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Monthly M&A Insider A mergermArket report on globAl m&A Activity MONTHLY M&A INSIDER FebruAry 2010 CONTENTS GLOBAL OVERVIEW 01 AsiA-PaciFic 05 AmericAs: Latin AmericA 14 North AmericA 20 europe 28 middle eAst & AFricA 36 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 01 GIVen the scALE And scope of the WORst economIC doWntuRN IN decAdes, IT IS of LIttLE SURPRISE THAT THE GLOBAL M&A MARKET SUFFERED BADLY IN 2009. A totAL OF 9,493 DEALS WORTH US$1.76TN CAME to THE MARKET OVER THE COURSE OF THE YEAR, REPRESENTING A DECLINE OF MORE THAN 25% IN TERMS OF Both DEAL VOLUME AND VALUE COMPARED to 2008 NUMBERS. Furthermore, global deal volume fell to the lowest level seen Elsewhere, private equity players have continued to be since 2003 while the average deal size of US$185m is way largely absent from the top end of the market with buyout down on the US$233m witnessed during the height of the activity generally retrenching to the mid and low-cap space. M&A boom in 2007. Understandably, large leveraged buyouts - along the lines of the mega deals that dominated the private equity driven Despite this, there are a number of encouraging signs M&A landscape in the years running up to the financial that the M&A market has reached inflection point with crisis - have been largely put on hold since the acute onset dealmaking conditions and market confidence slowly of the financial crisis.W hile private equity equity-related deal improving. Indeed, this can be seen to good effect by looking volumes are beginning to slowly recover as funds adjust to at the quarterly breakdown of 2009 deal flow with announced the new economic reality, valuations remain depressed – the activity increasing each quarter, trending upwards from average buyout size in 2009 was just US$90m, compared to 2,093 transactions in Q1 to 2,686 deals in Q4. The second US$109m in 2008 and US$301m in 2007. Tellingly, at the time half of 2009 also accounted for 58% of the year’s US$1bn+ of publication just 36 US$1bn+ private equity-related deals transactions as the financing environment, and the general have been announced since 2009, compared to 76 in 2008 and economic climate began to improve. This figure increases 217 in 2007. further when government-related bailouts of ailing corporations/institutions are excluded from the analysis. Going forward, it is likely that private equity will continue to adopt a ‘back-to-basics’ approach with renewed focus Remarkably, the largest transaction of 2009 was actually a on value creation at portfolio company level. The M&A strategic play that came to the market at the height of the environment is certainly improving although things are now financial crisis in the first quarter of the year. The deal was fundamentally different for the asset class; attractive targets announced in the traditionally counter-cyclical Pharma, are less commonplace and leverage is more difficult to obtain Medical & Biotech space and saw US-based Pfizer acquire with loans widely syndicated as lenders look to diversify Wyeth for a total consideration of US$63.27bn. Nevertheless, risk. As such, financial investors have generally shied away the climate for large-cap dealmaking undoubtedly improved from emerging market plays and predominantly focussed on as the year progressed, borne out by the fact that five of the acquisitions in the tried and tested markets of Europe and top 10 deals of the year were announced in either November North America. However, despite this fundamental shift in or December. This trend has continued into 2010 with several the modus operandi of the asset class, deals such as KKR’s significant deals being announced in the first few weeks recent acquisition of Pets At Home for a consideration of of the year, chief among them being Novartis’ US$26.30bn almost US$1.54bn and BC Partners’ move to buy Spotless for acquisition of 52% stake acquisition in Alcon, the Switzerland- US$816m show that big deals could be making a comeback. based developer, manufacturer, and distributer of eye care products. Proof again that even in difficult times corporates By Tom Coughlan, Remark with strong balance sheets and well defined strategies are able to do big deals. Head of Research – Elias Latsis Global – Tom Coughlan Editor – Anna Henderson Asia-Pacific – Debbie Jung, Shunsuke Okano, Chunshek Chan North America – Aksana Fitzpatrick, Irina Arefyeva and Jason Cozza For advertising opportunities contact: Latin America – Matthew Albert Erik Wickman Europe – Giovanni Gallorini, Samuel Tedjasukmana tel: + (1) 212 6863329 Middle East & Africa – Petra Witowski, Nulifer Sezer [email protected] Monthly M&A Insider Trend graphs GLOBAL M&A quArterLy trend 02 value volume 1,400,000 4,500 4,000 1,200,000 3,500 1,000,000 3,000 m) 800,000 $ 2,500 2,000 Value ( Value 600,000 Volume of deals Volume 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 GLOBAL M&A quArterLy MId-MArket trend value volume 140,000 2,000 120,000 1,500 100,000 m) 80,000 $ 1,000 Value ( Value 60,000 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 Moving average trend line Monthly M&A Insider TREND GRAPHS GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND 03 VALUE VOLUME 400,000 800 350,000 700 300,000 600 250,000 500 m) $ ( 200,000 400 alue 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 Global buyouts Global buyouts Global exits Global exits GLOBAL M&A SECTOR BREAKDOWN Y/E 2009 VALUE VOLUME 0.5% 2.8% 1.1% 0.2% 2.5% 0.3% 1.1% 3.8% 9.6% 2.9% Industrials & Chemicals 3.6% 17.9% Industrials & Chemicals 2.3% TMT 3.8% TMT 12.9% 12.6% Consumer Consumer 6.5% Energy, Mining & Utilities Energy, Mining & Utilities Business Services Business Services 14. 3% Financial Services Financial Services 8.5% 11.1% Pharma, Medical & Biotech Pharma, Medical & Biotech 17.0% Construction Construction Leisure Leisure 11.2% Transportation 13.3% Transportation 3.7% 24.9% Real Estate Real Estate 11.4% Agriculture Agriculture Defence Defence Monthly M&A Insider TREND GRAPHS GLOBAL M&A DEAL SIZE BREAKDOWN 04 VALUE VOLUME 2,500 9,000 8,000 2,000 7,000 6,000 1,500 bn) € 5,000 ( alue 4,000 V 1,000 Number of deals 3,000 2,000 500 1,000 0 0 H1 H 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 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 > €501m > €501m €251m-€500m €251m-€500m €101m-€250m €101m-€250m €15m-€100m €15m-€100m €5m-€14.9m €5m-€14.9m Value not disclosed Monthly M&A Insider A MERGERMARKET M&A REPORT ON ASIA-PACIFIC DESPITE THE GENERAL DECREASE IN GLOBAL M&A ACTIVITY, ASIA-PaCIFIC MANAGED TO FINISH 2009 ASIA-P WITH A SLIGHT INCREASE IN OVERALL DEAL vaLUE. WITH A TOTAL OF 2,218 ANNOUNCED DEALS WORTH A $419.6BN, M&A vaLUE IN THE REGION ROSE by 6% FROM 2008 LEVELS. AND whiLE REGIONAL DEAL c I f VOLUME FELL BY 4% FROM 2008 LEVELS, THIS RESULT IS STILL MUCH BETTER COMPARED WITH THE 26% I c DECLINE WITNEssED IN GLOBAL DEAL VOLUME.
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