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 You are free to use any data or commentary Page 2 © 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 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 You are free to use any data or commentary Page 3 © 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 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). You are free to use any data or commentary Page 4 © 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 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.