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M&A HANDBOOK 2016

PRIVATE EQUITY
VENTURE CAPITAL

IBERIAN MARKET
An analysis of transactions in 2015,
including M&A, Private Equity and Venture Capital
The most trusted data room
Since 1997 Intralinks has continually innovated to give deal professionals the tools they
need to help them manage the full M&A lifecycle to get more deals done, faster.

Contact us:
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Buy Side: + 34 91 418 45 30 | + 34 619 104 394


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M&A HANDBOOK
PRIVATE EQUITY
VENTURE CAPITAL

2016

IBERIAN MARKET
An analysis of transactions in 2015,
including M&A, Private Equity and Venture Capital

www.TTRecord.com
M&A HANDBOOK
PRIVATE EQUITY
VENTURE CAPITAL

I BE R I A N M A R K ET
2016

Note from the authors:

The M&A HANDBOOK is a result of local research and market analysis by TTRs
Research and Business Intelligence team. Our team follows the transactional
markets analysed in this Handbook at a local level, in local language, and
on a daily basis researching transactional and financial data by contacting
market players, collecting their input and crosschecking and analysing the data
throughout the year.
For full access to all of the transactional data on Latin America and the Iberian
market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition
Finance and Project Finance) visit TTR at www.TTRecord.com.
CONTENTS

DEFINITIONS 9
INTRODUCTION 11
VISUAL SUMMARY OF 2015
SPAIN 13 PORTUGAL 119
MERGERS & ACQUISITIONS
SPAIN PORTUGAL
2015 OVERVIEW 18 2015 OVERVIEW 124
LARGEST TRANSACTIONS 20 LARGEST TRANSACTIONS 126
CROSS-BORDER DEALS 21 CROSS-BORDER DEALS 127
MOST ACTIVE COMPANIES 30 MOST ACTIVE COMPANIES 136

PRIVATE EQUITY
SPAIN PORTUGAL
2015 OVERVIEW 34 2015 OVERVIEW 140
LARGEST TRANSACTIONS 35 LARGEST TRANSACTIONS 141
MOST ACTIVE SUBSECTORS 36 MOST ACTIVE SUBSECTORS 144
CROSS-BORDER DEALS 38 CROSS-BORDER DEALS 146

VENTURE CAPITAL
SPAIN PORTUGAL
2015 OVERVIEW 46 2015 OVERVIEW 152
LARGEST TRANSACTIONS 47 LARGEST TRANSACTIONS 153
MOST ACTIVE SUBSECTORS 48 MOST ACTIVE SUBSECTORS 154
CROSS-BORDER DEALS 49 CROSS-BORDER DEALS 155

SECTORS & SUBSECTORS (M&A, PE & VC)


SPAIN PORTUGAL
MOST ACTIVE SUBSECTORS 56 MOST ACTIVE SUBSECTORS 160
ENERGY AND RENEWABLE ENERGIES 58 ENERGY AND RENEWABLE ENERGIES 162
INDUSTRY 63 INDUSTRY 166
First Edition, June 2016 INFRASTRUCTURE 69 INFRASTRUCTURE 171
REAL ESTATE AND CONSTRUCTION 71 REAL ESTATE AND CONSTRUCTION 173
NATURAL RESOURCES 74 NATURAL RESOURCES 176
SERVICES AND DISTRIBUTION 76 SERVICES AND DISTRIBUTION 178
All the rights reserved. No part of this publication may be reproduced, transmitted or TECHNOLOGY AND TELECOMS 85 TECHNOLOGY AND TELECOMS 186
recorded by any information retrieval system, in any form or by any means without
the prior permission in writing form the publisher Zuvinova. MOST ACTIVE ADVISORS (M&A, PE & VC)
TTR -Transactional Track Record and TTR logo are trademarks, property of Zuvinova, S.A.
SPAIN PORTUGAL
FINANCIAL ADVISORS 92 FINANCIAL ADVISORS 192
LEGAL ADVISORS 100 LEGAL ADVISORS 195
Printer: Copysell CORPORATE PROFILES 199
Calle Metal, 8
Pol. Ind. San Jos de Valderas ACKNOWLEGEMENTS 301
28918 Legans (Madrid) Spain
Printed in Spain. INDEX OF ENTITIES 303
DEFINITIONS

M&A TRANSACTIONS
TTR considers Iberian M&A deals to include any acquisition of shares, both of public
and private companies headquartered in Spain or in Portugal, or of any other company
worldwide by a Spanish or Portuguese entity.
For the purpose of this Handbook, the acquisition of assets or any other corporate
acquisition that does not imply the acquisition of shares is not considered a M&A
transaction. The acquisition of shares in a target company which configures a mere stock
market transaction (namely, through a broker or any type of intermediary) is also not
considered to be a M&A transaction.

PRIVATE EQUITY TRANSACTIONS


All investments or divestments carried out by private equity firms and/or funds under
management are registered as private equity deals. When the purchase or sale of a
specific target company is carried out through one of the private equity firms/funds
subsidiaries, the deal will only be considered a private equity deal if the subsidiary is
controlled by the referred private equity/fund.

VENTURE CAPITAL DEALS


Investments carried out by private funds which concentrate their activity on companies in
a start up phase, including seed capital, early stage and expansion.

HIGH-END MARKET
Spain: All M&A deals which total deal value is in excess of EUR 500m.
Portugal: All M&A deals which total deal value is in excess of EUR 250m.

MID-MARKET
Spain: All M&A deals which total deal value is in excess of EUR 100m.
Portugal: All M&A deals which total deal value is in excess of EUR 15m.

SMALLER MARKET
Spain: All M&A deals which total deal value is less than EUR 100m.
Portugal: All M&A deals which total deal value is less than EUR 15m.

9
INTRODUCTION

M&A in Iberia

It is a privilege for Intralinks to sponsor TTRs Iberian handbook for a second year,
the 2016 handbook provides a comprehensive overview of M&A, private equity, and
venture capital trends in the region. In addition to the insights provided in the annual
publication, Intralinks uses TTR daily, for access to concise and accurate information on
current deal making in Iberia.

The economic recovery in Spain and Portugal continued in 2015, driven by both the
European Central Banks (ECB) expansionary monetary policy and reforms in fiscal policy
at a country level. The OECD is predicting that this growth will continue throughout
2016 and into 2017, though probably at a slowing rate. While the future looks bright
overall there are still risks, one of which is the Spanish general election, should no party
emerge with a majority after the vote on the 26th June the continued uncertainty may
undermine the monetary stimulus.

Despite the stronger economic conditions, the regions M&A levels were not as high as
the previous year. The total number of transactions within Spain increased by over 10%
to 1297, however, the total deal value was down 49% at only EUR 54bn. In Portugal
the volume and the total value of deals were down by 19% and 103% respectively.
Whilst total M&A numbers were mostly down, the number of private equity acquisitions
increased, with 44 in Portugal and 192 in Spain, representing a 15% and 18% increase
respectively.

At an industry level the technology sector posted the highest volume of deals across
Iberia, with 217 deals in Spain and 18 in Portugal. Acquirers for these deals are primarily
private equity or venture capital firms, a trend that has continued from 2014, indicating
that investors continue to see value in the sector. Other sectors with high deal volumes
included real estate, the financial sector and the insurance sector.

The outlook for 2016 remains positive, the combination of cheap financing and returning
market confidence is likely to fuel deal making in the region.

Intralinks Team

11
VISUAL
SUMMARY
OF 2015

Spain
1.000

900 39.068,35 62.753,75


VISUAL SUMMARY SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 VISUAL SUMMARY SPAIN
800
No. OF TRANSACTIONS
700

Visual summary of 2015 1.000


600 Visual summary38.579,81
of 2015
900 39.068,35 62.753,75
500 32.204,98
Volume and value of transactions- 2012 and 2013, 2014 vs. 2015 by
800 type
291,87
Advisors
400
1.066,95
700
300 11.960,91 17.743,04
38.579,81
600 5.229,80 11.492,09
200 602,76
No. OF TRANSACTIONS
500 32.204,98
100 342,38
291,87
1.000
400
1.066,95 0
1.297
900 39.068,35 62.753,75 0,0 25,0 50,0 75,0 100,0 125,0 150,0 175,0 200,0 225,0 250,0 275,0 300,0
300 11.960,91 17.743,04
800 5.229,80 11.492,09 AVERAGE VALUE (EURm)-TRANSACTIONS WITH DISCLOSED VALUE
200 602,76
1.297
700
100 342,38 2015 - M&A 355- M&A
2014 2013 - M&A 621 2012 - M&A
38.579,81 2015 - Private Equity 2014 - Private Equity 2013 - Private Equity 2012 - Private Equity
600 2015 - Venture Capital 2014 - Venture Capital 2013 - Venture Capital 2012 - Venture Capital
0
0,0 25,0 50,0 75,0 100,0 125,0 150,0 175,0 200,0 225,0 250,0 275,0 300,0
500 32.204,98 355 621
291,87 Total value EURm 232
AVERAGE VALUE (EURm)-TRANSACTIONS WITH DISCLOSED VALUE
400
1.066,95 2014 - M&A 2013 - M&A 2012 - M&A
2015 - M&A
11.960,91
300 17.743,04 2015 - Private Equity 2014 - Private Equity 2013 - Private Equity 2012 - Private Equity 232
11.492,09 2015 - Venture Capital 2014 - Venture Capital 2013 - Venture Capital 2012 - Venture Capital
602,76 5.229,80
200

100 342,38 Total value EURm

0
0,0 25,0 50,0 75,0 100,0 125,0 150,0 175,0 200,0 225,0 250,0 275,0 300,0

AVERAGE VALUE (EURm)-TRANSACTIONS WITH DISCLOSED VALUE


No. total of deals
2015 - M&A 2014 - M&A 2013 - M&A 2012 - M&A
No. total of deals with Legal Advisors
2015 - Private Equity 2014 - Private Equity 2013 - Private Equity 2012 - Private Equity No. total of No. total of deals with Financial Advisors
deals
2015 - Venture Capital 2014 - Venture Capital 2013 - Venture Capital 2012 - Venture Capital No. total of No. ofwith
deals deals withAdvisors
Legal Financial and Legal Advisors
No. total of deals with Financial Advisors
Total value EURm No. of deals with Financial and Legal Advisors
122

71 10 136
136
Technology
836,26

Most active subsectors by type of transaction 34 7 112


112
122 Internet
497,38

62 15 19
19
71 10 136
136 Financial and Insurance
Technology 7.741,04
836,26

81 10 33
34 7 112
112 Real Estate
Internet 5.847,08
497,38

62 15 19
19
Financial and Insurance
7.741,04
M&A
M&A
81 10 33
Private Equity
Private Equity
Real Estate Venture Capital
5.847,08 Venture Capital
Total Value (EURm)
Importe Total (EURm)

M&A
M&A
Private Equity
Private Equity
Venture Capital
14 TTR - Transactional Track Record - (www.TTRecord.com) Venture Capital TTR - Transactional Track Record - (www.TTRecord.com) 15
Total Value (EURm)
Importe Total (EURm)
7.741,04
MERGERS
&
ACQUISITIONS

Spain
500 25.000
300 20.000
300 20.000
323 335 336
200 288
309 315 311 15.000
323 335 336
200
M&A SPAIN 288
309 315 311 15.000 M&A HANDBOOK
251 238
273
241 2016 M&A HANDBOOK 2016 M&A SPAIN
221 227 222
227 222
251 238
273
241 150 201 216 10.000
201 216 221 10.000
150
50 5.000
50
2015 Overview 5.000
0 0 2015 Overview
0 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 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015
2012 Quarterly2014
2013 deal flow since 2012
2015 Distribution of total deals by deal type

25.000 No. of deals


500 NUMBER OF DEALS
No. of deals Total value (EURm)
300 Total value (EURm) 20.000
336
200 323
309 315
335
311 15.000 815
288
273 Total number Total value
227 222
251 238 241 Year
of deals (EURm)
2015 305
201 216 221 10.000
150
2015 1.297 54.102,03 192
50 5.000 2014 1.161 80.970,95
2013 984 50.358,62 725
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 865 37.747,16 2014 287
2012 2013 2014 2015
157

Aggregate deal value and volume by market segment 562


No. of deals 2013 296
Total value (EURm) No. OF DEALS (%)
128
No. OF DEALS (%)
2015 2014 2013 2012
2015 2014 2013 2012 513
3% 4% 3% 5% 2% 2% 5%
3% 3% 5% 2% 2% 2012 219
4% 5% 6%
6% 134
39%
51% 50% 44%
39%
51% 50% 42% 44% 42% 53% 49%
42% 42% 53% 49% TOTAL VALUE (EURm)

Big Ticket (EUR 500m)


41.640,20
Smaller market (<EUR 100m)
Big Ticket (EUR 500m) Smaller market (<EUR 100m) (EUR 100m)
Mid market Non-disclosed value 2015 1.066,95
Mid market (EUR 100m) Non-disclosed
63.861 value 11.960,91
63.861
No. OF DEALS (%)
35.725 2015 - Total Value 62.753,75
32.196
2015 35.725
32.196
2014 2013 2012 2015 - Total Value
22.891
2014 - Total Value
2014 602,76
2014 - Total Value 2013 - Total Value
3% 4% 22.891 3% 5% 2% 2% 5%
11.279 11.54113.44210.846
2013 - Total Value 7.098 5.570 4.721 2012 - Total Value 17.743,04
11.27911.54113.44210.846 6% 4.010
7.098 5.570 4.721 2012 - Total Value
4.010
Big Ticket Mid market Smaller market
51%
39% (EUR 500m) (EUR 100m) (<EUR 100m) 38.579,81
Big Ticket 50% Mid market Smaller market 44%
(EUR 500m) (EUR 100m) (<EUR 100m)
42% 42% 53% 49% 2013 291,87
11.492,09
Big Ticket Mid market Smaller market Non-disclo-
Total
( EUR 500m) ( EUR 100m) (< EUR 100m) sed value
32.204,98
Big Ticket (EUR
2015 - No. of deals 34 500m) 56 Smaller market 542
(<EUR 100m) 664 1.297
Mid market (EUR 100m) Non-disclosed value 2012 342,38
2014
63.861- No. of deals 32 53 492 584 1.161
5.229,80
2013 - No. of deals 26 56 521 381 984

35.725 2012 - No. of deals 15 45 425 2015 - Total380


Value 865 M&A Venture Capital Private Equity
32.196
2014 - Total Value
22.891
2013 - Total Value
11.27911.54113.44210.846
7.098 5.570 4.721 2012 - Total Value
4.010

Big Ticket Mid market Smaller market


18 500m)
(EUR (EUR 100m) TTR -
(<EUR 100m) Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 19
M&A SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 M&A SPAIN

Largest transactions in 2015 Cross-border deals of 2015

The largest transactions involving a Spain-based party Largest inbound cross-border acquisitions with Spain-based targets
(excluding Private Equity, Venture Capital and Cross Border deals)

Value Value
Target Subsector Buyer Seller Target Subsector Buyer Seller
(EURm) (EURm)
1 Testa Real Estate Merlin Properties Sacyr 861,24
Private Shareholders,
Coca-Cola Iberian
EDF Invest, Gingko 2.014,00
2 Food and Beverage Cobega Invest Private Shareholders 800,00 1 Madrilea Red de Gas Oil and Gas Morgan Stanley
Partners (CCIP) Tree, PGGM (Approx.)
Infrastructure
Banco Sabadell,
3 Metrovacesa Real Estate BBVA, Banco - 751,00
Santander Distribution and Private Private
2 El Corte Ingls 1.000,00
Retail Shareholders Shareholders
4 Financial and
CatalunyaCaixa Vida Catalunya Banc Mapfre Vida 606,80
Insurance
430,84 Ports Private
5 Testa Real Estate Merlin Properties - 911,33
(Approx.) 3 Grup Martim TCB Transports, Aviation APM Terminals Shareholders, (Approx.)
377,28 and Logistics Prez y Ca
6 Testa Real Estate Merlin Properties Sacyr
(Approx.)

7 Financial and Seguros Catalana


Plus Ultra Inocsa 230,43 4 Acciona Windpower Wind Energy Nordex Acciona 785,00
Insurance Occidente
Poblados de
Tourism, Hotels and
8 Vacaciones,Barcel BAY Grupo Barcel 230,00
Restaurants
Hotels Canarias
5 735,97
X Solar Solar Energy KKR Corporacin Gestamp
(Approx.)
9 Metroinvest Real Estate Grupo Metrpolis Private Shareholders 200,00

Accionistas
10 Trajano Iberia Real Estate - 94,80
Particualres Financial Advisors Legal Advisors

1 5 KPMG Spain 1 Clifford Chance Spain


1 Evercore Spain 1 Clifford Chance UK
Financial Advisors Legal Advisors 2 4 EY Spain 1 Clifford Chance Netherlands
1 5 6 Deloitte Spain 1 5 6 8 2 Bank of America 1 5 Ura Menndez Spain
Freshfields Bruckhaus Deringer Spain
9 2 Ashurst Spain 2 Morgan Stanley Spain 2 Linklaters Spain
EY Spain
8 9 Cuatrecasas, Gonalves Pereira Spain 3 BNP Paribas Corporate & 2 King & Wood Mallesons Spain
9 Investment Banking Spain 2 Baker & McKenzie Spain
Rousaud Costas Duran (RCD)
5 Bank of America Merrill Lynch 3 GTA Villamagna Abogados
3 Garrigues Spain
Due Diligence 3 Garrigues Colombia
3 Garrigues Mexico
Others Due Diligence 1 KPMG Spain
3 Garrigues Portugal
1 PwC Spain
1 5 6 CBRE Spain 9 EY Spain 2 EY Spain 3 Deloitte Abogados
4 CMS Albiana & Surez de Lezo
4 CMS Hasche Sigle
Public Relations 4 Freshfields Bruckhaus Deringer Spain
5 Simpson Thacher & Bartlett US
5 Llorente & Cuenca

20 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 21
250
500 25.000
200
10.000 300 20.000
150
M&A SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 M&A SPAIN335 336
100 100 200 10.000 323
309 315 15.000
5.000 288
311
85 273
251 238 241
50 221 227 222
201 2168.000
80 74 74 150
75 10.000
0 0
Cross-border deals of 2015
T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 60 Cross-border deals50of 2015
6.000
50
64
57
64
5.000
2012 2013 2014 45
350 20.000 41 40
44
40 32
37
34 0 4.000 0
300 Largest outbound cross-border acquisitions by Spain-based buyers Acquisitions
24 by foreign buyers in Spain
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

250 15.000 20 2012


2.000 2013 2014 2015

200 0
Quarterly deal flow since 2012
Value 0
Target Subsector 10.000
Buyer Seller
150 (EURm) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015
100 100 10.000 No. of deals
UIL Holdings Electric Energy Green
5.000Merger Sub 2.747,83
1 - 85 Total value (EURm)
50 CorporationN de transacciones
Oil and Gas (Iberdrola) (Approx.)
80 74 74 75 8.000
0 Importe total (EURm) 0
T4 T1 T2 T3 Financial
2 T1 T2 T3 TSB T4 T1 andT2 T3 T4 Banco Sabadell Private Shareholders 2.381,62 60
64
57
64
6.000
Insurance
2012 2013 2014
50 Total number Total value
45
41 44 Year
Goodbody Stockbrokers, 40 37 40
4.000 of deals (EURm)
AERL Holding 32 34
Transports, Aviation Ryanair, 1.400,00 24 2015 281 16.337,54
3 Aer Lingus (IAG - International
and Logistics Government of Ireland, (Approx.) 20 2.000 2014 256 26.108,66
Airlines Group) Private Shareholders
2013 148 10.363,82
Transports, Aviation 0 0
4 Navitaire Amadeus Accenture 767,45 2012 155 11.427,37
and Logistics Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015

5 N deGalata
transacciones Telecoms Cellnex Telecom Wind Telecomunicazioni 693,00
Importe total (EURm) Aggregate value and volume of transactions by market segment
No. OF DEALS (%)
No. OF DEALS (%)
Financial Advisors N DE TRANSACCIONES (%)Advisors
Legal
2015 2014 2015
2013 2014
2012 2013
1 Morgan Stanley 1 Sullivan & Cromwell US
2014 2013 2012 3% 4% 3% 5% 2%
1 Lazard 1 Wiggin and Dana 4% 4% 5% 3% 6%
1 KPMG Spain 2% 4% 2% 1 Garrigues Spain 2% 4%
2 Rothschild 2 Herbert Smith Freehills Spain 10% 11% 13% 10%
7% 39%
51% 50%
2 Citigroup 2 Herbert Smith Freehills UK 47% 49% 43% 48%
38% 42% 42% 53%
2 3 5 Goldman Sachs
52% 2 5 Allen & Overy Spain
45% 39% 36% 39%
42% 39%
3 Deutsche Bank 4
53% 49% Spain
Freshfields Bruckhaus Deringer
3 Goodbody Stockbrokers 4 Freshfields Bruckhaus Deringer Belgium
4 Bank of America Merrill Lynch 4 Freshfields Bruckhaus Deringer US
No. OF DEALS (%) Big Ticket (EUR 500m) Smaller ma
5 Mediobanca N DE TRANSACCIONES (%)4 Cuatrecasas, Gonalves Pereira Spain
Mid market (EUR 100m) Non-disclos
Mercado alto (EUR 500m) 4 Kirklandbajo(<EUR
Mercado & Ellis US 100m) Big Ticket (EUR 500m) Smaller market (<EUR 100m)
Mercado medio (EUR 100m) Importe no divulgado
2015 2014
Mid market (EUR 100m)
2013 63.861 2012
Non-disclosed value
2014
38.839 2013 2012
4% 4% 5% 3%
Others 2% 2% 18.944 35.725
2% 4%
30.377 4% 32.196 2015 - Total Value
10% 11% 13% 10%
2 23.933
RBC Capital Markets 7% 22.891 2014 - Total Value
8.738
11.2792013 - Total Value
47% 7.382
15.251 49%
5.214 5.178 5.50543% 48% 11.54113.44210.846
3 Investec Bank 38% 2014 - Importe total 3.975 3.078 7.098 5.570 4.721
45% 39% 36%
2.421 1.660 1.175
968 39% 2012 - Total Value 4.0
52% 9.061 8.307 2013 - Importe total 39%
42%
53%
5.050 4.972 3.684 49%
2012 - Importe total Big Ticket Mid market Big Ticket
Smaller market Mid market Smaller market
(EUR 500m) (EUR 100m) (EUR 500m)
(<EUR 100m) (EUR 100m) (<EUR 100m)
Mercado alto Mercado mdio Mercado bajo
(EUR 500m) (EUR 100m) (<EUR 100m)

Big Ticket Mid market Smaller market Non-disclosed


Mercado alto (EUR 500m) Mercado bajo(<EUR 100m) Big Ticket (EUR 500m) Smaller market (<EUR Total
( EUR 500m) ( EUR 100m) (< EUR100m)
100m) value
Mercado medio (EUR 100m) Importe no divulgado Mid market (EUR 100m) Non-disclosed value
38.839 2015 - No. of deals 11 27 110 133 281

30.377
2014 - No. of deals
18.944 11 27 93 125 256
2015 - Total Value
23.933 No.
2013 - No. OF TRANSACTIONS
of deals 7 20 58 63
2014 - Total Value 148
8.738
15.251 2012 - No. of deals
5.214
7.382
5 3.975
5.178 5.505 15 60 2013 - Total Value
75 155
2014 - Importe total 3.078 2.421 1.660 1.175 2012 - Total Value
9.061 8.307 968
5.050 4.972
2013 - Importe total 60
3.684
2012 - Importe total Big Ticket Mid market Smaller market
(EUR 500m) (EUR 100m) 2.548,21 (<EUR 100m)
Mercado alto Mercado mdio Mercado bajo
(EUR 500m) (EUR 100m) (<EUR 100m)
22 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 23
N DE TRANSACCIONES
Mid market (EUR 100m) Non-disclosed value
10
9 9 9
8
18.944 7
M&A SPAIN 2015
M&A - Total Value
HANDBOOK 2016 M&A HANDBOOK 2016 940,49 M&A SPAIN
2014 - Total Value 802,30
698,39
8.738
5.214
7.382
5.178 5.505 3.975 2013 - Total Value
3.078 192,41 200,36
2.421 1.660 1.175
968 2012 - Total Value 53,00 78,33

Big Ticket
(EUR 500m)
Cross-border deals of 2015
Mid market
(EUR 100m)
Smaller market
(<EUR 100m)
Cross-border
United United deals47%of
Portugal 2015Italy
Mexico Brazil
49%
Chile France
States Kingdom
39%

Acquisitions by foreign buyers in Spain Subsectors most targeted MOST


SUBSECTORS
No. of acquisitions
by foreign buyers
TARGETED BY in Spain BUYERS IN SPAIN
FOREIGN

Countries with greatest number of acquirers of Spain-based targets Total value (EURm)

No. OF TRANSACTIONS Technology 9 4 4 1 4 2 111 2

60 Financial and Insurance 6 8 4 2 111


Technology 24
2.548,21
Real Estate 5 3 6
Internet 2 2 111 14

Financial and Insurance 12


Internet 6 4 21 3
50
Steel, Metallurgy and Industrial Production 10
3.041,20 Steel, Metallurgy and
Industrial Production 3 2 1 2 1111
Consultancy, Audit and Engineering 10

Food Industry 3Distribution


3 1 1 and
2 1Retail
121 7
40
Food Industry 6
Consultancy, Audit and Engineering 3 3 3 3 1
Pharmaceutical, Parapharmaceutical and Cosmetics 6

Tourism, 2
Transports, Aviation and Logistics Hotels 111
3 and 1
Restaurants 5
30 Transaports, Aviation and Logistics 5
1.089,23 Biotechnology 3 212 2
Oil and Gas 5
Wind Energy 1 7 111
Marketing and Advertising 5
3.557,92
20 Glass, Ceramic, Paper, Plastics,
Media, Multimedia
5 1 1and1 1 1Editorial 5
242,71 Wood and Timber
Wind Energy 4
642,63 Distribution and Retail 2 3 11 2 1
Telecoms 4

10 Marketing and Advertising 2 Chemical


Chemical and 4 1 1 1Materials
1 4
363,48 Healthcare, Hygiene, Medical Aesthetics and Cosmetics
Solar Energy 1 3 4
4 1
121,47 Other Consumer Goods 3

0
Sports and Leisure 1111 3 2 1
0,00 100,00 200,00 300,00 400,00 500,00 600,00 700,00 800,00

AVERAGE VALUE (EURm)-TRANSACTIONS WITH DISCLOSED VALUE Unites States Netherlands Japan Belgium Italy United Arab
France Mexico Portugal Sweden Hong Kong Emirates
United States France United Kingdom Total value
EURm United Kingdom Luxembourg China Canada Brazil Denmark
Germany Switzerland Netherlands

Mexico Luxembourg Japan

24 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 25
Unites States Netherlands Japan Belgium Italy United Arab
United Kingdom Luxembourg China Canada Brazil Denmark Luxemburgo
Alemania Portugal
Japn Dinamarca
Suecia
France Sweden Hong Kong Emirates Reino Unido Italia Irlanda
Crossborder enMexico
Espaa Portugal Crossborder en el extrerior Japn Suecia
Venezue
United Kingdom Luxembourg BrazilM&A HANDBOOK Alemania
Suiza Blgica
Portugal Dinamarca
M&A SPAIN China Canada Denmark2016 M&A HANDBOOK 2016 Luxemburgo M&A SPAIN
Suiza Blgica Venezuela
Alemania Japn Suecia
Suiza Blgica Venezuela
Cross-border deals of 2015 Cross-border deals of 2015
Subsectors in which foreign owners sold equity in Acquisitions by Spain-based buyers abroad
Real Estate 15
Spain-based companies most
Glass, Ceramic, Paper, Plastics,
Real Estate
Wood and Timber
6 15 Deal flow since 2012
Glass, Ceramic, Paper, Plastics,
Food Industry 66
Wood andEstate
Real Timber 15
Glass, Ceramic, Food
Financial
Paper, and Industry
Insurance
Plastics, 4 6
6
Wood and Timber
Financial and Insurance
Technology 44
Food Industry 6
Technology 45 10.000
Solar Energy 34 40 41
Financial and Insurance 4 40 39 9.000
100 10.000 37
Solar
Consultancy, Audit and Energy
Engineering 33
35 34 8.000
85 35 33 33
Technology 4
80 74 74 75 8.000 30 7.000
Consultancy, Audit and Engineering
Wind Energy 33 27 27 26
Solar Energy 64 3 25 24 6.000
64 25 23 23
60 57 6.000 21 5.000
50Wind
OilEnergy
and Gas 33 20
Consultancy,
45
41
Audit and Engineering
44 3 4.000
40
40 32
37
34 4.000 15 3.000
Oil and Gas 3
24 Wind Energy 3 10 2.000
20 2.000
Oil and Gas
5 1.000
3
0 0
0 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 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015
Countries with greatest number of companies selling equity
2012 2013 2014 2015
23 in Spain-based companies
3.392,25 No. of companies selling
23
Value (EURm) No. of deals
3.392,25 No. of companies selling Total value (EURm)
23 Value (EURm)
3.392,25 No. of companies selling
Total number Total value
Value (EURm) Year
of deals (EURm)
1.617,18 1.623,13
8 2015 133 8.617,58
1.617,18 1.623,13
6 6 6
8 5 2014 128 17.763,03
1.617,18 6 6 6 3 3 3
1.623,13
309,45 5 2013 128 3.964,39
8 148,84 82,00 157,00
0,00 3 3 3 23,29
6 6 6 309,45 2012 99 1.929,20
United Netherlands Luxembourg 148,84
France United 5 Germany Sweden
82,00 157,00
Portugal Italy
0,00 23,29
States Kingdom
3 3 3
United
309,45
United No. OF
Netherlands Luxembourg DEALS (%)
France
148,84
Germany Sweden Portugal
157,00
Italy
States Kingdom 82,00 23,29
0,00
United
2015
Netherlands Luxembourg
2014France 2013 Germany
United 2012
Sweden Portugal Italy
States
4%
Acquisitions vs.4%Divestitures of Foreign
Kingdom
5%
companies in Spain
3%

10% 11% 13% 10% 4.695,87


16.337,54
47% 49% 25
43% 48%
39% 16.337,54
36% 39% 39%

16.337,54
7.383,14

7.383,14
Big Ticket (EUR 500m) Smaller market (<EUR 100m) 13
Mid market (EUR 100m) Non-disclosed
7.383,14value
10
ACQUISITIONS-2015 DIVESTITURES-2015 9 9 9
8
18.944 7
2015 - Total Value 940,49
ACQUISITIONS-2015 DIVESTITURES-2015 802,30
2014 - Total Value 698,39
8.738
26 5.214
7.382
5.178 5.505 3.975 2013 --Total
TTR - Transactional Track Record Value
(www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 27
ACQUISITIONS-2015
3.078 DIVESTITURES-2015 192,41 200,36
2.421 1.660 1.175
968 2012 - Total Value 53,00 78,33
Big Ticket (EUR 500m) Smaller market (<EUR 100m) 13
Mid market (EUR 100m) Non-disclosed value
10
9 9 9
8
18.944
M&A SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 7 SPAIN
M&A
2015 - Total Value 940,49
2014 - Total Value 802,30
698,39
8.738
5.214
7.382
5.178 5.505 3.975 2013 - Total Value
3.078 192,41 200,36
2.421 1.660 1.175
968 2012 - Total Value 53,00 78,33

Big Ticket
Cross-border deals of 2015
Mid market Smaller market United
Cross-border
United Portugal
dealsItalyof 2015
Mexico Brazil Chile France
(EUR 500m) (EUR 100m) (<EUR 100m) 47% 49%
States Kingdom
39%
Countries in which Spain-based buyers made the most acquisitions Acquisitions by Spain-based buyers abroad
No. of acquisitions
Subsectors
Total value (EURm) in which Spain-based buyers made
most acquisitions abroad
No. OF TRANSACTIONS 4.695,87

25

60
Technology 24
2.548,21
Internet 14

13 Financial and Insurance 12


50 10
9 9 9 Steel, Metallurgy and Industrial Production 10
8
3.041,20 7
940,49 Consultancy, Audit and Engineering
802,30 10
698,39

192,41 200,36 Distribution and Retail 7


53,00 78,33
40
United United Portugal Mexico Italy Brazil Chile France Food Industry 6
47% 49%
States Kingdom
39%
Pharmaceutical, Parapharmaceutical and Cosmetics 6

No. of acquisitions Tourism, Hotels and Restaurants 5


Total value (EURm)
30 Transaports, Aviation and Logistics 5
1.089,23
Oil and Gas 5

Marketing and Advertising 5


3.557,92
20 Technology Media, Multimedia and Editorial
24 5
242,71
Internet 14 Wind Energy 4
642,63
Financial and Insurance 12 Telecoms 4

10 Steel, Metallurgy and Industrial Production Chemical and Chemical Materials


10 4
363,48 Consultancy, Audit and Engineering Healthcare, Hygiene, Medical Aesthetics and Cosmetics
10 4

121,47 Distribution and Retail Other Consumer Goods


7 3

0 Food Industry 6
0,00 100,00 200,00 300,00 400,00 500,00 600,00 700,00 800,00
Pharmaceutical, Parapharmaceutical and Cosmetics 6

Tourism, Hotels and


AVERAGE VALUE (EURm)-TRANSACTIONS Restaurants
WITH DISCLOSED VALUE
5

Transaports, Aviation and Logistics 5


United States France United Kingdom Total value
EURm
Oil and Gas 5
Germany Switzerland Netherlands
Marketing and Advertising 5
Mexico Luxembourg Japan
Media, Multimedia and Editorial 5

28 Wind Energy TTR - Transactional


4 Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 29

Telecoms
M&A SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 M&A SPAIN

Most active companies in 2015 Most active companies in 2015


Companies acquiring Companies selling
Spain-based companies with most acquisitions Spain-based companies that made most divestitures

Ranking Company No. of acquisitions Ranking Company No. of divestitures

1 Merlin Properties 7 1 OHL 5

2 Abengoa 6 2 Abengoa 5

3 Amadeus 6 3 Comsa Corporacin 5

4 Enags 5 4 Repsol 4

5 Telefnica 5 5 Ferrovial 3

Spain-based buyers that spent most on acquisitions Spain-based companies that made the largest divestitures

Ranking Company Total value (EURm) Ranking Company Total value (EURm)

1 Grupo Villar Mir 2.000,00 1 Ferrovial 2.632,97

2 Merlin Properties 1.760,56 2 Sacyr 1.238,52

3 IAG - International Airlines Group 1.400,00 3 La Caixa 1.222,56

4 Abengoa 1.315,92 4 Abengoa 1.016,69

5 Renaleto Servicios y Gestiones 1.000,00 5 Iberdrola 955,88

30 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 31
PRIVATE
EQUITY

Spain
40 36 5.000
34 34
0,00 32 31
30 28 4.000
23
3.000
PRIVATE EQUITY SPAIN 20 M&A HANDBOOK 2016 M&A HANDBOOK 2016
PRIVATE EQUITY SPAIN
00
2.000
10
1.000

70
0
Q1 Q2
2015 Overview
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
9.000
Q3 Q4
0 Largest transactions in 2015
59 8.000
60 2012 2013 2014 2015
Distribution of Private Equity-related50transaction 53 7.000 Largest Private Equity transactions in Spain
70
50 volume in 2012, 2013,432014 and 2015
No. of deals 9.000
(excluding Cross-border)
44 6.000
40 39 Total value (EURm) 38 38
36 59 8.000 5.000 Value
60 34 34 Target Subsector Buyer Seller
32 31 53 (EURm)
30 28 50 7.000 4.000
50 23 CVC Capital Partners
43 44 6.000 3.000 1 R Cable Telecoms Euskaltel 890,00
Spain, Abanca
40 39 20 38 38
36 5.000 2.000 Healthcare, Hygiene,
34 34 100,00
10 32 31 2 VItaly Plus Medical Aesthetics and Portobello Capital Private Shareholders
30 28 4.000 1.000 (Approx.)
Cosmetics
23 Industrias
0 3.000 0 Servicios Compartidos de
20 3 Alimentarias Food Industry Viscofan 55,80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Industrias Alimentarias
2.000 Navarra (IAN)
10 2012 2013 2014 2015 1.000 Aerospace and
0 TOTAL VALUE (EURm) 0
Aeronautical,
Private Shareholders, 53,52
No. of deals 4 Aciturri Aeronutica Electronics, Private Shareholders
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Madrigal Participaciones (Approx.)
Total value (EURm) Steel, Metallurgy and
11.017,51 Industrial Production
2012 2013 2014 2015
8.691,53 Glass, Ceramic, Paper,
5 Private Shareholders,
6.793,73 6.797,68 Total number
7.302,04of Total value Polibol Plastics, Wood and Saica 40,00
No. of deals Year Sherpa Capital
deals (EURm) Timber
Total value (EURm) 5.537,88
2015 192 11.960,91 Cars, Motorcycles and
6 30,00
2014 157 3.443,12
17.743,04
Metalcaucho Other Vehicles Abac Capital Private Shareholders
(Approx.)
1.966,00
2013 128 2.259,88
11.492,09
Distribution and Retail
1.630,50 1.347,83
2012 134 5.229,80473,20 Private Shareholders,
7 25,90
Ocibar Ports Asa Inversiones Dey Capital
(Approx.)
(Art Capital)
Private
2015 Equity - Investments
2014 vs. Exits
2013 2012
8 Fundiciones del Steel, Metallurgy and Private Shareholders, 25,00
Private Shareholders
Estanda Industrial Production Diana Capital (Approx.)
TOTAL VALUENO.
(EURm)
OF DEALS Pharmaceutical,
152 Parapharmaceutical and
9 Suanfarma ProA Capital - 25,00
11.017,51 134 Cosmetics,
Biotechnology
8.691,53
TOTAL VALUE (EURm) 96 10 Tamsi Spain Financial and Insurance Portobello Capital N+1 Dinamia 20,50
6.793,73 6.797,68 7.302,04 87
5.537,88
11.017,51
54 53
3.443,12 47
Financial Advisors Legal Advisors
8.691,53
1.630,50 1.966,0032 2.259,88
14 7.302,04 1.347,83
6.793,73 6.797,68 9 12 473,20 9 1 Mediobanca 1 2 5 DLA Piper Spain
5.537,88 1 5 PwC Spain 1 3 8 Garrigues Spain
2015 2015 2014 20133.443,12 2013 2012
2014 2012 5 Arcano 1 4 7 Cuatrecasas, Gonalves Pereira Spain
1.630,50 1.966,00 2.259,88 6 9 EY Spain 1 3 5 7 Ura Menndez Spain
1.347,83 Investments
NO. OF DEALS 473,20 6 CS Corporate Advisors 2 Ramn y Cajal
152 Exits 9 Lener Corporate Finance 6 Vialegis Abogados
2015 134
2014 2013 2012 10 Deloitte Spain 9 Lener
Secondary Buyout*
10 BBVA Corporate Finance 10 Herbert Smith Freehills Spain
NO. OF DEALS 96 10 King & Wood Mallesons Spain
152 87
10 Jones Day Spain
54 134 10 Deloitte Abogados
53 47
32 Due Diligence
96
14 9 87 NUMBER OF
12DEALS 9 5 6 7 9 EY Spain TOTAL VALUE (EURm)
54 5 KPMG Spain
2015 2014 53 2013 47 2012
32
14
Healthcare, Hygiene, Investments
9 12 9 18 Wind Enrgy 2.521,00
* Secondary Medical Aesthetics
Buyout transactions areand Cosmetics
recorded as investment and exit. Exits
2015 2014
Steel, Metallurgy and 2013 2012
Secondary
34 TTR - Transactional Track Record -Buyout*
(www.TTRecord.com) 16 Telecoms
TTR - Transactional Track Record - (www.TTRecord.com) 2.293,88
35
Industrial Production Investments
53 47
14 14 9 932 12 12 47 9 9
32
14 14 9 12 12
9 9 2012 9
2015 2015 2014 2014 2013 2013 2012
PRIVATE EQUITY SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
PRIVATE EQUITY SPAIN
2015 2015 2014 2014 2013 20132012Investments
Investments 2012

Exits ExitsInvestments
Investments

Most active subsectors in Secondary


2015 Exits Buyout*
Secondary
Exits Buyout* Most active subsectors in 2015
Secondary Buyout*
Secondary Buyout*

Most active subsectors for Private Equity Most active subsectors for Private Equity

NUMBER OFNUMBER
DEALS OF DEALS TOTAL
TOTAL VALUE VALUE (EURm)
(EURm)
NUMBER OF DEALS
NUMBER OF DEALS TOTAL VALUETOTAL
(EURm)VALUE (EURm)

Healthcare,Healthcare,
Hygiene, Hygiene,
MedicalHealthcare,
Aesthetics Healthcare,
Hygiene,
and Hygiene,
Cosmetics 18 18 Wind Enrgy Wind Enrgy 2.521,00 2.521,00
Medical Aesthetics and Cosmetics 18 Wind Enrgy 2.521,00
Medical
Medical Aesthetics andAesthetics
Cosmeticsand Cosmetics 18 Wind Enrgy 2.521,00

Steel, and
Steel, Metallurgy Metallurgy and Telecoms Telecoms
Steel, Metallurgy and
Steel,Production
Metallurgy 16 16 2.293,88 2.293,88
Industrial Industrial and
Production 16 16 Telecoms Telecoms
2.293,88 2.293,88
Industrial Production
Industrial Production

Financial
Financial and and Insurance
Insurance
Financial and Insurance 15 15 15 Solar EnergySolar Energy 1.793,97
1.793,97 1.793,97
Financial and Insurance 15 Solar Energy Solar Energy 1.793,97

Wind Wind
EnergyWind Energy 1414 14 14 Fashionand Fashion and textile
andtextile
textile and textile 1.113,58
1.113,58 1.113,58
Energy Wind Energy Fashion Fashion 1.113,58

Transaports,
Transaports, Aviation
Transaports, Aviation
Transaports,
Aviation Aviation 12 12 Steel, Steel,
Steel,Metallurgy
Metallurgy
Steel, Metallurgy
and
and and
Metallurgy and 713,76
12 12 713,76
713,76 713,76
and Logisticsand Logistics
and Logistics and Logistics Industrial Industrial
Industrial Production
IndustrialProduction
Production Production

Food Food
Industry
IndustryFood Industry
Food Industry 12 12 12 12 Estate Real Estate
RealEstate
Real Estate 700,00
700,00 700,00
700,00

Technology
Technology Technology
Technology 10 10 10 10 Financial
Financialand
andFinancial
Financial
Insurance
Insuranceand Insurance
and Insurance 617,51
617,51 617,51
617,51

Healthcare, Healthcare, Hygiene,


Healthcare,Hygiene,
Healthcare,
Hygiene, Hygiene,
Real Estate 579,63
Real Estate
Real Estate Real Estate 10 10 10 10 Medical
Medical Aesthetics andAesthetics
Cosmetics and Cosmetics 579,63
579,63 579,63
Medical Medical
Aesthetics Aesthetics
and Cosmeticsand Cosmetics
Consultancy, Consultancy, Audit
Consultancy, AuditAudit
Consultancy, Audit 10 Mining Mining 500,00 500,00
and Engineering
and Engineering
and Engineering
and Engineering 10 10 10 Mining Mining 500,00 500,00

Distribution
Distribution and Retail and Retail 10 10 Technology Technology381,23 381,23
DistributionDistribution
and Retail and Retail 10 10 Technology Technology 381,23 381,23

Fashion and Textile


Fashion and Textile 8 8 Oil and Gas Oil and Gas
325,00 325,00
Fashion andFashion
Textile and Textile 8 8 Oil and Gas Oil and Gas325,00 325,00

Internet Internet 7 7 Internet Internet


276,58 276,58
Internet Internet 7 7 Internet Internet
276,58 276,58
Tourism, Hotels
Tourism, Hotels Consultancy,
Consultancy, Audit and Audit and
6 232,40
Tourism, andHotels
Tourism,
and Hotels
Restaurants Restaurants 6 Consultancy,Consultancy,
Engineering Audit232,40
Audit and Engineering
and
6 6 232,40 232,40
and Restaurants
and Restaurants EngineeringEngineering
Pharmaceutical,
Pharmaceutical,
Telecoms Telecoms 6 6 205,00 205,00
Parapharmaceutical
Parapharmaceutical and Cosmetics
and Cosmetics
Pharmaceutical,
Pharmaceutical,
Telecoms Telecoms 6 6 205,00 205,00
Parapharmaceutical
Parapharmaceutical and Cosmetics
and Cosmetics
Transports,
Transports, Aviation and Aviation and
Marketing andMarketing and Advertising
Advertising 6 6 163,40 163,40
Logistics Logistics
Transports,Transports,
Aviation andAviation and
Marketing
Marketing and and Advertising
Advertising 6 6 163,40 163,40
Logistics Logistics

36 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 37
PRIVATE EQUITY SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
PRIVATE EQUITY SPAIN

Cross-border deals of 2015 Cross-border deals of 2015


Largest investments by foreign Largest investments by Spain-based
Private Equity funds in Spain Private Equity funds abroad

Country Value Country Value


Target Buyer Seller Target Buyer Seller
(Buyer) (EURm) (Target) (EURm)
Renaleto Servicios y
Gestiones 1.000,00
1 Renovalia Energy United States Private Shareholders Altan Capital, BlackRock
(Cerberus Capital (Approx.) Valores Integrales
Management) 1 Grupo Acosta Verde Mexico Private Equity Partners, 113,59
Inmobiliarios
Equity International
2
Corporacin 735,97
X Solar KKR United States
Gestamp (Approx.)
L Capital, Torreal,
3 L Capital Asia, Lebanon 730,00
Pepe Jeans Dey Capital
M1 Group Singapore (Approx.)
(Art Capital) United N+1 US Corporation 16,36
2 C.W. Downer & Co Private Shareholders
Minas de Agua United Arab States (N+1 Dinamia) (Approx.)
4 Mubadala Trafigura 500,00
Teida (MATSA) Emirates
Festa, Ice Cream
Factory Comaker,
Mediterrnea de
5 350,00
Ctering, GrupoUno Harbourvest United States Portobello Capital
(Approx.) Legal Advisors
CTC, Angulas
Aguinaga, Grupo 1 Galicia Abogados
Multiasistencia 1 Paul Hastings US
1 Nader Hayaux & Goebel Abogados
1 Mayer Brown
2 Sullivan & Worcester
Financial Advisors Legal Advisors 2 Seward & Kissel
1 2 KPMG Spain 1 Watson Farley & Williams Spain
2 Bank of America Merrill Lynch 1 Bird & Bird Spain
3 Deloitte Spain 2 Ura Menndez Spain
3 Morgan Stanley Spain 2 Simpson Thacher & Bartlett US
3 4 Garrigues Spain
3 Baker & McKenzie Spain
5 King & Wood Mallesons Spain
5 Debevoise & Plimpton
5 Cuatrecasas, Gonalves Pereira Spain

Virtual Data Room Due Diligence

5 Intralinks Spain 3 EY (Ernst & Young) Spain


3 Deloitte Spain

38 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 39
2
2.204,6
2
2.204,6
2.048,8
1.902,5
2 2 2 2
2013
2012 TOTAL VALUE (EURm)
38%
1 1 1 1 1 1 1 1.683,7 2.048,8
1 1 1 1 1 1 1 1 1 1 1 1
0 1.902,5 1.546,5 0
FOREIGN
0 0 0 01.683,7 0 0 0 0 1.399,6 1.619,5 2016 0 0 0 0 0 0 0 0
PRIVATE EQUITY SPAIN 1.546,5 M&A HANDBOOK 2016
1.201,3
M&A HANDBOOK PRIVATE EQUITY SPAIN
o Francia Pases Estados Portugal Suecia Suiza Sudn 10
1.399,6
Luxemburgo Reino Francia Pases Estados1.619,67
1.619,5 Portugal Suecia Suiza Sudn 10
o Bajos Unidos 1.201,3 802,8
Unido Bajos 1.673,5
Unidos 1.619,67
530,6
522,7 579,1 459,8 1.502,71
530,6 200,9 802,8
351,1 303,0 5 1.673,5 5
4 4 1.502,71 1.237,0 4
Cross-border deals of 2015
351,1 19,9 303,0
69,0
0,0
156,0 522,7 3579,1 459,8
0,0 0,0
50,0 200,9 3
144,5 158,0
0,0 2 0,0 3
2
3
4 3
2 2 1.222,4
1.237,0
Cross-border deals of 2015 3
69,0 156,0 1 1 1 144,5 158,0 1 1 1 1 1 1 1
50,0 1.222,40 0
Estados 19,9
Francia Luxemburgo Noruega 0,0Pases
0,0 Reino Portugal
0,0 0
Suiza 0 0
Colombia
0,0 0,0 0 0 730,0 7 0
Unidos Bajos Unido 730,0 606,6
Foreign Private Equity acquisitions in Spain
Estados
Unidos
Francia Luxemburgo Noruega Pases
Bajos
Reino
United
Unido
Portugal
Netherlands Suiza Colombia
Portugal France United Luxembourg Switzerland
510,5
549,0 730,0 Exits by foreign Private Equity funds in Spain
3
643,0 600,2 606,6
United Netherlands
States Kingdom 730,0 643,0 States
Financial and Insurance 510,5 549,0 600,2 12,60
Countries with most Private Equity investments in Spain Countries with most Private Equity funds making
77,5 Spain225,0
exits in 12,60
IMPORTE TOTAL (EURm) IMPORTE TOTAL (EURm) 0,0 0,0 0,0 30,0 0,0 0,0 0,0 0,0 21,10 0,0 0,0 0,0
225,0
77,5
7.209,0 0,0 0,0 0,0
0,0 0,0 0,0 Lebanon 0,0 0,0 0,0
0,0 0,0 France 21,10 Canada
United United Singapure United Arab
States Kingdom
1
NMERO DE DESINVERSIONES United United Singapure Lebanon Emirates
United Arab France Canada TOTAL
States Kingdom Emirates
NMERO DE DESINVERSIONES
NUMBER OF ACQUISITIONS 7
TOTAL VALUE (EURm)
5 2
5 Wind Energy
3 3 3 NUMBER OF EXITS
0,0 800,0
19 9.800,0
1.500,0
1 2.877,76
17 23 2 3 3 2 2 800,0 NUMBER OF EXITS
16 1 1 1 509,3
287,5 148,0 21 2 1 2 1 1 2 1 8.300,01 1
8.309,0 287,5 148,0 1 8.300,0 8
76,00 0,0 14
76,00 0,0 3,6 70,4 0,0 0 21,1 76,00 0,0 76,00 0,0 3,6 70,4 0,0
0,0 1 1 0 1 1 1 1 10 10 0 10 0 10 0 0,0
0 Estados Suecia0 0 Suiza 0 0 Sudn0 0 10
no Unido Portugal 10 Luxemburgo
Suiza 9 9Sudn
Reino Bajos0 Pases
Francia
10 Pases 0
Portugal Luxemburgo Reino Unido Portugal Suiza Sudn Pases Bajos
Unido Francia Bajos
Pases Unidos 10
7 Luxemburgo Reino Estados Portugal Suecia Suiza Sudn 4
6 Unido
6 Bajos Unidos 5
4 4 4 3 4
3 3 3 3 Steel, Metallurgy
3 5 and 3
2
3
2
3 6 2 2
2 2 2 2
1
2
1
1.433,9 1.466,6 509,3 1.399,0 3 1
Industrial Production14 13 13 4 3 41 1
1
1.433,9 1.466,6
0 0 0 3
0 0 0 0 0 0 2 20 0 2 2 0 0
70,5 893,0 587,6 255,0 1 1 1 1 1 1 170,5 893,0 587,
United 157,0 157,0United Netherlands 0 Portugal
0 0 France 0 United 0 Luxembourg Switzerland
0 0 SPANISH
United France Switzerland Germany Netherlands United Arab
3,7 0,0 21,1 97,5 0,0 0,0 0,0 3,7 0,0
Kingdom States Emirates
0,0 2014 0,0 0,0 0,0 0,0 0,0 0,0 0,0
States 0 Kingdom 0,0
United Netherlands Portugal France United Luxembourg Switzerland
Netherlands United 2013 Luxembourg United Portugal Australia
States France Kingdom Netherlands United Lu
IMPORTE TOTAL (EURm) States 2012 Kingdom States
7.209,0 IMPORTE TOTAL (EURm) 4
7.209,0
2015 1 2015
2014 Fashion and Textile 2014
2013 0 TOTAL VALUE (EURm)
2013
2012 2012
0 TOTAL VALUE (EURm)
TOTAL VALUE (EURm)

1.500,0 800,0 9.800,0


1.619,5 509,3 1.500,0 800,0 148,0 8.300,0 8.309,0 9.800,0 4
287,5
1.619,67 21,1
509,3 0,0 76,00 0,0 76,00 0,0 3,6 70,4 0,0
287,5 148,0 8.300,0 8.309,0
1.673,5 21,1 0,0 76,00 0,0 76,00 0,0 3,6 70,4 0,0 Healthcare, Hygiene, 0
1.502,71 Luxemburgo Reino Unido Portugal Suiza Sudn Pases Bajos
1.237,0 Luxemburgo Medical Aesthetics and Cosmetics
Reino Unido Portugal Suiza Sudn Pases Bajos 0
1.222,4

730,0 2
730,0 606,6
643,0 1.433,9 1.466,6 509,3 1.399,0
549,0 600,2
510,5 70,5 893,0 255,0
1.433,9 1.466,6
587,6 509,3 1.399,0
12,60 157,0
77,5 225,0 3,7 70,5 893,0 0,0 21,1 255,0 0,0 157,00,0 0,0 0,0 97,5 0,0 0,0 0,0
2014 0,0 587,6 0,0 0,0 0,0
157,0
0,0 0,0 0,0
2013 0,0 0,0 0,0 0,0 0,0 21,10 0,0 0,0 0,0 3,7 0,0 United 0,0 Luxembourg
Netherlands 21,1 United 0,0 157,0
Portugal
0,0 0,0 0,0 Australia 97,5 0,0 0,0 0,0
0,0 0,0 0,0 France
2014
United United 2012
2013
Singapure Lebanon United Arab France Canada States Kingdom
Netherlands United Luxembourg United Portugal Australia France
States Kingdom 2012 Emirates States Kingdom

2015
2014
2015
NUMBER OF INVESTMENTS
2013
2014
2012
2013
NUMBER OF EXITS
38% 2012
62%
40 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) SPANISH 41
FOREIGN
TOTAL VALUE (EURm)

18 Wind Enrgy 2.521,00


1.619,5
PRIVATE EQUITY SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
4 PRIVATE EQUITY SPAIN
1.619,67
802,8 Telecoms 0
16 1.673,5
1.502,71
2015 2.293,88 Healthcare, Hygiene,
2014 Medical Aesthetics and Cosmetics
1.237,0
8,0
0,0 Cross-border
1.222,4 deals of 2015
2013
2012
Cross-border
0 deals of 2015
15 Solar Energy 1.793,97
lombia 730,0
606,6 2
Subsectors that
510,5
attracted
549,0 most 730,0
foreign Private
643,0 Equity
600,2 Private Equity - Spanish vs. Foreign Investments
14 Fashion and textile 12,60 1.113,58
77,5 225,0
0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 21,10 0,0 0,0 0,0
12 Steel, Metallurgy and 713,76
United United Singapure Lebanon United Arab France Canada
States Kingdom
Industrial Emirates
Production
7
12 3 Real Estate 700,00
Financial and Insurance NUMBER OF INVESTMENTS
3
10 Financial and Insurance 617,51
NUMBER
1 OF EXITS

10
Healthcare, Hygiene,
579,63
38% 62%
Medical Aesthetics and Cosmetics SPANISH
FOREIGN
0 0 7
dn 10 Mining 500,00
10
2
Wind Energy
5
10 3
4
3
13 4 3
Technology 4
381,23
3
2 2 2 2
1 1 1 1 1 1 1
0 0 0 1 0 0 0 0
United Netherlands Portugal France Oil and Gas
United Luxembourg 325,00
Switzerland
States Kingdom
4
Internet 276,58
Steel, Metallurgy and 6
Industrial Production Consultancy, Audit and TOTAL VALUE (EURm)
0 232,40
Engineering
0 4.677,51
Pharmaceutical,
TOTAL VALUE (EURm)
205,00
Parapharmaceutical and Cosmetics

4 and
Transports, Aviation
9.800,0 163,40 2.877,76
Logistics
1
Fashion8.300,0
and Textile8.309,0
0,0
0
ajos
0

1.433,9 1.466,6 509,3 1.399,0 4


70,5 893,0 587,6 255,0
021,1 157,0 157,0 SPANISH FOREIGN
Healthcare,
3,7 0,0 Hygiene,
0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 97,5 0,0 0,0 0,0

Medical Aesthetics and United


Netherlands Cosmetics
Luxembourg United Portugal Australia France
States
0 Kingdom
2015
2014
2013
2 2012
2015
2014
2013
2012

42 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 43
7
NUMBER OF INVESTMENTS
VENTURE
CAPITAL

Spain
VENTURE CAPITAL SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
VENTURE CAPITAL SPAIN

2015 Overview Largest transactions in 2015

Distribution of Venture Capital-related Largest Venture Capital transactions in Spain


transaction volume in 2012, 2013, 2014 and 2015 (excluding Cross-border)

Value
Target Subsector Buyer Seller
(EURm)
Q Growth Fund, Kibo Ventures,
100 450,00 Fundacin Jos Manuel
1 Jobandtalent Internet - 23,00
Entrecanales,
91
90 86 Private Shareholders
81 82 Private Shareholders,
80 77 79 78 400,00
73
2 Open Camp Sports and Leisure Inveready Capital (Inveready - 13,50
72
70 66
Technology Investment Group)
65
59
3 Tradeinn Internet Suma Capital VenturCap 12,00
60 57 300,00
55 56
Capital Expansi,
50 Plsticos Chemical and
4 Caixa Capital Risc, - 5,00
Compuestos Chemical Materials
Private Shareholders
40 200,00
Biotechnology
30 Gestin de Capital Riesgo
30 5 Pharmaceutical,
Oncomatryx del Country Vasco, - 4,50
Parapharmaceutical
Private Shareholders
20 100,00 and Cosmetics
Steel, Metallurgy and
6 Tecalum Caixa Capital Risc - 4,30
10 Industrial Production

0 0,00 7
Iden
Biotechnology Sodena, CRB Inverbo - 4,00
Biotechnology
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Active Venture Partners,
8 Percentil Internet - 3,20
2012 2013 2014 2015 Seaya Ventures

No. of deals 9 Logtrust Technology Private Shareholders - 2,77


Total value (EURm) ORZA, Seed Capital Bizkaia, IMQ
10 (Igualatorio Mdico Quirrgico),
Histocell Biotechnology - 2,50
Gestin de Capital Riesgo
del Country Vasco

Total number of Total value


Year
deals (EURm)
2015 305 1.066,95 Financial Advisors Legal Advisors
2014 287 602,76 1 5 Cuatrecasas, Gonalves Pereira Spain
2 CREA Inversin
2013 296 291,90 2 Windcorp 3 Garrigues Spain
2012 219 342,40 3 ONEtoONE Corporate Finance 4 Caixa Capital Risc (In-house)
4 Caixa Capital Risc 4 Fornesa Abogados
5 Norgestin 8 Gmez-Acebo & Pombo Spain
5 Altium Capital Spain 8 Rousaud Costas Duran (RCD)
8 KPMG Spain 9 Across Legal
NUMBER OF DEALS 10 Albia Capital Partners

Technical Advisory
Technology 136
5 CMC Consulting Spain
Internet 112

Financial and Insurance 19

Biotechnology 19
46 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 47
Telecoms 11
VENTURE CAPITAL SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
VENTURE CAPITAL SPAIN

Most active subsectors in 2015 Cross-border deals of 2015


Subsectors most active for Venture Capital Largest transactions by foreign Venture Capital funds in Spain

NUMBER OF DEALS
Country Value
Target Buyer Seller
(Buyer) (EURm)
Technology 136
Accel Partners, Bonsai Venture
Internet 112 1 Wallapop Capital, Caixa Capital Risc, United States - 36,61
Insight Venture Partners
Financial and Insurance 19
Lundbeckfond Ventures, Edmond
Biotechnology 19
de Rothschild Investment Partners,
Denmark,
Private Shareholders, Baxter
Telecoms 11 2 Sanifit United States, France, - 36,60
Ventures, Caixa Capital Risc, Gilde
Netherlands, Spain
Sports and Leisure 10 Healthcare, Forbion Capital Partners,
Ysios Capital Partners
Distribution and Retail 9
Chiesi Ventures, Healthequity, Roche
Healthcare, Hygiene, Venture Fund, Idinvest Partners,
7
Medical Aesthetics and Cosmetics United States, France,
3 Minoryx Kurma Life Sciences Partners - 19,40
6 Spain, Switzerland
Consultancy, Audit and Engineering (KLS Partners), Caixa Capital Risc,
Ysios Capital Partners
Steel, Metallurgy and 5
Industrial Production
Index Ventures, Point Nine Capital,
Marketing and Advertising 5 United Kingdom, Germany,
4 Typeform Connect Ventures, RTA Ventures, - 13,63
Poland, Spain
Private Shareholders
Eight Roads Ventures,
United States 11,28
5 Packlink Amerigo Innvierte Spain Ventures, -
Subsectors with most Venture Capital transaction volume Accel Partners
United Kingdom (Approx.)

TOTAL VALUE (EURm)


Financial Advisors Legal Advisors

2 3 Caixa Capital Risc 1 2 3 Cuatrecasas, Gonalves Pereira Spain


Technology 533,46 Rousaud Costas Duran (RCD)
1
Internet 437,35 Caixa Capital Risc (In-house)
2 3
Pharmaceutical, Parapharmaceutical 100,72
and Cosmetics 3 EY Abogados Spain
Biotechnology 89,89 M & Partners
3
Financial and Insurance 45,24 4 DS Ovslaw
Steel, Metallurgy and
36,61 4 5 Garrigues Spain
Industrial Production
Sports and Leisure 15,26 5 Osborne Clarke Spain
Chemical and Chemical Materials 13,72
Distribution and Retail 9,70
Marketing and Advertising 9,51
Media, Multimedia and Editorial 9,00

11
12
Technology
8

48 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com)
6 49
0
0 Marketing and Advertising
0
0
VENTURE CAPITAL SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
0
VENTURE CAPITAL SPAIN

Cross-border deals of 2015 Cross-border deals of 2015


Largest investments abroad by Spain-based Venture Capital funds Acquisitions by foreign buyers in Spain
Countries with greatest number of Venture Capital funds investing in Spain
Country Value
Target Buyer Seller
(Target) (EURm)

Premji Invest, Tencent Holdings, Private


NUMBER OF ACQUISITIONS
Shareholders,
Access Industries, Smartfren Telecom, NUMBER OF ACQUISITIONS
Twitter Ventures, Redpoint Ventures,
1 Cyanogen United States Andreessen Horowitz, - 73,31
Benchmark Capital, Index Ventures,
Qualcomm Incorporated,
Telefnica Ventures,
Santander Innoventures
13
13
Earlybird Venture Capital, 10
Salesforce Ventures, 10
2 CartoDB United States - 20,56 7 7
Accel Partners,
Kibo Ventures 5 7 7
4 4 4 4
3 3 3 3 5 3
Kibo Ventures, 2 2 2 4 4 4 2 4 2
1 13 3 3 13 1 3
Devonshire Investors, 0 0 0 0 02 2 0 02 0 0
1 1
3 Peertransfer United States Accel Partners, - 18,68 United United France Germany 0
Switzerland Japan Portugal Denmark 0 0 0 0
Spark Capital Partners, States Kingdom United United France Germany Switzerland Japan
Fides 3, Bain Capital States Kingdom

Private Shareholders, 2015


2013 4 Kantox United Kingdom
Idinvest Partners,
- 10,13 2014
Partech Ventures, 2015
2012 2013 2014
Cabiedes & Partners 2012
* Importe no divulgado 2013
2012
Ysios Capital Partners
5 Prexton Therapeutics Switzerland Merck Serono Ventures, - 8,70 TOTAL VALUE (EURm)
Sunstone Capital TOTAL VALUE (EURm)

1 1 Legal Advisors 121,1


121,1
2 Cuatrecasas, Gonalves Pereira Spain 95,5
mania Suiza Tnez
95,5
60,6
42,3 36,60 60,6 22,2
33,6 29,8 31,0 30,442,331,0
11,0 33,6 4,60 20,9
36,60
18,8 1,6 31,0
10,4 4,5 29,8 4,1 30,4
0,0 0,9 0,0 0,0 0,0 0,0 1,40
10,4
11,0 4,5 0,0 0,0 4,60
United France Denmark 0,0
Netherlands Luxembourg 0,9 0,0 0,0 0,0 0,0
Switzerland 1,40
United
m) States United France Kingdom
Denmark Netherlands Luxembourg
States

50 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 51
2 0,0 0,9 0,0 0,0 0,0 0,0 1,40 0,0 0,0
Biotechnology
United1 France Denmark Netherlands Luxembourg United Switzerland
States Kingdom
VENTURE CAPITAL SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
3 VENTURE CAPITAL SPAIN

2
Cross-border deals of 2015 0 Cross-border deals of 2015
Marketing and Advertising
0
Subsectors most targeted by foreign Venture Capital - Spain-based vs. Foreign Investments
0
Venture Capital funds in Spain

NUMBER OF INVESTMENTS
11

Technology
12
16%
8
FOREIGN 84%
6
SPANISH
NUMBER OF ACQUISITIONS
8
9
Internet
6
10

13
4
10
2
Biotechnology 7 7
1 5 TOTAL VALUE (EURm)
4 4 4 4
3 3 3 3 3 3
2 2 2 2 2
1 1 1 1
0 0 0 0 0 0 0 0 0
2 United United France Germany Switzerland Japan Portugal Denmark
States Kingdom
0 291,64
Marketing and Advertising
0
2015
0 2014 195,93
2013
2012

TOTAL VALUE (EURm)

FOREIGN SPANISH
121,1

95,5

60,6
42,3 36,60 22,2
NUMBER OF ACQUISITIONS 33,6 29,8 31,0 30,4 31,0
11,0 4,60 18,8 20,9 1,6
10,4 4,5 4,1
0,0 0,9 0,0 0,0 0,0 0,0 1,40 0,0 0,0
United France Denmark Netherlands
Luxembourg United Switzerland
States Kingdom
52 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 53
SECTORS
&
SUBSECTORS

Spain

In the total of all deal values we have taken into account M&A, Private Equity and Venture Capital transactions.
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN

Most active subsectors in 2015 Most active subsectors in 2015

NUMBER OF DEALS
TOTAL VALUE (EURm)

Technology 212 Financial and Insurance 7.741,04

Internet 148 Real Estate 5.847,08

Financial and Insurance 95 Oil and Gas 5.453,85

Real Estate 94 Telecoms 4.612,67

Food Industry 89 Wind Energy 4.548,29

Consultancy, Audit and Engineering 73 Electric Energy 4.085,67

Steel, Metallurgy and Transports, Aviation and


64 3.734,70
Industrial Production Logistics
Steel, Metallurgy and 2.958,94
Distribution and Retail 54 Industrial Production
Healthcare, Hygiene, Solar Energy 2.899,65
52
Medical Aesthetics and Cosmetics

Tourism, Hotels and Restaurants 51 Roads and Highways 2.455,66

Transports, Aviation and Logistics 49 Food Industry 1.619,85

Telecoms 37 Distribution and Retail 1.289,60

Wind Energy Fashion and Textile 1.113,58


37

Sports and Leisure 37 Ports 979,44

56 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 57
Spanish
Smaller Market TOTAL
acquisitions
(< EUR 100m) 19 13
abroad
Private Equity
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 Foreign 2016
M&A HANDBOOK

19
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market Wind Energy
Energy and Renewable Energies Distressed
( EUR 100m)
Private Equity
Elica Total number of transactions
Venture Capital
Total number of transactions by subsector in 2015
Spanish Foreign
Private Equity
NMERO DE TRANSACCIONES POR SUBSECTOR acquisitions
Smaller Market
acquisitions Venture Capital
abroad in15Spain COMPLETED
Big Ticket
(< EUR 100m)
12
( EUR 500m)
9 Venture Capital CANCELLED
Foreign
6 acquisitions
3 in Spain
Distressed 0
Mid Market 0 Capital
Venture Foreign
Spanish acquisitions
( EUR 100m)
Wind Energy 37 acquisitions in Spain
abroad Foreign
acquisitions TOTAL
in Spain 37
Solar Energy 30 Smaller Market Spanish
(< EUR 100m) acquisitions 37
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain
Electric Energy 20 acquisitions
abroad
Spanish
Mid Market Largestacquisitions
transactions
( EUR 100m) Distressed
abroad
Oil and Gas 19 Smaller Market Value
Target Buyer Seller
(< EUR 100m) (EURm)
Spanish Distressed
acquisitions PTRW Renewable Bid
Magnum Capital,
1 Iberwind abroad (Cheung Kong Infrastructure Holdings, 1.000,00
Hydraulic 4 Power Assets Holdings Limited)
Private Shareholders
Distressed
Smaller Market
Big Ticket Renaleto Servicios y Gestiones 1.000,00
2 Renovalia Energy (< EUR 100m) Private Shareholders
( EUR 500m) Mid(Cerberus
Market Capital Management) (Approx.)
Geothermal 3 3 Finerge
( EUR
First 100m)
State Wind Energy
SmallerInvestments
Market Enel Green Power
900,00
Distressed (First State)
(< EUR 100m) Spain

Smaller Market
Mid Market
Biomass 2 Financial Advisors (< EUR 100m)Legal
( EUR 100m)
Advisors
1 BBVA Corporate Finance 1 Linklaters Portugal
1 Haitong Bank Portugal Big Ticket 2 Watson Farley & Williams Spain
Mid Market
1 Caixa BI Smaller Market
( EUR 500m) 2 Bird
( EUR& Bird Spain
100m)
Nuclear 0 1 Millennium BCP (< EUR 100m) 3 Cuatrecasas, Gonalves Pereira Spain
1 BNP Paribas Corporate & Investment Banking 3 MidCuatrecasas,
Market Gonalves Pereira Portugal
2 KPMG Spain 3 EUR Vieira de Almeida
( 100m)
3 Barclays Portugal 3 AAA
BigAdvogados
Ticket
Biofuel 0
3 Santander Global Banking & Markets Spain ( EUR 500m)
Due Diligence
Mid Market
( EUR 100m) 1 FosunBig Ticket
Group
1 ( EUR 500m)
Morgan Stanley
Big Ticket
Private Equity / Venture Capital funds(investing
EUR 500m)in subsector in 2015

Private Equity/Venture Capital Country Number of acquisitions


Cerberus Capital Management Big Ticket United States 7
Vestigo Capital ( EUR 500m) United Kingdom 1
HG Capital United Kingdom 1

58 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 59
Spanish
Smaller Market Spanish
Smaller Market
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m)
abroad abroad
Private Equity TOTAL Private Equity
SECTORSForeign
AND SUBSECTORS SPAIN 20 132016
M&A HANDBOOK Foreign
M&A HANDBOOK
2016 SECTORS AND SUBSECTORS SPAIN
acquisitions acquisitions
in Spain Venture Capital Private Equity in Spain Venture Capital Private Equity
20
Mid Market Solar Energy Mid Market Electric Energy
Distressed
( EUR 100m) Distressed
( EUR 100m)
Private Equity Private Equity
Total number of transactions Total number of transactions
Solar Venture Capital Venture Capital

Spanish Foreign
Elctrica
Spanish Foreign
acquisitions Private Equity
acquisitions acquisitions Private Equity
acquisitions
Smaller Market Venture Capital Smaller abroad
Market Venture Capital
abroad 15in Spain COMPLETED 10
in Spain COMPLETED
Big Ticket
(< EUR 100m) (< EUR 100m)Big Ticket
12 8
( EUR 500m) ( EUR 500m)
Venture Capital CANCELLED 6 Venture Capital CANCELLED
9
Foreign Foreign
6 acquisitions 4 acquisitions
3 in Spain 2 in Spain 0
Distressed Distressed
Mid Market Venture
0 Capital Foreign Mid Market 0
Venture Capital Foreign
Spanish Spanish
( EUR 100m) acquisitions
acquisitions 1 ( EUR 100m) acquisitions
acquisitions
in Spain in Spain
abroad Foreign abroad Foreign
acquisitions TOTAL acquisitions TOTAL
in Spain 31 13 in Spain 20 13
Smaller Market Spanish Smaller Market Spanish
(< EUR 100m) acquisitions 30 (< EUR 100m) acquisitions 20
Foreign abroad Foreign abroad
Big Ticket Distressed
acquisitions Big Ticket Distressed
acquisitions
( EUR 500m) Spanish ( EUR 500m) Spanish
in Spain acquisitions in Spain acquisitions
abroad abroad
Spanish Solar LargestSpanish
transactions
Mid Market Largest transactions
acquisitions Mid Market acquisitions
( EUR 100m) Distressed
abroad ( EUR 100m) Distressed
abroad
Petrleo y Gas Target Smaller Market Buyer Seller
Value Target Smaller
15
Market Buyer Seller
Value
(< EUR 100m) (EURm) (< EUR 100m) (EURm)
Spanish Distressed Spanish
12 Distressed
Green Merger Sub 2.747,83
acquisitions Renaleto Servicios y Gestiones 1.000,00 1 acquisitions
UIL Holdings Corporation -
1 Renovalia Energy
abroad Private Shareholders abroad9 (Iberdrola) (Approx.)
(Cerberus Capital Management) (Approx.) Wren House Infrastructure
8 Distressed 2 Global Power Generation 6 Distressed - 550,00
Smaller Market (Kuwait Investment Smaller
Authority)Market
Big Ticket 6 (< EUR 100m) 735,97 Big Ticket
Wind Energy Transmission
3 (< EUR 100m)
2 ( EURX Solar
500m) Mid Market KKR Corporacin Gestamp 3 ( EUR 500m) 0 MidPSP
Market
Investments Isolux Infrastructure 201,91
(Approx.) Texas (WETT)
4 ( EUR 100m)
Smaller Market
( EUR 100m)
Smaller Market
1
Solnova I, Distressed
2 (< EUR 100m) Distressed (< EUR 100m)
3 Solnova III, Atlantica Yield Abengoa 0 614,00 TOTAL
Solnova IV 0 Smaller Market Smaller Market 31 13
Mid Market
(< EUR 100m) Mid Market
(< EUR 100m)
( EUR 100m) Financial Advisors ( EUR 100m)
Legal Advisors
30
TOTAL 1 Morgan Stanley 1 Sullivan & Cromwell US
Big Ticket Mid Market Big Ticket Mid Market
Financial Advisors Smaller Market( EUR 500m) ( Legal Advisors
EUR 100m) 19 13 1 Lazard Smaller Market
( EUR 500m)
1 Wiggin and Dana
1 KPMG Spain 1 ( EUR 100m)
Garrigues Spain
(< EUR 100m) (< EUR 100m)
1 2 KPMG Spain 1 Watson Farley & Williams Spain 2 White & Case Spain
2 Bank of America Merrill Lynch
Mid Market
Bird & Bird Spain
19 Mid Market
3 Linklaters UK
(1 EUR 100m) (3 EUR 100m)
Ura Ura Menndez Spain
2 BigMenndez
Ticket Spain Big Ticket
2 ( EUR 500m) ( EUR 500m)
Simpson Thacher & Bartlett US Petrleo y Gas
Mid Market Mid Market
( EUR 100m) Big Ticket ( EUR 100m) Big Ticket
Elica ( EUR 500m) ( EUR 500m)

Big Ticket 8 Big Ticket


( EUR 500m) Private Equity / Venture Capital funds(investing
EUR 500m)in subsector in 2015
Private Equity / Venture Capital funds investing in subsector in 2015 6

15 Private Equity/Venture Capital


4 Country Number of acquisitions
Private Equity/Venture Capital Country Number of acquisitions
12 Big Ticket Suma Capital Spain 1
Cerberus Capital Management United States 1 2 Big Ticket
(
9 EUR 500m) EIG Global Energy Partners( EUR 500m) United States 1 0
KKR United States 1 0
6
Sodicaman Spain 1
3
0
0 TOTAL
19 13
60 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 61
TOTAL 19
37
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad 30
Private Equity
SECTORSForeign
AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market Oil and Gas
Distressed
( EUR 100m)
Private Equity Industry
Petrleo y Gas Total number of transactions NMERO DE TRANSACCIONES POR SUBSECTOR
Venture Capital
Total number of transactions by subsector in 2015
Spanish Foreign
acquisitions Private Equity
acquisitions
Smaller abroad
Market Venture Capital
in 8Spain COMPLETED
Big Ticket
(< EUR 100m)
( EUR 500m) 6
Venture Capital CANCELLED
4 Foreign
acquisitions
2
in Spain 0
Distressed
Mid Market 0
Venture Capital Foreign
Spanish
( EUR 100m) acquisitions
acquisitions Food Industry 89
in Spain
abroad Foreign
acquisitions TOTAL Steel, Metallurgy and
in Spain 19 13 Industrial Production 64
Smaller Market Spanish
(< EUR 100m) acquisitions 19 Glass, Ceramic, Paper, Plastics,
33
Foreign abroad Wood and Timber
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain acquisitions Pharmaceutical,
abroad Parapharmaceutical and Cosmetics
27
Spanish
Largest transactions
Elica Mid Market acquisitions
( EUR 100m) Distressed
abroad Fashion and Textile 20
Smaller Market Value
Target Buyer Seller
(< EUR 100m) (EURm)
Spanish
UIL Holdings acquisitions
Distressed
2.747,83 Chemical and Chemical Materials 17
1 Green Merger Sub (Iberdrola) -
Corporation abroad 15 (Approx.)
12 Distressed
2
Smaller Market
Morgan Stanley Infrastructure
2.014,00 Other Consumer Goods 16
MadrileaBig
Red Ticket
de Gas 9
PGGM, (< EUR 100m) (Morgan Stanley),
Gingko Tree, EDF Invest
Mid Market (Approx.)
( EUR 500m) 6 Private Shareholders
( EUR 100m) Automotive and
3 Compaa Logstica de 3 Marthilores Smaller Market
Repsol 0 325,00 Recreational Vehicles 12
Hidrocarburos (CLH) Distressed (Ardian) (< EUR 100m)
0
Smaller Market
Mid Market
(< EUR 100m) Shipbuilding 4
Financial Advisors Legal
( EUR Advisors
100m)
TOTAL
1 Morgan Stanley
Big Ticket
1 Sullivan & Cromwell US
Mid Market
37 Aerospace and Aeronautical 4
1 Lazard Smaller Market
( EUR 500m) 1
(Wiggin and Dana
EUR 100m)
1 2 KPMG Spain (< EUR 100m) 1 Garrigues Spain 37
2 Citigroup 2 3MidClifford
Market
Chance Spain
Tabacco 0
( EUR 100m)
2 Evercore Spain 2 Clifford Chance UK
Big Ticket
3 BBVA Corporate Finance 2 ( Clifford
EUR 500m)Chance Netherlands
Mid Market 2 3 Ura Menndez Spain
( EUR 100m) Big Ticket
( EUR 500m)
Due Diligence
2 Big Ticket
KPMG Spain
2 ( EUR
PwC500m)
Spain

Private Equity / Venture


Big Capital
Ticket funds investing in subsector in 2015
( EUR 500m)
Private Equity/Venture Capital Country Number of acquisitions
Ardian France 1

62 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 63
Spanish
Smaller Market Spanish
Smaller Market 2
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m)
abroad Private Equity abroad Private Equity TOTAL
Foreign
SECTORSForeign
AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016

acquisitions 91 SPAIN
SECTORS AND SUBSECTORS
acquisitions
in Spain Venture Capital
in Spain Venture Capital Private Equity Private Equity 89
Mid Market Food Industry Mid Market
Steel, Metallurgy and Industrial Production
Distressed
( EUR 100m) Distressed
( EUR 100m)
Private Equity Private Equity
Total number of transactions Total number of transactions
Venture Capital Venture Capital
Metalrgica, Siderrgica y Produccin Industrial
Alimentaria
Spanish Foreign
Spanish Foreign
acquisitions Private Equity acquisitions acquisitions
Private Equity
acquisitions Venture Capital Venture Capital
Smaller abroad
Market 30
in Spain COMPLETED Smallerabroad
Market in Spain
20 COMPLETED
Big Ticket
(< EUR 100m) 25
Big Ticket
(< EUR 100m)
( EUR 500m) ( EUR 500m) 15
20 Venture Capital CANCELLED Venture Capital CANCELLED
15 Foreign 10 Foreign
acquisitions acquisitions
10
in Spain Distressed 5 in Spain 0
Distressed 5
Mid Market 0 Foreign Mid Market Spanish
0 Foreign
Venture
Spanish Capital Venture Capital
( EUR 100m) acquisitions 2 ( EUR 100m) acquisitions acquisitions
acquisitions in Spain abroad in Spain
abroad Foreign Foreign
TOTAL TOTAL
acquisitions acquisitions
in Spain 91 in Spain 64 13
Smaller Market Spanish Smaller Market Spanish
(< EUR 100m) acquisitions 89 (< EUR 100m) acquisitions 64
Foreign abroad Foreign
Distressed abroad
Big Ticket Distressed
acquisitions Big Ticket acquisitions
( EUR 500m) Spanish ( EUR 500m) Spanish
in Spain acquisitions in Spain acquisitions
Largest transactions
abroad abroad
LargestSpanish
transactions
Metalrgica, Siderrgica y Produccin Industrial
Mid Market acquisitions
Mid Market
Spanish
acquisitions Value
( EUR 100m) Distressed Value (Target
EUR 100m) Buyer Distressed Seller
(EURm)
Target abroad
Buyer Seller abroad
(EURm) Smaller Market
Smaller
20 Market Vidrio,
1
Cermica, Papel, Plsticos y Maderas
Ferroglobe
Globe(<Specialty
EUR 100m)Metals,
-
2.000,00
(< EUR 100m) 700,00 Ferroatlntica (Approx.)
1 Danone Spanish
Spain 15 Distressed Private Shareholders
Groupe Danone Spanish Distressed
acquisitions (Approx.) acquisitions Pegaso Transportation International
Grupo Multiasistencia,abroad10 Aguinaga,
Angulas 2 Talgo abroad
Private Shareholders (Trilantic Capital Partners), MCH Private 569,57
Distressed 350,00 12 Distressed Equity, Private Shareholders
2 GrupoUno CTC, Mediterrnea de Ctering, Smaller Market Portobello Capital
Harbourvest Smaller Market
BigFactory
5
TicketComaker, Festa (< EUR 100m) 0 (Approx.) Big Ticket 10
Ice Cream Mid (< EUR 100m)
( EUR 500m) Mid Market 3 ( EUR
Gonvarri 500m)
Elica Mitsui
8 & CoMarket Gonvarri Steel Industries 100,00
0 Smithfield Foods ( EUR 100m)
3 Sigma & WH Food Europe( EUR 100m) Alfa 317,95 6
Smaller (Shuanghui
Market International Holdings) Smaller Market
4
Financial Advisors Distressed Legal Advisors
Distressed (< EUR 100m) (< EUR 100m)
TOTAL 1 PwC Spain
2
1 Ura Menndez Spain
0
Legal Advisors Smaller Market
Virtual
Mid MarketData Room 64 13 0 Smaller Market
1 Mid Market
Latham & Watkins Spain
(< EUR 100m) (< EUR 100m)
2 King & Wood Mallesons Spain 2( EUR 100m)
Intralinks Spain ( EUR 100m)
Latham & Watkins US
2 Debevoise & Plimpton 64 1
Big Ticket 2 King & Wood Mallesons Spain TOTAL
2 3 Cuatrecasas, Gonalves Pereira Spain Big Ticket Mid Market Mid Market 13
Smaller Market
( EUR 500m) ( EUR 100m)
( EUR 500m)
Smaller Market 3 (Cuatrecasas, 33
EUR 100m)Gonalves Pereira Spain
3 Linklaters Spain
(< EUR 100m) (< EUR 100m) 3 Freshfields Bruckhaus Deringer Spain
Mid Market Mid Market 33
Private Equity / Venture Capital funds
( investing
EUR 100m) in subsector in 2015 ( EUR 100m)
Big Ticket Private Equity / Venture Capital funds investing
Big Ticketin subsector in 2015
Private Equity/Venture Capital ( EUR 500m)
Country Number of acquisitions ( EUR 500m)
Private Equity/Venture Capital Country Number of acquisitions
Vidrio, Cermica, Papel,MidPlsticos
Portobello Capital Market
y Maderas
Spain 2 Mid Market
Black Toro Capital United Kingdom 2
Harbourvest ( EUR 100m) United States Big Ticket 1 Miura Private Equity ( EUR 100m) Spain
Big Ticket
2
Metric Capital Partners
( EUR 500m)
United Kingdom 1
Farmacutico, Parafarmacia y Cosmtica
Springwater Capital
( EUR 500m)
Switzerland 2
Ekarpen Spain Big Ticket 1 Indes Capital Spain Big Ticket 2
12
( EUR 500m) Caixa Capital Risc Spain
( EUR 500m) 2
GPF Capital 10 Spain 1
Diana Capital Spain 1
Carlyle 8 United States 1 Suma Capital 15
Spain 1
6
Nazca Capital Spain 1 Mediterrnia Capital Spain 1
4 Big Ticket ProA Capital Big Ticket Spain 1
Realza Capital 2( EUR 500m) Spain 1 0 Portobello Capital
10 ( EUR 500m)
Spain 1
Mediterrnia Capital 0 Spain 1 Univen Capital Spain 1
Sodena Spain 1 Kereon Partners 5 Spain 1
0
Capital Criativo Portugal 1
TOTAL 0
33 13
64 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) TOTAL 65
33
27
Spanish Spanish 13
Smaller Market
acquisitions
Smaller Market
acquisitions
33
(< EUR 100m) 64 (< EUR 100m)
abroad Private Equity abroad
Private Equity 33
Foreign Foreign
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions acquisitions
in Spain Venture Capital
in Spain Venture Capital Private Equity Private Equity
Mid Market
Glass, Ceramic, Paper, Plastics, Wood and Timber MidPharmaceutical,
Market Parapharmaceutical and Cosmetics
Distressed
( EUR 100m) Distressed
( EUR 100m)
Private Equity Private Equity
Total number of transactions Farmacutico, Parafarmacia y Cosmtica
Total number of transactions
Vidrio, Cermica, Papel, Plsticos yVenture
Maderas
Capital Venture Capital

Spanish Spanish Foreign


Foreign
Private Equity acquisitions Private Equity
acquisitions
acquisitions acquisitions
Smallerabroad
Market Venture Capital Smallerabroad
Market in Spain
15 Venture Capital
12
in Spain COMPLETED COMPLETED
(< EUR 100m)Big Ticket 10 Big Ticket
(< EUR 100m)
( EUR 500m) 8 ( EUR 500m) 10
Venture Capital CANCELLED Venture Capital CANCELLED
6 Foreign Foreign
4 acquisitions 5 acquisitions
Distressed 2 in Spain 0 Distressed in Spain 0
Mid Market 0 Capital
Venture Foreign Mid Market Spanish
Venture
0 Capital Foreign
Spanish acquisitions acquisitions acquisitions
( EUR 100m) acquisitions ( EUR 100m)
in Spain abroad in Spain
abroad Foreign Foreign
TOTAL TOTAL
acquisitions 13 acquisitions 27
in Spain 33 in Spain
Smaller Market Spanish Smaller Market Spanish
(< EUR 100m) acquisitions 33 (< EUR 100m) acquisitions 27
Foreign abroad Foreign
Distressed abroad
Big Ticket acquisitions
Distressed Big Ticket acquisitions
( EUR 500m) in Spain Spanish ( EUR 500m) in Spain Spanish
acquisitions acquisitions
abroad Largest transactions
abroad
Spanish Spanish
Mid Market Largest transactions Mid Market
acquisitions acquisitions
Farmacutico, Parafarmacia y Cosmtica
( EUR 100m) Distressed
abroad
( EUR 100m)
Target Buyer Distressed Seller
abroad
Value

Smaller Market Value Moda y Textil Smaller Market (EURm)


Target Buyer Seller (< EUR 100m)
(< EUR 100m) (EURm) 1 Gadea Spanish
AMRI 3-Gutinever 174,00
Spanish
acquisitions Distressed acquisitions Distressed
190,00
1 Lantero Embalaje abroad DS Smith Laninver SCH abroad Ysios Capital Partners, AbbVie, BB Biotech Ventures,
15 (Approx.) 2 AM-Pharma 8
Pfizer Forbion Capital Partners, Idinvest Partners, Inventages, 87,50
Distressed
Smaller Market KurmaDistressed
Life Sciences
Smaller Partners, Gilde Healthcare, Shire
Market
2 PlsticosBig
Castell Nypro (Jabil)
10 Private Shareholders 100,00 Big Ticket 6
Ticket (< EUR 100m) Mid Market (< EUR 100m)
( EUR 500m) Mid Market 3 ( EUR
GES Group 500m) Altan Pharma Private Shareholders 87,50
4 ( EUR 100m)
Polibol ( EUR 100m)
5 Saica Sherpa Capital,
3 Smaller MarketPrivate Shareholders 40,00 Smaller Market
Distressed (< EUR 100m)
0 Distressed
2
(< EUR 100m) 0
0 Financial Advisors Legal Advisors
Financial Advisors Legal Advisors 0
Smaller Market 1 Barclays Bank Smaller1 Market
3 Gmez-Acebo & Pombo Spain
1 BNP Paribas Corporate & Investment Banking Spain (< EUR Mid
1 100m) Market
Baker & McKenzie Spain (< EUR Mid
100m) Market
( EUR 100m) 1 3 Deloitte Spain Goodwin
1 ( EUR 100m)Procter
1 KPMG Spain 1 Garrigues Spain TOTAL
1 3 Deloitte Abogados TOTAL
1 EY Spain 1 3 DLA Piper Spain 27 3 KPMG Spain Big Ticket 20
2 Deloitte Spain Big Ticket Mid MarketGonalves Pereira Spain ( EUR 500m)
Smaller Market 1 Mid Market
Garrigues Spain
Smaller Market 2 Cuatrecasas,
( EUR 500m)
3 PwC Spain (< EUR 100m) 3 (Ura
EUR 100m) Spain
Menndez 27 (< EUR 100m) 2 ( EUR 100m)
Ropes & Gray US
20
3 Arcano
Mid Market 2
MidDe Brauw Blackstone Westbroek
Market
( EURDue100m)Diligence (
2 EUR 100m)
Dechert
1 3 EYBig Ticket
Spain 2 Big Ticket
Clifford Chance Netherlands
2 ( EUR 500m)
Deloitte Spain ( EUR 500m)
Mid Market 3 KPMG Spain Mid Market
Private Equity / Venture Capital funds investing in subsector in 2015
( EUR 100m) Big Ticket ( EUR 100m) Big Ticket
Moda y Textil ( EUR 500m) Private Equity/Venture Capital Country ( EUR 500m) Number of acquisitions
Private Equity / Venture Capital funds investing in subsector in 2015 Automocin y Vehculos Recreacionales
Big Ticket Riverside United States
Big Ticket 1
Private Equity/Venture Capital ( EUR 500m)
Country Number of acquisitions Magnum Capital ( EUR 500m)
Spain 1
8
ProA Capital Spain 1
Espiga Capital Spain 2 Sunstone Capital Denmark 1
Ricari 6 Big Ticket Spain 1 Merck Serono Ventures 3 Big Ticket Germany 1
Miura Private Equity ( EUR 500m)
4
Spain 1 Ysios Capital Partners2,5( EUR 500m) Spain 1
2 Vasco
Gestin de Capital Riesgo del Country Spain 1
2 1,5
0 Sodena
1
Spain 1
0 21 Partners Italy 1
0,5 0

TOTAL
66 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 67
20 TOTAL
acquisitions
(< EUR 100m)
abroad
Private Equity 27
Foreign
acquisitions
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
in Spain Venture Capital Private Equity
Mid Market
Distressed
( EUR 100m)
Fashion and Textile
Private Equity
Infrastructure
NMERO DE TRANSACCIONES POR SUBSECTOR
Moda y Textil Total number ofVenture
transactions
Capital

Spanish Foreign Total number of transactions by subsector in 2015


acquisitions Private Equity
acquisitions
Smaller abroad
Market Venture Capital
in8 Spain COMPLETED
Big Ticket
(< EUR 100m)
( EUR 500m) 6
Venture Capital CANCELLED
4 Foreign
acquisitions
2 in Spain 0
Distressed
Mid Market Foreign
( EUR 100m)
Spanish
Venture
0 Capital
acquisitions acquisitions Roads and Highways 11
abroad in Spain
Foreign
acquisitions TOTAL
in Spain 20 Ports 3
Smaller Market Spanish
(< EUR 100m) acquisitions 20
Foreign abroad
Big Ticket Distressed
acquisitions Spanish Railroads 2
( EUR 500m) in Spain acquisitions
abroad
LargestSpanish
transactions
Mid Market acquisitions Airports 1
( EUR 100m) Distressed
abroad Value
Target Buyer Seller
Smaller Market (EURm)
Automocin y Vehculos Recreacionales
(< EUR 100m) M1 Group,
1 Spanish
Pepe Jeans
Dey Capital (Art Capital), Torreal,
Distressed L Capital Spain (L Capital)
730,00 Car Parks 1
acquisitions L Capital Asia (Approx.)
abroad
Grupo Multiasistencia, Angulas
Aguinaga, GrupoUno CTC, Distressed 350,00
2 3
Mediterrnea de Ctering, Smaller Market Portobello Capital
Harbourvest
(Approx.) Schools 0
Big Ticket 2,5 Festa (< EUR 100m)
Ice Cream Factory Comaker, Mid Market
( EUR 500m) 2 ( EUR 100m)
Grupo Tavex 20,00
3 Tavex Europe 1,5 Smaller Market
Aurelius
Distressed
1
(< EUR 100m) (Camargo Correa) (Approx.) Hospitals 0
Financial Advisors 0,5 Smaller MarketLegal Advisors 0
(< EUR Mid Market
1 100m)
1 Citigroup
1
Garrigues Spain
( EUR 100m)
Baker & McKenzie Spain
Bridges 0
1 Deloitte Spain
Big Ticket 2 King & Wood Mallesons Spain
1 Morgan Stanley Spain Mid Market
Debevoise & Plimpton TOTAL
( EUR 500m)
Smaller Market 2
(< EUR 100m) 2
(Cuatrecasas, 10
EUR 100m)Gonalves Pereira Spain
Social Housing 0
Virtual Data Room 3 MidGallego, Martos & Quadra-Salcedo
Market
2 Intralinks Spain (
3 EUR 100m)
Ura Menndez Spain
10
Big Ticket
Due Diligence ( EUR 500m) Prisons 0
1 Deloitte Spain Mid Market
1 EY Spain ( EUR 100m) Big Ticket
( EUR 500m)
Private Equity / Venture Capital funds investing
Big Ticketin subsector in 2015
( EUR 500m)
Private Equity/Venture Capital Country Number of acquisitions
M1 Group Lebanon 1
L Capital Asia Singapore 1
Big Ticket
Harbourvest United States 1
( EUR 500m)
Aurelius Germany 1
Praedium Spain 1
Tirant Spain 1
L Capital Spain Spain 1
Springwater Capital Switzerland 1

68 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 69
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad
Private Equity
Foreign
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market Roads and Highways
Distressed
( EUR 100m)
Private Equity Real Estate and Construction
Total number of transactions NMERO DE TRANSACCIONES POR SUBSECTOR
Venture Capital
Autopistas Total number of transactions by subsector in 2015
Spanish Foreign
acquisitions Private Equity
acquisitions
Smallerabroad
Market Venture Capital
in
4 Spain COMPLETED
Big Ticket
(< EUR 100m)
( EUR 500m) 3
Venture Capital CANCELLED
2 Foreign
acquisitions
1 in Spain
Distressed
Mid Market 0
Venture Capital Foreign
Spanish
( EUR 100m) acquisitions
acquisitions 1
in Spain
abroad Foreign
acquisitions TOTAL
in Spain 12 13
Smaller Market
(< EUR 100m)
Spanish
acquisitions 11 Real Estate 94
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain acquisitions
abroad
Spanish
Mid Market Largest transactions
acquisitions
( EUR 100m) Distressed
abroad
Smaller Market Value
Target Buyer Seller
(< EUR 100m) (EURm)
Spanish Distressed
Macquarie Infrastructure Partners
1
acquisitions
Chicago Skyway abroad
Calumet Concession
Partners
(Macquarie Group), Macquarie Atlas Roads 2.571,87 Construction,
(Macquarie Group), Cintra (Ferrovial)
Distressed
Smaller Market Materials and 14
Big Ticket Private Shareholders,
(< EUR 100m) 0 962,55
2 Abertis
( EUR 500m)
Private Shareholders
Mid Market Criteria Caixaholding, Trebol Holdings Machinery
( EUR 100m)
Concesionaria Mexiquense Smaller Market
3 DistressedIFM Investors (< EUR 100m) OHL Mxico 545,77
(Conmex)
TOTAL
Smaller Market 40 13
Mid Market
(< EUR 100m)
( EUR 100m)
Financial Advisors Legal Advisors 40
3 Santander Global Banking & Markets Spain
Big Ticket 3 Mijares, Angoitia, Corts y Fuentes
Mid Market
Smaller Market
( EUR 500m) (Milbank,
EUR 100m)
3 BBVA Bancomer 3 Tweed, Hadley & McCloy US
(< EUR 100m)
3 Evercore Partners 3 MidGonzlez
MarketCalvillo Abogados
( EUR 100m)
3 OHL
BigMxico
Ticket(In-house)
( EUR 500m)
Mid Market
( EUR 100m) Big Ticket
( EUR 500m)
Private Equity / Venture Capital funds investing in subsector in 2015
Big Ticket
Private Equity/Venture Capital Country
( EUR 500m) Number of acquisitions
Ardian France 1

Big Ticket
( EUR 500m) 0

TOTAL
40 13
70
40
TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 71
Spanish
Smaller Market Spanish
Smaller Market
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m)
abroad abroad
Private Equity Private Equity TOTAL
Foreign 2016 SECTORS AND SUBSECTORS 13
SECTORSForeign
AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK

acquisitions 95
SPAIN
acquisitions
Venture Capital Private Equity in Spain Venture Capital Private Equity
in Spain 94
Mid Market Real Estate Mid Market Construction, Materials and Machinery
Distressed
( EUR 100m) Distressed
( EUR 100m)
Private Equity Private Equity
Total number of transactions Total number of transactions
Venture Capital Venture Capital
Construccin
Spanish
Inmobiliario
Spanish Foreign
Private Equity acquisitions
Foreign
Private Equity
acquisitions acquisitions Venture Capital acquisitions Venture Capital
Smaller Market
abroad in Spain COMPLETED Smaller abroad
Market in8 Spain COMPLETED
40
Big Ticket
(< EUR 100m) Big Ticket
(< EUR 100m)
( EUR 500m) 30 ( EUR 500m) 6
Venture Capital CANCELLED Venture Capital CANCELLED
20 Foreign 4 Foreign
acquisitions acquisitions
in Spain 2 in Spain
Distressed
10
1 Distressed 0
Mid Market Venture Capital Foreign Mid Market Venture
0 Capital Foreign
Spanish
0
acquisitions Spanish acquisitions
( EUR 100m) acquisitions ( EUR 100m) acquisitions
in Spain in Spain
abroad Foreign abroad Foreign
acquisitions TOTAL acquisitions TOTAL
in Spain 95 13 in Spain 14
Spanish Smaller Market Spanish
Smaller Market
(< EUR 100m) Foreign
acquisitions 94 (< EUR 100m)
Foreign
acquisitions 14
abroad abroad
Big Ticket Distressed
acquisitions Big Ticket Distressed
acquisitions
( EUR 500m) Spanish ( EUR 500m) Spanish
in Spain acquisitions in Spain acquisitions
abroad abroad
Construccin LargestSpanish
transactions
acquisitions Mid Market
Spanish
Largestacquisitions
transactions
Mid Market
abroadDistressed ( EUR 100m) Distressed
abroad
( EUR 100m) Value
Target Smaller MarketBuyer Seller Smaller Market Value
8
(EURm) Target Buyer Seller
(< EUR 100m) (< EUR 100m) (EURm)
Spanish Distressed Spanish Distressed
6
acquisitions OPI - Organizacin deacquisitions
Proyectos
1 Testa Merlin Properties Sacyr 861,24 1 Industry Funds Management - IFM OHL Mxico 545,77
abroad de Infraestructura,abroad
Opcem
4
Distressed Distressed
Banco Santander, BBVA, Smaller Market Smaller Market Qatar Investment
2 2 Big Ticket
Metrovacesa
Big Ticket Banco Sabadell (< EUR 100m) - 0 751,00 2 Hochtief ACS(< EUR 100m)
Authority (QIA)
311,85
( EUR 500m) Mid Market ( EUR 500m) Mid Market
0
( EUR 100m) ( EUR 100m)
Banco Sabadell, Banco Popular,
3 Torre Espacio Emperador Group Smaller Market Grupo Villar Mir 558,00 Smaller Market
BBVA, Banco Santander, Bankia,
Distressed (< EUR 100m) Distressed (< EUR 100m) 89,07
3 GAM CaixaBank, Liberbank, Kutxabank, - 0 (Approx.)
TOTAL Abanca,Smaller
CatalunyaMarket
Banc,
Smaller Market
Mid
(< EUR 100m) Market 14 Hiscan Patrimonio Mid Market
(< EUR 100m)
Financial Advisors Legal Advisors
( EUR 100m) ( EUR 100m)
1 Deloitte Spain 1 14
Freshfields Bruckhaus Deringer Spain
Big Ticket 3 Allen
Mid&Market
Overy Spain Big Ticket Mid Market
TOTAL
Smaller Market
( EUR 500m) 3 ( EUR 100m) Financial Advisors Smaller Market
( EUR 500m) ( Legal Advisors
EUR 100m) 40 13
Cuatrecasas, Gonalves Pereira Spain
(< EUR 100m) (< EUR 100m)
Real Estate Advisors 1 BBVA Bancomer 1 Gonzlez Calvillo Abogados
Mid Market Mid Market 40
1 CBRE Spain ( EUR 100m) 1 Santander Global Banking & Markets Spain 1 EUR
( Milbank,
100m)Tweed, Hadley & McCloy US
3 Aguirre Newman Big Ticket 1 Evercore Partners 1 Big Ticket
Mijares, Angoitia, Corts y Fuentes
( EUR 500m) 1
( OHL
EURMxico
500m)(In-house)
Mid Market Mid Market 3 Cuatrecasas, Gonalves Pereira Spain
Private Equity / Venture
( EUR Capital
100m) funds investing in subsector in 2015
Big Ticket ( EUR 100m) Big Ticket
( EUR 500m) ( EUR 500m)
Private Equity/Venture Capital Country Number of acquisitions
Big Ticket Big Ticket
Blackstone United States 2
( EUR 500m) ( EUR 500m)
CPPIB - Canada Pension Plan Investment Board Canada 1
H.I.G. Capital United States 1
Sitka Capital Partners Big Ticket Spain 1 Big Ticket
Patron Capital Partners ( EUR 500m) United Kingdom 1 0 ( EUR 500m)

0
TOTAL
40 13
72 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 73
40 TOTAL
26
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad
Private Equity
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 Foreign
M&A HANDBOOK
2016 SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market
Agriculture, Agribusiness, Farming and Fishing
Natural Resources Distressed
( EUR 100m)
Private Equity
Total number of transactions
Venture Capital
Total number of transactions by subsector in 2015
NMERO DE TRANSACCIONES POR SUBSECTOR Agricultura,
Spanish Agronegocio,
Foreign
Ganadera y Pesca
acquisitions Private Equity
acquisitions
Smaller abroad
Market Venture Capital
in2 Spain COMPLETED
(< EUR 100m)Big Ticket
( EUR 500m)
Venture Capital CANCELLED
1 Foreign
acquisitions
Distressed in Spain 0
Mid Market Venture
0 Capital Foreign
Spanish acquisitions
( EUR 100m) acquisitions
Agriculture, Agribusiness, abroad
in Spain
Farming and Fishing 5 Foreign
acquisitions 5
in Spain
Smaller Market Spanish
(< EUR 100m) acquisitions 5
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain acquisitions
abroad
Spanish
Mid Market Top transactions
acquisitions
Mining 3 ( EUR 100m) Distressed
abroad
Smaller Market Value
Target Buyer Seller
(< EUR 100m) (EURm)
Spanish Distressed
1 Atlantic Meals acquisitionsGrupo Dacsa Private Shareholders ND
abroad
Distressed
Cajamar, Banco Popular,
2 Femago Smaller Market - ND
Big Ticket Targobank, Banco Sabadell(< EUR 100m) 0
( EUR 500m) Mid Market
3 Maamora Prim Planasa
( EUR 100m) Primor Fruit ND
Smaller Market
Forestry 1 Distressed (< EUR 100m)
TOTAL
Smaller Market
Mid Market 15 13
(< EUR 100m)
Financial Advisors ( EUR 100m)
Legal Advisors
15
2 Deloitte Spain Cuatrecasas,
Big Ticket 1 Mid MarketGonalves Pereira Portugal
Smaller Market
( EUR 500m) ( EUR 100m)
(< EUR 100m)
Mid Market
( EUR 100m)
Big Ticket
( EUR 500m)
Mid Market
( EUR 100m) Big Ticket
( EUR 500m)

Big Ticket
( EUR 500m)

Big Ticket
( EUR 500m) 0

TOTAL
40 13
74 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 75
40
acquisitions
(< EUR 100m)
abroad Private Equity
Foreign
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK
acquisitions 2016 SECTORS AND SUBSECTORS SPAIN
in Spain Venture Capital Private Equity
Mid Market
Distressed
( EUR 100m) Financial and Insurance
Services and Distribution Private Equity
Total number of transactions
Venture Capital

Total number of transactions by subsector inPOR


NMERO DE TRANSACCIONES 2015
SUBSECTOR Financiero
Spanish
y Seguros Foreign
Private Equity
acquisitions acquisitions Venture Capital
Smallerabroad
Market in Spain COMPLETED
(< EUR 100m)Big Ticket 40
( EUR 500m)
30 Venture Capital CANCELLED
Foreign
20 acquisitions
in Spain
Financial and Insurance 95 Distressed 10 2
Mid Market Venture Capital Foreign
Spanish
0 acquisitions
Consultancy, Audit and Engineering 73 ( EUR 100m) acquisitions in Spain
abroad Foreign
Distribution and Retail 54 acquisitions TOTAL
in Spain 97
Healthcare, Hygiene, Medical Aesthetics and Cosmetics 52 Spanish
Smaller Market
(< EUR 100m) Foreign
acquisitions 95
Tourism, Hotels and Restaurants 51 acquisitions
abroad
Big Ticket Distressed
Transports, Aviation and Logistics 49 Consultora, Auditoria e IngenieraSpanish
( EUR 500m) in Spain
acquisitions
Largest transactions
abroad
Sports and Leisure 37 Spanish
Mid Market acquisitions Value
Marketing and Advertising 33 Target Distressed
Buyer
abroad Seller
( EUR 100m) (EURm)
1 Smaller Market
TSB 25 Banco Sabadell Private Shareholders 2.381,62
Media, Multimedia and Editorial 26 Spanish(< EUR 100m)
2 20
acquisitions
China Citic Bank International Distressed
UBS London BBVA 1.593,42
Food and Beverage 18 abroad15
Socit Financire de Banque Santander Consumer Finance Banque PSA Finance (PSA
3 10
610,00
Other Services 11 (SOFIB) Distressed
(Banco Santander)
Smaller Market Peugeot Citron)
Big Ticket 5 (< EUR 100m) 2
Education 10 Financial Advisors Mid Market Legal Advisors
( EUR 500m) 0
1 ( EUR 100m) 1 Herbert Smith Freehills Spain
Rothschild Smaller Market
Inspection and Certification 10 1 Distressed Herbert
1 EUR Smith Freehills UK
Citigroup (< 100m)
1 2 Allen & Overy Spain
1 Goldman Sachs TOTAL
Waste Management, Pollution and Recycling 9 3 Deloitte Spain Linklaters Spain
Smaller2 Market 75
(< EUR Mid Market
Gmez-Acebo & Pombo Spain
3 100m)
Cars, Motorcycles and Other Vehicles 7 ( EUR 100m)
Corporate Broker 73
1 RBC Capital Markets Big Ticket
Water and Sanitation 6 Smaller Market Mid Market
(< EUR(100m)
EUR 500m) ( EUR 100m)
Security and Private Arms, Ammunition and Explosives 6 Private Equity / Venture Capital funds investing in subsector in 2015
Private Equity/ No. Mid Market
Private Equity/ No.
Country ( EUR 100m)Capital Country
Printing and Binding 5 Venture Capital acquisitions Venture
BigVenture
Ticket
acquisitions
Cabiedes & Partners Spain 3 51 United States 1
( EUR 500m)
Portobello Capital Spain 1
Funeral Services 3 Distribucin
Partech Ventures
Harbourvest y Retail
France
United States
2
Idinvest Partners France 1
Mid Market1
Oaktree Capital Management United States
( EUR 100m)1 Techstars United States 1
Event Production and Management 2 Equity International United States 1
Big Ticket
Tekton Ventures United States 1
BlackRock Private Equity ( EUR 500m)
ACE & Co Switzerland 1
United States 1
Luxury Goods and Services 2 Partners Sitka Capital Partners Spain 1
Altan Capital Spain
20 1 BigOnaTicket
Capital Spain 1
( EURSeaya500m)
Courier 1 CVC Capital Partners Luxembourg 1 Ventures Spain 1
Access Capital Partners 15
France 1 Idodi Venture Capital Spain 1
Santander Innoventures United Kingdom 1 Lanta Digital Ventures Spain 1
IDG Capital Partners 10
China 1 Springwater Capital Switzerland 1
Big Ticket
AME Cloud Ventures United States 1 Cerberus Capital Management United States 1
ChinaRock Capital Management
( EUR
United 5States
500m)1 0
SI Capital Spain 1
China Growth Capital China 1 Grupo ECOS Panama 1
Core Innovation Capital 0
United States 1 H.I.G. Capital United States 1
Route 66 Ventures United States 1 United
JZ International 1
RRE Ventures United States 1 Kingdom
Vast Ventures United States 1 Gala Capital Spain TOTAL 1
Apollo Global Management Spain 54 1

76 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com)
54 77
Spanish
Smaller Market 0 Spanish
Smaller Market
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m) 73
abroad abroad
Private Equity TOTAL Private Equity
Foreign
SECTORSForeign
AND SUBSECTORS SPAIN 97
M&A HANDBOOK 2016
M&A HANDBOOK 2016
acquisitions
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity in Spain Venture Capital Private Equity
95
Mid Market
Consultancy, Audit and Engineering Mid Market Distribution and Retail
Distressed
( EUR 100m) Distressed
( EUR 100m)
Consultora, Auditoria e IngenieraPrivate Equity Private Equity
Total number of transactions Distribucin y Retail Total number of transactions
Venture Capital Venture Capital

Spanish Foreign Spanish Foreign


Private Equity acquisitions Private Equity
acquisitions acquisitions Venture Capital acquisitions Venture Capital
Smaller abroad
Market in Spain
25 COMPLETED Smaller abroad
Market 20
in Spain COMPLETED
(< EUR 100m)Big Ticket Big Ticket
(< EUR 100m)
( EUR 500m) 20 ( EUR 500m) 15
Venture Capital CANCELLED Venture Capital CANCELLED
15
Foreign 10 Foreign
10 acquisitions acquisitions
in Spain 5 in Spain 0
Distressed 5 2 Distressed
Mid Market Venture
0 Capital Foreign Mid Market Venture
0 Capital Foreign
Spanish acquisitions Spanish acquisitions
( EUR 100m) acquisitions ( EUR 100m) acquisitions
in Spain in Spain
abroad Foreign abroad Foreign
TOTAL TOTAL
acquisitions acquisitions
in Spain 75 in Spain
54
Smaller Market Spanish Smaller Market Spanish
acquisitions 73 (< EUR 100m) acquisitions 54
(< EUR 100m) Foreign Foreign
abroad acquisitions abroad
Big Ticket acquisitions
Distressed Big Ticket Distressed
( EUR 500m) in Spain Spanish ( EUR 500m) in Spain Spanish
acquisitions acquisitions
Largest transactions
abroad abroad
LargestSpanish
transactions
Spanish
Mid Market acquisitions Mid Market acquisitions
Value
Target
( EUR 100m) BuyerDistressed
abroad Seller
(EURm) Transportes, Aviacin y Logstica
( EUR 100m)
Target Buyer abroad
Distressed
Seller
Value
Distribucin y Retail Smaller Market
Grupo Multiasistencia, Angulas
Smaller Market
(EURm)
Spanish (< EUR 100m) 1 El Corte Ingls Spanish (< EUR 100m)
Private Shareholders Private Shareholders 1.000,00
Aguinaga, GrupoUno CTC, Distressed 350,00 Distressed
1 acquisitions Harbourvest Portobello Capital acquisitions
Mediterrnea de Ctering, Ice Cream (Approx.)
abroad
Factory Comaker, Festa 2 Zara Vittorio 13 Italy abroad25 Inditex Private Shareholders
97,30
20 Distressed 20 Distressed
2 Lusort Smaller Market
Lone Star Algarvetur, Corporacin Btica 200,00 3 BEGASA Viesgo Smaller Market Gas Natural Fenosa 97,20
Big Ticket (< EUR 100m) Big Ticket 15 (< EUR 100m)
Servicios, 15
Transportes y John Laing
Mid Market ( EUR 500m) Mid Market
3 ( EUR 500m) Iridium (ACS) 110,00 10
Equipamientos Pblicos Dos ( EUR Infrastructure
100m) Fund Financial Advisors ( EUR 100m)
10 Smaller Market 5 SmallerLegal
Market Advisors
0
Distressed Distressed
(< EUR 100m) 1 Bank of America (<
1 EUR 100m)
King & Wood Mallesons Spain
Financial Advisors 5 Legal Advisors 0 1 EY Spain
0
1 Baker & McKenzie Spain
2 Santander Global Banking & Markets
0 Spain Smaller 1 Market
King & Wood Mallesons Spain 1 Morgan Stanley Spain Smaller Market
Mid MarketGonalves Pereira Spain 1 3 Mid
Linklaters
Market Spain
(< EUR1 100m)
Cuatrecasas, (< EUR 100m)
( EUR 100m) ( EUR 100m) TOTAL
Virtual Data Room 1 Debevoise & Plimpton
2 Garrigues Portugal TOTAL 52
1 Intralinks Spain Big Ticket Mid Market Big Ticket
Smaller Market Mid Market
Smaller Market
( EUR 500m) 54 Due Diligence
(< EUR(100m)
EUR 500m) 52
2 ( Garrigues
EUR Spain
100m) ( EUR 100m)
(< EUR 100m) 11 EY Spain
Public Relations 2 Ura Menndez - Proena de Carvalho
3 Mid Market
Clifford Chance Spain
54 Mid Market
2 Llorente & Cuenca (3 EUR 100m) ( EUR 100m)
Ashurst Spain
Big Ticket Big Ticket
( EUR 500m)
Private Equity / Venture Capital funds investing in subsector in 2015 Turismo, Hostelera
Private Equity y Capital
/ Venture Restauracin ( EUR 500m)
funds investing in subsector in 2015
Mid Market Mid Market
( EUR 100m)
Private Equity/Venture Capital Country Big Ticket Number of acquisitions Private Equity/ ( EUR 100m)
No. PrivateBig Ticket
Equity/ No.
( EUR 500m) Country ( EURCapital
500m) Country
Transportes, Aviacin y Logstica
CVC Capital Partners Luxembourg 2 Venture Capital acquisitions Venture acquisitions
Harbourvest United States
Big Ticket 1 Abac Capital Spain 1 BigP101
Ticket Italy 1
Lone Star United(States
EUR 500m) 1 Metric Capital United ( EURSodena
500m) Spain 1
1
Partners Kingdom Big Sur Ventures Spain 1
MBO Partenaires France 1 20
Tirant Spain 1 Suma Capital Spain 1
BStartup 10 25 Spain 1 Caixa Capital Risc Spain 15 Big Ticket
1 Strathspey Crown United States 1
LIV Capital 20
Big Ticket Mexico 1
( EUR 500m) Nova Founders Hong Kong ( EUR 500m)
1 Portobello Capital Spain 1
Corpfin Capital 15 Spain 1 Cabiedes & Partners Spain 10 1 Corpfin Capital Spain 1
Springwater Capital 10 Switzerland 1 Samaipata Ventures Spain 5 1 Art Capital Spain 1
Alter Capital Desarrollo Spain 1 0
5 0
Espiga Capital Spain 1
0 2

TOTAL
78 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 79
TOTAL 53
52
acquisitions
(< EUR 100m) acquisitions
(< EUR 100m)
abroad abroad 52
Private Equity 54 Private Equity
Foreign Foreign
acquisitions acquisitions2016
SECTORS AND SUBSECTORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK
SECTORS AND SUBSECTORS SPAIN
in Spain Venture Capital in Spain
Private Equity Venture Capital Private Equity

Distressed
Mid Market
Distressed
Turismo, Hostelera y Restauracin
Mid Market
( EUR 100m) ( EUR 100m)
Healthcare, Hygiene, Medical Aesthetics
Private Equity and Cosmetics Tourism, Hotels Private
and Restaurants
Equity
Transportes, Aviacin y Logstica
Total number of Venture
transactions
Capital Total number ofVenture
transactions
Capital
Spanish Spanish
acquisitions Foreign
Private Equity Foreign
acquisitions acquisitions Private Equity
acquisitions
Smallerabroad
Market 25 Venture Capital Smallerabroad
Market Venture Capital
in Spain COMPLETED in Spain
20 COMPLETED
(< EUR 100m)Big Ticket 20 Big Ticket
(< EUR 100m)
( EUR 500m) ( EUR 500m) 15
15 Venture Capital CANCELLED Venture Capital CANCELLED
Foreign 10 Foreign
10
acquisitions acquisitions
Distressed 5 in Spain 0 5 in Spain
Distressed
Mid Market Venture
0 Capital Foreign Mid Market 0 Foreign
Spanish Venture
Spanish Capital
( EUR 100m) acquisitions
acquisitions ( EUR 100m) acquisitions
acquisitions 2
in Spain in Spain
abroad Foreign abroad Foreign
TOTAL TOTAL
acquisitions acquisitions
in Spain
52 in Spain 53
Smaller Market Spanish Smaller Market Spanish
(< EUR 100m) acquisitions 52 (< EUR 100m) acquisitions 51
Foreign Foreign
abroad abroad
Big Ticket acquisitions
Distressed Big Ticket Distressed
acquisitions
( EUR 500m) in Spain Spanish ( EUR 500m) Spanish
acquisitions in Spain acquisitions
Turismo, Hostelera y Restauracin LargestSpanish
abroad
transactions
abroad
LargestSpanish
transactions
Mid Market acquisitions Mid Market acquisitions
( EUR 100m) Distressed
abroad ( EUR 100m) Distressed Value
Target Buyer Seller Value (EURm) Target abroad
Buyer Seller
(EURm)
Smaller Market
(< EUR 100m)
Salud, Higiene y Esttica Smaller Market
Grupo Multiasistencia, Angulas
(< EUR 100m)
1 Grupo GeriatrosSpanish PAI Partners Magnum Capital 300 ,00 (Approx.) Spanish
Distressed Aguinaga, GrupoUno CTC, Distressed 350,00
2 Clnica Eugin acquisitions NMC Health ProA Capital 143,00 1 acquisitions
Mediterrnea de Ctering, Ice Cream
Harbourvest Portobello Capital
(Approx.)
abroad abroad
3 VItaly Plus 20 Portobello Capital Private Shareholders 100,00 (Approx.) Factory Comaker, Festa
Distressed Distressed
Smaller Market Barcel Hotels Canarias, Poblados
15 de Smaller
BAY Market
FinancialBig Ticket
Advisors 15
(< EURLegal100m)Advisors 2 Big Vacaciones
Ticket (< EUR 100m) Grupo Barcel 230,00
( EUR 500m) Hispania Activos Inmobiliarios
10 Mid Market ( EUR 500m) Mid Market
1 Socios Financieros 1 3 DLA Piper Spain 10 ( EUR 100m)Maldonado Directorship Landis Inversiones,
( EUR 100m)
2 HSBC 5
Smaller
1 Market
Herbert Smith Freehills Spain 3 Hotel Ritz Madrid Smaller
(Mandarin OrientalMarket
y Belmond Spain 130,00
Distressed 2 (< EUR
Allen100m)
& Overy Spain Distressed (<Group)
EUR 100m)
2 Evercore Partners 5 The Olayan (Belmond)
0 2 PwC Tax & Legal Spain
2 PwC Spain Smaller 2 Market
Linklaters Spain 2 Smaller Market
2 Rothschild Spain (< EUR
3 Mid Market
100m)
Ramn y Cajal 0 Mid Market
(< EUR 100m)
( EUR 100m) Financial Advisors Legal
( EUR Advisors
100m) 2
Due Diligence TOTAL
2 PwC Spain 1 King & Wood Mallesons Spain
Big Ticket 1 Mid Thornton
Grant Market Spain 53 Big Ticket Mid MarketGonalves Pereira TOTAL
1 2 Cuatrecasas, Spain
Smaller Market Smaller Market
( EUR 500m) 2 (PwC
EUR 100m)
Spain ( EUR 500m) 1 (Debevoise
EUR 100m) & Plimpton 51
(< EUR 100m) 51 Virtual Data Room (< EUR 100m) 2 Freshfields Bruckhaus Deringer Spain
Mid Market 1 3 MidDLA
Market
Piper Spain 49
Intralinks Spain
Private Equity / Venture Capital funds( investing
EUR 100m) in subsector in 2015 (
3 EUR 100m)
Ura Menndez Spain
Big Ticket Big Ticket
Private Equity/Venture Capital Country
( EUR 500m) Number of acquisitions (Due
EURDiligence
500m)
Real Estate Advisors
Portobello Capital Mid Market Spain 6
Magnum Capital ( EUR 100m) Spain Big Ticket 2 3 Deporte y Ocio
JLL Spain Mid Market 3 PwC Spain
Big Ticket
( EUR 100m)
H.I.G. Capital United States
( EUR 500m) 2 ( EUR 500m)
Salud, Higiene y Esttica
Alter Capital Desarrollo Spain 2 20
PAI Partnet FranceBig Ticket 1 Big Ticketin subsector in 2015
Private Equity / Venture Capital funds investing
Inveravante ( EUR 500m)
Spain 1 15 ( EUR 500m)
Rothenberg Ventures United States 1 Private Equity/Venture Capital Country Number of acquisitions
10
Cabiedes & Partners Spain 1 Springwater Capital Switzerland 2
Faraday Venture Partners
15 Big Ticket Spain 1
Nazca Capital 5 Big Ticket Spain 2
( EUR 500m) Harbourvest ( EUR 500m) United States 1
Wayra Spain 1 Wayra 0 Spain 14
10
Auctus Capital Partners Germany 1 Socialatom Ventures United States 1
CVC Capital Partners Luxembourg 1 PROMECAP Mexico 1
5
Portobello Capital Spain 1TOTAL
41
0
2 37
80 TOTAL
TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 81
51
abroad Spanish
Smaller Market
Private Equity acquisitions
(< EUR 100m) 0
Foreign abroad
Private Equity 2
acquisitions
SECTORS
in AND
SpainSUBSECTORS SPAIN
Venture Capital M&A HANDBOOK 2016 M&A HANDBOOK
Foreign 2016 SECTORS AND SUBSECTORS SPAIN
Private Equity
acquisitions TOTAL
Mid Market in Spain Venture Capital Private Equity 51
Distressed
( EUR 100m)
Private Equity Mid Market
Transports,
Salud, Higiene y Esttica Aviation and Logistics Distressed
( EUR 100m)
Sports and Leisure 49
Private Equity
Venture Capital Total number of transactions
Total number of transactions
Spanish Foreign Venture Capital
Private Equity
acquisitions
Smallerabroad
Market
acquisitions Venture Capital Deporte y Ocio
Spanish Foreign
in Spain
15 COMPLETED Private Equity
(< EUR 100m)Big Ticket acquisitions acquisitions Venture Capital
( EUR 500m) Smallerabroad
Market in Spain COMPLETED
Venture Capital (< EUR 100m)Big Ticket 20
10 CANCELLED
Foreign ( EUR 500m) 15 Venture Capital CANCELLED
5 acquisitions
in Spain Foreign
Distressed 10
acquisitions
Mid Market Venture
0 Capital Foreign in Spain
Spanish 5
( EUR 100m) acquisitions
acquisitions 2 Distressed
Foreign
in Spain Mid Market Venture
Spanish Capital
0
abroad Foreign ( EUR 100m) acquisitions
acquisitions 4
acquisitions TOTAL in Spain
abroad
in Spain 51 Foreign
TOTAL
Smaller Market Spanish acquisitions
(< EUR 100m) acquisitions 49 in Spain 41
Foreign abroad Smaller Market Spanish
Big Ticket Distressed
acquisitions (< EUR 100m) acquisitions 37
( EUR 500m) Spanish Foreign abroad
in Spain acquisitions Big Ticket Distressed
acquisitions
Largest transactions Spanish
Deporte y Ocio abroad
Spanish
( EUR 500m) in Spain acquisitions
Mid Market acquisitions Value
Largest transactions
abroad
Target Distressed Seller Spanish
( EUR 100m) 20Buyer abroad (EURm) Marketing y Publicidad
Mid Market acquisitions Value
Smaller Market Target Buyer Distressed
abroad Seller
15
(< EUR 100m)
Private Shareholders, ( EUR 100m) (EURm)
AERL
Spanish Holding 1.400,00
1 Aer Lingus Government of Ireland, Ryanair,
Distressed Smaller Market
(IAG -acquisitions
International
10 Airlines Group) (Approx.) Meriton
Goodbody Stockbrokers 1 Valencia Club de Ftbol (< EUR Holdings,
100m) - 100,19
abroad Spanish
Private Shareholders Distressed
Grup Martim APM
5 Terminals acquisitions
2 Prez y Ca, Private Shareholders
Distressed 911,30
TCB (Maersk Group) Smaller Market 2 abroad12
0 Atltico de Madrid Dalian Wanda Group - 44,50
3
Big Ticket
Navitaire Amadeus
(< EUR 100m)
Accenture
4 767,50 10 Distressed
( EUR 500m) Mid Market Smaller Market
( EUR 100m) 3 ArturoBig
SoriaTicket
Plaza 8
Merlin Properties (< EUR 100m) Obraser 34,80
Financial Advisors Smaller Market
Legal Advisors TOTAL ( EUR 500m) Mid Market
6
1 Goldman Sachs
Distressed
2
(< EUR 100m)
GTA Villamagna Abogados
41 4
( EUR 100m)
Smaller Market
Smaller
2 Market
Distressed
2 (< EUR 100m)
1 Deutsche Bank
(< EUR
Garrigues Spain
Mid Market
100m)
37 Financial Advisors
0
Legal Advisors
& Wood Mallesons Spain 1
2
1 Goodbody Stockbrokers (Deloitte Abogados
EUR 100m) 2 PwC Spain Smaller Market
1 King
2 BNP Paribas Corporate & Investment Banking Spain 2 Garrigues Colombia (< EUR 100m)Mid Market
(2 EUR 100m) Gonalves Pereira Spain
Cuatrecasas,
3 Bank of America Merrill Lynch Big Ticket 2 Garrigues Mexico
Mid Market TOTAL
Smaller Market
( EUR 500m) ( EUR 100m)
(< EUR 100m)
2 Garrigues Portugal Big Ticket Mid Market 34
Marketing y Publicidad
Corporate Broker 3 Freshfields Bruckhaus Deringer Spain
Mid Market
Smaller Market
( EUR 500m) Due
( EUR Diligence
100m)
1 Investec Bank 3
( EURFreshfields
100m)Bruckhaus Deringer Belgium
(< EUR 100m)
2 EY Spain
33
3 Freshfields Bruckhaus Deringer US Mid Market
Big Ticket
( EUR 100m)
3 (Cuatrecasas,
EUR 500m) Gonalves Pereira Spain
3
Private Equity / Venture Capital funds investing in subsector in 2015
Big Ticket
Mid Market Kirkland & Ellis US ( EUR 500m)
12( EUR 100m)
Big Ticket Alimentacin y Bebidas
( EUR 500m) Private Equity/Venture Capital
Mid Market Country Number of acquisitions
Private Equity / Venture Capital funds investing
10 in subsector in 2015 Big Ticket
8 Sitka Capital Partners ( EUR 100m) Spain ( EUR 500m) 2
Big Ticket 5
Private Equity/Venture6 Capital Country Number of acquisitions Inveready Capital Spain 1
( EUR 500m)
ProA Capital 4 Spain 2 4 Big Ticket
Creas Fondo Social Spain
( EUR 500m) 1
Fides Capital 2 Spain 1 3
HR Ventures 0 Germany 1 Fito Investors Spain 1
2
Nazca Capital Big Ticket Spain 11 Media Digital Ventures Spain Spain 1
Mediterrnia Capital( EUR 500m) Spain 1 InverCLM Implsate
1
Big Ticket Spain 1 0
Tuninvest Tunisia 1 ( EUR 500m)
TOTAL Espiga Capital Spain 1
InfraVia Capital Partners France 1
Portobello Capital Spain 134 Torreal Spain 1
Springwater Capital Switzerland 1
Fremont Group United States 133 TOTAL
16

82 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com)
16 83
Alimentacin y Bebidas
abroad
Private Equity 37
Foreign
acquisitions
SECTORS AND SUBSECTORS Venture
in Spain SPAIN Capital M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN
Private Equity
Mid Market
Distressed
Marketing y Publicidad
( EUR 100m)
Private Equity
Marketing and Advertising
Technology and Telecoms
Total number ofVenture Capital
transactions
Spanish Foreign
acquisitions Private Equity
acquisitions
Total number of transactions by subsector in 2015
Smallerabroad
Market Venture Capital NMERO DE TRANSACCIONES POR SUBSECTOR
in Spain
12 COMPLETED
(< EUR 100m)Big Ticket
10
( EUR 500m)
8 Venture Capital CANCELLED
6 Foreign
4 acquisitions
in Spain
Distressed 2
Mid Market Venture
0 Capital Foreign
Spanish acquisitions 1
( EUR 100m) acquisitions in Spain
abroad Foreign
acquisitions TOTAL
34 Technology 212
in Spain
Smaller Market Spanish
(< EUR 100m) acquisitions 33
Foreign abroad
Big Ticket Distressed
acquisitions
( EUR 500m) Spanish
in Spain
acquisitions
Largest transactions
abroad Internet 148
Alimentacin y Bebidas Spanish
Mid Market acquisitions Value
Target
( EUR 100m) Buyer abroadDistressed Seller
(EURm)
5
Smaller Market
(<4 EUR Banco Santander, Liberty Seguros Spain
1 Konecta Spanish PAI100m)
Partners 130,00
(Liberty Mututal), Private Shareholders
Distressed
OUTFRONT Media (Chile,
acquisitions
3 Telecoms 37
abroad
2 Uruguay, Argentina, Brasil), 2Corameq (JCDecaux) OUTFRONT Media 71,73
Distressed
Vendor 1 Smaller Market
Big Ticket (< EUR 100m) 0
Dey Capital, Dey
( EUR 500m) Mid Market
3 In Store Media Group Capital II, Dey
( EUR 100m)Capital III Private Shareholders 20,01
(Art Capital) Smaller Market
Distressed (< EUR 100m) Biotechnology 31
Financial Advisors Legal Advisors TOTAL
Smaller Market 16
1 Santander Global Banking & Markets 1 Garrigues(< Spain Mid Market
EUR 100m) 2 Claro y Ca. Abogados
Spain 1 Prez-Llorca ( EUR 100m) 2 Ferrere 16
1 PwC Spain 1 PwC Tax & Legal Spain 2 Allende & Brea Abogados
Big Ticket Mid Market
1 3 KPMG Spain Smaller Market
( EUR1500m)
Ura Menndez Spain
( EUR 100m)
2 Blanco & Etcheverry Abogados Electronics 5
(< EUR 100m)2 Demarest Advogados 2 Baker & McKenzie US
2 Citigroup Global Markets
3 Media, Multimedia y Editorial 2 Cravath, Swaine Mid Market
& Moore 2 Garrigues Mexico
2 Ritch Mueller( EUR 100m)
GBS Finanzas
3 Clifford Chance Spain
Big Ticket
2 Galicia Abogados
( EUR 500m)
5
Mid Market
Private Equity / Venture
4
( EUR Capital
100m) funds investing in subsector in 2015
Big Ticket
3 ( EUR 500m)
Private Equity/Venture Capital Country Number of acquisitions
2 Big Ticket
HIG Capital 1 ( EUR
United States500m) 2
PAI Partners France 10
Art Capital Spain 1
MBO Partenaires France 1
Big Ticket
Axon Partners Group Spain 1
( EUR 500m)
Nauta Capital Spain TOTAL
1
ACT Venture Capital Spain 16
1
Praedium Spain 1
Sun Mountain Capital United States 16
1
Springwater Capital Switzerland 1

Educacin
84 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 85
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad
Private Equity
SECTORS AND SUBSECTORS SPAIN
Foreign M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions
in Spain Venture Capital Private Equity
Mid Market Technology Private Equity / Venture Capital funds investing in subsector in 2015
Distressed
( EUR 100m)
Private Equity
Total number of transactions Private Equity/
Country
No. Private Equity/
Country
No.
Venture Capital acquisitions Venture Capital acquisitions
Venture Capital
Inveready Capital Spain 8 AME Cloud Ventures United States 1
Tecnologa
Spanish Foreign BStartup 10 Spain 6 ChinaRock Capital Management United States 1
Private Equity
acquisitions Sitka Capital Partners Spain 5
acquisitions Venture Capital China Growth Capital China 1
Smaller Market 150
in Spain COMPLETED
abroadBig Ticket Caixa Capital Risc Spain 4 Core Innovation Capital United States 1
(< EUR 100m) Kibo Ventures Spain 4 Route 66 Ventures United States 1
( EUR 500m)
100 Venture Capital CANCELLED Cabiedes & Partners Spain 4 RRE Ventures United States 1
Foreign Index Ventures United Kingdom 3 Vast Ventures United States 1
50 acquisitions Santander Innoventures United Kingdom 3 Venture 51 United States 1
in Spain 0 Bonsai Venture Capital Spain 3 Salesforce Ventures United States 1
Distressed Foreign
Mid Market Venture
Spanish Capital
Elaia Partners France 2 Earlybird Venture Capital Germany 1
( EUR 100m) acquisitions Partech Ventures France 2 Point Nine Capital Germany 1
acquisitions in Spain Idinvest Partners France 2 Connect Ventures United Kingdom 1
abroad Foreign Andreessen Horowitz United States 2
acquisitions TOTAL RTA Ventures Poland 1

in Spain 176 BBVA Ventures


Accel Partners
United States
United States
2
2
Capital MAB
Vitamina K
Spain
Spain
1
1
Spanish
Smaller Market
(< EUR 100m)
acquisitions 176 Seaya Ventures Spain 2 Telegraph Hill Group (THCap) United States 1
Foreign abroad Nauta Capital Spain 2 MassVentures United States 1
Big Ticket Distressed
acquisitions Fides Capital Spain 2 Kereon Partners Spain 1
( EUR 500m) Spanish
in Spain acquisitions
Bankinter Capital Riesgo Spain 2 Ad4ventures Spain Spain 1

Internet abroad Faraday Venture Partners Spain 2 Rothenberg Ventures United States 1
Spanish Axon Partners Group Spain 2 Incuvest Singapore 1

Mid Market acquisitions Idodi Venture Capital Spain 2 Suma Capital Spain 1
Distressed
( EUR 100m) Largestabroad
transactions Sinensis Seed Capital Spain 2 Capitana Venture Partners Spain 1
Alva House Capital Spain 1
Smaller
120 Market Wayra Spain 2
(< EUR 100m) Creas Fondo Social Spain 2 Perseo Spain 1
Spanish100 Value
Target Buyer Distressed Seller Venrex Investment Management United Kingdom 1
acquisitions
80 (EURm) Sodena Spain 2
Elliot United States 1 HOWZAT Partners United Kingdom 1
abroad60 Grupo Tryo
Teltronic Sepura 124,40 NTT DOCOMO Ventures Japan 1 Big Sur Ventures Spain 1
1 40 Distressed (N+1 Dinamia)
Smaller Market Ixo Private Equity (Ixope) France 1 Alantis Seed Capital Spain 1
Big Ticket
20
Telefnica, (< EUR 100m)
Air Liquide, Elliott, 0 Large Venture France 1 Rose Tech Ventures United States 1
( EUR 500m) Mid Market
Eutelsat Communications, Engie, NTT DOCOMO Ambition Numrique France 1 Lanta Digital Ventures Spain 1
Ventures( EUR
(NTT 100m) SK Telecom,
DOCOMO), Smaller Market Telefnica Ventures Spain 1 Angels Capital Spain 1
2 Sigfox - 100,00
Distressed
Elaia Partners, Ixo Private Equity, Partech (< Ventures,
EUR 100m) Benchmark Capital United States 1 101 Startups Spain 1
Idinvest Partners, BpiFrance, Large Venture, TOTAL Redpoint Ventures United States 1 SeedSyndicates Spain 1
Ambition NumriqueSmaller Market
Mid Market
161 Twitter Ventures United States 1 Fito Investors Spain 1
(< EUR 100m) Premji Invest India 1 VenturCap Spain 1
Fundamenture Valid Espaa (Valid) ( EUR 100m) Private Shareholders 161 80,19
3 Ribbit Capital United States 1 Antai II Capital Spain 1
Big Ticket Union Square Ventures (USV) United States 1 InverCLM Implsate Spain 1
Mid Market
Smaller Market
( EUR 500m) ( EUR 100m)
DFJ Growth United States 1 Seed Gipuzkoa Spain 1
Financial Advisors (< EUR 100m) Legal Advisors Intel Capital United States 1 Fitalent Spain 1
Mid Market SEB Private Equity Sweden 1 Carlyle United States 1
2 Lazard France (1EURAshurst
100m)Spain 83North Israel 1 London Venture Partners United Kingdom 1
3 Bank of America Merrill Lynch 1 Big Ticket
Deloitte Abogados Creandum Sweden 1 Kima Ventures France 1
( EUR 500m) Dawn Capital United Kingdom 1 Cisco Investments United States 1
2 Granrut Avocats
3 Merrill Lynch Brasil Northzone Sweden 1 Finaves Spain 1
Mid Market
( EUR 100m) Big Ticket IDG Capital Partners China 1 Onza Capital Spain 1
(Due
EURDiligence
500m)
1 PwC Spain
Big Ticket
( EUR 500m)

Big Ticket
( EUR 500m) 1

TOTAL
55
86 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 87
54
Spanish
Smaller Market
acquisitions
(< EUR 100m)
abroad
Private Equity TOTAL
SECTORS AND SUBSECTORS SPAIN
Foreign 176
M&A HANDBOOK 2016 M&A HANDBOOK 2016
SECTORS AND SUBSECTORS SPAIN
acquisitions Venture Capital
in Spain Private Equity 176
Mid Market Internet Private Equity / Venture Capital funds investing in subsector in 2015
Distressed
( EUR 100m)
Private Equity
Total number of transactions
Internet Venture Capital Private Equity/
Country
No. Private Equity/
Country
No.
Venture Capital acquisitions Venture Capital acquisitions

Spanish Foreign
Private Equity
Caixa Capital Risc Spain 9 Route 66 Ventures United States 1
acquisitions Venture Capital BStartup10 Spain 7 RRE Ventures United States 1
Smalleracquisitions
Market 120
in Spain COMPLETED Wayra Spain 6 Vast Ventures United States 1
abroad
(< EUR Big Ticket
100m) 100 Inveready Capital Spain 5 Venture 51 United States 1
( EUR 500m) 80 Venture Capital CANCELLED Seaya Ventures Spain 5 Qualitas Equity Partners Spain 1
60 Foreign Cabiedes & Partners Spain 5 Bain Capital United States 1
40 acquisitions Fides Capital Spain 4 Spark Capital Partners United States 1
20 in Spain 0 Active Venture Partners Spain 4 Devonshire Investors United States 1
Distressed
Mid Market Venture Capital Foreign Accel Partners United States 3 Eight Roads Ventures United Kingdom 1
Spanish acquisitions
( EUR 100m) acquisitions Kibo Ventures Spain 3 Sonae E. Ventures Portugal 1
in Spain
abroad Foreign Axon Partners Group Spain 3 Apollo Global Management United States 1
acquisitions TOTAL Sitka Capital Partners Spain 3 VARIV Capital Mexico 1
in Spain 161 Partech Ventures France 2 Nauta Capital Spain 1
Spanish Bonsai Venture Capital Spain 2 ACT Venture Capital Ireland 1
Smaller Market acquisitions 161
(< EUR 100m) Foreign Suma Capital Spain 2 Nova Founders Hong Kong 1
abroad
Big Ticket acquisitions
Distressed Nazca Ventures Spain 2 Samaipata Ventures Spain 1
( EUR 500m) in Spain Spanish Kereon Partners Spain 2 Onza Capital Spain 1
acquisitions Bankinter Capital Riesgo Spain 2 BetaAngels Luxembourg 1
abroad Stella Maris Partners Mexico 1
Media Digital Ventures Spain Spain 2
Spanish
Largestacquisitions
transactions Faraday Venture Partners Spain 2 CG Health Ventures Spain 1
Mid Market Distressed
abroad SeedSyndicates Spain 2 Nero Ventures Spain 1
( EUR 100m) Value
Target Smaller Market
Buyer Seller 101 Startups Spain 2 Techstars United States 1
(EURm)
Spanish(< EUR 100m) Sodena Spain 2 Tekton Ventures United States 1
acquisitions Distressed
Tiger Global Management, Bonsai Apax Partners United Kingdom 1 ACE & Co Switzerland 1
1 Idealista Apax Partners 150,00
abroad Venture Capital, Kutxabank Elliot United States 1 P101 Italy 1
Telefnica, Air Liquide, Elliott, NTT DOCOMO Ventures Japan 1 HR Ventures Germany 1
Distressed
Eutelsat Communications, Engie, Smaller Market Ixo Private Equity (Ixope) France 1 Ona Capital Spain 1
Big Ticket (< EUR 100m) Socialatom Ventures United States 1
NTT DOCOMO Ventures (NTT DOCOMO),
Mid Market Large Venture France 1
2 ( EUR 500m)
Sigfox SK Telecom, Elaia Partners,
( EUR 100m)Ixo Private - 100,00 Ambition Numrique France 1 Big Sur Ventures Spain 1
Equity,Distressed Smaller Market
Partech Ventures, Idinvest Partners, Elaia Partners France 1 Idodi Venture Capital Spain 1
BpiFrance, Large Venture, (< EUR 100m) Mola Spain 1
Idinvest Ventures France 1
Ambition Numrique 1 Insight Venture Partners United States 1 Daruan Venture Capital Spain 1
Smaller Market
Insight Venture Partners, Caixa Capital Mid Market
(< EUR 100m) Santander Innoventures United Kingdom 1 Vitamina K Spain 1
3 Wallapop - 36,61
Risc, Bonsai Venture Capital, Accel Partners( EUR 100m) IDG Capital Partners China 1 Seed Capital Bizkaia Spain 1
AME Cloud Ventures United States 1 Telegraph Hill Group (THCap) United States 1
Big Ticket TOTAL
Mid Market
Smaller Market
( EUR 500m) ( EUR 100m) 55 ChinaRock Capital Management United States 1 Alantis Seed Capital Spain 1
(< EUR 100m) China Growth Capital China 1 Microwave Ventures Spain 1
Rocket Internet Germany 1
Mid Market 54 Core Innovation Capital United States 1
Financial Advisors ( EUR Legal
100m)Advisors
Big Ticket
1 Jefferies US 1 Baker & McKenzie Spain
( EUR 500m)
1 Deloitte Spain 1 Deloitte Abogados
Mid Market
1 PwC Spain ( EUR 100m) 1 UraBig Ticket Spain
Menndez
Lazard France ( EUR 500m)
2 1 JBMF
1 Big Ticket
Simpson Thacher & Bartlett US
Due Diligence
(
2 EUR 500m)
Granrut Avocats
1 Deloitte Spain 3 Cuatrecasas, Gonalves Pereira Spain
1 PwC Spain 3 Rousaud Costas Duran (RCD)
Big Ticket
( EUR 500m)

2
88 TTR - Transactional Track Record - (www.TTRecord.com)
TOTAL TTR - Transactional Track Record - (www.TTRecord.com) 89
49
MOST
ACTIVE
ADVISORS
Spain
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Most active Financial Advisors* AZ Capital


Country Value
Target Subsector Buyer Seller
Financial Advisors (Target) (EURm)
Desarrollo de
Transport, Aviation and Grupo Aeroportuario
Albia Capital Partners Eurohold Concesiones Spain Abertis 177,00
Logistics del Pacfico (GAP)
Aeroportuarias
Arcano Evercore Partners
AZ Capital GBS Finanzas Bicentury Spain Food Industry Nutrition&Sant Agrolimen 67,18
Baker Tilly GDA Corporate Finance Goldman Sachs
Banco Sabadell Montalbn Atlas Capital Transport, Aviation and
Cilsa Spain Merlin Properties Saba Infraestructuras 50,00
Banco Santander Morgan Stanley Logistics
Bank of America Merrill Lynch Norgestin
BBVA ONEtoONE Corporate Finance
BNP Paribas Rothschild Baker Tilly GDA Corporate Finance
Clearwater International Spain Socios Financieros Country Value
Target Subsector Buyer Seller
CREA Inversin (Target) (EURm)
Automotive and
Grupo Ingeniera de
Financial Consultants Lahnwerk Rub Spain
Recreational Vehicles Meleghy
Productos Metlicos ND
Steel, Metallurgy and Automotive Group
BDO UK KPMG International (IPM)
Industrial Production
Deloitte Global Services PwC UK TEYME Tecnologa Steel, Metallurgy and Private
EY (Ernst & Young) UK Spain Indes Capital ND
Agrcola, Solteka New Industrial Production Shareholders
Tourism, Hotels and Private Private
Franchising Kurz&Gut Spain ND
Restaurants Shareholders Shareholders
Featured deals Financial Advisors
Banco Sabadell
Albia Capital Partners
Country Value
Target Subsector Buyer Seller
Country Value (Target) (EURm)
Target Subsector Buyer Seller
(Target) (EURm) Exus Management
ORZA, Seed Capital Bizkaia, IMQ Partners, Cerberus
(Igualatorio Mdico Quirrgico), Parque Elico Pujalt Spain Wind Energy Rejadorada Inversiones 56,00
Histocell Spain Biotechnology - 2,50 European
Gestin de Capital Riesgo del Investments
Pas Vasco Cerberus European
Steel, Metallurgy and Private Investments, Exus
Tacomi Spain Grupo Empresarial Juregui ND Parque Elico Tur
Industrial Production Shareholders Spain Wind Energy Management Partners, Rejadorada Inversiones 42,00
del Magre
Cerberus Capital
Automotive and Management
Grupo Ingeniera de
Recreational Vehicles Parque Elico Tres Picos, Spain,
Lahnwerk Rub Spain Meleghy Automotive Group Productos Metlicos ND
Steel, Metallurgy and Wind Energy Cfiro Energa Enerpal ND
(IPM) Enerfer Portugal
Industrial Production

Arcano Banco Santander


Country Value Country Value
Target Subsector Buyer Seller Target Subsector Buyer Seller
(Target) (EURm) (Target) (EURm)
Glass, Ceramic, Paper, First State Wind Energy Enel Green Power
Private Shareholders, Finerge Portugal Wind Energy 900,00
Polibol Spain Plastics, Wood and Saica 40,00 Investments (First State) Spain
Sherpa Capital
Timber
Opcem,
Construction,
El Ganso Spain Fashion and Textile L Capital Private Shareholders ND OPI - Organizacin de Industry Funds Management
Mexico Materials and OHL Mxico 545,77
Proyectos de - IFM
Machinery
N+1 Dinamia Infraestructura
Nter Feed Spain Food Industry Royal De Heus ND
(ex Dinamia)
Roads and Universities Superannuation
Globalva Spain FCC, Bankia 420,00
Highways Scheme (USS), PGGM, OPTrust

* Includes financial advice. Includes M&A transactions. Does not include due diligence nor any other type of
specialized advice. Does not include asset acquisition.

92 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 93
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Bank of America Merrill Lynch CREA Inversin


Country Value Country Value
Target Subsector Buyer Seller Target (Target) Subsector Buyer Seller (EURm)
(Target) (EURm)
El Corte Ingls Spain Distribution and Retail Private Shareholders Private Shareholders 1.000,00 Private Shareholders,
Open Camp Spain Sports and Leisure - 13,50
Inveready Capital
United Transports, Aviation
Navitaire Amadeus Accenture 767,45
States and Logistics Baozun,
Beabloo Spain Technology Private Shareholders, - 10,00
SoftBank
735,97
X Solar Spain Solar Energy KKR Corporacin Gestamp
(Approx.)
Ulabox Spain Internet Sonae E. Ventures - 6,00

BBVA
Target Country Subsector Buyer Seller Value Eurohold
(Target) (EURm)
Country Value
PTRW Renewable Bid Target Subsector Buyer Seller
(Target) (EURm)
(Cheung Kong
Infrastructure Private Shareholders, Nexica Spain Internet Digital Dimension Private Shareholders 16,00
Iberwind Portugal Wind Energy 1.000,00
Holdings, Power Magnum Capital
Assets Holdings
Limited) Cast Info Spain Telecoms Aubay Group Private Shareholders 8,12
Opcem, OPI - Organizacin Construction,
Industry Funds
de Proyectos de Mexico Materials and OHL Mxico 545,77 Bodegas Seoro de
Management - IFM Spain Food Industry SPI Group Bodegas Chivite ND
Infraestructura Machinery Arnzano

Compaa Logstica de Roads and


Mexico Marthilores Repsol 325,00
Hidrocarburos (CLH) Highways
Evercore Partners
BNP Paribas Target Country Subsector Buyer Seller Value
(Target) (EURm)
Country Value Private Shareholders,
Target Subsector Buyer Seller EDF Invest, Gingko Tree, 2.014,00
(Target) (EURm) Madrilea Red de Gas Spain Oil and Gas Morgan Stanley Infrastructure
PTRW Renewable Bid PGGM (Approx.)
(Morgan Stanley)
(Cheung Kong Opcem, OPI - Construction,
Private Shareholders,
Iberwind Portugal Wind Energy Infrastructure Holdings, 1.000,00 Organizacin Materials and Industry Funds
Magnum Capital Mxico OHL Mxico 545,77
Power Assets Holdings de Proyectos de Machinery Management - IFM
Limited) Infraestructura
Ports
Private Shareholders, 911,33 Healthcare,
Grup Martim TCB Spain Transport, Aviation and APM Terminals
Prez y Ca (Approx.) Hygiene, Medical
Logistics Clnica Eugin Spain NMC Health ProA Capital 143.00
Aesthetics and
Cosmetics
Telecable de Asturias Spain Telecoms Zegona Liberbank, Carlyle 640,00

GBS Finanzas
Clearwater International Spain
Country Value
Country Value Target Subsector Buyer Seller
Target Subsector Buyer Seller (Target) (EURm)
(Target) (EURm)
Pharmaceutical, Financial and Insurance
Invermik Spain Bright Food Private Shareholders 110,00
Farmalder Spain Parapharmaceutical Ascendis Health Private Shareholders 15,07 Food Industry
and Cosmetics
Bicentury Spain Food Industry Nutrition&Sant Agrolimen 67,18
Chemical and
Fritta Spain Investcorp Fondo Nazca III ND
Chemical Materials Healthcare, Hygiene,
Novaire Spain Medical Aesthetics and SARquavitae OHL 57,30
Cosmetics
Cutting's Spain Food and Beverage Miura Private Equity Private Shareholders ND

94 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 95
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Goldman Sachs ONEtoONE Corporate Finance


Country Value Country Value
Target Subsector Buyer Seller Target Subsector Buyer Seller
(Target) (EURm) (Target) (EURm)

United Financial and Tradeinn Spain Internet Suma Capital VenturCap 12,00
TSB Banco Sabadell Private Shareholders 2.381,62
Kingdom Insurance
Consultancy, Audit and Private
Hitsein & Gescon Asociados Spain Arola ND
Goodbody Stockbrokers, Engineering Shareholders
Transports, AERL Holding
Ryanair,
Aer Lingus ireland Aviation and (IAG - International 1.400,00 Private
Government of Ireland, Soft (Presto) Spain Technology RIB Software ND
Logistcis Airlines Group) Shareholders
Private Shareholders

Galata Italy Telecoms Cellnex Telecom Wind Telecomunicazioni 693,00


Rothschild
Country Value
Target (Target) Subsector Buyer Seller (EURm)
Montalbn Atlas Capital
Private
TSB United Kingdom Financial and Insurance Banco Sabadell 2.381,62
Country Value Shareholders
Target Subsector Buyer Seller
(Target) (EURm)
Pharmaceutical, Paraphar- Magnum Private Shareholders, Healthcare, Hygiene, Medical
Orliman Spain 80,00 Clnica Eugin Spain NMC Health ProA Capital 143,00
maceutical and Cosmetics Capital Riverside Aesthetics and Cosmetics

Pharmaceutical,
Steel, Metallurgy and Corporacin J.M Euromed Spain Parapharmaceutical and Riverside Meda 82,00
Rugui Steel Spain - 30,00
Industrial Production Aristrain Cosmetics

Banco de Crdito
Spain Financial and Insurance Trea Capital - 30,00
Cooperativo (BCC)
Socios Financieros
Morgan Stanley Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Country Value
Target (Target) Subsector Buyer Seller (EURm) Healthcare, Hygiene,
300,00
Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital
Electric Green Merger Sub 2.747,83 (Approx.)
UIL Holdings Corporation United States - Cosmetics
Oil and Gas (Iberdrola) (Approx.)
Arbitraje e
Apex - Aperitivos y Food and Beverage Inversiones, Bitacast, Punto Futuro,
Spain ND
Private Sharehol- Private Extrusionados Food Industry MGM Saiso 1971, Real de Velln
El Corte Ingls Spain Distribution and Retail 1.000,00 Ponso
ders Shareholders

Structuralia Spain Education Private Shareholders Kaplan ND


L Capital,
L Capital Asia, 730,00
Pepe Jeans Spain Fashion and Textile Torreal,
M1 Group (Approx.)
Dey Capital

Norgestin
Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Private Shareholders,
Agile Content Spain Technology - 5,30
Capital MAB
Biotechnology
Gestin de Capital Riesgo del
Pharmaceutical,
Oncomatryx Spain Pas Vasco , - 4,50
Parapharmaceutical and
Private Shareholders
Cosmetics
Grupo Garca Forestal,
Biomasa Forestal Spain Biomass - 1,70
Impulsa Ferrol Fund

96 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 97
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Featured deals Financial Consultants KPMG International

Target Country Subsector Buyer Seller Value


(Target) (EURm)
BDO UK
UIL Holdings United Electric Energy Green Merger Sub 2.747,83
Country Value -
Target Subsector Buyer Seller Corporation States Oil and Gas (Iberdrola) (Approx.)
(Target) (EURm)
Tourism, Hotels and Mediterrnea de Private Shareholders,
Servei D'Apats Spain Private Shareholders 6,00 EDF Invest, Gingko Tree, 2.014,00
Restaurants Ctering Madrilea Red de Gas Spain Oil and Gas Morgan Stanley
PGGM (Approx.)
Infrastructure
Internet Private Shareholders, Renaleto Servicios y
Galgo Medical Spain - 1,00 Wind Energy Gestiones 1.000,00
Technology Inveready Capital Renovalia Energy Spain Private Shareholders
Solar Energy (Cerberus Capital (Approx.)
Management)
Consultancy, Audit 0,13
Genars Spain PF Figestio Inverfiatc
and Engineering (Approx.) PwC UK
Country Value
Target (Target) Subsector Buyer Seller (EURm)
Deloitte Global Services Ferroatlntica,
United Steel, Metallurgy and 2.000,00
Country Value Ferroglobe Globe Specialty -
Target Subsector Buyer Seller Kingdom Industrial Production (Approx.)
(Target) (EURm) Metals

Testa Spain Real Estate Merlin Properties Sacyr 861,24 CVC Capital Partners
R Cable Spain Telecoms Euskaltel 890,00
Spain, Abanca

L Capital Asia, M1 L Capital, Torreal, Dey 730,00


Pepe Jeans Spain Fashion and Textile Orion Capital
Group Capital (Approx.) Orion Columba Socimi Spain Real Estate Klpierre 375,00
Managers Spain

Telecable de Asturias Spain Telecoms Zegona Liberbank, Carlyle 640,00

EY (Ernst & Young) UK


Country Value
Target Subsector Buyer Seller
(Target) (EURm)

El Corte Ingls Spain Distribution and Retail Private Shareholders Private Shareholders 1.00,00

Acciona Windpower Spain Wind Energy Nordex Acciona 785,00

Santander
Infraestructuras, Hiscan
Patrimonio, Caslever
Energas Renovables,
Mclezar Zamora, Yolmar
Gecal Renovables Spain Wind Energy Gas Natural Fenosa 260,00
Gestin, Ruralva (Caja
Rural de Burgos, Caja
Rural de Fuentepelayo y
Caja Rural de Segovia),
Ide Elica

98 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 99
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Most active Legal Advisors* Allen & Overy Spain


Target Country Subsector Buyer Seller Value
(Target) (EURm)
Across Legal GTA Villamagna Abogados
Alemany, Escalona & De Fuentes Herbert Smith Freehills Spain United Financial and
1 TSB Banco Sabadell Private Shareholders 2.381,82
Allen & Overy Spain Hogan Lovells Spain Kingdom Insurance
Araoz & Rueda Jones Day Spain China Citic Bank Financial and
Arpa Abogados King & Wood Mallesons Spain 2 Hong Kong UBS London BBVA 1.593,42
International Insurance
Ashurst Spain KPMG Abogados
Baker & McKenzie Spain Latham & Watkins Spain 3 Galata Italy Telecoms Cellnex Telecom Wind Telecomunicazioni 693,00
Bird & Bird Spain Lawesome Legal Services
Broseta Abogados Lener
Clifford Chance Spain Lexcrea People (only Partners)
CMS Albiana & Surez de Lezo Linklaters Spain 1 igo del Val 2 Antoni Valverde 3 Antoni Valverde
Cuatrecasas, Gonalves Pereira Spain M & Partners Salvador Ruiz Bachs Pablo Mayor
De Andrs Y Artiano ONTIER Spain Pablo Mayor
Deloitte Abogados Osborne Clarke Spain
Delvy Asesores Legales Prez-Llorca
DLA Piper Spain PwC Tax & Legal Spain
DS Ovslaw Ramn y Cajal Araoz & Rueda
Ecija Rivero & Gustafson Country Value
Target Subsector Buyer Seller
Fornesa Abogados Roca Junyent (Target) (EURm)
Freshfields Bruckhaus Deringer Spain Rousaud Costas Duran (RCD) Steel, Metallurgy and GED Capital, 14,70
Gallego, Martos & Quadra-Salcedo U&Law 1 Aleastur Spain Mumtalakat
Industrial Production Private Shareholders (Approx.)
Garrigues Spain Ura Menndez Spain
GBP Legal Watson Farley & Williams Spain Conservas
2 Spain Food Industry Bolton Group MCH Private Equity ND
Gmez-Acebo & Pombo Spain White & Case Spain Garavilla

Media, Multimedia and 3i Group,


Boomerang TV Spain Lagardre Services ND
Featured deals 3 Editorial Private Shareholders

Across Legal
Country Value People (only Partners)
Target Subsector Buyer Seller
(Target) (EURm)
2 Francisco Aldavero 3 Francisco Aldavero
1 Logtrust Spain Technology Private Shareholders - 2,77
Technology
2 GetYourHero Spain Seaya Ventures - 1,50
Internet
3
Arpa Abogados
Zentyal Spain Technology Private Shareholders - 0,40
Country Value
Target (Target) Subsector Buyer Seller (EURm)
People (only Partners)
Food and Arbitraje e Inversiones,
1 Ignacio Lacasa Valls 2 Ignacio Lacasa Valls 3 Ignacio Lacasa Valls 1 Apex - Aperitivos y Punto Futuro,
Spain Beverage Bitacast, MGM Saiso ND
Extrusionados Real de Velln
Ivan Moll Florit Ivan Moll Florit Ivan Moll Florit Food Industry 1971, Ponso

Alemany, Escalona & De Fuentes 2 Imersivo Spain Internet Jofemar - ND


Country Value
Target Subsector Buyer Seller
(Target) (EURm)
MCH Private
1 Conservas Garavilla Spain Food Industry Bolton Group ND
Equity

2 Acuntia Spain Telecoms GPF Capital Corpfin Capital ND

* Includes legal advice. Includes M&A transactions. Does not include due diligence nor any other type of
specialized advice. Does not include asset acquisition.

100 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 101
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Ashurst Spain Broseta Abogados


Country Value Target Country Subsector Buyer Seller Value
Target Subsector Buyer Seller (Target) (EURm)
(Target) (EURm)
Construction (Materials
Coca-Cola Iberian 1 Grupo Secopsa Spain Grupo Gimeno Private Shareholders 4,00
1 Spain Food and Beverage Cobega Invest Private Shareholders 800,00 and Machinery)
Partners (CCIP)
BetaAngels,
2 Barking Dog United Ever Smarter WW,
Teltronic Spain Technology Sepura Grupo Tryo 124,40 2 Internet - 1,90
Ventures Kingdom Private Shareholders,
Caixa Capital Risc
Centro Comercial Iosa Inmuebles,
3 Spain Real Estate Lar Spain DHCRE II Netherlands 87,50 Occidental Tourism, Hotels and
El Rosal 3 Spain Grupo Barcel Tamar International, ND
Hoteles Restaurants
Partler 2006
People (only Partners)
1 Jos Christian Bertram 2 Eduardo Gracia 3 Ismael Fernndez Antn People (only Partners)
Jorge Vzquez 1 Antonio Navarro 3 Isidro del Moral

Baker & McKenzie Spain Clifford Chance Spain


Country Value
Target (Target) Subsector Buyer Seller (EURm) Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Distribution and EDF Invest,
1 El Corte Ingls Spain Private Shareholders Private Shareholders 1.000,00 Private Shareholders, 2.014,00
Retail 1 Madrilea Red de Gas Spain Oil and Gas Gingko Tree,
Morgan Stanley Infrastructure (Approx.)
PGGM
L Capital Asia, L Capital, Torreal, 730,00
2 Pepe Jeans Spain Fashion and Textile
M1 Group Dey Capital (Approx.) 2 Orion Columba Socimi Spain Real Estate Klpierre Orion Capital Managers Spain 375,00
Glass, Ceramic,
3 190,00
Lantero Embalaje Spain Paper, Plastics, DS Smith Laninver SCH Compaa Logstica de
(Approx.) Spain Oil and Gas Marthilores Repsol 325,00
Wood and Timber 3 Hidrocarburos (CLH)

People (only Partners)


People (only Partners)
1 Alberto Alonso Ureba 2 Esteban Ravents 3 Alberto Escudero
Israel de Diego Rodrigo Ogea Enrique Varela 1 Antonio Henriquez 2 Alfonso Benavides 3 Javier Amantegui

Jorge Adell Javier Amantegui Juan Jos Lavilla


Jos Luis Zamarro
Pablo Serrano de Haro
Bird & Bird Spain
Country Value CMS Albiana & Surez de Lezo
Target Subsector Buyer Seller
(Target) (EURm)
Renaleto Servicios y Country Value
Target (Target) Subsector Buyer Seller (EURm)
1 Wind Energy Gestiones
Renovalia Energy Spain Private Shareholders 1.000,00
Solar Energy (Cerberus Capital
Management) 1 Acciona Windpower Spain Wind Energy Nordex Acciona 785,00
Santander Infraestructuras,
Hiscan Patrimonio, Caslever
2 Coretherapix Spain Biotechnology TiGenix Genetrix 100,00
Energas Renovables,
2
Mclezar Zamora, Yolmar
Gecal Renovables Spain Wind Energy Gas Natural Fenosa Gestin, Ruralva (Caja 260,00
3 Cast Info Spain Telecoms Aubay Group Private Shareholders 8,12
Rural de Burgos, Caja
Rural de Fuentepelayo y
Caja Rural de Segovia), People (only Partners)
Ide Elica
1 Rafael Suarez de Lezo 3 Carlos Pea
3
Transportadora de Corporacin Financiera de Diego Crespo
Peru Oil and Gas Enags 89,08
Gas del Per (TGP) Inversiones, SK Innovation Luis Miguel de Dios Martnez

People (only Partners)


1 Hermenegildo Altozano 2 Hermenegildo Altozano

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MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Cuatrecasas, Gonalves Pereira Spain Delvy Asesores Legales


Country Value Country Value
Target (Target) Subsector Buyer Seller (EURm) Target Subsector Buyer Seller
(Target) (EURm)
First State Wind Energy Enel Green Power Enisa, Itnig, Instituto Cataln
1 Finerge Portugal Wind Energy 900,00
Investments (First State) Spain 1 de Finanzas (ICF),
GymForLess Spain Technology - 0,60
Private Shareholders, Empren-
CVC Capital Partners diza
2 R Cable Spain Telecoms Euskaltel 890,00
Spain, Abanca Private Shareholders,
2 Tallerator Spain Technology Mckinley Inversiones, - 0,25
3 United Transport, Aviation Sinensis Seed Capital
Navitaire Amadeus Accenture 767,45
States and Logistics
Tourism, Hotels and
3 Exoticca Spain Private Shareholders - ND
Restaurants
People (only Partners)
1 Federico Roig 2 Elvira Azaola Monedero 3 Elena Cuatrecasas
People (only Partners)
Jos Luis Rodrguez Jimnez
1 Josep Navajo 3 Josep Navajo
Pablo Manca Manzn Pablo Manca Manzn

De Andrs Y Artiano
Country Value
DLA Piper Spain
Target (Target) Subsector Buyer Seller (EURm) Country Value
Target Subsector Buyer Seller
(Target) (EURm)

Transport, Aviation and PTT, Real Automvil Club de CVC Capital Partners Spain,
1 TAF Helicopters Spain Malpica 100 26,00 1 R Cable Spain Telecoms Euskaltel 890,00
Logistics Catalua (RACC) Abanca

Healthcare, Hygiene,
2 300,00
Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital
(Approx.)
Cosmetics
2 Transport, Aviation
CoyotAir Spain Malpica 100 Private Shareholders ND Glass, Ceramic, Paper,
and Logistics 190,00
3 Lantero Embalaje Spain Plastics, Wood and DS Smith Laninver SCH
(Approx.)
Timber

People (only Partners)

Deloitte Abogados 1 Juan Picn 2 Juan Picn 3 Jos Antonio Snchez Dafos

Country Value
Target Subsector Buyer Seller
(Target) (EURm)
DS Ovslaw
Ports
Private Shareholders, 911,33 Country Value
1 Grup Martim TCB Spain Transport, Aviation and APM Terminals Target Subsector Buyer Seller
Prez y Ca (Approx.) (Target) (EURm)
Logistics

Telecable de Index Ventures, Point Nine Capital,


2 Spain Telecoms Zegona Liberbank, Carlyle 640,00 1 Typeform Spain Technology Connect Ventures, RTA Ventures, - 13,63
Asturias
Private Shareholders

Pharmaceutical, Private
3 Gadea Spain Parapharmaceutical AMRI 3-Gutinever 174,00 2 Migoa Spain Internet Only-apartments 0,50
Shareholders
and Cosmetics
Clibb Software Private
3 Spain Technology Birchman Spain ND
Solutions Shareholders

People (only Partners)


1 David Avils 2 David Avils 3 David Avils

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MOST ACTIVE ADVISORS SPAIN

Ecija Gallego, Martos & Quadra-Salcedo


Country Value Country Value
Target Subsector Buyer Seller Target Subsector Buyer Seller
(Target) (EURm) (Target) (EURm)

1 Media, Multimedia and WPP Group, Mediapro, Private Share- 85,01


Grupo Imagina Spain 1 Tavex Europe Spain Fashion and Textile Aurelius Grupo Tavex 20,00
Editorial Televisa, Torreal holders (Approx.)

Glass, Ceramic, Paper,


Other Consumer Goods Quantum Capital
2 Stora Enso Barcelona Spain Plastics, Wood and Stora Enso 11,50
Glass, Ceramic, Paper, Partners
Private Timber
2 Miguel Pujadas Spain Plastics, Wood and Timber Vollrath 17,20
Shareholders
Steel, Metallurgy and
Industrial Production People (only Partners)
1 Rodrigo Martos Prat 2 Rodrigo Martos Prat
Fornesa Abogados
Country Value Garrigues Spain
Target Subsector Buyer Seller
(Target) (EURm)
Capital Expansi, Country Value
Plsticos Chemical and Chemical Target Subsector Buyer Seller
1 Spain Caixa Capital Risc, - 5,00 (Target) (EURm)
Compuestos Materials
Private Shareholders
UIL Holdings United Electric Energy Green Merger Sub 2.747,83
1 -
Caixa Capital Risc, Ysios Corporation States Oil and Gas (Iberdrola) (Approx.)
2 Inbiomotion Spain Biotechnology - 2,20
Capital Partners
Ports
Caixa Capital Risc, Private Shareholders, 911,33
3 iMICROQ Spain Biotechnology - 1,50 2 Grup Martim TCB Spain Transport, Aviation and APM Terminals
Private Shareholders Prez y Ca (Approx.)
Logistics

People (only Partners) CVC Capital Partners


3 R Cable Spain Telecoms Euskaltel 890,00
Spain, Abanca
1 Toms Fornesa 2 Toms Fornesa 3 Toms Fornesa

People (only Partners)


Freshfields Bruckhaus Deringer Spain 1 Fernando Vives 2 Silvestre Arana 3 Luis Guerreiro Antoln
Country Value lvaro Lpez-Jorrn
Target Subsector Buyer Seller Rafael Gonzlez-Gallarza Granizo
(Target) (EURm)
Arnau Tapias Monn
1 Testa Spain Real Estate Merlin Properties Sacyr 861,24

GBP Legal
2 Acciona Windpower Spain Wind Nordex Acciona 785,00 Country Value
Target Subsector Buyer Seller
(Target) (EURm)

1 Steel, Metallurgy and Corporacin J.M


United Transport, Aviation and Rugui Steel Spain - 30,00
3 Navitaire Amadeus Accenture 767,45 Industrial Production Aristrain
States Logistics
Kaiku Corporacin
2 Spain Food Industry Emmi, Ekarpen - 16,00
Alimentaria
People (only Partners)
1 Armando Albarrn 2 David Franco 3 Armando Albarrn Healthcare, Hygiene,
Sociedad
3 Medical Aesthetics and Sacyr Concesiones
Iaki Gabilondo lvaro Iza Concesionaria Chile Dominion 7,90
Cosmetics Chile
Javier Monzn Salud Siglo XXI
Distribution and Retail

People (only Partners)


1 Jos Ramn Berecibar 2 Jos Ramn Berecibar 3 Jos Ramn Berecibar

106 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 107
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Gmez-Acebo & Pombo Spain Hogan Lovells Spain


Target Country Subsector Buyer Seller Value Country Value
(Target) (EURm) Target (Target) Subsector Buyer Seller (EURm)

1 Socit Financire Santander Consumer Banque PSA Roads and Universities Superannuation
France Financial and Insurance 610,00 1 Globalva Spain FCC, Bankia 420,00
de Banque (SOFIB) Finance Finance Highways Scheme (USS), PGGM, OPTrust

Private CBRE Global 60,00


2 Iberia Nora Spain Real Estate Zambal Spain SOCIMI 179,00 2 Catalina Islands Spain Real Estate Encore +
Shareholders Investors (Approx.)

Pharmaceutical,
3 Gadea Spain Parapharmaceutical and AMRI 3-Gutinever 174,00 Jones Day Spain
Cosmetics
Country Value
Target Subsector Buyer Seller
(Target) (EURm)
People (only Partners)
Spain,
1 David Gonzlez Glvez 3 Fernando de las Cuevas Jazztel Spain, 218,70
1 United Telecoms Orange Private Shareholders
Jazztel Group (Approx.)
Fernando Igartua Arregui Kingdom
Javier Vinuesa Magnet
Chemical and Corporacin Qumica
2 Grupo Nubiola Spain Ferro Corporation 149,00
Chemical Materials VHEM
GTA Villamagna Abogados
Target Country Subsector Buyer Seller Value
(Target) (EURm) 3 Financial and
Tamsi Spain Spain Portobello Capital N+1 Dinamia 20,50
Insurance
Ports
Private Shareholders, 911,33
1 Grup Martim TCB Spain Transport, Aviation and APM Terminals
Prez y Ca (Approx.) People (only Partners)
Logistic
1 Luis Riesgo 2 Federico Merino 3 Federico Merino
Automotive and Sensitive
2 Torrot Electric Spain Private Shareholders 0,50
Recreational Vehicles Technologies

3 Sensefields Spain Technology Torrot Electric Cedinsa Conservaci 0,20 King & Wood Mallesons Spain
Country Value
Target Subsector Buyer Seller
(Target) (EURm)
People (only Partners)
1 Guillermo Medina Ors 2 Guillermo Medina Ors 3 Guillermo Medina Ors
Distribution and Private
1 El Corte Ingls Spain Private Shareholders 1.000,00
Retail Shareholders
Jaime Ena Paar
Private Shareholders,
MCH Private Equity, MCH
Herbert Smith Freehills Spain Steel, Metallurgy
Private Iberian Capital Fund III, 569,57
2 Talgo Spain and Industrial
Country Value Shareholders Pegaso Transportation (Approx.)
Target Subsector Buyer Seller Production
(Target) (EURm) International
(Trilantic Capital Partners)
United Festa, Ice Cream
1 TSB Financial and Insurance Banco Sabadell Private Shareholders 2.381,62
Kingdom Factory Comaker,
Mediterrnea de
Healthcare, Hygiene, Fashion and 350,00
300,00 3 Ctering, GrupoUno Spain Harbourvest Portobello Capital
2 Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital Textile (Approx.)
(Approx.) CTC, Angulas
Cosmetics Aguinaga, Grupo
Multiasistencia
OCM Gaud Master
3 Elisandra Spain VIII Spain Real Estate Lar Spain 170,00
Holdco People (only Partners)
1 Carlos Pazos 2 Alberto Ruano 3 Pablo Daz
People (only Partners) Joaqun Sales

1 lvaro Sainz 2 Nicols Martn

108 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 109
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

KPMG Abogados Lener


Target Country Subsector Buyer Seller Value Target Country Subsector Buyer Seller Value
(Target) (EURm) (Target) (EURm)
Pharmaceutical,
Media, Multimedia WPP Group, Mediapro, 85,01
1 Grupo Imagina Spain Private Shareholders 1 Parapharmaceutical and
and Editorial Televisa, Torreal (Approx.) Suanfarma Spain ProA Capital - 25,00
Cosmetics
Pharmaceutical, Biotechnology
2 Alcal Farma Spain Parapharmaceutical Synerlab Private Shareholders ND
and Cosmetics Dispal Astur Spain Telecoms Seidor Private Shareholders ND
2

Latham & Watkins Spain


Target Country Subsector Buyer Seller Value Lexcrea
(Target) (EURm)
Country Value
Target (Target) Subsector Buyer Seller (EURm)
United Steel, Metallurgy and Ferroatlntica, 2.000,00
1 Ferroglobe -
Kingdom Industrial Production Globe Specialty Metals (Approx.)
Pharmaceutical, 1 Inveready Capital, Caixa Capital
Playgiga Spain Internet - 5,00
2 Euromed Spain Parapharmaceutical Riverside Meda 82,00 Risc, Bankinter, Adara Ventures
and Cosmetics
Glass, Ceramic, Paper, Technology
Plastics, Wood and Emig Enric Mart Buguroo Offensive Security and Private Grupo Ticnova, Cube Ventures,
2 Spain - 3,00
3 Mespack Spain Timber Duravant Investments Group, ND Security Arms, Ammunition STS Inversions, Inveready Capital
Steel, Metallurgy and Geinfisar 99 and Explosives
Industrial Production

Mobile Dreams Factory,


People (only Partners) 3 Mediasmart Spain Internet Private Shareholders, Kibo Ventu- - 2,50
res, Inveready Capital
1 Antonio Morales 3 Ignacio Pallars
Jordi Domnguez
Jos Luis Blanco
Manuel De People (only Partners)
1 Silvia Martnez Losas 2 Silvia Martnez Losas 3 Silvia Martnez Losas
Lawesome Legal Services
Country Value
Target (Target) Subsector Buyer Seller (EURm) Linklaters Spain
Centro para el Desarrollo Country Value
Atten2 Spain Technology Tecnolgico e Industrial - 0,70 Target Subsector Buyer Seller
1 (Target) (EURm)
(CDTI), Perseo China Citic Bank Hong Financial and
1 UBS London BBVA 1.593,42
International Kong Insurance
Solar Energy,
Ekiona
2 Spain Steel, Metallurgy and Private Shareholders - 0,60
Iluminacin Solar 2 El Corte Ingls Spain Distribution and Retail Private Shareholders Private Shareholders 1.000,00
Industrial Production

Technology Debegesa, Grupo Alfa, 3 Telecable de Asturias Spain Telecoms Zegona Liberbank, Carlyle 640,00
3 Ekiom Spain - 0,38
Electric Energy Esergui (AVIA Energas)

People (only Partners)


People (only Partners)
1 igo Berricano 2 Alejandro Ortiz 3 Alejandro Ortiz
1 Xabier lvarez Lombarda 2 Xabier lvarez Lombarda 3 Xabier lvarez Lombarda Ben Crosse

110 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 111
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

M & Partners Prez-Llorca


Country Value Country Value
Target Subsector Buyer Seller Target (Target) Subsector Buyer Seller (EURm)
(Target) (EURm)
Chiesi Ventures,
Healthequity, Roche Venture 1 Oaktree Capital 280,00
Eolia Renovables Spain Financial and Insurance Private Shareholders
Fund, Idinvest Partners, Management (Approx.)
1 Minoryx Spain Biotechnology Kurma Life Sciences Partners - 19,40
(KLS Partners), Private Shareholders,
Caixa Capital Risc, Marketing and
2 Konecta Spain PAI Partners Liberty Seguros Spain, 130,00
Ysios Capital Partners Advertising
Banco Santander
Media, Multimedia 5,00
2 Filmax Spain Spinnaker Capital Group ICF Capital
and Editorial (Approx.) Banco de Crdito
3 Spain Financial and Insurance Trea Capital - 30,00
Cooperativo (BCC)

3 Albacete Balompi Spain Sports and Leisure Private Shareholders - 1,02


People (only Partners)

People (only Partners) 1 Pablo Gonzlez Mosqueira 2 Pedro Prez-Llorca 3 Alejandro Osma
Carmen Reyna
1 Carlos Martinez Lizn 2 Carlos Martinez Lizn 3 Carlos Martinez Lizn

PwC Tax & Legal Spain


ONTIER Spain Target Country Subsector Buyer Seller Value
(Target) (EURm)
Target Country Subsector Buyer Seller Value
(Target) (EURm) Universities
Roads and
Corporacin Industrial 44,48 1 Globalva Spain Superannuation Scheme FCC, Bankia 420,00
1 Realia Spain Real Estate Inmobiliaria Carso Highways
Bankia (Approx.) (USS), PGGM, OPTrust

2 Yelmo Cines Spain Sports and Leisure Cinpolis Kay Films & Movies ND Financial and Oaktree Capital 280,00
2 Eolia Renovables Spain Private Shareholders
Insurance Management (Approx.)

People (only Partners)


CPPIB - Canada Pension 225,00
1 Pablo Enrile Mora-Figueroa 2 Ramn Ruiz de la Torre Esporrn 3 Puerto Venecia Spain Real Estate Intu Properties
Plan Investment Board (Approx.)
Ramn Ruiz de la Torre Esporrn Carmen Fernndez Vadillo

Osborne Clarke Spain Ramn y Cajal


Target Country Subsector Buyer Seller Value
(Target) (EURm) Country Value
Target Subsector Buyer Seller
(Target) (EURm)
United Healthcare,
Chemical and
1 Alkahest States Grifols Private Shareholders 33,71 1 Hygiene, Medical Private 100,00
Chemical Materials VItaly Plus Spain Portobello Capital
Aesthetics and Shareholders (Approx.)
Cosmetics
Eight Roads Ventures,
11,28
2 Packlink Spain Internet Amerigo Innvierte Spain - Parque Elico Exus Management Partners, Rejadorada
(Approx.) 2 Spain Wind Energy 56,00
Ventures, Accel Partners Pujalt Cerberus European Investments Inversiones
Concessionaria
3 Hospital Aberdeen Infrastructure Cerberus European Investments,
Spain Other Services Globalva ND Parque Elico Rejadorada
Universitari Son Netherlands 3 Spain Wind Energy Exus Management Partners, 42,00
Espases Tur del Magre Inversiones
Cerberus Capital Management

People (only Partners) People (only Partners)


1 Toms Dag 2 David Miranda 3 Angel Garca 1 Antonio Snchez Montero
Raimon Grifols Lus Castro

112 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 113
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016
MOST ACTIVE ADVISORS SPAIN

Rivero & Gustafson U&Law


Country Value Country Value
Target (Target) Subsector Buyer Seller (EURm) Target Subsector Buyer Seller
(Target) (EURm)
Consultancy, Audit and Seaya Ventures,
1 Cabify Spain Technology - 10,55
1 Aytos Spain Engineering Berger Levrault Argos Soditic 26,00 Rakuten
Technology
Automotive and 2 Idealista Spain Internet Private Shareholders Private Shareholders 9,00
Recreational Vehicles
2 Metalocaucho Spain Wabtec Corporation Private Shareholders ND
Glass, Ceramic, Paper,
Plastics, Wood and Timber 3 ComparaGuru Mexico Internet Seaya Ventures - 3,54

People (only Partners)


1 Eliecer Prez Simn 2 Eliecer Prez Simn People (only Partners)
Sebastin Rivero Galn John R. Gustafson
1 Pablo Casado Bueno 2 Gonzalo Mara de Ulloa Lapetra

Roca Junyent Ura Menndez Spain


Target Country Subsector Buyer Seller Value Country Value
(Target) (EURm) Target Subsector Buyer Seller
(Target) (EURm)
PTT, Real Automvil
Transport, Aviation and Private Shareholders,
1 TAF Helicopters Spain Malpica 100 Club de Catalua 26,00 Madrilea EDF Invest, Gingko 2.014,00
Logistics 1 Spain Oil and Gas Morgan Stanley
(RACC) Red de Gas Tree, PGGM (Approx.)
Infrastructure
World Bulk Wine Euromoney
2 Spain Distribution and Retail Private Shareholders 2,84
Exhibition Institutional Investor
United Steel, Metallurgy and Ferroatlntica,
2 Ferroglobe - 2.000,00
Kingdom Industrial Production Globe Specialty Metals
Amura Capital, 0,05
3 Eureka-Experts Spain Internet -
Private Shareholders (Approx.)

CVC Capital Partners


3 R Cable Spain Telecoms Euskaltel 890,00
People (only Partners) Spain, Abanca

1 Jaume Cabecerans Cabecerans 2 Blanca Usn Vegas 3 Fede Segura Wallin


Fede Segura Wallin
People (only Partners)
1 Juan Ignacio Gonzlez Ruiz 2 Edurne Navarro Varona 3 Javier Redonet Snchez del Campo

Rousaud Costas Duran (RCD) Guillermo Canalejo Lasarte Javier Ruiz Cmara Bayo
Jaime Folguera Crespo
Country Value
Target Subsector Buyer Seller Pedro Ravina Martn
(Target) (EURm)
Salvador Snchez- Tern

1 Metroinvest Spain Real Estate Grupo Metrpolis Private Shareholders 200,00

Accel Partners,
Technology Bonsai Venture Capital,
2 Wallapop Spain - 36,61
Internet Caixa Capital Risc ,
Insight Venture Partners

17,00
3 RCD Espanyol Spain Sports and Leisure Rastar Group Private Shareholders
(Approx.)

People (only Partners)


1 Adolf Rousaud 2 Carles Ros 3 Adolf Rousaud
Iaki Fras Ignasi Costas Iaki Fras

114 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 115
MOST ACTIVE ADVISORS SPAIN M&A HANDBOOK 2016

Watson Farley & Williams Spain


Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Renaleto Servicios y
Wind Energy 100,00
1 Renovalia Energy Spain Gestiones (Cerberus Capital Private Shareholders
Solar Energy (Approx.)
Management)
Exus Management Partners,
Parque Elico
2 Spain Wind Energy Cerberus European WF Energy, ESIF 157,00
Cova da Serpe II
Investments
Exus Management Partners,
Parque Elico Rejadorada
3 Spain Wind Energy Cerberus European 56,00
Pujalt Inversiones
Investments

People (only Partners)


1 Mara Pilar Garca Guijarro 2 Mara Pilar Garca Guijarro 3 Mara Pilar Garca Guijarro
David Dez Marcos David Dez Marcos
Luis Soto

White & Case Spain


Country Value
Target Subsector Buyer Seller
(Target) (EURm)
Global Power Wren House
1 Spain Electric Energy - 550,00
Generation Infrastructure

Orion Capital
2 Orion Columba Socimi Spain Real Estate Klpierre 375,00
Managers Spain
Glass, Ceramic, Paper,
3 Ubis Cintas Adhesivas Spain Plastics, Wood and Espiga Capital Private Shareholders ND
Timber

People (only Partners)


1 Juan Manuel de Remedios 2 Juan Manuel de Remedios
Carlos Daroca Vzquez Carlos Daroca Vzquez

116 TTR - Transactional Track Record - (www.TTRecord.com)


VISUAL
SUMMARY
OF 2015

Portugal
No. OF TRANSACTIONS
1,2
140
N
VISUAL SUMMARY PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016
1 358 VISUAL
512 SUMMARY
257 PORTUGAL
8.169,64
N
120
0,8
N
No. OF TRANSACTIONS

140
Visual summary of 2015 100
3.427,80
14.034,76 Visual summary of 2015
0,6
N
As
0,4
8.169,64 6.543,45
Volume and 120
value of transactions- 2012, 2013, 2014 vs 802015 by type 0,2
Advisors
No. OF TRANSACTIONS 0
3.427,80 60 0 3 6
140 100 14.034,76
1.769,53
8.169,64 6.543,45
19,14
364,58 155
80 40
120
51,72 2.476,46
737,00
3.427,80 20 109,38
100 60 14.034,76
1.769,53 4,47 36 66
19,14
364,58 6.543,45
40 0
80
0,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 400,00
1.107
51,72 2.476,46

60 20 109,38
737,00 IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO 25
2015 - M&A 2014 - M&A 2013 - M&A 2012 - M&A
4,47
1.769,53 2015 - Private Equity 2013 - Private Equity
19,14 2014 - Private Equity 2012 - Private Equity
364,58 2015 - Venture Capital 2013 - Venture Capital
40 0 2014 - Venture Capital 2012 - Venture Capital
0,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 400,00 512
51,72 2.476,46 358
737,00 ITotal value EURm 257
109,38 IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO
20
2015 - M&A 2014 - M&A 2013 - M&A 2012 - M&A
4,47 2015 - Private Equity 2013 - Private Equity
2014 - Private Equity 2012 - Private Equity
0 2015 - Venture Capital 2014 - Venture Capital 2013 - Venture Capital 2012 - Venture Capital
0,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 400,00
ITotal value EURm
IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO

2015 - M&A 2014 - M&A 2013 - M&A 2012 - M&A


2015 - Private Equity 2014 - Private Equity 2013 - Private Equity 2012 - Private Equity
2015 - Venture Capital 2014 - Venture Capital 2013 - Venture Capital 2012 - Venture Capital
No. total of deals
No.total
No. total of deals
of deals with Legal Advisors
ITotal value EURm No.total
No. total of deals
of deals withwith Legal
Financial Advisors
Advisors
1 6 11 No.
No.oftotal
dealsofwith Financial
deals with and Legal Advisors
Financial Advisors
Technology
42,64 No. of deals with Financial and Legal Advisors
Most active subsectors by type of transaction2 1 11
Internet
59,70

7 2 2
1 6 11 Tourism, Hotels and Restaurants
Technology 294,70
42,64

2 1 11 3 8
Internet Real Estate
59,70 204,68

7 2 2
Tourism,
1 Hotels
6 and Restaurants 11
Technology 294,70
42,64 M&A
Private Equity
2 1 11 3 8
Internet Real Estate Venture Capital
59,70 204,68 Total value (EURm)

7 2 2
, Hotels and Restaurants
294,70
M&A
Private Equity
3 8
Real Estate Venture Capital
204,68
Total value (EURm)

120 TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 121
M&A
MERGERS
&
ACQUISITIONS

Portugal
60 6.000
41 42 45
34 32 32 35 41 39 40
40 27 31 4.000
Vision general 23
15
31

20 2.000
M&A PORTUGAL 80 M&A HANDBOOK 201666 8.000 M&A HANDBOOK 2016
M&A PORTUGAL
0 0
60 6.000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 41 42 45
34 32 32 35 41 39 40
2012 2013 2014 2015 40 27 31 31 4.000
23
2015 Overview20 15
2.000 2015 Overview
0 0
No. of deals
Quarterly deal flow since 2012
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Distribution of total deals by deal type
Total value (EURm) 2012 2013 2014 2015

NUMBER OF DEALS

80 66 8.000 No. of deals


Total value (EURm) 81
60 6.000
41 45
40 34 32 32
42
35 41 39 40
4.000
2015 30
27 31 31
23
15 Total number Total value 44
20 2.000 Year
of deals (EURm)
0 0 2015 155 5.249,05
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
113
2014 184 10.665,24
2012 2013 2014 2015 2013 129 6.912,50
2014 34
2012 106 14.881,14 37

No. of deals 69
Total value (EURm)
2013 19
Aggregate deal value and volume by market segment
41

No. OF DEALS (%)


75
2015 2014 2013 2012 2012 12
3% 3% 3% 19
8% No. OF DEALS (%)
16% 12% 14%
TOTAL VALUE (EURm)
2015 2014
30% 2013 2012
61% 20% 62% 23% 61% 22% 54%
3% 3% 3%
8%
8%
3.427,80
12% 14%
16% 2015 51,72
30%
Big Ticket (EUR 250m) Smaller
61% market 20%(<EUR 15m)62% 23% 61% 22% 54% 1.769,53
Mid market (EUR 15m) Non-disclosed value
8%
13.084
8.169,64
8.663 No. OF DEALS (%) 2014 19,14
Big2015
Ticket (EUR
- Total 250m)
value Smaller market (<EUR 15m)
2015
5.543
2014 2013 2012 Mid2014
market (EUR
- Total 15m)
value Non-disclosed value 2.476,46
3.134
13.084
2013 - Total value
2.017 1.859
3% 3% 1.255 1.763 3% 2012 - Total value
98 143 114 35

Big Ticket Mid market Smaller market8.663 8% 6.543,45


16% (EUR 250m) 12% (EUR 15m) 14% (<EUR 15m) 2015 - Total value
2013 4,47
5.543
30%
2014 - Total value
61% 20% 62% 23%
Big Ticket 61%
Mid market
22% 3.134
54%
Smaller market Non-disclosed
2.017 1.859
2013 - Total value 364,58
Total
1.255 1.763
2012 - Total value
( EUR 250m) ( EUR 15m) (< EUR 15m) value 98 143 114 35
8%
2015 - No. of deals 5 24 31 Big Ticket 95 155
Mid market Smaller market
(EUR 250m) (EUR 15m) (<EUR 15m) 14.034,76
2014 - No. of deals 5 23 42 114 184
Big Ticket (EUR 250m) Smaller market (<EUR 15m) 2012 109,38
2013 - No. of deals 4 18 28 79 129
Mid market (EUR 15m) Non-disclosed value
737,00
M&A Venture Capital Private Equity
2012 - No. of deals
13.084
8 32 9 57 106
M&A Venture Capital Private Equity
8.663
2015 - Total value
5.543
2014 - Total value
3.134 2013 - Total value
124 2.017 1.859
1.255 1.763
TTR - Transactional Track Record - (www.TTRecord.com) TTR - Transactional Track Record - (www.TTRecord.com) 125
98 143 114 35
2012 - Total value
Big Ticket Mid market Smaller market
M&A PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016
M&A PORTUGAL

Largest transactions in 2015 Cross-border deals of 2015

The largest transactions involving a Portugal-based party Largest inbound cross-border acquisitions with Portugal-based targets
(excluding Private Equity, Venture Capital and Cross Border deals)

Value Country Value


Target Subsector Buyer Seller Target Buyer Seller
(EURm) (Buyer) (EURm)
PTRW Renewable Bid
1 Glass, Ceramic, Paper, The Navigator 670,00 (Cheung Kong
Semapa Private Shareholders
Plastics, Wood and Timber Company (Approx.)
Infrastructure Hong Kong, Private Shareholders,
1 Iberwind 1.000,00
Transports, Aviation and Holdings, Power Portugal Magnum Capital
2 TAP Air Portugal Atlantic Gateway Parpblica 270,00
Logistics Assets Holdings
Electric Energy Limited)
Winterfell Gesto de 194,80 First State Wind Energy
3 Efacec Power Solution Consultancy, Audit and Efacec Capital Australia,
Investimentos (Approx.) 2 Finerge Investments (First Enel Green Power Spain 900,00
Engineering
Portugal