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Global & Regional M&A Report 1Q20

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Global & Regional M&A Report 1Q20 An Acuris Company Finding the opportunities in mergers and acquisitions Global & Regional M&A Report 1Q20 Including League Tables of Financial Advisors mergermarket.com An Acuris Company Content Overview 03 Global 04 Global Private Equity 10 Europe 16 US 21 Latin America 26 Asia Pacific (excl. Japan) 31 Japan 36 Middle East & Africa 41 M&A and PE League Tables 46 Criteria & Contacts 78 mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 1Q20 Global Overview Regional M&A Comparison North America USD 228.6bn -54.2% vs. 1Q19 Inbound USD 36.3bn -15.7% Outbound USD 73.9bn 14.8% Industrials & USD 57.5bn -12.9% Chemicals Latin America USD 8.7bn -49.8% vs. 1Q19 Inbound USD 5.5bn -56.3% Outbound USD 0.9bn 69.8% Real Estate USD 2.3bn n/a 35.4% 40.6% Europe USD 199.4bn 30.1% vs. 1Q19 2.3% Inbound USD 77.5bn 63.8% Outbound USD 30.9bn -39.9% Financial USD 54.7bn 5.2x Services MEA USD 9.4bn -90.1% vs. 1Q19 Inbound USD 3.8bn -77.9% Outbound USD 2.5bn -25.3% Transport USD 2.9bn 19.4x 1.7% 18.5% 1.5% APAC (ex. Japan) USD 103.2bn -31.8% vs. 1Q19 Inbound USD 106.8bn -14.4% Outbound USD 101.2bn -22.7% Real Estate USD 16.9bn 22.8% Japan USD 13bn 62.7% vs. 1Q19 Inbound USD 1.4bn -31.4% Global M&A USD 563.7bn -39.1% vs. 1Q19 Outbound USD 8.7bn -49.0% Industrials & USD 6.0bn 3.2x Cross-border USD 191.3bn 27.7% vs. 1Q19 The % values on the map indicate Chemicals Top sector: Ind. & Chem. USD 130.2bn 38.4% vs. 1Q19 market shares in global M&A mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report 1Q20 Global Value Deal Details (USD bn) USD 563.7bn Announcement Bidder Company Target Company Target Target Sector Date Geography 35.6 09-Mar Aon plc Willis Towers United Kingdom Financial Watson Public Services Limited Company Value of global M&A in 1Q20, down 39.1% year-on-year 18.8 27-Feb Cinven Partners ThyssenKrupp Germany Industrials & LLP; Elevator AG Chemicals Advent International Corporation; RAG-Stiftung 17.3 11-Mar United OTIS Worldwide USA Industrials & Technologies Corporation Chemicals Corporation (Shareholders) USD 8 13.0 20-Feb Morgan Stanley ETrade Financial USA Financial Corporation Services 35.6bn Number of megadeals Value of Aon/Willis (>USD 10bn) in 1Q20 Towers Watson merger, 11.0 03-Mar Thermo Fisher QIAGEN NV Germany Pharma, Scientific Inc Medical & the largest deal of 1Q20 Biotech mergermarket.com Mergermarket Global & Regional Global Analysis 5 M&A Report 1Q20 Global Global deal making has been brought to a halt in the past few turmoil caused by COVID-19 have created an environment that New decade, new sectors. The sector landscape for weeks, and activity is likely to remain subdued in the next few is not conducive to Xerox continuing to pursue an acquisition private equity buyouts has shifted significantly since 2008. months. Although the nature of the current crisis is different of HP,” Xerox said in a statement on 31 March. This year is Technology has grown into the most active space for to the last global financial crisis, dealmakers evaluating the unlikely to repeat the megadeals (> USD 10bn) frenzy of institutional investors, accounting for 22.3% of all buyouts in current M&A outlook will inevitably look back at 2008 for 2019, when 38 such deals were announced. Only eight were volume last year, compared to just 8% in 2008. And while the similarities, differences and lessons learnt. announced globally so far in 2020, down from eleven in 1Q19 Industrial and Chemicals sector has seen its market share and 14 in 1Q18. The last one to-date, the pending USD 35bn decrease from 24.8% in 2008 to 19.1% in 2019, assets in the It will get worse before it gets better. After nearly ten years tie-up between insurance giants Aon and Willis Towers Watson space are still among financial sponsors’ favourite targets. of growth, global M&A activity in 1Q20 is down 39.1% by value was announced on 9 March. That same day, the government The two largest buyouts of March perhaps offer a glimpse on 1Q19 to USD 563.7bn over 3,685 transactions, and back of Italy drastically restricted the movement of its population of where future opportunities may lie for dealmakers. KKR to levels not seen since the first half of 2013. Both the overall by imposing a national quarantine, a measure implemented by bought London-listed utility Pennon Group’s energy-from- value and number of deals are comparable to those of 1Q08 many other countries in the world. waste unit Viridor for GBP 4.2bn in a deal commanding an (USD 592.3bn across 3,744 transactions). That first quarter 18.5x EV/EBITDA multiple. And in the US, IT services group DXC of 2008 saw the bailout of New York-based investment bank Private Equity’s resilience to be tested. Prior to the storm Technology agreed to sell its healthcare technology business Bear Stearns in March, a prelude to the international banking that gripped financial markets a few weeks ago, private to Veritas Capital for USD 5bn in cash. The Technology, crisis, which culminated six months later with the collapse of equity activity had enjoyed a rather robust start to the year, Business Services and Pharma, Medical & Biotech spaces, Lehman Brothers. The 2009 annus horribilis followed, which leading to the same level of activity in 1Q20 global buyout which have increasingly been targeted since 2008, are likely marked the bottom of the last M&A cycle, and the only year value compared to 1Q19 (USD 120.5bn against USD 120.4bn). to continue to attract strong interest, whilst the disaffection since 2004 to record less than USD 2tn in deal value (USD With the primary market for leveraged loans temporarily shut for the Consumer or Financial Services sectors deepens. 1.71tn) and less than 10,000 deals globally (9,963). Last time down, the number of buyouts has dramatically decreased in around, it took until 4Q10 for deal making to go back to the past month, and Private Equity’s ability to deploy capital prerecession levels and until 2014 to return to the peak of will be further tested in the quarters to come. In 2019, more 2007 in volume. Because they impede site visits and physical than one out of four global deal had a private equity firm on “Current market volatility will face to face meetings, social distancing measures needed to either side of the negotiation table. Similarly, in 2007, buyouts contain the COVID-19 virus will be particularly disruptive to represented 27% of the overall M&A value in the US and further dent the confidence mid-market M&A. Dozens of private equity auctions have been Europe but by 2009, that proportion had plummeted to just put on hold or postponed and many owners of family-owned 14%. But buyout activity is likely to remain more resilient this needed to embark on businesses will retire one or two years later than planned. time around. Financial sponsors still sit on record amounts of dry powder and, with the crisis first affecting the corporate Wait and see. In the short term, the current market volatility bold strategic moves” side rather than financial institutions, trust in private equity will further dent the confidence needed to embark on bold firms should not be expected to vanish as it did in 2008. strategic moves. The largest US deal of the year so far, Xerox’s Valuations will nonetheless be impacted. The median EBITDA [NYSE:XRX] USD 35.5bn hostile bid for rival printer maker HP buyout multiple, which has already declined to 11.1x in 1Q20 [NYSE:HPQ], launched in early March, has lapsed. “The current Beranger Guille, Global (from 12.1x in FY19), is likely to see further downward pressure global health crisis and resulting macroeconomic and market in the coming quarters. Editorial Analytics Director Mergermarket Global & Regional Global Analysis 6 M&A Report 1Q20 18.5% 11.1x APAC share of global M&A Global median private equity in 1Q20 EV/EBITDA multiple, down USD 120.5bn from 12.1x in FY 19 Total value of private equity buyout in 1Q20, the same level as 1Q19 (USD 120.4bn) USD 191.4bn USD 5bn 40.6% Global value of cross-border M&A, down 27.6% versus 1Q19 Value of the largest buyout in North American share of global March, DXC Technology’s sale M&A in 1Q20 of its healthcare technology business to Veritas Capital mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report 1Q20 Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend 2006 - 1Q20 25000 4000 3500 1,200.9 731.6 1,200.9 755.6 755.6 20000 809.8 3000 811.8 1099.1 826.3 960.3 955.1 960.3 955.1 851.8 792.5 Count Deal 2500 792.5 15000 675.6 869.8 460.4 675.3 869.8 480.3 838.8 2000 717.7 755.2 570.1 717.7 678.1 866.0 866.0 Deal Value (USD bn) (USD Value Deal 713.4 685.9 10000 1283.7 1082.2 600.1 1082.2 1500 569.2 989.1 988.4 1,040.9 524.4 656.7 1,040.9 776.0 758.2 758.2 491.6 963.2 742.5 327.4 742.5 1000 678.9 588.7 567.0 560.2 5000 396.1 432.9 955.1 947.5 924.9 500 749.1762.5 804.6 762.5 763.9 592.2 617.0 571.3 625.6 563.7 421.0 461.2 465.5 443.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0 Q1 Q2 Q3 Q4 Deal Count mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report 1Q20 Chart title 1 Chart title 1 ChartRegional title 2 Share of Global M&A By Value ChartGlobal title Sector 2 Breakdown Trend 2006 - 1Q20 1Q19 - 1Q20 400 100 7.2% 9.5% 350 90 11.6% 19.4% 80 300 ) 70 250 60 35.9% 35.4% 200 50 bn (USD Value Deal 316.8 Share of Global M&A Global of Share 40 150 30 211.2 100 182.4 36.6% 20 130.2 154.2 43.0% 125.0 79.3 50 110.3 77.1 10 39.3 35.6 27.1 0 0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Industrials
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