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The comprehensive review of mergers and acquisitions in the EMEA region FY 2019 Deal Drivers EMEA mergermarket.com WIN MORE MANDATES DatasiteOne Marketing is the first solution focused on optimizing and automating the LEARN early stage M&A asset marketing process. MORE > EMEA +44 20 3031 6300 UK&I +44 20 3031 6300 Germany +49 69 244 321 450 France +33 1 4006 1313 [email protected] #DatasiteOne merrillcorp.com ©Merrill Communications LLC. All rights reserved. All trademarks are property of their respective owners. Mergermarket Deal Drivers EMEA FY 2019 3 Contents Contents The comprehensive Foreword 04 Consumer 36 EMEA Heat Chart 05 Telecoms, Media & Technology 42 review of mergers All Sectors 06 Transportation 48 and acquisitions in Financial Services 18 Pharma, Medical & Biotech 54 the EMEA region Industrials & Chemicals 24 The Middle East & North Africa 60 throughout 2019. Energy, Mining & Utilities 30 About Merrill Corporation 67 mergermarket.com Mergermarket Deal Drivers EMEA FY 2019 4 Foreword Foreword Welcome to the full-year 2019 edition of disappointment and a reassurance. While this Deal Drivers provides readers with an in-depth Deal Drivers EMEA, published by Mergermarket annual figure represented a 6.4% fall in volume review of EMEA-based M&A during 2019 using in association with Merrill DatasiteOne. This and a 16% drop in value on 2018’s annual total, sector-specific and geographical data – all report provides an extensive review of M&A some sense of reassurance can be derived filtered through the expert lens of Mergermarket activity across Europe, the Middle East and North from the fact that dealmaking activity has not journalists. We hope that this full-year edition is Merlin Piscitelli Africa, with detailed analyses of specific regions continued to fall apace with 2H18’s totals. useful to you and we welcome your feedback. Chief Revenue Officer, EMEA and sectors. It also identifies key trends set to At the start of 2020, the challenges Merrill DatasiteOne develop over the course of the next six months. to dealmaking may appear formidable. The global M&A spree of the past few years Global growth is slowing, and while the was bound to slow down at some point. US and China have signed a phase-one Looking back, while 2018 was still a blockbuster deal on trade, considerable work remains year for European M&A, recording 8,184 deals to be done in that arena. Meanwhile, the worth €828.2bn, the highest volume and value severity of the coronavirus outbreak in of the past decade, the second half of that year China is still unknown, but it has already issued a clear warning sign that the good times put a dampener on demand, bringing down were likely on their way out. 2H18 recorded only commodity and stock prices. Closer to €292.1bn in value, the worst half-yearly figure home, the UK has entered a transitionary since 2H13. period in the process of leaving the EU, and while a no-deal scenario has been This drop in M&A activity is unsurprising avoided, uncertainty remains surrounding given geopolitical and economic headwinds, the negotiation of trade terms with the EU. including trade disputes between the US and China, and between the US and the EU, as well Given these conditions, M&A in 2020 is as a slowing economy in Europe. According to unlikely to top the peaks of previous years, the IMF, GDP growth in Germany, the largest but neither does that mean that deal activity economy in the region, fell to a sluggish 0.5% will cease entirely. Financing is still abundant annual rate in 2019, down from 1.5% in 2018. and smart trade buyers will find ways to use Overall in Europe, growth was 1.5% in 2019, M&A defensively in this more difficult business compared to 2.2% the year before. environment, while PEs will find ways to deploy the near-historic levels of dry powder they Against that backdrop, the 7,656 European deals have accumulated. recorded in 2019 worth €683.2bn was both a mergermarket.com Mergermarket Deal Drivers EMEA FY 2019 5 Heat Chart EMEA Heat Chart Looking ahead to the next six months of EMEA dealmaking, Heat chart based on potential companies for sale the telecoms, media & technology (TMT) sector can be Sector UK & CEE DACH Italy Nordics Benelux France Iberia Russia MENA SEE Total expected to see the greatest level of activity, according to Ireland (excluding Mergermarket’s Heat Chart, which tracks ‘companies for sale’ Russia) stories over the past six months. Telecoms, Media 104 77 77 35 42 36 36 33 27 38 21 526 & Technology There were 526 stories about companies in the TMT space Industrials & 38 75 90 37 25 30 28 24 31 11 22 411 coming to market on Mergermarket’s intelligence tool during Chemicals this period, with the UK & Ireland being the region likely to Consumer 61 61 43 84 22 28 23 29 18 15 23 407 see the greatest amount of activity: there were 104 stories Business Services 59 28 25 18 17 28 17 20 9 8 8 237 about TMT companies coming to sale in that region. Pharma, Medical 39 20 34 12 35 17 23 14 3 22 5 224 Overall, across all sectors, the UK & Ireland is set to deliver the & Biotech greatest volume of M&A, as in previous years, demonstrating Financial Services 52 33 17 14 17 15 13 17 23 11 3 215 that dealmaking in the region will continue despite ongoing Energy, Mining 50 30 22 10 14 7 10 7 12 11 10 183 uncertainty around trade negotiations with the European & Utilities Union as the UK prepares to exit the bloc. Leisure 25 15 10 4 4 8 7 9 7 5 14 108 As in the last full-year edition of Deal Drivers, the Central & Transportation 5 20 6 4 5 9 8 1 13 1 9 81 Eastern Europe (CEE) region again came in second in the Construction 9 10 11 4 7 5 3 9 7 2 6 73 number of potential transactions, as the region experiences Real Estate 9 7 4 3 4 4 3 7 6 3 3 53 far higher growth than the rest of Europe. Mergermarket is Agriculture 2 7 2 5 11 4 31 tracking 385 ‘companies for sale’ stories in CEE. Defence 1 1 1 2 1 6 The industrials & chemicals (I&C) sector had the second Government 1 2 3 greatest number of companies coming to market (411). The CEE and the DACH regions – with their traditionally strong Total 453 385 340 225 194 193 171 170 169 133 125 2558 I&C sector – in particular, are set to see the most Hot Warm Cold M&A volume in that sector. Elsewhere, the consumer industry is tracking just below I&C, 100 50 20 with Italy projected to see the most transaction activity. M&A 80 40 10 in food manufacturing has been especially active in Italy over the past year, as has fashion. 60 30 1 Note: The Intelligence Heat Charts are based on ‘companies for sale’ tracked by Mergermarket in the respective regions between 17/07/2019 and 16/01/2020. Opportunities are captured according to the dominant geography and sector of the potential target company. mergermarket.com Mergermarket Deal Drivers EMEA FY 2019 6 All Sectors Part of the Acuris report on global M&A activity All Sectors mergermarket.com Mergermarket Deal Drivers EMEA FY 2019 7 All Sectors All sectors Further information The party may not be over, but it is clearly throughout 2019, suggesting that dealmakers Private equity falters Get in touch winding down. After a few years which saw have adjusted to an environment of lower PE buyouts were down 5% by volume and M&A levels reach unprecedented heights, the growth and greater geopolitical uncertainty. 13% by value annually in 2019, although as balloon is starting to deflate, albeit slowly. Total with overall M&A, this was against a remarkable Yining Su Even in the UK, which experienced considerable M&A value in Europe fell 16% year on year to 2018, which registered the highest total political uncertainty, deal value has remained €695.7bn in 2019, while volume dropped 6% volume and value of any year in the past high. The UK and Ireland region, in fact, took up to 7,655 deals. decade. The 2,075 buyout deals in Europe 34% of total deal value across all regions. in 2019 worth €225.9bn collectively would A fall in megadeal activity was undoubtedly Pharma’s unprecedented year be considered a triumph any other year. responsible for the drop in total value. The pharma, medical & biotech (PMB) sector With dry powder still at extraordinary levels, Whereas there were 10 deals with values in in Europe had another extraordinary year, PE activity is certain to continue, even in the double-digit billions in 2018, there were registering €145.4bn in total deal value. This a less favourable trading environment. only three such transactions in 2019, two in was not only a 15% rise on 2018 but makes the pharma industry and one in industrials. 2019 the first year that PMB topped the value These were the €75.8bn acquisition of chart this decade, taking up 21% of total M&A Dublin-based Allergan by US-based AbbVie, value across all sectors. the €23.7bn spinoff of Switzerland-based Novartis’s eyecare business Alcon and the Much of this rise in PMB value was due to a €19.1bn acquistion of France-based PSA few megadeals, as reflected in the fact that Peugeot-Citroen by Fiat Chrysler Automobiles.
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