 General Motors UK Ltd. Europe Peugeot SA Europe 100 1,210 TRADE VM
8 01/26/2017 Zhe Jiang Long Sheng Qi Che Asia Investor Group Asia 73 1,067 FIN Comp
9 11/01/2017 GMAC UK PLC Europe Investor Group Europe 100 956 FIN Other
10 10/31/2017 FTE Automotive GmbH Europe Valeo SA Europe 100 917 TRADE Comp
11 04/07/2017 Beijing Pride New Energy Asia Guangdong Dongfang Precision Science & Asia 100 793 TRADE Comp Technology Co. Ltd.
12 09/27/2017 Supreme Industries Inc. US Wabash National Corp. US 100 697 TRADE Comp
13 05/30/2017 Uniwheels AG Europe Superior Industries International Inc. US 31 688 TRADE Comp
14 09/07/2017 Penske Truck Leasing Co. LP US Mbk Usa Commercial Vehicles Inc. US 16 674 TRADE Other
15 03/21/2017 PKC Group Oyj Europe Motherson Sumi Systems Limited ROW 100 619 TRADE Comp
16 12/19/2017 Goldcar Spain SL Europe Europcar Groupe SA Europe 100 616 TRADE Other
17 03/31/2017 Nippon Sheet Glass Co. Ltd. Asia Investor Group Asia 43 505 FIN Comp
18 10/26/2017 Shanghai Sunlong Bus Co. Ltd. Asia Dongxu Optoelectronic Technology Co. Ltd. Asia 100 490 TRADE VM
19 10/02/2017 Mazda Motor Corp. Asia Toyota Motor Corp. Asia 5 455 TRADE VM
20 10/24/2017 Nutonomy US Delphi Automotive PLC US 100 450 TRADE Comp
Source: Thomson Reuters
PwC Deals Global Automotive Deals Insights Year-End 2017 8 About PwC’s Smart deal makers are perceptive enough to see value others have missed, flexible enough to adjust for the unexpected, aggressive enough to win favorable terms in a competitive Deals Practice environment, and circumspect enough to envision the challenges they will face from the moment the contract is signed. But in a business environment where information can quickly Authors overwhelm, smart deal makers look to experienced advisors to help them fashion a deal that Jeff Zaleski works. Partner, US Automotive Deals leader 313-394-3525 PwC’s Deals group can advise automotive companies and automotive-focused private equity [email protected] firms on key M&A decisions, from identifying acquisition or divestiture candidates and performing detailed due diligence, to developing strategies for capturing post-deal profits and Gonzalo Nespolo exiting a deal through a sale, carve-out, or IPO. With more than 9,800 deals professionals in Director, Automotive Deals 75 countries, we can deploy seasoned teams that combine deep industry skills with local 313-394-6169 market knowledge virtually anywhere and everywhere your company operates or executes [email protected] transactions.
Chris Sutton Although every deal is unique, most will benefit from the broad experience we bring to Senior Associate, Automotive Deals delivering strategic M&A advice, due diligence, transaction structuring, M&A tax, merger 313-394-3166 integration, valuation, and post-deal services. [email protected] In short, we offer integrated solutions, tailored to your particular deal situation and designed to help you extract value within your risk profile. Whether your focus is deploying capital Contributor through an acquisition or joint venture, raising capital through an IPO or private placement, Steve Shanker or harvesting an investment through the divesture process, we can help. Partner, Valuation 313-394-6841 For more information about M&A and related services in the automotive industry, please visit [email protected] www.pwc.com/optimizedeals or www.pwc.com/us/automotive
For a deeper discussion on deal considerations, please contact one of our practice leaders or your local Deals About the data partner: The information presented in this report is an analysis of deals in the automotive industry where the target company, the target ultimate parent company, the acquiring company, or Felix Kuhnert the acquiring ultimate parent company was in the automotive industry. For purposes of this Partner, Global & European Automotive leader report, automotive includes on-highway vehicle manufacturers, component suppliers, +49 711-25034-3309 aftermarket, repairs/maintenance and dealers. On-highway includes cars and light trucks, [email protected] motorcycles, heavy trucks, buses and recreational vehicles. Deal information was sourced
Hitoshi Kiuchi from Thomson Reuters. Certain adjustments have been made to the information to exclude Partner, Asia Pacific Automotive leader transactions which are not specific to the on-highway or automotive sector or incorporate +81 080-3158-6934 relevant transactions that were omitted from the industry codes initially utilized. [email protected] This analysis includes individual mergers, acquisitions, and divestitures for disclosed or undisclosed values, leveraged buyouts, privatizations, certain minority stake purchases, and Ramesh Telang acquisitions of remaining interest effective between January 1, 2017 and December 31, Partner, US Automotive leader 2017, with a deal status of completed. 313-394-6738 [email protected]
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