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GLOBAL OVERVIEW
LATIN AMERICA
NORTH AMERICA
ASIA-PACIFIC
EUROPE
global overview
In April 2013, dealmaking figures continued to disappoint. Deal volume dropped 33% YoY to 721
deals, while collective value decreased by 30% to US$135.7bn. Across several sectors, the upper
end of the market was busy enough to sustain deal value as activity in the middle and lower end
of the market faltered.
Innovation in Pharmaceuticals, Medical
& Biotech
The Pharmaceuticals, Medical & Biotech sector saw a fall in
deal volume of 29% YoY to 53 deals, while value rose 28% YoY
to US$28.9bn in April. The sector as a whole seems primed for
activity, with sizeable pharmaceutical companies looking to tap
into the ingenuity and specialisation of smaller biotech firms.
One blockbuster deal was behind this jump, Thermo Fisher
Scientifics announced US$15bn takeover of Life Technologies
Corp, both based in Delaware. The deal will give Thermo Fisher
Scientific a foothold in genetic sequencing, a segment that has
become particularly important as the genetic factors underlying
illnesses are being identified more frequently than ever before.
TREND GRAPHS
GLOBAL M&A QUARTERLY TREND
1,400
1,200
4,500
400
900
4,000
350
800
3,500
2,000
600
Value (US$bn)
Value (US$bn)
2,500
1,500
400
Total value
Mid-market value
Total volume
200
100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Buyout value
Exit value
Buyout volume
Exit volume
4,000
18,000
900
3,500
16,000
800
14,000
700
12,000
600
3,000
3,500
3,000
500
2,000
400
1,500
6,000
300
4,000
200
2,000
100
Number of deals
8,000
1,500
Number of deals
10,000
2,000
Value (US$bn)
2,500
2,500
1,000
1,000
500
0
300
Mid-market volume
Value (US$bn)
400
150
50
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
500
200
100
1,000
200
600
250
Number of deals
800
Number of deals
3,000
700
300
1,000
2007
2008
Total value
2009
2010
Mid-market value
GLOBAL OVERVIEW
2011
Total volume
2012
YTD 2013*
Mid-market volume
500
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
VOLUME
1.5%
4.0%
2.3%
Asia-Pacific
24.3%
4.3%
Asia-Pacific
26.8%
Europe
Europe
North America
Middle East & Africa
North America
Middle East & Africa
26.7%
31.0%
39.3%
39.9%
VOLUME
1.2%
0.7% 3.3%
1.6% 0.3%
4.7%
0.4%
7.9%
2.8%
2.8%
25.3%
Business Services
Financial Services
4.2%
Technology
Technology
Energy, Mining & Utilities
21.3%
7.3%
Leisure
Transportation
10.0%
6.9%
10.3%
Telecommunications
Agriculture
Defence
GLOBAL OVERVIEW
8.3%
Transportation
Media
Media
Real Estate
Leisure
Construction
Construction
4.6%
Consumer
3.7%
Business Services
Financial Services
20.8%
3.3%
Consumer
1.6%
1.7% 1.2%
0.4%
9.0%
11.2%
9.6%
Real Estate
Telecommunications
Agriculture
Defence
TREND GRAPHS
VOLUME
100
100
90
98
80
27.4%
39.6%
42.0%
40.5%
30.0%
29.4%
27.5%
96
50
20
10
0
19.1%
19.7%
21.8%
17.0%
15.3%
16.5%
23.0%
19.3%
20.5%
8.9%
7.9%
9.7%
10.1%
9.6%
9.3%
12.5%
14.5%
14.6%
15.0%
14.6%
13.7%
14.3%
2007
2008
2009
2010
2011
2012
YTD 2013*
40
30
0.6%
0.5%
0.4%
0.5%
0.4%
0.3%
1.3%
0.9%
1.0%
1.1%
1.1%
1.1%
1.1%
3.8%
3.7%
4.7%
4.8%
4.8%
4.5%
4.8%
4.7%
89.3%
88.8%
89.0%
2010
2011
2012
5.5%
94
20.4%
60
27.5%
7.9%
GLOBAL OVERVIEW
26.2%
27.5%
27.0%
Percentage
Percentage
70
0.7%
4.6%
92
90
3.9%
4.5%
4.1%
5.1%
88
86
84
90.1%
90.9%
2008
2009
87.4%
90.0%
82
80
2007
YTD 2013*
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
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Latin america
Latin America had 30 deals in the month of April with an overall value of US$5.4bn. The surprise
for this month was Peru, which was the second most active country by deal value. This is due
in large part to one of the biggest deals of the month, Cermaq ASAs 82.12% stake acquisition
of Peru-based Copeinca ASA worth US$784m. This deal fell in the Consumer sector, which had
the highest deal volume with seven deals totalling US$938m. The Automotive and Financial
Services sectors were tied second by volume with three deals each, coming in at US$103m and
US$174m, respectively.
The Communications sector had the third largest deal in
April: Guatemalas Corporacion Multi Inversiones US$500m
acquisition of Telefonica SAs operations in the country. All in all,
the month represents a significant slowdown for M&A activity
with 30 deals totalling US$5.4bn, which is less than half of the
65 deals that closed out the month of April in the previous year.
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012, which saw 196 deals. Private Equity has
seen a slowdown, with six buyouts and seven exits. Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits.
Not surprisingly, Brazil was the most productive country of
the month, with 18 deals totalling US$3bn and averaging
US$171m per deal. The country was also host to the largest
deal in the Business Services sector, Kroton Educacionals
US$2.6bn acquisition of Anhanguera Educacional Participaes.
The deal represented a two year plan by the company for the
consolidation of educational services. educational services
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector.
TOP DEALS
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company
Target company
Target dominant
sector
Seller company
P/E
Bid premia
Deal
1-day
value
before
(US$m)
22-Apr-13
Kroton Educacional SA
Anhanguera Educacional
Participacoes SA
Business Services
2.1
19.3
33.3
0.1%
2,636
05-Apr-13
Cermaq ASA
Copeinca ASA
(82.12% stake)
Consumer
2.9
8.8
11.2
-0.6%
784
23-Apr-13
Financial Services
n/a
n/a
4.9
-2.1%
516
30-Apr-13
Corporacion Multi
Inversiones
Telefonica SA (Operating
assets in Guatemala,
El Salvador, Nicaragua
and Panama) (40% stake)
Telecommunications Telefonica SA
500
04-Apr-13
Empresa Nacional de
Telecomunicaciones
400
29-Apr-13
Randon SA
Suspensys Sistemas
Automotivos Ltda
(50% stake)
Industrials &
Chemicals
Meritor Inc
195
17-Apr-13
Carsales.com Limited
Industrials &
Chemicals
Banco Santander
(Brasil) SA
91
22-Apr-13
GAM Participacoes e
Empreendimentos
Floralco Acucar e
Alcool Ltda
Consumer
75
12-Apr-13
Grupo Sutton
Plaza Hotel
Leisure
55
15-Apr-13
RP Administracao e
Participacao
Consumer
0.6
41
n/a=not applicable
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
LATIN AMERICA
Source: mergermarket
TREND GRAPHS
LATIN AMERICAN M&A QUARTERLY TREND
70
60
200
4,500
18
4,000
16
3,500
14
3,000
12
2,500
10
2,000
1,500
1,000
500
30
100
Value (US$m)
40
Number of deals
150
Number of deals
Value (US$bn)
50
20
50
10
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
Mid-market volume
Buyout value
160
700
8,000
600
7,000
140
300
60
200
40
100
20
Total value
LATIN AMERICA
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
Value (US$m)
Value (US$bn)
80
2009
Exit volume
60
50
40
5,000
4,000
30
3,000
Number of deals
400
Number of deals
100
2008
Buyout volume
6,000
500
120
2007
Exit value
180
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
20
2,000
10
1,000
0
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
VOLUME
1.0%
3.3%
Brazil
10.0%
Brazil
Costa Rica
31.5%
Chile
3.3%
Ecuador
El Salvador
Mexico
Peru
Argentina
Costa Rica
Ecuador
3.3%
El Salvador
3.3%
Mexico
Peru
6.7%
Argentina
57.1%
60.0%
0.4%
10.0%
9.3%
0.3%
0.4%
VOLUME
1.0%
6.0%
Industrials & Chemicals
16.7%
3.3%
3.3%
Consumer
17.4%
Business Services
Financial Services
3.3% 3.3%
3.3%
Leisure
Business Services
Financial Services
3.3%
Telecommunications
9.7%
Consumer
Telecommunications
Energy, Mining & Utilities
6.7%
Leisure
Transportation
Construction
10.0%
Real Estate
Agriculture
23.3%
49.1%
LATIN AMERICA
13.3%
TREND GRAPHS
VOLUME
0.2%
100
80
9.2%
16.1%
29.0%
30.5%
12.9%
29.3%
Percentage
34.4%
27.9%
2007
10.0%
10.1%
14.7%
14.9%
2008
2009
9.6%
13.3%
7.5%
LATIN AMERICA
9.4%
2010
15.1%
15.6%
2011
2012
6.7%
7.7%
0.6%
1.2%
4.7%
5.3%
0.3%
1.8%
6.8%
5.3%
1.2%
2.0%
8.1%
0.8%
1.1%
0.3%
0.9% 2.1%
6.1%
6.2%
4.9%
5.0%
6.8%
7.0%
87.0%
85.8%
86.0%
2011
2012
YTD 2013*
6.7%
70
60
50
24.8%
15.8%
20.8%
30.5%
33.5%
24.5%
20
19.0%
36.5%
40
10
18.4%
20.3%
0.9%
80
16.1%
60
30
90
34.4%
39.3%
70
50
21.5%
Percentage
90
100
16.8%
18.3%
YTD 2013*
84.5%
88.2%
85.8%
82.0%
40
30
20
2007
2008
2009
2010
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
north america
The second quarter of the year started off with 186 deals worth US$42bn, a 46.4% decrease
by volume and a 51.3% decrease by value when compared to April 2012 (347 deals worth
US$86.2bn). Private Equity activity also slowed significantly from last year, with 26 buyouts
worth US$3.8bn and 29 exits worth US$4bn compared to last years 72 buyouts and 59 exits
valued at US$9.9bn and US$12.5bn respectively.
The top deal for the month was Thermo Fisher Scientifics
US$15bn acquisition of Life Technologies Corp in the
Pharma, Medical & Biotech sector, a huge boost to the
sectors total value, bringing it to US$18.9bn in April
alone. This represents a 52% increase in value from April
2012, which saw US$12.4bn in deals. The sector also saw
the most high value transactions, with three top deals
collectively worth US$17.1bn, taking 45.1% of total market
share by value.
The Industrials & Chemicals sector saw a 126% increase
in deal value from April 2012, the highest out of all
sectors, due to two top deals totaling US$4.7bn which
includes the US$3.2bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacifics US$1.5bn
acquisition of Buckeye Technologies. Overall, all sectors
saw a decrease in volume from the comparable period last
year, except for the Telecommunications sector which saw
no change.
TOP DEALS
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company
Target company
Target dominant
sector
Seller company
EBITDA
P/E
Bid premia
Deal
1-day
value
before
(US$m)
Pharma, Medical
& Biotech
4.0
13.6
31.7
11.8%
15,008
Industrials &
Chemicals
2.5
17.6
36.1
38.4%
3,237
Real Estate
8.4
28.6
45.6
21.2%
1,938
Industrials &
Chemicals
25.3%
1,472
Conceptus Inc
Pharma, Medical
& Biotech
7.8
50.0
193.8
19.7%
1,100
Business Services
Court Square
Capital Partners
0.5
1,100
Financial Services
AXA SA
1,060
Financial Services
35.7
8.3%
1,011
Pharma, Medical
& Biotech
1,000
Energy, Mining
& Utilities
1,000
NORTH AMERICA
Source: mergermarket
TREND GRAPHS
NORTH AMERICAN M&A QUARTERLY TREND
600
250
350
1,400
500
300
200
1,200
600
200
Value (US$bn)
Value (US$bn)
800
300
150
200
150
100
100
400
50
100
50
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
1,800
Buyout value
Exit value
Buyout volume
Exit volume
1,200
500
450
1,600
5,000
3,000
800
600
2,000
400
1,000
200
Value (US$bn)
1,000
350
800
300
600
250
200
Number of deals
4,000
Number of deals
1,200
1,000
400
1,400
Value (US$bn)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Mid-market volume
Number of deals
1,000
250
Number of deals
400
400
150
100
200
50
2007
2008
Total value
NORTH AMERICA
2009
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
VOLUME
0.7%
0.1%
0.2%
4.6%
1.7%
1.9%
1.6% 1.6%
2.2%
15.7%
0.5%
2.7%
2.7%
6.5%
1.1%
20.4%
4.8%
Technology
Technology
Pharma, Medical & Biotech
5.1%
13.4%
Business Services
Financial Services
Business Services
10.2%
Financial Services
Consumer
Consumer
14.5%
Media
5.0%
Media
Leisure
Leisure
Transportation
Transportation
11.3%
Telecommunications
Telecommunications
Construction
Real Estate
45.1%
14.0%
12.4%
Real Estate
Defence
VOLUME
1.1%
100
100
1.8%
90
32.0%
43.5%
Percentage
21.5%
19.4%
27.4%
26.8%
21.2%
18.8%
14.0%
13.3%
21.5%
6.5%
27.7%
17.3%
13.2%
20
95
7.3%
20.6%
0.6%
0.7%
0.6%
0.4%
1.0%
1.1%
1.4%
1.5%
1.1%
3.7%
3.4%
5.6%
4.9%
6.1%
5.2%
5.4%
87.5%
87.6%
86.8%
2010
2011
2012
6.2%
8.9%
8.2%
8.1%
5.5%
12.3%
9.3%
12.6%
11.7%
10.6%
10.6%
2007
2008
2009
2010
2011
2012
YTD 2013*
5.7%
3.8%
90
5.3%
4.6%
5.0%
85
90.5%
80
9.7%
9.6%
NORTH AMERICA
0.7%
0.9%
4.2%
18.0%
40
10
35.1%
58.7%
60
30
32.3%
49.1%
70
50
37.6%
Percentage
80
0.7%
91.1%
85.6%
75
2007
2008
2009
88.2%
YTD 2013*
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
ASIA-PACIFIC
M&A activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 deals
worth US$33.5bn in 2012 to 194 worth US$32.9bn in 2013, a 15% decrease in volume and a 2%
decrease in value. Volume remained on par with March figures, which saw 195 deals come to
market, while value increased 19% from US$26.6bn that month.
top deals
TOP 10 asia-pacific ANNOUNCED DEALS OF the month (APR-13)
Announced Bidder company
Target company
EBITDA
P/E
Bid premia
Deal
1-day
value
before
(US$m)
Consumer
1.72
33.26
56.65
16.7%
6,466
30-Apr-13 Unilever NV
Consumer
4.42
27.64
30.85
9.8%
5,406
Consumer
0.78
7.99
15.50
4,923
Consumer
0.18
8.22
5.23
1.8%
1,432
Transportation
2.32
12.14
20.06
859
799
Financial
Services
n/a
n/a
10.16
-10.6%
788
Technology
0.50
6.48
13.60
1.8%
709
24-Apr-13 AXA SA
Financial
Services
n/a
n/a
53.67
631
Technology
586
n/a=not applicable
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being Asia-Pacific
Data correct as of 02-May-13
asia-pacific
SINA Corporation
Source: mergermarket
TREND GRAPHS
900
160
800
140
700
120
600
100
500
80
400
60
300
40
200
20
100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
25
100
20
80
15
60
10
40
20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Mid-market volume
Buyout value
Exit value
Buyout volume
Exit volume
500
2,500
400
1,500
200
70
350
60
300
50
250
40
200
30
150
20
100
10
50
Number of deals
300
Number of deals
2,000
Value (US$bn)
120
Value (US$bn)
30
Number of deals
180
Value (US$bn)
Number of deals
Value (US$bn)
1,000
100
500
2007
2008
Total value
ASIA-PACIFIC
2009
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
VOLUME
1.6%
8.3%
3.2%
China
2.0%
3.9%
Japan
India
36.9%
5.0%
Australia
Thailand
7.9%
China
2.9%
Japan
27.3%
India
4.2%
Australia
2.3%
Thailand
South Korea
South Korea
6.5%
Singapore
9.2%
Singapore
Hong Kong
Hong Kong
Indonesia
7.1%
Malaysia
Indonesia
1.4%
Malaysia
Other
12.3%
8.7%
Other
19.1%
13.0%
7.8%
9.5%
VOLUME
1.7%
1.7%
1.3%
0.7%
2.6%
1.6%
0.5%
16.2%
3.4%
4.5%
Financial Services
3.9%
0.3%
2.9%
23.6%
3.9%
Consumer
2.8%
1.4%
Consumer
Financial Services
3.9%
Business Services
Technology
Business Services
4.8%
Technology
6.2%
Real Estate
20.1%
26.6%
Real Estate
12.3%
Transport
Construction
Leisure
Leisure
Media
5.7%
3.4%
8.2%
Agriculture
Telecommunications
Defence
ASIA-PACIFIC
Transport
Construction
7.8%
9.4%
9.2%
9.4%
Media
Agriculture
Telecommunications
Defence
TREND GRAPHS
VOLUME
100
80
19.9%
17.0%
Percentage
27.2%
13.6%
22.2%
12.6%
12.0%
30.4%
11.2%
26.3%
11.1%
29.7%
28.0%
0.4%
0.3%
0.4%
0.4%
0.9%
1.0%
1.5%
0.8%
0.9%
5.1%
4.5%
5.4%
4.4%
5.3%
4.7%
5.7%
5.4%
5.8%
5.4%
4.9%
88.3%
88.4%
87.4%
88.5%
88.6%
2007
2008
2011
2012
YTD 2013*
90
12.0%
11.4%
20.5%
21.5%
21.9%
20.2%
20.8%
2008
2009
2010
2011
2012
2007
ASIA-PACIFIC
5.1%
6.0%
0.5%
85
80
24.4%
5.3%
0.3%
13.2%
20
10
0.4%
0.9%
18.2%
38.0%
30.5%
0.3%
95
15.7%
40
30
21.6%
12.3%
17.0%
60
50
24.5%
29.5%
70
11.3%
13.5%
Percentage
90
15.5%
100
87.9%
88.7%
25.2%
YTD 2013*
75
2009
2010
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
EUROPE
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since the
beginning of the year. Value of deals registered in April 2013 (US$53.3bn) represents a fall of
10.6% compared to April 2012 (US$59.6bn). Deal activity followed the same decreasing pattern
accounting for a drop of 30.1% (123 deals) compared to the same period last year. This marks a
worsening of general trend in 2013 so far, in which continuing concerns over the sovereign debt
crisis have slowed M&A activity.
TOP DEALS
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company
Target company
Target dominant
sector
Seller company
EBITDA
P/E
Bid premia
Deal
1-day
value
before
(US$m)
12-Apr-13
Joh. A. Benckiser SE
2.8
35.7
56.8
2.2%
8,623
30-Apr-13
Hellenic Financial
Stability Fund
Financial Services
n/a
n/a
-32.8%
7,633
18-Apr-13
Royalty Pharma
Pharma, Medical
& Biotech
9.6
16.8
-5.3%
6,905
18-Apr-13
Technology
Charterhouse Capital
Partners LLP
4.4
10.3
4,055
08-Apr-13
A consortium led by
GBWAG Bayerische
PATRIZIA Immobilien AG Wohnungs
Aktiengesellschaft
(91.92% stake)
Real Estate
Bayerische Landesbank
12.3
17.4
11.0
-27.7%
3,191
05-Apr-13
Electricite de France
SA; Snam SpA;
and Government of
Singapore Investment
Corporation Pte Ltd
Energy, Mining
& Utilities
Total SA
3,119
01-Apr-13
Lukoil OAO
Energy, Mining
& Utilities
Hess Corporation
2,050
01-Apr-13
Global Infrastructure
Partners
Terminal Investment
Limited SA (35% stake)
Transportation
MSC Mediterranean
Shipping Company SA
1,929
29-Apr-13
PAI Partners
Consumer
1.4
1,106
26-Apr-13
Telenor ASA
Telecommunications Hellenic
Telecommunications
Organisation SA
1.9
5.3
934
n/a=not applicable
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
EUROPE
Source: mergermarket
TREND GRAPHS
EUROPEAN M&A QUARTERLY TREND
700
2,000
1,800
600
450
140
400
120
1,600
350
100
1,400
1,000
300
800
Value (US$bn)
400
300
250
60
200
150
600
200
80
40
100
400
100
0
20
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Buyout value
Exit value
Buyout volume
Exit volume
1,600
8,000
350
1,600
1,400
7,000
300
1,400
1,200
6,000
1,000
5,000
600
3,000
400
2,000
200
1,000
2007
2008
Total value
EUROPE
2009
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
Value (US$bn)
4,000
1,000
200
800
150
600
100
400
50
0
Number of deals
800
1,200
250
Number of deals
Value (US$bn)
50
Mid-market volume
Number of deals
1,200
Number of deals
Value (US$bn)
500
200
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
VOLUME
8.5%
13.2%
5.5%
13.5%
13.9%
Germany
5.3%
Germany
Italy
Italy
5.0%
France
4.9%
Republic of Ireland
13.1%
Republic of Ireland
Benelux
13.3%
CEE
17.0%
Benelux
CEE
Northern Europe
Northern Europe
Other
Other
25.8%
France
UK
UK
11.1%
12.0%
7.7%
21.3%
1.2%
7.5%
VOLUME
0.6% 2.4% 0.2%
2.3%
4.6%
6.3%
1.7% 1.2%
Industrials & Chemicals
11.6%
4.2%
Consumer
2.8%
Business Services
0.3%
Consumer
TMT
Business Services
5.0%
Financial Services
Energy, Mining & Utilities
Pharma, Medical & Biotech
25.8%
16.7%
Financial Services
Energy, Mining & Utilities
7.1%
Leisure
Leisure
Transportation
Construction
16.0%
7.8%
Agriculture
14.8%
3.8%
Defence
Transportation
Construction
Agriculture
Real Estate
EUROPE
22.6%
4.4%
TMT
8.3%
4.0%
Real Estate
12.1%
13.9%
Defence
TREND GRAPHS
VOLUME
100
100
90
98
80
33.6%
45.0%
28.6%
26.6%
34.1%
27.7%
20.4%
17.9%
20.7%
15.3%
21.6%
20
7.3%
10.8%
EUROPE
27.7%
15.2%
19.2%
21.0%
29.2%
29.0%
25.7%
23.8%
8.5%
9.0%
9.8%
9.7%
7.9%
13.0%
16.2%
14.6%
14.2%
12.6%
12.8%
2008
2009
2010
2011
2012
YTD 2013*
8.3%
Percentage
Percentage
18.6%
40
10
0.4%
0.3%
0.4%
0.4%
0.1%
1.1%
0.9%
0.9%
0.7%
0.9%
0.8%
1.1%
2.7%
3.8%
3.6%
3.1%
92
4.1%
5.0%
2.9%
94
60
30
0.6%
3.7%
96
44.3%
70
50
0.7%
3.3%
4.2%
3.6%
3.7%
2.9%
4.6%
90
88
86
84
88.6%
93.1%
91.9%
91.0%
91.5%
2009
2010
2011
2012
90.7%
92.8%
82
80
2007
2008
YTD 2013*
US$0-US$250m
US$0-US$250m
US$251m-US$500m
US$251m-US$500m
US$501m-US$2,000m
US$501m-US$2,000m
US$2,001m-US$5,000m
US$2,001m-US$5,000m
>US$5,001m
>US$5,001m
Return to contents
TOP DEALS
TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company
Target company
Target dominant
sector
Seller company
Industrials &
Chemicals
Prolor Biotech
Pharma, Medical
& Biotech
Compagnie Sucriere
Marocaine De Raffinage
SA (27.5% stake)
Consumer
Societe Nationale
D'Investissement SA
Pharma, Medical
& Biotech
TA Associates
Management LP
Revenue
EBITDA
P/E
1.4
7.6
625
30.1%
420
30.3%
279
2.6
10.8
240
220
Al Mothmera Holding
91
Leisure
68
Industrials &
Chemicals
11.0%
17
Construction
-21.3%
Construction
13
Source: mergermarket
TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A
QUARTERLY TREND
40,000
160
7,000
35,000
140
6,000
30,000
120
25,000
100
25
15,000
60
10,000
40
5,000
20
Value (US$m)
80
15
4,000
3,000
10
Number of deals
20,000
Number of deals
Value (US$m)
20
5,000
2,000
5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value
Mid-market value
Total volume
1,000
Mid-market volume
Buyout value
90
70
Buyout volume
Exit volume
300
50
40
14
70
12
60
10
50
40
30
20
10
Number of deals
60
Number of deals
400
Value (US$bn)
500
80
Value (US$bn)
Exit value
100
200
30
20
100
10
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
2007
2008
Total value
2009
2010
Mid-market value
2011
Total volume
2012
YTD 2013*
Mid-market volume
2007
2008
2009
Buyout value
2010
2011
Exit value
2012
Buyout volume
YTD 2013*
Exit volume
TREND GRAPHS
VOLUME
0.1% 0.1%
0.1%
5.9%
1.2%
South Africa
11.5%
Israel
20.5%
0.1%
0.5%
1.2%
10.6%
Morocco
Nigeria
0.5%
3.8%
Oman
South Africa
Israel
24.7%
2.5%
2.5%
2.5%
Egypt
4.9%
Morocco
Nigeria
4.9%
Oman
Kuwait
Mozambique
Kuwait
4.9%
Bahrain
Qatar
Mozambique
6.2%
Mauritius
23.5%
Zambia
42.0%
Qatar
Mauritius
11.1%
Jordan
Zambia
Madagascar
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
VOLUME
0.3%
0.1%
2.5%
10.3%
0.4%
Financial Services
11.2%
0.2%
3.2%
18.5%
7.4%
TMT
TMT
Consumer
Consumer
2.5%
4.9%
24.9%
2.1%
2.5%
8.6%
12.3%
Leisure
Leisure
5.2%
Real Estate
8.6%
Agriculture
12.3%
Transportation
35.6%
Business Services
Construction
Construction
Real Estate
Agriculture
Transportation
9.9%
9.9%
TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN YTD 2013
VALUE
VOLUME
100
100
90
47.5%
70
53.3%
Percentage
67.1%
59.5%
68.1%
60
80.4%
50
19.0%
40
30
20
10
0
11.3%
13.2%
17.0%
18.2%
19.2%
13.2%
12.6%
9.4%
13.6%
12.7%
13.5%
9.4%
5.6%
3.9%
1.7%
0.9%
0.7%
0.9%
1.6%
1.0%
1.3%
2007
2008
2009
2010
2011
2012
YTD 2013*
7.5%
8.9%
8.7%
80
15.4%
3.8%
5.7%
3.3%
4.0%
11.5%
13.0%
6.0%
5.7%
7.6%
8.0%
8.6%
6.2%
4.3%
6.2%
10.9%
12.8%
7.4%
33.7%
27.9%
29.4%
44.4%
47.4%
45.5%
2010
2011
10.2%
60
36.3%
30.8%
24.7%
32.5%
50
40
30
10.4%
13.7%
90
5.6%
70
66.7%
Percentage
80
7.2%
8.3%
20
39.3%
42.7%
2007
2008
48.9%
53.1%
10
0
2009
2012
YTD 2013*
US$0-US$14.9m
US$0-US$14.9m
US$15m-US$100m
US$15m-US$100m
US$101m-US$250m
US$101m-US$250m
US$251m-US$500m
US$251m-US$500m
>US$501m
>US$501m
Return to contents
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