Zephyr Annual M&A Report Global, 2014 Zephyr Annual M&A Report Global, 2014
The following report details Global M&A advances in 2014 Global deals by volume and value mergers and acquisitions Global mergers and acquisitions (M&A) rose in Total deal activity in 2014 using data from 2014 to the highest recorded since before 2008. Announced date No of deals value In total there were 82,354 deals worth a combined (mil USD) the Zephyr database. USD 4,708 billion. 2014 82,354 4,707,911
It focuses on deal activity by target company. An improvement in M&A value was recorded for 2013 79,742 3,650,853 most regions, with Central and Eastern Europe 2012 74,375 3,244,785 Click here to access the raw data in an Excel being the only exception. 2011 73,986 3,412,107 spreadsheet. The volume of M&A targeting companies based 2010 73,793 3,414,912 in the Middle East and Western Europe was down 2009 74,974 3,780,060 year-on-year against an increase in value. Section 1: Global Deals Page 1 Given the overall global results, it is not surprising Section 2: Western Europe Page 16 the value of M&A targeting individual countries Section 3: North America Page 27 rose year-on-year, including all the top four countries by value, namely US, China, UK and Section 4: Asia/Asia Pacific Page 37 Canada. However, the value of dealmaking Section 5: Middle East Page 51 targeting companies based in Russia and Japan slipped 30 per cent and 8 per cent to USD Section 6: Russia/CEE Page 64 132,474 million and USD 124,556 million, respectively. Section 7: Global League Tables Page 76 Private equity and venture capital (PE and VC) investment followed a similar pattern as M&A. In total there were 11,599 private equity and venture capital-backed deals worth a combined USD 495,893 million in 2014. This represents a 24 per cent increase by value from USD 400,097 million in 2013, while volume rose 16 per cent from 9,959 to 11,599.
You are free to use any data or commentary Page 1 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Global, 2014
Global deals by volume and value
5,000,000 84,000
4,500,000 82,000 4,000,000 80,000 3,500,000 3,000,000 78,000 2,500,000 76,000
2,000,000 74,000 1,500,000 Deal value USD) value Deal (mil 72,000 1,000,000 500,000 70,000 0 68,000 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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Target world region by deal volume Target world region by deal value
Target world region 2012 2013 2014 Target world region 2012 2013 2014
European Union enlarged (28) 22,204 26,314 26,491 North America 1,036,257 1,320,919 1,816,580 Far East and Central Asia 18,814 19,755 22,467 Western Europe 826,748 936,240 1,163,100 Western Europe 21,013 22,960 21,259 European Union enlarged (28) 792,985 914,202 1,083,729 European Union 19,115 20,578 19,543 Far East and Central Asia 672,925 722,797 1,043,534 North America 16,603 15,847 18,018 European Union 760,763 865,311 1,040,630 Euro-Area 11,387 12,386 12,098 Euro-Area 522,278 636,462 735,280 Eastern Europe 7,818 10,648 11,228 South and Central America 342,214 214,183 294,426 Oceania 5,870 5,620 4,424 Eastern Europe 127,414 242,056 192,266 Nordic States 4,271 4,676 3,638 Oceania 139,840 129,866 144,612 Scandinavia 2,966 3,233 2,664 Nordic States 66,465 95,210 104,377 South and Central America 2,500 2,556 2,634 Scandinavia 53,223 75,801 86,049 Africa 873 1,185 1,514 Africa 32,800 51,137 50,156 MENA 827 1,131 949 MENA 44,490 50,547 41,079 Middle East 680 987 733 Middle East 34,691 27,008 31,210
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US dealmaking outstrips other countries Machinery, equipment, furniture and recycling attracts significant investment in 2014 Companies based in the US were the most important targets in terms of volume and value in 2014 and, in keeping with the overall trend, improved Deals targeting companies in the machinery, equipment, furniture and year-on-year. The value of deals targeting US companies totalled USD 1,654 recycling industry in 2014 were worth a total USD 579,006 million. The billion, marking a 37 per cent increase on the USD 1,205 billion recorded sector also led the way by volume, with 10,284 transactions. in 2013. Volume climbed 18 per cent over the 12 months to 14,141 from 12,033 in 2013. In terms of value it was followed by the banking industry with USD 572,563 million, while wholesale and retail trade was the second-most important sector In monetary terms, the result is unsurprising considering companies based in by volume with 6,538 transactions. the country accounted for 11 of 2014’s top 20 deals by value as well as the top four global deals by value.
UK tops European rankings across the board The UK was the leading European country in 2014 as companies based in the country were targeted in 6,218 deals worth a combined USD 261,548 million, representing a 7 per cent decline in volume year-on-year and a 35 per cent increase by value year-on-year. Globally, companies based in the UK were the second-most important targets by volume after the US in 2014, and were the third-most important by value (US: USD 1,654 billion; China: USD 507,722 million; UK: USD 261,548 million).
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Top 20 global deals by value
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date 1. 76,000 Acquisition Kinder Morgan Energy Partners LP; Kinder Morgan US; US; Kinder Morgan Inc. US 10/08/2014 Management LLC; El Paso Pipeline Partners LP US 2 68,946 Acquisition 100% Time Warner Cable Inc. US Comcast Corporation US 13/02/2014 3 67,100 Acquisition 100% DIRECTV LLC US AT&T Inc. US 18/05/2014 4 66,000 Acquisition 100% Allergan Inc. US Actavis plc IE 17/11/2014 5 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US 15/06/2014 6 38,000 Acquisition 100% Baker Hughes Inc. US Halliburton Company US 17/11/2014 7. 36,977 Acquisition 100% CITIC Ltd CN CITIC Pacific Ltd HK 16/04/2014 8. 27,400 Acquisition 100% Lorillard Inc. US Reynolds American Inc. US 15/07/2014 9 25,832 Acquisition 100% Lafarge SA FR Holcim Ltd CH 07/04/2014 10. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE 18/02/2014 11. 23,263 Acquisition 100% Williams Partners LP US Access Midstream Partners LP US 26/10/2014 12. 19,392 Acquisition 100% Societe Francaise de Radiotelephone SA FR Altice SA LU 20/06/2014 13. 19,000 Acquisition 100% WhatsApp Inc. US Facebook Inc. US 19/02/2014 14. 18,514 Acquisition 100% CIMB Group Holdings Bhd's assets and liabilities MY RHB Capital Bhd MY 09/10/2014 15. 17,442 Minority stake 30% Sinopec Marketing Co., Ltd CN Undisclosed investors; China Life Insurance Co., Ltd; Sino Life CN; CN; 14/09/2014 Insurance Co., Ltd; Harvest Fund Management Co., Ltd; Pingtao (Hong CN; HK; Kong) Ltd; Changjiang Pension Insurance Co., Ltd; Harvest Capital CN; CN; Management Co., Ltd; Bohai Huamei (Shanghai) Equity Investment CN; VG; Management Co., Ltd; Cinda Sino-Rock International Energy Co., VG; VG; Ltd; HuaXia SSF1 Investors Ltd; Kingsbridge Asset Holding Ltd; Qian CN; CN; Hai Golden Bridge Management Ltd; Shenzhen Baotengsheng Fund HK Management Co., Ltd; ENN Energy China Investment Ltd 16. 16,671 Acquisition 100% Sigma-Aldrich Corporation US Merck KGaA DE 22/09/2014
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Top 20 global deals by value (cont’)
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date 17. 16,045 Capital Increase Bank of China Ltd CN Undisclosed investors; CITIC Prudential Life Insurance Co., Ltd; CN; CN; 14/05/2014 China Life Insurance Co., Ltd; Shin Kong Life Insurance Co., TW;TW; Ltd; Cathay Life Insurance Co., Ltd; Shanghai Tobacco (Group) CN; CN; Corporation; Harvest Fund Management Co., Ltd; Penghua Fund CN; CN; Management Co., Ltd; Bank of Communications Schroders Fund CN; CN; Management Co., Ltd; China National Tobacco Corporation; China CN; CN; Life Pension Co., Ltd; Taikang Asset Management Co., Ltd; Baosteel TW; CN; Group Corporation; Fubon Life Insurance Co., Ltd; Bosera Asset CN; TW; Management Co., Ltd; Huashang Fund Management Co., Ltd; CN; CN; Singfor Life Insurance Co., Ltd; Pingan Assets Management Co., CN; CN; Ltd; Beijing Tiandi Fangzhong Asset Management Co., Ltd; Anbang CN; CN; Insurance Group Co. Ltd; Bank of Communications Schroders CN; CN; Asset Management Co., Ltd; Ping An Pension Insurance Co., Ltd; CN; CN; Chuangjin Hexin Fund Management Co., Ltd; Gansu Tobacco CN; CN; Company Lanzhou Company; Hunan Tobacco Company Changsha CN; CN; Company; Shanghai Jiali Food Industry Co., Ltd; China Shuangwei CN; CN; Investment Co., Ltd; China National Tobacco Corporation Anhui CN; Company; China National Tobacco Corporation Gansu Company; China National Tobacco Corporation Hunan Company; China National Tobacco Corporation Shandong Company; China National Tobacco Corporation Yunnan Company; Sinochem Finance Co., Ltd; Zhongwei Real Estate Co., Ltd 18. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP 13/01/2014 19. 16,000 Acquisition 100% GlaxoSmithKline plc's oncology products unit GB Novartis AG CH 22/04/2014 20 15,789 Acquisition 100% Alstom SA's energy activities FR General Electric Company US 30/04/2014
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Target country by volume - global deals Target country by value - global deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
US 12,510 12,033 14,141 US 886,516 1,205,058 1,654,074 UK 6,310 6,721 6,218 China 201,174 275,012 507,722 China 4,312 4,824 6,005 UK 209,479 193,240 261,548 Australia 5,453 5,146 3,933 Canada 149,725 115,549 168,192 Canada 4,096 3,817 3,892 France 59,277 69,482 162,568 Japan 3,351 3,122 3,379 Russia 96,191 188,236 132,474 India 1,456 1,939 2,946 Australia 130,251 115,248 130,010 South Korea 2,956 3,007 2,862 Japan 129,103 134,864 124,556 Russia 2,686 2,922 2,673 Germany 82,031 115,791 123,469 Spain 2,289 2,445 2,563 South Korea 71,138 74,655 105,649 Taiwan 2,282 2,289 2,240 Netherlands 54,883 140,211 95,142 France 1,802 1,874 2,097 Italy 75,473 64,141 88,442 Germany 1,602 1,868 1,919 Spain 126,835 86,144 85,015 Poland 1,384 1,683 1,471 Brazil 117,000 42,114 82,545 Malaysia 1,072 1,221 1,389 India 53,779 53,484 72,040 Netherlands 1,297 1,471 1,357 Switzerland 17,479 18,624 71,379 Italy 1,358 1,264 1,325 Ireland 30,159 26,048 60,743 Sweden 1,390 1,433 1,300 Cayman Islands 38,159 43,734 58,127 Vietnam 785 824 1,083 Taiwan 60,669 53,502 56,630 Finland 1,488 1,640 996 Malaysia 25,380 16,265 50,941
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Top five global target countries by deal volume in 2014 Top five global target countries by deal value in 2014
US US
UK China
China UK
Australia Canada
Canada France
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Top five global target countries by deal volume in 2014 Top five global target countries by deal value in 2014 Deal volume between 2009 and 2014 Deal value between 2009 and 2014
16,000 1,800,000
14,000 1,600,000
1,400,000 12,000
1,200,000 10,000
1,000,000 8,000 800,000 Number of of Number deals
6,000 Deal value(mil USD) 600,000
4,000 400,000
2,000 200,000
0 0 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 US UK China Australia Canada US China UK Canada France
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Target sector by volume - global deals Target sector by value - global deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 27,938 30,131 30,771 Other services 893,411 1,095,990 1,434,248 Machinery, equipment, furniture, recycling 9,340 9,571 10,284 Machinery, equipment, furniture, recycling 313,734 417,034 579,006 Wholesale & retail trade 6,166 6,562 6,538 Banks 505,645 532,296 572,563 Banks 5,606 6,318 5,922 Chemicals, rubber, plastics 212,329 272,063 470,067 Chemicals, rubber, plastics 4,365 4,590 4,993 Wholesale & retail trade 242,738 221,903 266,281 Construction 3,204 3,662 3,782 Transport 135,330 152,884 252,573 Publishing, printing 1,803 2,231 3,505 Gas, water, electricity 139,734 184,557 197,989 Metals & metal products 2,840 2,522 2,450 Primary sector 148,488 164,090 188,190 Food, beverages, tobacco 2,136 2,157 2,255 Construction 101,331 144,772 174,635 Primary sector 2,115 2,089 2,192 Food, beverages, tobacco 131,677 118,578 169,912 Transport 2,109 2,272 2,124 Metals & metal products 191,855 128,281 114,284 Education, health 1,816 1,852 1,781 Insurance companies 145,271 68,931 89,260 Gas, water, electricity 1,461 1,831 1,660 Publishing, printing 30,003 39,892 82,243 Hotels & restaurants 1,123 1,335 1,385 Hotels & restaurants 30,122 28,469 64,055 Textiles, wearing apparel, leather 814 873 991 Education, health 33,020 50,236 56,927 Insurance companies 749 824 801 Textiles, wearing apparel, leather 17,184 28,362 35,272 Wood, cork, paper 632 627 610 Wood, cork, paper 22,375 20,637 27,696 Post and telecommunications 81 106 130 Post and telecommunications 1,332 4,276 9,009 Public administration and defence 47 39 17 Public administration and defence 44 2,997 81
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Global private equity deals by volume and value
Total deal value Announced date No of deals (mil USD)
2014 11,599 495,893 2013 9,959 400,097 2012 9,474 323,754 2011 8,672 313,509 2010 7,450 277,888 2009 6,392 171,690
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Global private equity deals by volume and value
600,000 14,000
500,000 12,000
10,000 400,000 8,000 300,000 6,000 200,000 Deal value USD) value Deal (mil 4,000
100,000 2,000
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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Top 20 global private equity deals by value
Deal value Target Announced Deal type Target Equity provider (mil USD) country date 1. 17,442 Minority stake 30% Sinopec Marketing Co., Ltd CN Harvest Fund Management Co., Ltd; Fosun International Ltd; Harvest Capital Management 14/09/2014 Co., Ltd; Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; Cinda Sino- Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; RRJ Management (HK) Ltd; Qian Hai Golden Bridge Management Ltd; Shenzhen Baotengsheng Fund Management Co., Ltd; ENN Energy China Investment Ltd 2. 11,185 Acquisition 100% Safeway Inc. US Cerberus Capital Management LP 06/03/2014 3. 8,700 IBO 100% PetSmart Inc. US BC Partners Ltd; La Caisse de depot et placement du Quebec; StepStone Group LLC 14/12/2014 4. 8,100 IBO 100% IndCor Properties Inc. US GIC Pte Ltd 01/12/2014 5. 5,674 Minority stake 25% AS Watson & Company Ltd HK Temasek Holdings Pte Ltd 21/03/2014 6. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP 04/04/2014 7. 4,700 IBO 100% Cleco Corporation US British Columbia Investment Management Corporation; Macquarie Infrastructure and Real 20/10/2014 Assets (Europe) Ltd; Macquarie Capital Group Ltd 8. 4,639 IBO 100% SIG Combibloc Group AG CH Onex Corporation 24/11/2014 9. 4,400 IBO 100% MultiPlan Inc. US Partners Group Holding AG; Starr International Company Inc. 17/02/2014 10. 4,300 IBO 100% TIBCO Software Inc. US Vista Equity Partners LLC 29/09/2014 11. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP; Juggernaut Capital Partners LP 16/06/2014 12. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP 16/01/2014 13. 3,750 Minority stake X2 Resources TopCo LLP GB Noble Group Ltd; TPG Capital Management LP 31/03/2014 14. 3,600 IBO 100% Riverbed Technology Inc. US Ontario Teachers' Pension Plan; Thoma Bravo LLC 15/12/2014 15. 3,533 IBO 70% Halla Visteon Climate Control Corporation KR Hahn & Company Eye Holdings Co., Ltd 18/12/2014 16. 3,500 Minority stake First Data Holdings Inc. US Kohlberg Kravis Roberts & Company LP 19/06/2014 17. 3,200 IBO 100% Industrial Packaging Group Inc. US Carlyle Group LP 06/02/2014 18. 3,104 IBO 100% Nets Holding A/S DK Advent International Corporation; Bain Capital LLC; Via Venture Partners A/S; Private Equity 24/03/2014 Advisors ApS 19. 3,000 Acquisition 49% to 100% Giant Interactive Group Inc. KY Baring Private Equity Partners Asia; Hony Capital Co., Ltd; CDH Wealth Management 16/03/2014 Company Ltd 20. 2,877 IBO majority stake Lindorff AS NO NC Advisory AB 18/07/2014
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Target country by volume - global private equity deals Target country by value - global private equity deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
US 4,711 4,630 5,408 US 159,558 196,121 221,075 UK 743 849 962 UK 37,282 35,286 48,764 China 283 301 664 China 4,734 7,913 35,332 France 591 452 574 France 9,603 12,841 21,654 India 365 397 449 Germany 12,136 20,184 19,669 Germany 363 374 397 Australia 4,792 7,857 11,181 Canada 300 330 296 Netherlands 5,079 4,065 10,859 Spain 162 212 293 Spain 3,987 4,464 10,410 Russia 111 195 228 Switzerland 805 1,828 9,089 Japan 113 154 185 South Korea 4,810 4,274 8,818 Italy 137 188 171 Hong Kong 3,097 15 8,372 Netherlands 119 149 160 India 3,639 4,435 8,000 Finland 79 123 150 Canada 6,305 7,303 6,156 Sweden 148 110 147 Japan 4,402 4,079 6,079 Israel 121 158 136 Norway 3,479 3,363 5,967 Brazil 94 98 86 Italy 6,904 8,410 5,623 Australia 88 85 67 Cayman Islands 8,469 5,070 5,327 Denmark 58 65 67 Bermuda 5,690 4,453 4,668 Switzerland 45 73 64 Denmark 2,345 4,428 4,540 South Korea 44 32 61 Brazil 9,248 4,862 3,870
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Target sectors by volume - global private equity deals Target sectors by value - global private equity deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 5,634 6,093 6,601 Other services 136,826 141,850 183,475 Machinery, equipment, furniture, recycling 1,093 1,085 1,229 Wholesale & retail trade 36,400 51,581 65,603 Publishing, printing 367 492 1,178 Chemicals, rubber, plastics 25,068 22,681 44,211 Wholesale & retail trade 610 551 571 Machinery, equipment, furniture, recycling 31,017 67,404 37,603 Chemicals, rubber, plastics 408 363 400 Banks 12,624 19,438 22,008 Education, health 243 227 254 Publishing, printing 6,976 10,204 20,631 Food, beverages, tobacco 140 175 192 Gas, water, electricity 8,836 16,046 19,751 Banks 160 165 189 Transport 8,683 17,500 18,047 Construction 118 119 140 Hotels & restaurants 12,354 5,015 14,638 Hotels & restaurants 117 101 137 Wood, cork, paper 1,649 1,767 11,454 Transport 110 100 119 Primary sector 7,793 5,079 10,770 Metals & metal products 143 116 117 Metals & metal products 6,799 3,042 10,550 Gas, water, electricity 90 123 106 Construction 9,543 6,960 10,306 Textiles, wearing apparel, leather 84 89 105 Education, health 4,351 9,267 8,258 Primary sector 67 60 74 Insurance companies 8,884 6,317 6,007 Wood, cork, paper 49 46 59 Textiles, wearing apparel, leather 2,360 5,674 5,762 Post and telecommunications 14 24 34 Food, beverages, tobacco 4,557 9,135 4,452 Insurance companies 34 30 34 Post and telecommunications 107 1,357 329 Public administration and defence 2 0 2 Public administration and defence 0 0 35
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Western European deal value up a quarter on 2013 Western Europe deals by volume and value
The value of M&A targeting Western European companies rose by 24 per Total deal value Announced date No of deals cent to USD 1,163 billion in 2014, the second successive yearly increase, (mil USD) underlining renewed confidence in dealmaking in the region following the debt 2014 21,259 1,163,100 crisis five years ago. 2013 22,960 936,240 Volume dipped slightly over the 12 months to 21,259 transactions from 2012 21,013 826,748 22,960 in 2013, which suggests individual deal valuations were higher in 2011 21,129 844,774 2014. 2010 18,976 784,720 Overall M&A value was underpinned by strong growth in PE & VC investment 2009 19,927 1,030,784 targeting Western European companies, particularly those based in the UK, as dealmaking in the region rose for the third year in a row to USD 154,735 million, the highest level of the six years under review, while volume also hit a six-year high at 3,255 transactions.
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Western Europe deals by volume and value
1,400,000 25,000
1,200,000 20,000 1,000,000
15,000 800,000
600,000 10,000 Deal value USD) value Deal (mil 400,000 5,000 200,000
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
You are free to use any data or commentary Page 17 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Western Europe, 2014
Ireland targeted in region’s top deal Dutch PE deal the region’s largest The top transaction by value targeting a Western European company in 2014 UK companies also attracted the greatest amount of PE investment in involved US medical devices group Medtronic buying Irish surgical appliances 2014, with USD 48,764 million ploughed into a total of 962 transactions, company Covidien in a take-private worth USD 42,900 million. representing the third increase in a row by volume. This deal took place against a backdrop of increased consolidation in the However, the region’s biggest PE deal targeted a company based in the global pharmaceutical and healthcare sector and underlined a growing trend Netherlands, after US buyout giant the Blackstone Group acquired Pinafore among US companies seeking acquisitions in more favourable tax locations, Holdings, the Dutch parent of US power transmission belts and fluid power particularly Europe, in a process known as inversion. products manufacturer Gates Corporation, for USD 5,400 million. This accounted for half of the country’s total PE investment for the year (USD Other significant deals in the industry involved two asset swaps between Swiss 10,859 million). drug maker Novartis and GlaxoSmithKline of the UK collectively worth more than USD 20,000 million.
UK deal value up a third on 2013 The UK was once again the region’s most important target by value and volume in 2014 with 6,218 transactions worth a collective USD 261,548 million, which in monetary terms was a 35 per cent increase on the previous year (2013: USD 193,240 million). The value of M&A targeting companies based in Germany rose 7 per cent year- over-year to USD 123,469 million while in France, deal value leapt by three- quarters from USD 69,482 million in 2013 to USD 162,568 million.
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Top 20 Western Europe deals by value
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date 1. 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US 15/06/2014 2 25,832 Acquisition 100% Lafarge SA FR Holcim Ltd CH 07/04/2014 3 19,392 Acquisition 100% Societe Francaise de Radiotelephone SA FR Altice SA LU 20/06/2014 4 16,000 Acquisition 100% GlaxoSmithKline plc's oncology products unit GB Novartis AG CH 22/04/2014 5 15,789 Acquisition 100% Alstom SA's energy activities FR General Electric Company US 30/04/2014 6 15,266 Acquisition 45% to 100% Alliance Boots GmbH CH Walgreen Boots Alliance Inc. US 06/08/2014 7 14,200 Acquisition 100% Merck & Company Inc.'s consumer health business DE Bayer AG DE 06/05/2014 8 12,858 Minority stake 15% Lloyds Banking Group plc GB 17/12/2014 9 10,437 Acquisition Enersis SA; Endesa Latinoamerica SA CL; ES Enel Energy Europe SRL ES 31/07/2014 10 9,696 Acquisition 100% Grupo Corporativo ONO SA ES Vodafone Holdings Europe SL ES 17/03/2014 11 9,211 Acquisition 100% PT Portugal SGPS SA PT Altice Portugal SA PT 01/12/2014 12 9,177 Capital Increase 23% Deutsche Bank AG DE 18/05/2014 13 9,127 Acquisition 100% Corio NV NL Klepierre SA FR 27/10/2014 14 8,927 Acquisition 63% to 100% Scania AB SE Volkswagen AG DE 21/02/2014 15 8,194 Acquisition 100% Friends Life Group Ltd GB Aviva plc GB 02/12/2014 16 7,500 Minority stake 23% Hermès International SCA FR LVMH Moet Hennessy Louis Vuitton SA's shareholders FR 03/09/2014 17 7,100 Acquisition 100% Novartis AG's vaccine business CH GlaxoSmithKline plc GB 22/04/2014 18 7,094 Acquisition 100% RWE Dea AG DE L1 Energy Holdings Sarl LU 16/03/2014 19 6,935 Minority stake 8% Lloyds Banking Group plc GB Institutional Investors GB 26/03/2014 20. 6,805 Capital Increase 49% Banca Monte dei Paschi di Siena SpA IT Shareholders; Fondazione Monte dei Paschi di Siena SpA; BlackRock Inc. IT; US 18/04/2014
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Target country by volume - Western Europe deals Target country by value - Western Europe deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
UK 6,310 6,721 6,218 UK 209,479 193,240 261,548 Spain 2,289 2,445 2,563 France 59,277 69,482 162,568 France 1,802 1,874 2,097 Germany 82,031 115,791 123,469 Germany 1,602 1,868 1,919 Netherlands 54,883 140,211 95,142 Netherlands 1,297 1,471 1,357 Italy 75,473 64,141 88,442 Italy 1,358 1,264 1,325 Spain 126,835 86,144 85,015 Sweden 1,390 1,433 1,300 Switzerland 17,479 18,624 71,379 Finland 1,488 1,640 996 Ireland 30,159 26,048 60,743 Norway 794 826 592 Sweden 22,926 32,515 32,936 Turkey 567 897 544 Norway 18,112 24,661 32,756 Denmark 489 581 513 Portugal 21,824 12,339 28,837 Belgium 389 479 466 Denmark 11,723 12,997 19,998 Switzerland 388 500 445 Luxembourg 21,437 22,218 19,832 Ireland 238 255 275 Finland 7,214 23,048 17,848 Portugal 216 187 221 Belgium 19,848 31,832 17,151 Austria 152 197 199 Austria 11,222 9,833 16,870 Luxembourg 107 143 123 Greece 11,212 32,770 14,593 Cyprus 118 116 76 Turkey 16,859 18,673 11,431 Greece 64 82 52 Cyprus 6,350 10,101 4,616 Malta 15 13 29 Malta 218 290 1,179
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Target sector by volume - Western Europe deals Target sector by value - Western Europe deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 8,250 9,266 8,488 Other services 195,179 251,795 326,658 Machinery, equipment, furniture, recycling 2,081 2,305 2,219 Banks 202,316 190,155 187,828 Wholesale & retail trade 2,165 2,233 1,936 Machinery, equipment, furniture, recycling 76,155 87,511 140,830 Banks 1,556 1,699 1,605 Chemicals, rubber, plastics 45,229 67,991 136,328 Chemicals, rubber, plastics 893 1,022 990 Wholesale & retail trade 52,488 37,676 71,505 Construction 1,018 990 954 Gas, water, electricity 39,729 47,339 40,953 Publishing, printing 622 658 909 Construction 34,321 28,966 37,813 Food, beverages, tobacco 589 717 667 Food, beverages, tobacco 31,427 45,354 30,128 Transport 600 661 591 Insurance companies 30,904 27,980 30,036 Education, health 769 745 568 Transport 23,500 39,773 26,304 Metals & metal products 704 669 566 Primary sector 18,769 23,383 22,454 Hotels & restaurants 414 473 447 Publishing, printing 6,405 19,847 19,454 Gas, water, electricity 469 528 432 Metals & metal products 66,975 31,814 17,012 Primary sector 377 428 354 Textiles, wearing apparel, leather 4,317 9,902 16,280 Textiles, wearing apparel, leather 241 236 258 Hotels & restaurants 4,556 7,877 15,647 Insurance companies 194 215 198 Education, health 6,013 13,048 14,535 Wood, cork, paper 216 226 195 Wood, cork, paper 9,804 4,313 12,125 Post and telecommunications 45 54 59 Post and telecommunications 748 2,601 2,078 Public administration and defence 25 20 6 Public administration and defence 32 2,632 35
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Western Europe private equity deals by volume and value
Total deal value Announced date No of deals (mil USD)
2014 3,255 154,735 2013 2,878 123,873 2012 2,659 91,324 2011 2,502 83,792 2010 2,477 101,063 2009 1,996 57,802
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Western Europe private equity deals by volume and value
180,000 3,500
160,000 3,000 140,000 2,500 120,000
100,000 2,000
80,000 1,500
Deal value USD) value Deal (mil 60,000 1,000 40,000 500 20,000
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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Top 20 Western Europe private equity deals by value
Deal value Target Announced Deal type Target Equity provider (mil USD) country date 1. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP 04/04/2014 2. 4,639 IBO 100% SIG Combibloc Group AG CH Onex Corporation 24/11/2014 3. 3,750 Minority stake X2 Resources TopCo LLP GB Noble Group Ltd; TPG Capital Management LP 31/03/2014 4. 3,104 IBO 100% Nets Holding A/S DK Advent International Corporation; Bain Capital LLC; Via Venture Partners A/S; Private 24/03/2014 Equity Advisors ApS 5. 2,877 IBO majority stake Lindorff AS NO NC Advisory AB 18/07/2014 6. 2,846 IBO 100% Flint Group SA LU Goldman Sachs Group Inc.; Koch Equity Development LLC 10/04/2014 7. 2,845 IBO 100% Orange Communications SA CH NJJ Capital SASU 18/12/2014 8. 2,812 IBO 100% Constantia Flexibles Holding GmbH AT Wendel SA 23/12/2014 9. 2,686 Minority stake Vivarte SA FR Oaktree Capital Management LP 03/08/2014 10. 2,682 IBO 100% Siemens Audiology Solutions DE EQT Partners AB; Santo Holding (Deutschland) GmbH 06/11/2014 11. 2,629 Minority stake 35% CDP Reti Srl IT Borealis Infrastructure Management Inc.; Industry Funds Management Pty Ltd; Wren House 31/07/2014 Infrastructure Management Ltd 12. 2,400 MBI 100% AA plc GB Legal & General Ventures Ltd; GLG Partners LP; Henderson Global Investors Ltd; Capital 06/06/2014 Research & Management Company; Lansdowne Partners Limited Partnership; BlackRock Inc.; INVESCO Fund Managers Ltd; Aviva Investors Global Services Ltd 13. 2,300 IBO 100% SkillSoft Ltd IE Charterhouse Capital Partners LLP 14/03/2014 14. 2,170 MBO 100% Ceva Sante Animale SA FR Euromezzanine SCA; Temasek Capital (Pte) Ltd; Sagard SAS; Sofiproteol; CDH China 11/06/2014 Growth Capital Holdings Co., Ltd 15. 2,167 Minority stake 28% Gecina SA FR Natexis Investissement SA; The Blackstone Group LP 31/01/2014 16. 2,078 Minority stake 27% Gecina SA FR The Blackstone Group LP 06/06/2014 17. 2,060 Minority stake 21% Entidad Publica Aeropuertos Espanoles ES Corporacion Financiera Alba SA 14/10/2014 y Navegacion Aerea 18. 2,003 Acquisition 75% Vinci Park SA FR Ardian France 04/06/2014 19. 1,759 IBO majority stake Minimax Viking GmbH DE Intermediate Capital Group plc; Kirkbi A/S 12/06/2014 20. 1,712 IBO 100% Sebia International SA FR Astorg Partners; Montagu Private Equity SAS 17/12/2014
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Target country by volume - Western Europe Target country by value - Western Europe private equity deals private equity deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
UK 743 849 962 UK 37,282 35,286 48,764 France 591 452 574 France 9,603 12,841 21,654 Germany 363 374 397 Germany 12,136 20,184 19,669 Spain 162 212 293 Netherlands 5,079 4,065 10,859 Italy 137 188 171 Spain 3,987 4,464 10,410 Netherlands 119 149 160 Switzerland 805 1,828 9,089 Finland 79 123 150 Norway 3,479 3,363 5,967 Sweden 148 110 147 Italy 6,904 8,410 5,623 Denmark 58 65 67 Denmark 2,345 4,428 4,540 Switzerland 45 73 64 Luxembourg 1,839 4,361 3,630 Ireland 49 60 60 Ireland 710 429 3,459 Belgium 47 57 59 Austria 1,007 1,305 3,228 Norway 52 43 53 Sweden 4,269 6,886 2,990 Portugal 12 39 35 Finland 323 4,871 1,605 Austria 23 27 27 Belgium 788 9,423 1,548 Turkey 22 27 16 Turkey 681 131 1,367 Luxembourg 11 10 9 Greece 69 1,203 667 Greece 5 15 6 Cyprus 105 326 383 Cyprus 6 7 6 Portugal 22 101 87 Liechtenstein 0 0 2 Gibraltar 43 34 18
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Target sectors by volume - Western Europe Target sectors by value - Western Europe private equity deals private equity deals
2012 2013 Target sector 2012 2013 2014 Target sector 2014 (mil USD) (mil USD) (mil USD)
Other services 1,322 1,502 1,640 Other services 29,754 38,937 49,557 Machinery, equipment, furniture, recycling 356 378 390 Chemicals, rubber, plastics 7,209 6,094 24,636 Publishing, printing 118 131 300 Machinery, equipment, furniture, recycling 6,508 10,363 13,434 Wholesale & retail trade 245 224 236 Banks 5,238 12,518 12,857 Chemicals, rubber, plastics 154 135 142 Transport 3,385 11,649 9,750 Education, health 63 52 67 Wholesale & retail trade 14,587 6,289 9,710 Construction 54 53 65 Wood, cork, paper 196 821 9,418 Food, beverages, tobacco 60 68 64 Hotels & restaurants 1,855 3,005 6,981 Hotels & restaurants 45 48 60 Gas, water, electricity 3,940 9,382 5,364 Banks 42 36 57 Construction 5,538 2,595 3,574 Metals & metal products 54 69 51 Publishing, printing 924 7,966 2,825 Textiles, wearing apparel, leather 39 41 50 Metals & metal products 1,578 1,055 2,164 Transport 34 42 46 Education, health 2,851 4,843 1,998 Gas, water, electricity 32 55 41 Textiles, wearing apparel, leather 705 1,350 1,184 Wood, cork, paper 25 20 36 Food, beverages, tobacco 3,085 3,711 936 Primary sector 17 16 14 Primary sector 1,796 308 531 Post and telecommunications 4 6 9 Insurance companies 2,270 3,049 340 Insurance companies 9 12 8 Public administration and defence 0 0 35 Public administration and defence 0 0 1 Post and telecommunications 17 2 12
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North American M&A and PE volume and value rise North America deals by volume and value
M&A targeting North American companies rose in 2014, with value advancing Total deal value Announced date No of deals 38 per cent to USD 1,817 billion (2013: USD 1,321 billion) while volume (mil USD) grew by 14 per cent to 18,018 deals (2013: 15,847). 2014 18,018 1,816,580 Growth was recorded for both the US and Canada, as there were 14,138 2013 15,847 1,320,919 transactions worth an aggregate USD 1,653 billion recorded for the former 2012 16,603 1,036,257 while the latter attracted 3,892 deals totalling USD 168,192 million. 2011 15,390 1,118,836 PE investment in North America improved for the fifth consecutive year in 2010 14,582 932,435 terms of value and volume reached the highest level recorded in the period 2009 14,013 1,274,501 under review. Although PE and VC investment targeting companies based in the US rose year-on-year, investment in Canadian companies weakened from to296 transactions worth USD 6,156 million from 331 deals amounting to USD 11,703 million in 2013.
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US deals by volume and value Canada deals by volume and value
Total deal value Total deal value Announced date No of deals Announced date No of deals (mil USD) (mil USD)
2014 14,138 1,653,021 2014 3,892 168,192 2013 12,032 1,200,658 2013 3,818 119,949 2012 12,508 886,288 2012 4,096 149,725 2011 11,124 981,235 2011 4,267 138,414 2010 9,871 811,778 2010 4,711 120,845 2009 9,586 1,143,158 2009 4,425 131,280
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North America deals by volume and value
2,000,000 20,000
1,800,000 18,000
1,600,000 16,000
1,400,000 14,000
1,200,000 12,000
1,000,000 10,000
800,000 8,000
Deal value USD) value Deal (mil 600,000 6,000
400,000 4,000
200,000 2,000
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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US accounts for most North American investment Machinery, equipment, furniture and recycling leads the way The vast majority of the investment into North American companies in 2014 Companies operating in the machinery, equipment, furniture and recycling was attributable to targets in the US. All in all, USD 1,653 billion was sector were frequently targeted in 2014, with USD 233,191 million invested invested in the country across 14,138 deals, dwarfing the 3,892 deals worth across 1,853 deals. USD 168,192 million targeting Canadian companies over the 12 months. In terms of volume, the banking sector came next with 972, followed by Canada was targeted in just two of the year’s top 20 deals by value. Repsol publishing and printing with 957. agreed to pick up Calgary-based Talisman Energy for USD 13,096 million while Burger King acquired Tim Hortons for USD 10,874 million. The chemicals, rubber and plastics sector secured USD 213,205 million over the 12 months while the transport industry accounted for USD 149,271 North America’s largest deal of the year overall was Kinder Morgan’s USD million. 76,000 million restructuring transaction, through which it took over Kinder Morgan Energy, El Paso Pipeline and Kinder Morgan Management.
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Top 20 North America deals by value
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date 1. 76,000 Acquisition Kinder Morgan Energy Partners LP; Kinder Morgan US; US; Kinder Morgan Inc. US 10/08/2014 Management LLC; El Paso Pipeline Partners LP US 2 68,946 Acquisition 100% Time Warner Cable Inc. US Comcast Corporation US 13/02/2014 3 67,100 Acquisition 100% DIRECTV LLC US AT&T Inc. US 18/05/2014 4 66,000 Acquisition 100% Allergan Inc. US Actavis plc IE 17/11/2014 5 38,000 Acquisition 100% Baker Hughes Inc. US Halliburton Company US 17/11/2014 6 27,400 Acquisition 100% Lorillard Inc. US Reynolds American Inc. US 15/07/2014 7. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE 18/02/2014 8. 23,263 Acquisition 100% Williams Partners LP US Access Midstream Partners LP US 26/10/2014 9. 19,000 Acquisition 100% WhatsApp Inc. US Facebook Inc. US 19/02/2014 10. 16,671 Acquisition 100% Sigma-Aldrich Corporation US Merck KGaA DE 22/09/2014 11. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP 13/01/2014 12. 13,500 Acquisition 100% TRW Automotive Holdings Corporation US ZF Friedrichshafen AG DE 15/09/2014 13. 13,350 Acquisition 100% LVB Acquisition Inc. US Zimmer Holdings Inc. US 24/04/2014 14. 13,096 Acquisition 100% Talisman Energy Inc. CA Repsol SA ES 16/12/2014 15. 12,200 Acquisition 100% CareFusion Corporation US Becton Dickinson and Company US 05/10/2014 16. 11,185 Acquisition 100% Safeway Inc. US AB Acquisition LLC US 06/03/2014 17. 10,874 Acquisition 100% Tim Hortons Inc. CA Burger King Worldwide Inc. US 26/08/2014 18. 9,871 Acquisition 100% Family Dollar Stores Inc. US Dollar General Corporation US 10/09/2014 19. 9,500 Acquisition 100% Cubist Pharmaceuticals Inc. US Merck & Company Inc. US 08/12/2014 20. 9,200 Acquisition 100% Family Dollar Stores Inc. US Dollar Tree Inc. US 28/07/2014
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Target sector by volume - North America deals Target sector by value - North America deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 9,584 9,177 9,812 Other services 372,148 577,312 699,688 Machinery, equipment, furniture, recycling 1,671 1,626 1,853 Machinery, equipment, furniture, recycling 93,687 155,730 233,191 Banks 1,138 1,017 972 Chemicals, rubber, plastics 83,864 75,012 213,205 Publishing, printing 341 338 957 Transport 49,599 46,429 149,271 Chemicals, rubber, plastics 658 653 836 Banks 148,410 144,769 114,124 Wholesale & retail trade 847 732 827 Food, beverages, tobacco 19,707 18,725 90,270 Education, health 462 443 460 Wholesale & retail trade 63,963 108,745 86,300 Primary sector 342 332 454 Primary sector 51,122 51,946 83,593 Food, beverages, tobacco 203 210 304 Gas, water, electricity 23,258 50,713 77,561 Metals & metal products 280 219 294 Hotels & restaurants 15,040 9,184 33,801 Transport 296 261 286 Publishing, printing 13,878 4,314 29,048 Gas, water, electricity 187 206 217 Education, health 19,412 25,247 24,824 Construction 172 179 202 Metals & metal products 20,325 17,695 24,287 Hotels & restaurants 131 177 176 Insurance companies 53,945 11,662 21,152 Insurance companies 135 117 128 Construction 11,689 11,995 15,733 Textiles, wearing apparel, leather 76 72 109 Wood, cork, paper 4,425 9,149 7,077 Wood, cork, paper 79 73 95 Textiles, wearing apparel, leather 5,138 6,511 5,969 Post and telecommunications 11 15 22 Post and telecommunications 20 30 435 Public administration and defence 11 4 5 Public administration and defence 10 36 46
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North America private equity deals by volume and value Canada private equity deals by volume and value
Total deal value Total deal value Announced date No of deals Announced date No of deals (mil USD) (mil USD)
2014 5,707 227,232 2014 296 6,156 2013 4,963 203,434 2013 331 11,703 2012 5,010 165,863 2012 300 6,305 2011 4,406 151,726 2011 260 14,143 2010 3,561 128,103 2010 196 3,323 2009 3,282 71,069 2009 195 2,087
US private equity deals by volume and value
Total deal value Announced date No of deals (mil USD)
2014 5,408 221,075 2013 4,629 191,721 2012 4,710 159,383 2011 4,147 137,583 2010 3,363 124,615 2009 3,087 68,979
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North America private equity deals by volume and value
250,000 6,000
5,000 200,000
4,000 150,000
3,000
100,000
Deal value USD) value Deal (mil 2,000
50,000 1,000
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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Top 20 North America private equity deals by value
Deal value Target Announced Deal type Target Equity provider (mil USD) country date
1. 11,185 Acquisition 100% Safeway Inc. US Cerberus Capital Management LP 06/03/2014 2. 8,700 IBO 100% PetSmart Inc. US BC Partners Ltd; La Caisse de depot et placement du Quebec; StepStone 14/12/2014 Group LLC 3. 8,100 IBO 100% IndCor Properties Inc. US GIC Pte Ltd 01/12/2014 4. 4,700 IBO 100% Cleco Corporation US British Columbia Investment Management Corporation; Macquarie 20/10/2014 Infrastructure and Real Assets (Europe) Ltd; Macquarie Capital Group Ltd 5. 4,400 IBO 100% MultiPlan Inc. US Partners Group Holding AG; Starr International Company Inc. 17/02/2014 6. 4,300 IBO 100% TIBCO Software Inc. US Vista Equity Partners LLC 29/09/2014 7. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP; Juggernaut Capital 16/06/2014 Partners LP 8. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP 16/01/2014 9. 3,600 IBO 100% Riverbed Technology Inc. US Ontario Teachers' Pension Plan; Thoma Bravo LLC 15/12/2014 10. 3,500 Minority stake First Data Holdings Inc. US Kohlberg Kravis Roberts & Company LP 19/06/2014 11. 3,200 IBO 100% Industrial Packaging Group Inc. US Carlyle Group LP 06/02/2014 12. 2,400 IBO majority stake Sedgwick Claims Management Services Inc. US Kohlberg Kravis Roberts & Company LP 27/01/2014 13. 2,400 IBO 100% Compuware Corporation US Thoma Bravo LLC 08/12/2014 14. 2,200 IBO 100% The Jones Group Inc.’s Jones Apparel, Stuart Weitzman and US Sycamore Partners LP 13/02/2014 Kurt Geiger businesses 15. 2,100 IBO 100% Red Lobster Seafood Restaurants US Golden Gate Capital LP 16/05/2014 16. 1,940 IBO 100% Wheelabrator Technologies Inc. US Energy Capital Partners LLC 29/07/2014 17. 1,800 IBO 100% Encana Oil & Gas (USA) Inc.'s certain natural gas properties US TPG Capital Management LP 31/03/2014 in the Jonah field based in Wyoming 18. 1,800 IBO 100% Ashland Water Technologies Inc. US Clayton Dubilier & Rice Inc. 18/02/2014 19. 1,730 IBO 100% Nevada Property 1 LLC US The Blackstone Group LP 15/05/2014 20. 1,570 IBO 100% Calpine Corporation's six power plants in Southeast region US LS Power Equity Advisors LLC 18/04/2014
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Target sectors by volume - North America Target sectors by value - North America private equity deals private equity deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 3,395 3,415 3,534 Other services 79,521 76,561 104,938 Machinery, equipment, furniture, recycling 604 582 643 Wholesale & retail trade 16,519 41,801 26,656 Publishing, printing 129 164 519 Chemicals, rubber, plastics 13,355 8,892 15,719 Chemicals, rubber, plastics 179 157 191 Machinery, equipment, furniture, recycling 17,567 50,986 14,204 Wholesale & retail trade 204 155 172 Gas, water, electricity 3,279 2,318 11,197 Education, health 97 103 105 Publishing, printing 5,486 1,358 9,058 Food, beverages, tobacco 45 58 84 Primary sector 5,192 3,537 7,818 Banks 63 63 58 Hotels & restaurants 6,466 601 6,672 Metals & metal products 65 35 52 Metals & metal products 4,086 986 6,563 Textiles, wearing apparel, leather 33 31 48 Textiles, wearing apparel, leather 1,363 3,606 4,507 Primary sector 29 27 44 Banks 3,854 5,182 4,319 Gas, water, electricity 28 35 38 Education, health 598 3,206 4,111 Construction 32 37 38 Transport 2,644 2,005 2,755 Hotels & restaurants 31 31 38 Food, beverages, tobacco 673 1,172 2,274 Transport 39 25 36 Construction 2,072 388 1,922 Wood, cork, paper 16 16 14 Insurance companies 2,901 83 1,843 Insurance companies 13 9 14 Wood, cork, paper 1,304 844 1,531 Post and telecommunications 5 11 12 Post and telecommunications 3 29 239 Public administration and defence 1 0 1 Public administration and defence 0 0 0
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Strong PE investment bolsters M&A value Asia and Asia Pacific deals by volume and value
M&A activity targeting companies based in Asia-Pacific grew for the second Total deal value Announced date No of deals successive year in 2014, as a sharp uptick in private equity and venture (mil USD) capital (PE and VC) propelled overall deal value to its highest point of the six 2014 26,873 1,182,640 years under review. 2013 25,373 852,660 A total of 26,873 transactions worth a combined USD 1,183 billion were 2012 24,681 810,280 announced over the 12 months compared to 25,373 worth USD 852,660 2011 25,270 882,828 million in 2013, which represented a 39 per cent increase in monetary terms. 2010 25,451 922,246 Growth in PE and VC investment was even more marked, with a three-figure- 2009 25,732 1,023,428 percentage increase year-on-year from USD 32,361 million in 2013 to USD 83,774 million, the best result of the last six years under review.
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Asia and Asia Pacific deals by volume and value
1,400,000 27,500
1,200,000 27,000
26,500 1,000,000 26,000 800,000 25,500 600,000 25,000 400,000 Deal value USD) value Deal (mil 24,500
200,000 24,000
0 23,500 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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Citic Pacific buys parent’s assets in top deal by value PE investment in China soars The region’s largest deal by value in 2014 was Hong Kong steel-to-property In terms of PE and VC investment, Chinese companies were by far the most conglomerate Citic Pacific purchasing assets from its Chinese state-owned valuable in 2014 with a more than four-fold increase in value year-over-year parent Citic Group for USD 36,977 million in cash and stock. from USD 7,913 million in 2013 to USD 35,332 million, the country’s best result of the last six years under review. The result accounted for 42 per cent This transaction was worth double the second-biggest deal, which was an of the region’s PE and VC investment value (USD 83,774 million). agreement by RHB Capital to acquire all assets and liabilities of Kuala Lumpur-based lender CIMB Group for USD 18,514 million, and was the only Of this amount, half was attributable to a single deal, which was a USD top 20 deal to target the country. 17,442 million capital injection into Sinopec Marketing, the retail oil arm of Sinopec, from 25 investors in exchange for a 30 per cent stake in the Chinese companies were targeted in half the top 20 deals by value, with the business. country’s financial services sector featuring prominently. Other companies targeted included South Korea’s Hana Bank and Australian road construction China was also the most frequent target for PE and VC investors at 664 group Queensland Motorways. transactions, up from 301 in 2013.
Mixed fortunes for top dealmaking countries The region’s most important countries - both in terms of volume and value – during 2014 were China, Australia, Japan, India and South Korea, but there was some divergence in the level of year-on-year M&A growth in these markets. While deal value targeting China, South Korea and India rose by 85 per cent, 41 per cent and 35 per cent, respectively, over the 12 months, Australian M&A value advanced by a relatively lowly 13 per cent and in Japan actually decreased by 8 per cent. Similarly, transaction volume increased for China, Japan and India but weakened for Australia and South Korea.
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Top 20 Asia and Asia Pacific deals by value
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date 1. 36,977 Acquisition 100% CITIC Ltd CN CITIC Pacific Ltd HK 16/04/2014 2. 18,514 Acquisition 100% CIMB Group Holdings Bhd's assets and liabilities MY RHB Capital Bhd MY 09/10/2014 3. 17,442 Minority stake 30% Sinopec Marketing Co., Ltd CN Undisclosed investors; China Life Insurance Co., Ltd; Sino Life Insurance CN; CN; 14/09/2014 Co., Ltd; Harvest Fund Management Co., Ltd; Pingtao (Hong Kong) Ltd; CN; HK; Changjiang Pension Insurance Co., Ltd; Harvest Capital Management Co., CN; CN; Ltd; Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; CN; VG; Cinda Sino-Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; VG; VG; Kingsbridge Asset Holding Ltd; Qian Hai Golden Bridge Management Ltd; CN; CN; Shenzhen Baotengsheng Fund Management Co., Ltd; ENN Energy China HK Investment Ltd 4. 16,045 Capital Increase Bank of China Ltd CN Undisclosed investors; CITIC Prudential Life Insurance Co., Ltd; China CN; CN; 14/05/2014 Life Insurance Co., Ltd; Shin Kong Life Insurance Co., Ltd; Cathay Life TW; TW; Insurance Co., Ltd; Shanghai Tobacco (Group) Corporation; Harvest CN; CN; Fund Management Co., Ltd; Penghua Fund Management Co., Ltd; CN; CN; Bank of Communications Schroders Fund Management Co., Ltd; China CN; CN; National Tobacco Corporation; China Life Pension Co., Ltd; Taikang CN; CN; Asset Management Co., Ltd; Baosteel Group Corporation; Fubon Life TW; CN; Insurance Co., Ltd; Bosera Asset Management Co., Ltd; Huashang Fund CN; TW; Management Co., Ltd; Singfor Life Insurance Co., Ltd; Pingan Assets CN; CN; Management Co., Ltd; Beijing Tiandi Fangzhong Asset Management Co., CN; CN; Ltd; Anbang Insurance Group Co. Ltd; Bank of Communications Schroders CN; CN; Asset Management Co., Ltd; Ping An Pension Insurance Co., Ltd; CN; CN; Chuangjin Hexin Fund Management Co., Ltd; Gansu Tobacco Company CN; CN; Lanzhou Company; Hunan Tobacco Company Changsha Company; CN; CN; Shanghai Jiali Food Industry Co., Ltd; China Shuangwei Investment CN; CN; Co., Ltd; China National Tobacco Corporation Anhui Company; China CN; CN; National Tobacco Corporation Gansu Company; China National Tobacco CN; Corporation Hunan Company; China National Tobacco Corporation Shandong Company; China National Tobacco Corporation Yunnan Company; Sinochem Finance Co., Ltd; Zhongwei Real Estate Co., Ltd 5. 12,826 Capital Increase Agricultural Bank of China Ltd CN Qualified investors 08/05/2014 6. 12,300 Acquisition 100% China CNR Corporation Ltd CN CSR Corporation Ltd CN 31/12/2014
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Top 20 Asia and Asia Pacific deals by value (cont’)
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date 7. 10,605 Acquisition 100% Greenland Holding Group Co., Ltd CN Shanghai Jinfeng Investment Co., Ltd CN 18/03/2014 8. 9,721 Capital Increase China Construction Bank Corporation CN Qualified investors 13/12/2014 9. 7,459 Acquisition 100% Hana Bank KR Korea Exchange Bank KR 29/10/2014 10. 6,874 Capital Increase 16% CITIC Pacific Ltd HK Temasek Holdings Pte Ltd; Chow Tai Fook Nominee Ltd; Sinochem SG; HK; HK; 14/05/2014 Hong Kong (Group) Co., Ltd; Tokio Marine & Nichido Fire Insurance JP; CN; TW; Co., Ltd; China National Tobacco Corporation; China Life Insurance CN; US; TW; Co., Ltd; China Export & Credit Insurance Corporation; Och-Ziff Capital VG; VG; CN; Management Group LLC; Fubon Life Insurance Co., Ltd; Baylite Co., QA; HK; HK; Ltd; Trendfield Inc.; Bosera Asset Management Co., Ltd; Qatar Holding HK; HK; JP; LLC; ICBC Credit Suisse Asset Management (International) Co., Ltd; TW; HK; HK; Bosera Asset Management (International) Co., Ltd; AIA Co., Ltd; Beijing HK; HK; Infrastructure Investment (Hong Kong) Ltd; Mizuho Bank, Ltd; CTBC Life VG; VG; VG; Insurance Co., Ltd; ICBC International Finance Ltd; SAFE Investment VG; HK; KY Co., Ltd; East Global Investments Ltd; Harmony Glory Investment Ltd; Giant Wave Investments Ltd; CT Bright Holdings Ltd; Mount Emei Investment Ltd; Oceanwide Real Estate International Co., Ltd; Youngor (Hong Kong) Industrial Co., Ltd; East Crimson Holdings Ltd 11. 6,758 Acquisition 100% Queensland Motorways Pty Ltd AU Transurban Group; Tawreed Investments Ltd; AustralianSuper Pty Ltd AU; SA; AU 24/04/2014 12. 6,390 Acquisition 100% Hong Yuan Securities Co., Ltd CN Shenyin & Wanguo Securities Co., Ltd CN 26/07/2014 13. 5,800 Acquisition 100% Oriental Brewery Co., Ltd KR Anheuser-Busch InBev NV BE 20/01/2014 14. 5,674 Minority stake 25% AS Watson & Company Ltd HK Mayon Investments Pte Ltd 21/03/2014
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Top 20 Asia and Asia Pacific deals by value (cont’)
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date
15. 5,562 Acquisition 100% Shanghai Oriental Pearl (Group) Co., Ltd CN BESTV New Media Co., Ltd CN 22/11/2014 16. 5,480 Acquisition 100% to 100% Japan Post Co., Ltd JP Japan Post Holdings Co., Ltd JP 29/09/2014 17. 5,271 Acquisition Abbott Laboratories Inc.'s non-US developed markets speciality JP; CA; New Moon BV NL 14/07/2014 and branded generics business in Europe; Abbott Laboratories AU; NZ Inc.'s non-US developed markets speciality and branded generics business in Japan; Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics business in Canada; Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics business in Australia; Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics business in New Zealand
18. 5,211 Acquisition 100% QCLNG Pipeline Pty Ltd AU APA Group AU 10/12/2014 19. 4,990 Acquisition 100% Wing Hang Bank Ltd HK OCBC Pearl Ltd SG 01/04/2014 20. 4,906 Capital Increase China Everbright Bank Co., Ltd CN Undisclosed investors; China Everbright (Group) CN 01/11/2014 Corporation
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Target country by volume - Asia and Asia Pacific deals Target country by value - Asia and Asia Pacific deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
China 4,312 4,824 6,005 China 201,174 275,012 507,722 Australia 5,453 5,146 3,930 Australia 130,251 115,248 129,996 Japan 3,351 3,122 3,379 Japan 129,103 134,864 124,556 India 1,456 1,939 2,946 South Korea 71,138 74,653 105,524 South Korea 2,956 3,007 2,855 India 53,779 53,484 72,040 Taiwan 2,282 2,289 2,238 Taiwan 60,669 53,502 56,617 Malaysia 1,072 1,221 1,389 Malaysia 25,380 16,265 50,941 Vietnam 785 824 1,083 Hong Kong 43,258 19,471 45,260 Singapore 683 713 644 Singapore 34,562 28,481 36,064 Thailand 247 267 452 Indonesia 20,085 26,527 15,214 Hong Kong 449 383 450 Thailand 12,115 13,363 14,395 Indonesia 601 559 397 New Zealand 5,815 11,213 12,950 New Zealand 347 394 389 Philippines 20,387 14,108 9,701 Philippines 187 196 193 Vietnam 10,098 4,961 7,550 Kazakhstan 73 80 148 Marshall Islands 2,040 4,229 5,536 Sri Lanka 92 91 137 Kazakhstan 3,104 7,879 5,343 Kyrgyzstan 70 64 58 Papua New Guinea 702 554 3,606 Marshall Islands 25 40 51 Sri Lanka 755 707 635 Samoa 32 27 48 Samoa 1,016 357 513 Azerbaijan 49 52 35 Pakistan 386 283 485
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Target sector by volume - Asia and Asia Pacific deals Target sector by value - Asia and Asia Pacific deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 6,778 6,944 7,210 Other services 161,989 161,984 259,651 Machinery, equipment, furniture, recycling 4,503 4,497 5,007 Banks 97,111 124,634 201,326 Chemicals, rubber, plastics 2,162 2,235 2,516 Machinery, equipment, furniture, recycling 118,195 142,160 170,181 Wholesale & retail trade 2,006 1,962 1,902 Chemicals, rubber, plastics 62,466 75,132 104,210 Banks 1,620 1,891 1,696 Construction 41,668 72,430 92,253 Construction 1,395 1,550 1,665 Wholesale & retail trade 52,544 53,519 78,746 Publishing, printing 694 1,001 1,321 Transport 34,616 42,725 51,276 Metals & metal products 1,471 1,204 1,198 Metals & metal products 73,430 48,259 43,441 Food, beverages, tobacco 709 652 704 Primary sector 40,662 25,127 37,802 Transport 680 742 670 Food, beverages, tobacco 38,688 35,723 34,851 Primary sector 781 574 644 Gas, water, electricity 37,318 33,066 30,519 Education, health 396 448 493 Publishing, printing 9,389 13,925 24,722 Gas, water, electricity 305 400 466 Insurance companies 47,179 16,193 24,420 Textiles, wearing apparel, leather 309 366 429 Education, health 4,538 7,475 10,999 Hotels & restaurants 351 374 408 Hotels & restaurants 7,494 7,294 10,672 Insurance companies 192 180 202 Textiles, wearing apparel, leather 3,574 8,246 7,676 Wood, cork, paper 210 193 201 Wood, cork, paper 5,160 3,347 6,656 Post and telecommunications 13 18 26 Post and telecommunications 547 1,464 6,085 Public administration and defence 2 5 1 Public administration and defence 1 0 0
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Asia and Asia Pacific private equity deals by volume and value
Total deal value Announced date No of deals (mil USD)
2014 1,609 83,774 2013 1,127 32,361 2012 1,049 28,804 2011 1,126 42,053 2010 862 25,653 2009 646 31,321
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Asia and Asia Pacific private equity deals by volume and value
90,000 1,800
80,000 1,600
70,000 1,400
60,000 1,200
50,000 1,000
40,000 800
Deal value USD) value Deal (mil 30,000 600
20,000 400
10,000 200
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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Top 20 Asia and Asia Pacific private equity deals by value
Deal value Target Announced Deal type Target Equity provider (mil USD) country date
1. 17,442 Minority stake 30% Sinopec Marketing Co., Ltd CN Harvest Fund Management Co., Ltd; Fosun International Ltd; 14/09/2014 Harvest Capital Management Co., Ltd; Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; Cinda Sino-Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; RRJ Management (HK) Ltd; Qian Hai Golden Bridge Management Ltd; Shenzhen Baotengsheng Fund Management Co., Ltd; ENN Energy China Investment Ltd 2. 5,674 Minority stake 25% AS Watson & Company Ltd HK Temasek Holdings Pte Ltd 21/03/2014 3. 3,533 IBO 70% Halla Visteon Climate Control Corporation KR Hahn & Company Eye Holdings Co., Ltd 18/12/2014 4. 2,688 Acquisition 100% Royal Dutch Shell Plc's refining and retail business in Australia AU Abu Dhabi Investment Council 21/02/2014 5. 2,385 Acquisition 15% to 100% DEXUS CPA Trust AU Canada Pension Plan Investment Board 06/01/2014 6. 2,368 Minority stake 21% China Huarong Asset Management Co., Ltd CN Warburg Pincus LLC; Goldman Sachs Group Inc.; China 28/08/2014 International Capital Corporation Ltd; Khazanah Nasional Bhd; China Life Insurance (Group) Company; CITIC Securities International Co., Ltd; Fosun International Ltd; COFCO Corporation 7. 2,355 Minority stake 34% Iowa China Offshore Holdings (Hong Kong) Ltd HK China Life Insurance Co., Ltd; Bank of China Group Investment 18/02/2014 Ltd; Hopu Investment Management Co., Ltd; China Development Bank International Holdings Ltd; Boyu Capital Consultancy Co., Ltd; Hopu Investment Management Co., Ltd; CITP Advisors Ltd; China Post Insurance 8. 1,930 IBO 100% Tyco Fire & Security Services Korea Co., Ltd KR Carlyle Group LP 03/03/2014 9. 1,629 IBO 100% Port of Newcastle Operations Pty Ltd AU Hastings Funds Management Ltd 30/04/2014 10. 1,607 IBO 100% GE Japan Corporation's residential real estate business JP The Blackstone Group LP 21/11/2014
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Top 20 Asia and Asia Pacific private equity deals by value (cont’)
Deal value Target Announced Deal type Target Equity provider (mil USD) country date
11. 1,251 IBO 29% - Acting in concert Olam International Ltd SG Temasek Holdings Pte Ltd 04/04/2014 12. 1,107 IBO 100% Goodpack Ltd SG Kohlberg Kravis Roberts & Company LP 30/07/2014 13. 1,100 Minority stake Xiaomi Technology Co., Ltd CN Hopu Investment Management Co., Ltd; Digital Sky Technologies; Yunfeng Capital 22/12/2014 Ltd; GIC Pte Ltd; All-Stars Investment 14. 998 Minority stake Flipkart Internet Pvt Ltd IN Accel Management Company LLC; T Rowe Price Group Inc.; Tiger Global Management 23/07/2014 LLC; Mail.ru Group Ltd; GIC Pte Ltd 15. 834 IBO 100% Transpacific Industries Group Ltd's New NZ Beijing Capital Group Co., Ltd 03/03/2014 Zealand waste management business 16. 800 Minority stake Travice Inc. CN Tiger Global Management LLC; Alibaba Capital Partners 29/12/2014 17. 700 Minority stake Beijing Xiaoju Technology Co., Ltd CN Temasek Holdings Pte Ltd; Tencent Holdings Ltd; DST Managers Ltd 09/12/2014 18. 700 Minority stake Flipkart Internet Pvt Ltd IN T Rowe Price Associates Inc.; Baillie Gifford & Co Ltd; Qatar Investment Authority; 20/12/2014 Tiger Global Management LLC; Greenoaks Capital Management LLC; ICONIQ Capital LLC; GIC Pte Ltd; DST Managers Ltd; Steadview Capital Management HK Ltd 19. 681 IBO 78% NEC BIGLOBE Ltd JP Japan Industrial Partners, Inc. 30/01/2014 20. 663 IBO 100% Bushu Pharmaceuticals Ltd JP Baring Private Equity Partners Asia 17/11/2014
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Target country by volume - Asia and Asia Pacific Target country by value - Asia and Asia Pacific private equity deals private equity deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
China 283 301 664 China 4,734 7,913 35,332 India 365 397 449 Australia 4,792 7,857 11,181 Japan 113 154 185 South Korea 4,810 4,274 8,818 Australia 88 85 67 Hong Kong 3,097 15 8,372 South Korea 44 32 61 India 3,639 4,435 8,000 Singapore 37 53 52 Japan 4,402 4,079 6,079 Hong Kong 16 11 28 Singapore 507 180 3,701 New Zealand 51 13 20 New Zealand 288 649 1,530 Malaysia 9 20 19 Malaysia 1,925 487 749 Indonesia 8 21 18 Vietnam 71 459 206 Vietnam 11 10 13 Indonesia 251 1,440 150 Thailand 6 6 10 Taiwan 603 27 140 Taiwan 7 8 8 Pakistan 15 0 129 Philippines 7 7 8 Philippines 88 383 89 Pakistan 1 0 4 Sri Lanka 1 0 20 Kazakhstan 2 1 2 Kazakhstan 21 6 15 Sri Lanka 3 2 2 Thailand 2,259 2 14 Bangladesh 0 1 1 Bangladesh 0 2 5
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Target sectors by volume - Asia and Asia Pacific Target sectors by value - Asia and Asia Pacific private equity deals private equity deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 503 566 816 Wholesale & retail trade 2,271 2,666 26,943 Publishing, printing 99 156 278 Other services 7,214 10,295 19,348 Machinery, equipment, furniture, recycling 91 75 129 Machinery, equipment, furniture, recycling 3,004 3,173 8,298 Wholesale & retail trade 92 87 105 Chemicals, rubber, plastics 2,677 2,063 5,597 Education, health 50 55 58 Publishing, printing 423 593 4,904 Chemicals, rubber, plastics 42 35 45 Banks 2,262 898 3,829 Banks 30 40 44 Transport 1,033 2,175 3,554 Hotels & restaurants 30 12 31 Primary sector 81 124 1,827 Food, beverages, tobacco 16 24 22 Construction 948 2,593 1,814 Construction 21 16 20 Metals & metal products 296 335 1,693 Transport 26 16 17 Food, beverages, tobacco 553 1,581 1,026 Gas, water, electricity 16 13 10 Hotels & restaurants 3,716 520 983 Post and telecommunications 4 3 9 Education, health 515 981 874 Textiles, wearing apparel, leather 8 14 7 Gas, water, electricity 467 730 874 Metals & metal products 11 7 7 Wood, cork, paper 89 99 300 Primary sector 8 3 6 Insurance companies 3,325 1,741 101 Wood, cork, paper 2 2 5 Post and telecommunications 86 1,313 78 Insurance companies 5 5 1 Textiles, wearing apparel, leather 152 460 71 Public administration and defence 0 0 0 Public administration and defence 0 0 0
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Middle Eastern M&A value improves against decline by Middle East deals by volume and value volume Total deal value Announced date No of deals The value of deals targeting companies based in the Middle East in 2014 (mil USD) increased by more than a third to USD 21,327 million from USD 15,311 2014 277 21,327 million in 2013. This result is lower than 2012 but higher than any other year from 2009 to date. 2013 374 15,311 2012 349 26,252 M&A value in 2014 was supported by five blockbuster deals each worth USD 2011 441 15,409 1,000 million or more. 2010 941 18,048 In contrast, volume declined 26 per cent year-on-year from 374 deals in 2013 2009 634 18,856 to 276 transactions in 2014. This represents the lowest figure in the six years under review, suggesting higher individual valuations in 2014. Private equity followed a similar pattern as value shot up from USD 290 million in 2013 to USD 1,862 million while volume fell back from 35 deals to 30.
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
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Middle East deals by volume and value
30,000 1,000
900 25,000 800
700 20,000 600
15,000 500
400
Deal value USD) value Deal (mil 10,000 300
200 5,000 100
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 52 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Construction leads by value UAE top by volume and value Companies operating in the construction industry were the most valuable in The value of M&A targeting companies based in UAE was worth USD 11,923 2014, attracting M&A totalling USD 4,886 million, double the USD 2,426 million in 2014, a 68 per cent increase on USD 7,113 million in 2013, and million recorded in 2013. Growth was also recorded for the wholesale and more than double the USD 4,466 million recorded for companies based in retail trade sector (2013: USD 1,343 million; 2014: USD 3,712 million), Qatar in 2014. though increased investment year-on-year in these sectors came at the expense of companies operating in the banking industry, where value fell to Saudi Arabian companies were the third most valuable targets with USD 2,682 million from USD 5,201 million. dealmaking totalling USD 1,602 million, closely followed by Kuwait with USD 1,098 million. Similarly, the volume of M&A targeting companies in the banking sector slipped from 108 deals to 59 deals, though this remained ahead of the The UAE also led the way by volume, despite dealmaking falling back 3 per wholesale and retail trade (2014: 32 transactions). cent year-on-year to 92 transactions from 95 in 2013. The volume of M&A involving Jordan targets fell 51 per cent over the 12 months to 80 deals, though the result is still ahead of the 29 transactions recorded for Saudi Arabia. Despite being the second biggest target by volume, the value of M&A targeting companies based in Jordan was stripped away over the 12 months to USD 314 million from USD 1,110 million. Global Fashion is involved in region’s largest deal by value The Middle East’s largest deal by value was Global Fashion Group agreeing to pay USD 3,282 million for five clothing retailers, including Dubai- headquartered Namshi General Trading, Comércio Digital of Brazil and Kupishuz of Russia. The second-largest deal by value involved DP World signing an agreement to acquire Economic Zones World from Port and Free Zone World for a cash consideration of USD 2,600 million, including the assumption of USD 859 million in debt. Together, these two blockbuster deals accounted for 50 per cent of the USD 11,923 million-worth of deals recorded for the UAE in 2014.
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 53 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Top 20 Middle East deals by value
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date 1. 3,282 Acquisition Comércio Digital BF Ltda; Kupishuz OOO; Namshi General BR; RU; Global Fashion Group LU 04/09/2014 Trading LLC; Jade E-Services Singapore Pte Ltd; Xerion AE; SG; IN Retail Pvt Ltd 2. 2,600 Acquisition 100% Economic Zones World FZE AE DP World Ltd AE 13/11/2014 3. 2,478 Acquisition 95% Barwa Commercial Avenue Company LLC QA Labregah Real Estate Company QSC QA 23/06/2014 4. 1,000 Capital Increase DP World Ltd AE 12/06/2014 5. 1,000 Minority stake 8% to 22% Arabtec Holding Company PJSC AE Mr Hasan Ismaik 28/05/2014 6. 810 Minority stake 19% to 35% Arabtec Holding Company PJSC AE Aabar Investments PJSC AE 11/11/2014 7. 682 Acquisition 50% Lusail Gold Development LLC BH Barwa Real Estate Company QSC QA 04/11/2014 8. 656 Minority stake 37% Barwa Bank QSC QA General Retirement and Social Insurance Authority; QA; QA 20/01/2014 Military Pension Fund 9. 538 Minority stake 30% International Bank of Qatar QSC QA Investors QA 02/10/2014 10. 500 Acquisition 100% Palm Utilities LLC AE Emirates Central Cooling Systems Corporation AE 20/01/2014 11. 481 Acquisition 66% to 79% The National Titanium Dioxide Company Ltd SA TASNEE SA 28/09/2014 12. 446 Minority stake 20% Qatari Investors Group QSC QA Ezdan Holding Group QSC QA 13/05/2014 13. 370 IBO majority stake National Petroleum Services AE Undisclosed investors; Arab Petroleum Investments SA; AE; AE 22/04/2014 Corporation; Waha Capital PJSC; Fajr Capital Ltd 14. 350 Minority stake 20% Global Education Management Systems Ltd AE The Blackstone Group LP; Bahrain Mumtalakat Holding US; BH; 15/10/2014 Company BSC; Fajr Capital Ltd AE 15. 300 IBO 65% Global Environmental Management Services LLC SA Jadwa Investment Company; Fajr Capital Ltd SA; AE 24/09/2014 16. 300 Capital Increase 13% Bank Audi SAL - Audi Saradar Group LB 27/08/2014 17. 286 Acquisition 100% Al Wajeez Development Company AE National Central Cooling Company PJSC; Mubadala AE; AE 10/07/2014 Infrastructure Partners 18. 265 Minority stake 31% Ras Al Khaimah Ceramics AE Samena Limestone Company KY 28/04/2014 19. 263 Minority stake 10% Oman Telecommunications Company SAOG OM Local investors; Omani citizens OM 17/03/2014 20. 242 Acquisition 100% Savola Packaging Systems SA Takween Advanced Industries Company SA 31/12/2014
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 54 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Target country by volume - Middle East deals Target country by value - Middle East deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
UAE 74 95 92 UAE 5,334 7,113 11,923 Jordan 123 164 80 Qatar 6,722 2,186 4,466 Saudi Arabia 42 40 29 Saudi Arabia 3,953 1,616 1,602 Kuwait 34 22 27 Kuwait 6,844 1,726 1,098 Oman 38 22 15 Bahrain 177 642 931 Qatar 14 10 14 Oman 833 700 633 Bahrain 9 10 11 Jordan 519 1,110 314 Lebanon 10 5 7 Lebanon 175 12 313 Iraq 2 4 2 Iraq 1,678 42 26 Yemen 1 0 1 Yemen 0 0 21 Syria 0 0 0 Syria 0 0 0 Iran 2 2 0 Iran 17 165 0
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 55 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Target sector by volume - Middle East deals Target sector by value - Middle East deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 73 76 64 Construction 375 2,426 4,886 Banks 98 108 59 Wholesale & retail trade 868 1,343 3,712 Wholesale & retail trade 19 16 32 Banks 6,834 5,201 2,682 Construction 25 17 25 Chemicals, rubber, plastics 99 781 1,478 Chemicals, rubber, plastics 16 28 14 Other services 10,594 566 1,188 Education, health 15 13 11 Transport 1,578 22 1,188 Transport 11 14 11 Gas, water, electricity 158 40 883 Insurance companies 11 11 10 Primary sector 35 62 716 Primary sector 8 5 10 Education, health 299 74 553 Gas, water, electricity 7 1 9 Machinery, equipment, furniture, recycling 23 644 272 Machinery, equipment, furniture, recycling 5 8 7 Insurance companies 162 999 145 Food, beverages, tobacco 12 12 7 Metals & metal products 3,956 1,974 124 Metals & metal products 7 9 5 Food, beverages, tobacco 647 702 103 Publishing, printing 4 3 3 Hotels & restaurants 484 185 8 Hotels & restaurants 22 42 3 Publishing, printing 5 2 1 Wood, cork, paper 1 2 1 Wood, cork, paper 0 11 0 Textiles, wearing apparel, leather 1 0 0 Post and telecommunications 0 0 0 Public administration and defence 0 1 0 Public administration and defence 0 0 0 Post and telecommunications 1 0 0 Textiles, wearing apparel, leather 0 0 0
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 56 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Middle East IPO deals by volume and value
Total deal value Announced date No of deals (mil USD)
2014 19 13,365 2013 25 561 2012 27 1,816 2011 20 1,992 2010 38 1,704 2009 48 12,102
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
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Middle East IPO deals in 2014 by value
Deal value Announced Deal type Target Target country (mil USD) date 6,000 Planned IPO 15% on the Saudi Stock Exchange The National Commercial Bank SA 21/09/2014 3,703 Initial public offering 55% on DFM Amanat Holdings AE 30/09/2014 1,160 Initial public offering 10% on Tehran Stock Exchange Tamin Pharmaceutical Investment Company PSC IR 20/01/2014 879 Initial public offering 26% on the Qatar Exchange Mesaieed Petrochemical Holding Company QA 22/01/2014 695 Initial public offering 40% on DFM Dubai Parks and Resorts AE 11/11/2014 533 Planned IPO 30% Saudi Ground Services Company SA 20/10/2014 172 Initial public offering on Nasdaq Dubai Emirates REIT (CEIC) Ltd AE 08/04/2014 136 Initial public offering 100% on DFM Marka PJSC AE 25/09/2014 73 Initial public offering 50% on Saudi Stock Exchange Umm Al-Qura Cement Company SA 08/04/2014 24 Planned IPO 15% on the Bahrain Stock Exchange Zain Bahrain BSC BH 20/07/2014 4 Initial public offering 1% on Oslo Bors RAK Petroleum Public Company Ltd AE 07/10/2014 n.a. Initial public offering 10% on Tehran Stock Exchange Ta’min Pharmaceutical Investment Company IR 20/01/2014 n.a. Planned IPO on the Saudi Stock Exchange Saudi Company for Tools and Hardware SA 17/02/2014 n.a. Planned IPO 57% on MSM Mazoon College for Management & Applied Sciences SAOC OM 13/03/2014 n.a. Planned IPO 30% on Saudi Stock Exchange Abdul Mohsen Al Hokair Tourism and Development Company SA 07/05/2014 n.a. Planned IPO 30% on Saudi Stock Exchange Al Hammadi Company for Development and Investment SA 19/05/2014 n.a. Planned IPO 30% on KSE Mezzan Holding Company KSCC KW 20/10/2014 n.a. Planned IPO Saudi Airlines Cargo SA 20/10/2014 n.a. Planned IPO on ADX The National Investor AE 23/11/2014
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 58 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Middle East private equity deals by volume and value
Total deal value Announced date No of deals (mil USD)
2014 30 1,862 2013 35 290 2012 20 832 2011 35 143 2010 24 813 2009 26 987
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 59 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Middle East private equity deals by volume and value
2,000 40
1,800 35 1,600 30 1,400 25 1,200
1,000 20
800 15 Deal value USD) value Deal (mil 600 10 400 5 200
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 60 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Middle East private equity deals by known value
Deal value Target Announced Deal type Target Equity provider (mil USD) country date
1. 370 IBO majority stake National Petroleum Services AE Khazanah Nasional Bhd 22/04/2014 2. 350 Minority stake 20% Global Education Management Systems Ltd AE The Blackstone Group LP; Fajr Capital Ltd 15/10/2014 3. 300 IBO 65% Global Environmental Management Services LLC SA Jadwa Investment Company; Fajr Capital Ltd 24/09/2014 4. 286 Acquisition 100% Al Wajeez Development Company AE Mubadala Infrastructure Partners 10/07/2014 5. 163 Acquisition 100% Byrne Investments Ltd AE Venture Capital Bank BSC 25/03/2014 6. 100 Minority stake Arabian Company for Water and Power Development Ltd SA The International Finance Corporation 07/07/2014 7. 75 Minority stake 10% Topaz Energy and Marine Ltd AE Standard Chartered Private Equity Ltd 20/08/2014 8. 75 Minority stake Souq.com FZ LLC AE Naspers Ltd 24/03/2014 9. 60 Minority stake Aster DM Healthcare AE India Value Fund Advisors Pvt Ltd; Olympus Capital Asia Investments Ltd 28/05/2014 10. 35 Minority stake Al Jazeera Agricultural Company JO Standard Chartered plc 08/09/2014 11. 34 IBO 100% Undisclosed American curriculum private school in Dubai AE GFH Capital Ltd 17/05/2014 12. 5 Minority stake Wysada JO Silicon Badia 27/10/2014 13. 3 Minority stake Webteb JO Siraj Fund Management Company; Sadara Ventures 15/09/2014 14. 3 Minority stake compareit4me.com FZ-LLC AE Mulverhill Associates 18/06/2014 15. 2 Minority stake ArabiaWeather Inc. JO Jabbar Internet Group; Silicon Badia; MENA Venture Investments; Dash 10/12/2014 Ventures 16. 0 Minority stake FishFishMe Inc. AE 06/01/2014 17. 0 Minority stake 7% Gallery AlSharq LLC JO 500 Startups Management Company LLC 06/08/2014 18. 0 Minority stake 7% Feesheh JO 500 Startups Management Company LLC 06/08/2014 19. n.a. IBO 100% CSH Investment AE Centurion Investment 07/01/2014 20. n.a. IBO majority stake Mercator AE Warburg Pincus LLC 08/04/2014
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 61 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Target country by volume - Middle East private equity deals Target country by value - Middle East private equity deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
UAE 6 20 20 UAE 722 219 1,416 Jordan 3 6 7 Saudi Arabia 100 0 400 Saudi Arabia 5 4 3 Jordan 10 40 45 Iraq 0 0 1 Oman 0 30 0 Oman 1 1 0 Qatar 0 0 0 Qatar 2 1 0 Yemen 0 0 0 Yemen 0 0 0 Bahrain 0 0 0 Bahrain 0 0 0 Iraq 0 0 0 Kuwait 1 0 0 Kuwait 0 0 0 Lebanon 2 3 0 Lebanon 0 1 0 Iran 0 0 0 Iran 0 0 0 Syria 0 0 0 Syria 0 0 0
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 62 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Middle East, 2014
Target sectors by volume - Middle East private equity deals Target sectors by value - Middle East private equity deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 7 14 13 Other services 37 186 572 Education, health 1 3 5 Education, health 0 0 444 Wholesale & retail trade 3 7 4 Primary sector 0 0 370 Gas, water, electricity 1 1 2 Gas, water, electricity 0 40 286 Transport 0 1 2 Wholesale & retail trade 545 32 80 Construction 0 0 1 Transport 0 2 75 Primary sector 1 0 1 Food, beverages, tobacco 0 0 35 Hotels & restaurants 1 5 1 Post and telecommunications 0 0 0 Banks 0 1 1 Insurance companies 0 0 0 Publishing, printing 2 1 1 Banks 0 0 0 Food, beverages, tobacco 3 1 1 Public administration and defence 0 0 0 Insurance companies 0 0 0 Construction 0 0 0 Textiles, wearing apparel, leather 0 0 0 Metals & metal products 0 0 0 Machinery, equipment, furniture, recycling 0 0 0 Chemicals, rubber, plastics 0 0 0 Public administration and defence 0 0 0 Publishing, printing 0 0 0 Chemicals, rubber, plastics 0 1 0 Machinery, equipment, furniture, recycling 0 0 0 Metals & metal products 1 0 0 Hotels & restaurants 250 31 0 Wood, cork, paper 0 1 0 Wood, cork, paper 0 0 0 Post and telecommunications 0 0 0 Textiles, wearing apparel, leather 0 0 0
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
You are free to use any data or commentary Page 63 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Russia/CEE, 2014
Slump in PE investment suppresses M&A value Russia/CEE deals by volume and value
The value of M&A targeting companies based in Central and Eastern Europe Total deal value Announced date No of deals and Russia declined by a fifth to USD 192,266 million in 2014, compared (mil USD) to USD 242,056 million the previous year, as a sharp decrease in PE and VC 2014 11,228 192,266 investment dragged down overall results. 2013 10,648 242,056 By contrast, M&A volume advanced 5 per cent year-on-year to 11,228 2012 7,818 127,414 transactions from 10,648 in 2013 to reach its highest point of the six years 2011 7,680 224,030 under review. 2010 9,664 211,595 PE investment value targeting the region plunged from USD 15,633 million in 2009 10,070 161,883 2013 to a six-year low of USD 2,137 million, against a 13 per cent increase in volume from 440 to 497 transactions, the best result of the period under review.
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Russia/CEE deals by volume and value
300,000 12,000
250,000 10,000
200,000 8,000
150,000 6,000
Deal value USD) value Deal (mil 100,000 4,000
50,000 2,000
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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Russia tops the bill by volume and value Czech mobile operator targeted in region’s top PE deal Russian companies were targeted in the region’s two largest transactions by A lack of big-ticket PE and VC transactions in the region accounted for the value in 2014, worth USD 8,814 million and USD 8,494 million, respectively. steep downturn in value in 2014, even though the volume of deals increased. The targets were metal mining company Gorno-Metallurgicheskaya Kompaniya The region’s largest PE and VC investment of the year was Dutch investment Norilskii Nikel, in which a 30 per cent stake changed hands in a restructuring firm PPF increasing its stake in mobile network operator O2 Czech Republic transaction worth USD 8,814 million, and nuclear energy company Atomnyi from 73 per cent to 80 per cent for USD 330 million. Energopromyshlennyi Kompleks, which issued shares worth USD 8,494 million to its only stockholder. Interestingly, Russia was targeted in less than half of the top 20 PE and VC deals by value, with Czech companies targeted in five deals and Polish in These two transactions were worth a combined USD 17,308 million and three. accounted for 9 per cent of the region’s overall M&A value (USD 192,266 million). In all, Russian companies were targeted in 17 of the top 20 transactions by value in 2014. The only other countries targeted in the top 20 were Ukraine, Belarus and Kazakhstan.
Russia leads by value, despite slower growth Russia’s dominance of the top 20 deals by value in 2014 ensured its position as the region’s most important M&A target. Companies based in the country were targeted in deals worth a collective USD 132,474 million, although this was down 30 per cent year-over-year compared to the USD 188,236 million-worth of transactions recorded in 2013. By contrast, there was a significant uptick in M&A value targeting Ukrainian companies, from USD 13,984 million to USD 20,275 million, in spite of political unrest in the country.
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Top 20 Russia/CEE deals by value
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date 1. 8,814 Minority stake 30% Gorno-Metallurgicheskaya Kompaniya Norilskii Nikel OAO RU Undisclosed acquiror 22/10/2014 2. 8,494 Acquisition 100% to 100% Atomnyi Energopromyshlennyi Kompleks OAO RU Gosudarstvennaya Korporatsiya po Atomnoi Energii RU 16/12/2014 Rosatom 3. 7,731 Capital Increase 68% Natsionalna Aktsionerna Kompaniya Naftohaz Ukrayiny PAT UA 29/09/2014 4. 7,241 Acquisition 96% Aktsionernyi Kommercheskii Bank Bank Moskvy OAO RU Bank VTB OAO RU 04/09/2014 5. 5,472 Capital Increase Bank VTB OAO RU Federalnoe Agentstvo po Upravleniyu Gosudarstvennym RU 01/09/2014 Imushchestvom 6. 5,436 Capital Increase 18% Atomnyi Energopromyshlennyi Kompleks OAO RU Ministerstvo Finansov Rossiiskoi Federatsii RU 16/12/2014 7. 5,401 Acquisition 100% to 100% Natsionalna Aktsionerna Kompaniya Naftohaz Ukrayiny PAT UA Ministerstvo Vuhilnoyi Promyslovosti Ukrayiny UA 29/05/2014 8. 5,244 Acquisition 50% MegaFon OAO RU AF Telekom Kholding OOO RU 09/12/2014 9. 5,000 Acquisition 30% to 74% Stroigazkonsalting OOO RU Mr Ruslan Baisarov RU 03/06/2014 10. 3,500 Acquisition Nizhegorodskaya Sotovaya Svyaz ZAO; Baikalvestkom ZAO; RU; RU; T2 RTK Kholding OOO RU 28/03/2014 Skai Link ZAO; Akos ZAO; Eniseitelekom ZAO; Volgograd-GSM RU; RU; ZAO; RT-Mobail ZAO; Otkrytoe Aktsionernoe Obshchestvo RU; RU; Mezhdugorodnoi i Mezhdunarodnoi Elektricheskoi Svyazi RU; RU; Rostelekom's certain mobile assets; Bit ZAO RU
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Top 20 Russia/CEE deals by value
Deal value Target Acquiror Announced Deal type Target Acquiror (mil USD) country country date
11. 3,282 Acquisition Comércio Digital BF Ltda; Kupishuz OOO; Namshi General BR; RU; Global Fashion Group LU 04/09/2014 Trading LLC; Jade E-Services Singapore Pte Ltd; Xerion AE; SG; IN Retail Pvt Ltd 12. 2,631 Capital Increase 93% Aviatsionnyi Kompleks im SV Ilyushina OAO RU 15/07/2014 13. 2,557 Minority stake 5% to 11% Neftyanaya Kompaniya LUKoil OAO RU Lukoil Employee Ltd CY 01/10/2014 14. 2,449 Acquisition 84% E.ON Rossiya OAO RU Newco 02/12/2014 15. 2,405 Capital Increase 59% Aviatsionnaya Kholdingovaya Kompaniya Sukhoi OAO RU Undisclosed investors; Gosudarstvennaya Korporatsiya RU 17/03/2014 Bank Razvitiya i Vneshneekonomicheskoi Deyatelnosti (Vneshekonombank) 16. 2,366 Minority stake 18% Aktsionernaya Neftyanaya Kompaniya Bashneft OAO RU 14/05/2014 17. 2,267 Capital Increase 20% Aktsionernaya Neftyanaya Kompaniya Bashneft OAO RU 08/09/2014 18. 2,200 Acquisition Kaztransservis AO; Kedentransservis AO; RZhD Logistika KZ; KZ; Obedinennaya Transportno-Logisticheskaya Kompaniya RU 25/11/2014 OAO; Belintertrans OOO; Tsentr po Perevozke Gruzov v RU; BY; RU OAO Konteinerakh TransKonteiner PAO 19. 1,691 Acquisition 100% to 100% Uralkalii-Tekhnologiya ZAO RU Uralkalii OAO RU 10/06/2014 20. 1,629 Acquisition 78% Pivnichnyy Hirnycho-Zbahachuvalnyy Kombinat PAT UA MetInvest BV NL 12/02/2014
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Target country by volume - Russia/CEE deals Target country by value - Russia/CEE deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
Russia 2,686 2,922 2,673 Russia 96,191 188,236 132,474 Poland 1,384 1,683 1,471 Ukraine 3,841 13,984 20,275 Ukraine 1,295 1,314 914 Poland 15,279 19,001 16,098 Bulgaria 201 629 776 Romania 1,329 3,152 5,628 Romania 324 445 616 Czech Republic 3,292 8,760 5,482 Estonia 291 344 367 Belarus 144 636 2,814 Latvia 189 219 269 Bulgaria 2,269 3,180 2,741 Belarus 393 321 239 Slovenia 779 744 2,128 Moldova 155 185 205 Hungary 793 3,495 1,948 Czech Republic 157 204 187 Lithuania 673 1,293 1,051 Hungary 152 209 187 Slovakia 132 743 991 Serbia 159 151 165 Croatia 396 1,644 865 Lithuania 79 138 111 Latvia 276 130 491 Bosnia And Herzegovina 105 75 109 Serbia 596 493 463 Croatia 62 56 71 Estonia 758 396 364 Slovakia 37 44 69 Bosnia And Herzegovina 89 137 304 Slovenia 43 46 63 Albania 20 0 137 Macedonia 36 32 37 Macedonia 114 22 129 Montenegro 7 6 5 Moldova 58 78 115 Albania 4 2 3 Montenegro 1 18 43 Kosovo 2 1 1 Kosovo 621 0 20
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You are free to use any data or commentary Page 69 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Russia/CEE, 2014
Target sector by volume - Russia/CEE deals Target sector by value - Russia/CEE deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 1,891 3,020 3,493 Other services 17,176 32,840 31,437 Wholesale & retail trade 811 1,255 1,476 Banks 24,588 31,486 31,396 Banks 854 1,118 1,101 Primary sector 15,970 38,672 29,512 Machinery, equipment, furniture, recycling 742 762 807 Gas, water, electricity 16,840 35,751 25,119 Construction 474 737 776 Machinery, equipment, furniture, recycling 5,890 13,822 17,480 Primary sector 429 583 555 Metals & metal products 15,963 22,510 16,430 Transport 396 478 438 Construction 3,363 12,323 10,311 Gas, water, electricity 388 558 424 Wholesale & retail trade 3,289 8,257 9,933 Chemicals, rubber, plastics 436 444 422 Chemicals, rubber, plastics 6,224 33,178 6,421 Food, beverages, tobacco 450 398 402 Transport 11,308 8,418 6,186 Metals & metal products 223 272 240 Food, beverages, tobacco 3,325 1,592 3,081 Hotels & restaurants 146 206 240 Textiles, wearing apparel, leather 135 194 2,091 Publishing, printing 114 173 196 Insurance companies 1,595 1,298 1,387 Insurance companies 124 205 173 Hotels & restaurants 349 571 825 Education, health 81 128 167 Publishing, printing 76 552 397 Textiles, wearing apparel, leather 142 158 166 Post and telecommunications 1 66 394 Wood, cork, paper 84 91 82 Wood, cork, paper 771 351 352 Post and telecommunications 8 13 20 Education, health 425 694 333 Public administration and defence 6 6 4 Public administration and defence 1 2 0
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You are free to use any data or commentary Page 70 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Russia/CEE, 2014
Russia/CEE private equity deals by volume and value
Total deal value Announced date No of deals (mil USD)
2014 497 2,137 2013 440 15,633 2012 309 4,072 2011 260 9,162 2010 213 5,439 2009 131 8,883
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Russia/CEE private equity deals by volume and value
18,000 600
16,000 500 14,000
12,000 400
10,000 300 8,000
Deal value USD) value Deal (mil 6,000 200
4,000 100 2,000
0 0 2009 2010 2011 2012 2013 2014
Total deal value (mil USD) Number of deals
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Top 20 Russia/CEE private equity deals by value
Deal value Target Announced Deal type Target Equity provider (mil USD) country date 1. 330 IBO 7% O2 Czech Republic AS CZ PPF AS 07/07/2014 2. 209 IBO 100% Khedkhanter OOO RU Elbrus Capital 17/11/2014 3. 118 IBO 100% Safina AS CZ Gruppa Kompanii Renova ZAO 21/11/2014 4. 100 IBO 50% Kompaniya Russkaya Fitnes Gruppa RU Goldman Sachs Group Inc.; VTB Kapital ZAO 03/02/2014 5. 98 IBO 75% Fashion Arena Centre Management SRO CZ Meyer Bergman Ltd 26/02/2014 6. 95 Capital Increase 14% Obyedinennye Kreditnye Sistemy OAO RU Lider ZAO 28/03/2014 7. 94 Acquisition 75% Citadele Banka AS LV Ripplewood Holdings LLC 29/10/2014 8. 60 Acquisition 100% to 100% Krokus Nanoelektronika OOO RU Rosnano OAO 28/04/2014 9. 60 Acquisition 100% Natsionalnaya Sluzhba Vzyskaniya OOO RU Baring Vostok Capital Partners Ltd; Da Vinci Capital Management Ltd 02/12/2014 10. 54 Minority stake Kotton Vei OOO RU Upravlyayushchaya Kompaniya RFPI OOO 17/01/2014 11. 32 Acquisition 99% Kujawskie Zaklady Poligraficzne Druk-Pak SA PL Highlander Partners LP 06/06/2014 12. 32 IBO 100% Rieber Foods Polska SA PL Innova Phoenix Sarl 23/05/2014 13. 30 Minority stake 40% Santens Logistik Group OOO RU UFG Asset Management 07/04/2014 14. 30 Minority stake Ulybkino OOO RU 15/07/2014 15. 29 IBO Suominen Joustopakkaukset Oy; Suominen Polska Sp zoo FI; PL Lonsdale Capital Partners LLP 11/07/2014 16. 28 Minority stake 11% to 33% Sen-Goben Stroitelnaya Produktsiya Rus OOO RU European Bank for Reconstruction and Development 07/07/2014 17. 28 IBO 11% Starman AS EE East Capital Explorer AB 22/12/2014 18. 26 IBO 100% Less & Timber SRO CZ Jet Investment AS 24/11/2014 19. 26 Minority stake SocialBakers AS CZ Earlybird VC Management GmbH & Co. KG; Index Venture Management LLP 18/02/2014 20. 26 Minority stake 25% Adcash OU EE Naxicap Partners SA 26/09/2014
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Target country by volume - Russia/CEE Target country by value - Russia/CEE private equity deals private equity deals
2012 2013 2014 Target country 2012 2013 2014 Target country (mil USD) (mil USD) (mil USD)
Russia 111 195 228 Russia 2,445 7,472 937 Poland 40 36 35 Czech Republic 121 6,377 615 Bulgaria 32 40 33 Poland 606 2,304 197 Ukraine 10 21 30 Latvia 4 8 128 Hungary 36 26 29 Estonia 10 58 65 Lithuania 13 18 24 Lithuania 4 13 63 Czech Republic 13 14 20 Romania 0 1 47 Romania 5 5 17 Hungary 529 735 34 Latvia 10 17 17 Slovakia 3 27 20 Estonia 13 16 16 Belarus 0 1 16 Slovakia 5 4 8 Croatia 11 14 12 Slovenia 2 3 6 Ukraine 20 13 6 Serbia 2 0 4 Slovenia 34 0 4 Belarus 1 2 1 Bulgaria 221 60 3 Croatia 8 6 1 Serbia 63 0 0 Moldova 0 0 0 Moldova 0 0 0 Macedonia 3 1 0 Macedonia 63 0 0 Albania 0 0 0 Albania 0 0 0 Bosnia And Herzegovina 2 0 0 Bosnia And Herzegovina 0 0 0 Kosovo 1 0 0 Kosovo 63 0 0
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Target sectors by volume - Russia/CEE Target sectors by value - Russia/CEE private equity deals private equity deals
2012 2013 2014 Target sector 2012 2013 2014 Target sector (mil USD) (mil USD) (mil USD)
Other services 180 304 335 Other services 1,520 6,400 1,289 Publishing, printing 9 26 41 Banks 431 353 214 Machinery, equipment, furniture, recycling 17 19 32 Metals & metal products 5 630 120 Wholesale & retail trade 30 31 18 Machinery, equipment, furniture, recycling 26 735 109 Chemicals, rubber, plastics 13 9 13 Chemicals, rubber, plastics 108 4,541 100 Construction 5 4 9 Wholesale & retail trade 700 182 60 Banks 12 10 9 Publishing, printing 10 14 53 Education, health 13 6 7 Food, beverages, tobacco 16 175 52 Food, beverages, tobacco 6 4 6 Transport 75 216 34 Transport 3 4 5 Construction 105 45 33 Metals & metal products 8 3 5 Wood, cork, paper 29 3 32 Post and telecommunications 1 3 3 Primary sector 28 0 26 Gas, water, electricity 4 5 3 Gas, water, electricity 970 2,254 7 Hotels & restaurants 2 1 3 Education, health 43 28 5 Primary sector 4 3 2 Hotels & restaurants 4 0 2 Wood, cork, paper 2 5 2 Post and telecommunications 0 12 0 Insurance companies 1 1 1 Textiles, wearing apparel, leather 2 0 0 Textiles, wearing apparel, leather 1 2 1 Public administration and defence 0 0 0 Public administration and defence 0 0 0 Insurance companies 0 47 0
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Top 20 financial advisors global deals
Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1. Goldman Sachs Group Inc. 230 209 699,744 3,348 2. Morgan Stanley 262 228 604,404 2,651 3. Bank of America Corporation 208 186 599,848 3,225 4. JP Morgan 227 195 574,571 2,947 5. Citigroup Inc. 207 170 555,633 3,268 6. Barclays plc 122 110 401,799 3,653 7. Deutsche Bank AG 171 152 363,836 2,394 8. Credit Suisse 188 161 319,591 1,985 9. Lazard 166 139 303,324 2,182 10. Centerview Partners LLC 41 39 213,137 5,465 11. Rothschild 254 189 178,284 943 12. UBS 69 61 129,218 2,118 13. Jefferies LLC 91 67 117,345 1,751 14. BNP Paribas SA 110 87 114,622 1,317 15. Allen & Company Inc. 12 12 93,617 7,801 16. Tudor Pickering Holt & Company LLC 11 11 92,896 8,445 17. Evercore Partners Inc. 72 58 80,150 1,382 18. Ernst & Young 208 119 79,076 665 19. Perella Weinberg Partners LP 23 18 76,416 4,245 20. RBC Capital Markets Corporation 73 58 74,153 1,278
You are free to use any data or commentary Page 76 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Global League Tables, 2014
Top 20 legal advisors global deals
Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1. Skadden Arps Slate Meagher & Flom LLP 236 191 394,609 2,066 2. Weil Gotshal & Manges LLP 173 122 367,129 3,009 3. Wachtell Lipton Rosen & Katz LLP 80 68 345,524 5,081 4. Simpson Thacher & Bartlett LLP 172 140 295,058 2,108 5. Latham & Watkins LLP 169 125 234,470 1,876 6. Sullivan & Cromwell LLP 92 78 222,352 2,851 7. Jones Day 341 183 209,062 1,142 8. Kirkland & Ellis LLP 285 159 206,236 1,297 9. Cleary Gottlieb Steen & Hamilton LLP 50 46 201,341 4,377 10. Davis Polk & Wardwell LLP 116 100 200,730 2,007 11. Allen & Overy 198 129 191,650 1,486 12. Baker Botts LLP 24 22 163,321 7,424 13. Paul Weiss Rifkind Wharton & Garrison LLP 118 77 148,069 1,923 14. Slaughter and May 84 73 140,814 1,929 15. Linklaters 146 98 133,738 1,365 16. Vinson & Elkins LLP 63 56 128,059 2,287 17. Willkie Farr & Gallagher LLP 79 50 126,937 2,539 18. Clifford Chance LLP 193 139 124,987 899 19. Cravath Swaine & Moore LLP 61 49 124,704 2,545 20. Richards Layton & Finger PA 11 10 102,073 10,207
You are free to use any data or commentary Page 77 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Annual M&A Report Global League Tables, 2014
Top 20 private equity firms global deals
Number with Total deal value Average deal Private equity firm Number of deals consideration (mil USD) value (mil USD) 1. Fosun International Ltd 15 9 21,240 2,360 2. The Blackstone Group LP 26 21 20,615 982 3. RRJ Management (HK) Ltd 5 5 18,990 3,798 4. ENN Energy China Investment Ltd 1 1 17,442 17,442 5. Qian Hai Golden Bridge Management Ltd 1 1 17,442 17,442 6. Harvest Capital Management Co., Ltd 1 1 17,442 17,442 7. HuaXia SSF1 Investors Ltd 1 1 17,442 17,442 8. Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd 1 1 17,442 17,442 9. Harvest Fund Management Co., Ltd 1 1 17,442 17,442 10. Shenzhen Baotengsheng Fund Management Co., Ltd 1 1 17,442 17,442 11. Cinda Sino-Rock International Energy Co., Ltd 1 1 17,442 17,442 12. GIC Pte Ltd 18 16 15,607 975 13. BlackRock Inc. 15 15 14,642 976 14. Kohlberg Kravis Roberts & Company LP 35 29 14,617 504 15. Temasek Holdings Pte Ltd 19 19 13,454 708 16. Bain Capital LLC 13 12 13,274 1,106 17. Carlyle Group LP 27 14 12,905 922 18. TPG Capital Management LP 25 23 12,480 543 19. Cerberus Capital Management LP 6 5 11,822 2,364 20. La Caisse de depot et placement du Quebec 13 11 11,337 1,031
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Notes to editors Activity is based on the activity of the target company. Deal status is announced within the time period. The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr. The date range for 2014 is deals announced between 01/01/2014 - 31/12/2014 inclusive. The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the UK. The Asia and Asia Pacific region covers target companies based in the Far East, Central Asia and Oceania. The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel. The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine. Where deals have multiple targets the sector and region of each target is represented in the data. All deal types are included except joint ventures, IPOs, planned IPOs and share buybacks.
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
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Zephyr Annual M&A Report
About Bureau van Dijk Bureau van Dijk (BvD) is one of the world’s leading publishers of electronic business and company information. The company has 33 offices worldwide. BvD is best known for its range of international company information products that combines multiple high-quality data sources with flexible software to allow users to manipulate data for research, marketing intelligence and analysis. Products include Fame, Orbis, Amadeus, Bankscope, Isis and Osiris. BvD also publishes the global M&A database, Zephyr. www.bvdinfo.com
About Zephyr Zephyr is an information solution containing M&A, IPO and venture capital deals and rumours with links to detailed financial company information. Zephyr covers various deal types including M&A activity, IPOs, joint ventures and private equity deals. It’s published by Bureau van Dijk (BvD). The deals on Zephyr are linked to the company financials and peer reports on BvD’s product range, which includes Orbis, Amadeus and Fame, for company valuation and benchmarking. Zephyr contains information on over 1 million deals. Approximately 75,000 deals are added each year depending on levels of deal activity. Zephyr has no minimum deal value. All deal information is translated into English. Zephyr’s UK-based researchers speak 35 languages and use native language and English sources in their deal enquiries. www.zephyrdealdata.com
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
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