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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

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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

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

MOST ACTIVE ADVISORS (M&A. PE & VC) TTR -Transactional Track Record and TTR logo are trademarks. SPAIN PORTUGAL FINANCIAL ADVISORS 92 FINANCIAL ADVISORS 192 LEGAL ADVISORS 100 LEGAL ADVISORS 195 Printer: Copysell CORPORATE PROFILES 199 Calle Metal. INDEX OF ENTITIES 303 . No part of this publication may be reproduced. property of Zuvinova. Ind. in any form or by any means without the prior permission in writing form the publisher Zuvinova. San José de Valderas ACKNOWLEGEMENTS 301 28918 Leganés (Madrid) Spain Printed in Spain. 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. 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. 8 Pol. S. 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.A. transmitted or TECHNOLOGY AND TELECOMS 85 TECHNOLOGY AND TELECOMS 186 recorded by any information retrieval system.

Portugal: All M&A deals which total deal value is in excess of EUR 15m. the acquisition of assets or any other corporate acquisition that does not imply the acquisition of shares is not considered a M&A transaction. 9 . 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 less than EUR 15m. VENTURE CAPITAL DEALS Investments carried out by private funds which concentrate their activity on companies in a start up phase. 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. When the purchase or sale of a specific target company is carried out through one of the private equity firms’/funds’ subsidiaries. DEFINITIONS M&A TRANSACTIONS TTR considers Iberian M&A deals to include any acquisition of shares. including seed capital. SMALLER MARKET Spain: All M&A deals which total deal value is less than EUR 100m. through a broker or any type of intermediary) is also not considered to be a M&A transaction. 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. the deal will only be considered a private equity deal if the subsidiary is controlled by the referred private equity/fund. The acquisition of shares in a target company which configures a mere stock market transaction (namely. early stage and expansion. PRIVATE EQUITY TRANSACTIONS All investments or divestments carried out by private equity firms and/or funds under management are registered as private equity deals.

the regions M&A levels were not as high as the previous year. driven by both the European Central Bank’s (ECB) expansionary monetary policy and reforms in fiscal policy at a country level. the total deal value was down 49% at only EUR 54bn. one of which is the Spanish general election. Acquirers for these deals are primarily private equity or venture capital firms. though probably at a slowing rate. and venture capital trends in the region. Intralinks Team 11 . INTRODUCTION M&A in Iberia It is a privilege for Intralinks to sponsor TTR’s Iberian handbook for a second year. While the future looks bright overall there are still risks. the combination of cheap financing and returning market confidence is likely to fuel deal making in the region. with 217 deals in Spain and 18 in Portugal. In addition to the insights provided in the annual publication. At an industry level the technology sector posted the highest volume of deals across Iberia. private equity. should no party emerge with a majority after the vote on the 26th June the continued uncertainty may undermine the monetary stimulus. with 44 in Portugal and 192 in Spain. Intralinks uses TTR daily. Whilst total M&A numbers were mostly down. the financial sector and the insurance sector. The outlook for 2016 remains positive. the number of private equity acquisitions increased. the 2016 handbook provides a comprehensive overview of M&A. The economic recovery in Spain and Portugal continued in 2015. indicating that investors continue to see value in the sector. Despite the stronger economic conditions. a trend that has continued from 2014. for access to concise and accurate information on current deal making in Iberia. representing a 15% and 18% increase respectively. Other sectors with high deal volumes included real estate. The total number of transactions within Spain increased by over 10% to 1297. The OECD is predicting that this growth will continue throughout 2016 and into 2017. In Portugal the volume and the total value of deals were down by 19% and 103% respectively. however.

VISUAL SUMMARY OF 2015 Spain .

38 2015 . total of deals 2015 .0 150.80 11.741.Venture Capital 2013 .Private Equity 600 2015 .75 0.TTRecord.M&A 621 2012 .com) 15 Total Value (EURm) Importe Total (EURm) 7.Transactional Track Record .Private Equity 2012 .98 100 342.76 5.0 150.Private Equity 232 11.492.0 275.87 Total value EURm 232 AVERAGE VALUE (EURm)-TRANSACTIONS WITH DISCLOSED VALUE 400 1.0 250.229.0 300 11. total of No.068.0 25.847.M&A No.Private Equity 2014 .000 400 1.38 62 15 19 19 Financial and Insurance 7.960.91 300 17.068.0 125.81 600 5.000 600 Visual summary38.0 200.0 25.579.95 2014 . total of No.753.Private Equity 2012 .08 497.0 125. of deals with Financial and Legal Advisors 122 71 10 136 136 Technology 836.04 2015 .Private Equity 2014 .0 AVERAGE VALUE (EURm)-TRANSACTIONS WITH DISCLOSED VALUE No.Venture Capital 2012 .38 Total value EURm 0 0.Venture Capital 602.Venture Capital 2014 .0 275.Venture Capital 2013 . OF TRANSACTIONS 700 Visual summary of 2015 1.0 250.753.0 300.35 62.579.75 500 32.M&A 2013 .204.(www.0 75.204.75 VISUAL SUMMARY – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 VISUAL SUMMARY – SPAIN 800 No.Private Equity 2013 . 2014 vs.0 175.0 225.960.960.Venture Capital No.M&A 2012 .0 300.066.38 291.com) Venture Capital TTR .08 Venture Capital Total Value (EURm) Importe Total (EURm) M&A M&A Private Equity Private Equity Venture Capital 14 TTR .0 175.Private Equity 2013 .Venture Capital 2013 .Venture Capital 2012 .09 AVERAGE VALUE (EURm)-TRANSACTIONS WITH DISCLOSED VALUE 200 602.229.81 of 2015 900 39.0 25. 2015 by 800 type 291. total of deals with Financial Advisors Total value EURm No.847.0 175.35 62.M&A 2014 2013 .95 700 300 11.0 150.04 800 5.M&A 2012 .Private Equity 2014 . 1.Venture Capital 0 0.Venture Capital 2014 .38 62 15 19 19 71 10 136 136 Financial and Insurance Technology 7. OF TRANSACTIONS 500 32.229.M&A 2015 .35 62.743.Transactional Track Record .26 81 10 33 34 7 112 112 Real Estate Internet 5.98 Volume and value of transactions.26 Most active subsectors by type of transaction 34 7 112 112 122 Internet 497.M&A 11.066.743.0 300.M&A 355.91 17.068.80 200 100 342.0 200.95 0 1.(www.0 100.0 50.0 200.0 100.87 1.0 75.04 836.TTRecord.0 275.0 75.579.0 250.M&A 38.09 200 602.492. ofwith deals deals withAdvisors Legal Financial and Legal Advisors No.297 900 39.80 11. total of deals with Legal Advisors 2015 .Venture Capital 2012 .M&A 2014 .76 No.Venture Capital 2014 .0 125.98 355 621 291.04 38.743.0 225.76 1.492.09 2015 .741.81 2015 .753.297 700 100 342.Private Equity No.066.000 900 39.M&A 2013 .04 M&A M&A 81 10 33 Private Equity Private Equity Real Estate Venture Capital 5.91 17.0 50.Private Equity 2012 .741.Private Equity 2013 .87 Advisors 400 1.2012 and 2013.04 . total of deals with Financial Advisors deals 2015 .0 225.0 500 32.0 50.0 100.204.

MERGERS & ACQUISITIONS Spain .

102. 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) 41.066.No.960.279 11.725 32.721 2012 . of deals 15 45 425 2015 . 500 25. of deals 26 56 521 381 984 35.Total Value 22. of deals 500 NUMBER OF DEALS No.196 2015 35.000 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 25.743.54113.27911.000 336 200 323 309 315 335 311 15.03 192 50 5. OF DEALS (%) 35.970.95 Mid market (≥EUR 100m) Non-disclosed 63.80 2013 .010 Big Ticket Mid market Smaller market 51% 39% (≥EUR 500m) (≥EUR 100m) (<EUR 100m) 38.640.TTRecord.747.570 4.54113.Total Value 2013 .44210.161 80.Total380 Value 865 M&A Venture Capital Private Equity 32.579.91 63.196 2014 2013 2012 2015 .Total Value 3% 4% 22.010 Big Ticket Mid market Smaller market 18 500m) (≥EUR (≥EUR 100m) TTR - (<EUR 100m) Transactional Track Record .846 2013 .Total Value 4. of deals 2013 296 Total value (EURm) No.725 2015 .No.76 2014 .000 300 20.000 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.Total Value 7.Transactional Track Record .Total Value 11.891 2013 .161 5.000 300 20.000 150 50 5.62 725 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 865 37.Total Value 62.010 7.846 7.725 2012 .81 Big Ticket 50% Mid market Smaller market 44% (≥EUR 500m) (≥EUR 100m) (<EUR 100m) 42% 42% 53% 49% 2013 291.000 815 288 273 Total number Total value 227 222 251 238 241 Year of deals (EURm) 2015 305 201 216 221 10.721 2012 .000 2014 1.75 32.09 Big Ticket Mid market Smaller market Non-disclo- Total (≥ EUR 500m) (≥ EUR 100m) (< EUR 100m) sed value 32.98 Big Ticket (≥EUR 2015 .861 No.54113.16 2014 287 2012 2013 2014 2015 157 Aggregate deal value and volume by market segment 562 No.861.04 11.297 Mid market (≥EUR 100m) Non-disclosed value 2012 342. of deals 34 500m) 56 Smaller market 542 (<EUR 100m) 664 1. of deals 32 53 492 584 1.(www.204.721 2012 .098 5.570 4.87 11.(www.Total Value 4.229.com) TTR .846 6% 4.95 2013 984 50.861 value 11.000 No.No.TTRecord.000 150 2015 1.Total Value 22.492.098 5.098 5.000 201 216 221 10.Total Value 2014 602.38 2014 63. OF DEALS (%) 128 No.20 Smaller market (<EUR 100m) Big Ticket (≥EUR 500m) Smaller market (<EUR 100m) (≥EUR 100m) Mid market Non-disclosed value 2015 1.000 323 335 336 200 M&A – SPAIN 288 309 315 311 15.No.891 2014 .570 4.297 54.44210.753.Total Value 17.000 50 2015 Overview 5.com) 19 . of deals Total value (EURm) 300 Total value (EURm) 20.27911.196 2014 .44210.000 323 335 336 200 288 309 315 311 15.891 3% 5% 2% 2% 5% 11.358.

Hotels and 8 Vacaciones. (Approx.(www.) 377.00 1 Madrileña Red de Gas Oil and Gas Morgan Stanley Partners (CCIP) Tree.00 Insurance Occidente Poblados de Tourism.28 and Logistics Pérez y Cía 6 Testa Real Estate Merlin Properties Sacyr (Approx.00 Retail Shareholders Shareholders 4 Financial and CatalunyaCaixa Vida Catalunya Banc Mapfre Vida 606. 3 Metrovacesa Real Estate BBVA. Aviation APM Terminals Shareholders.Barceló BAY Grupo Barceló 230. PGGM (Approx.TTRecord.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.24 Private Shareholders.00 2 Food and Beverage Cobega Invest Private Shareholders 800.) 3 Grup Marítim TCB Transports.43 4 Acciona Windpower Wind Energy Nordex Acciona 785.00 Accionistas 10 Trajano Iberia Real Estate .00 Santander Distribution and Private Private 2 El Corte Inglés 1.) Infrastructure Banco Sabadell. 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.Transactional Track Record . Banco .) 9 Metroinvest Real Estate Grupo Metrópolis Private Shareholders 200. 94. Coca-Cola Iberian EDF Invest.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 Uría Menéndez Spain Freshfields Bruckhaus Deringer Spain 9 2 Ashurst Spain 2 Morgan Stanley Spain 2 Linklaters Spain EY Spain 8 9 Cuatrecasas.com) 21 .014.(www.Transactional Track Record .) 7 Financial and Seguros Catalana Plus Ultra Inocsa 230.TTRecord.000.33 (Approx.97 X Solar Solar Energy KKR Corporación Gestamp (Approx. 751.00 Restaurants Hotels Canarias 5 735.com) TTR . 911. Gonçalves 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 Albiñana & Suárez de Lezo 4 CMS Hasche Sigle Public Relations 4 Freshfields Bruckhaus Deringer Spain 5 Simpson Thacher & Bartlett US 5 Llorente & Cuenca 20 TTR . Gingko 2.80 Insurance 430.84 Ports Private 5 Testa Real Estate Merlin Properties .

000 41 40 44 40 32 37 34 0 4.54 3 Aer Lingus (IAG .684 49% 2012 .891 2014 .Total Value 8.No. (Approx.214 7.000 20 2012 2.721 45% 39% 36% 2.Total Value 4. Aviation Ryanair.Importe total 60 3.Total Value 148 8.660 1.000 80 74 74 150 75 10.Total Value 9. OF TRANSACTIONS of deals 7 20 58 63 2014 .45 2012 155 11.000 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.com) 23 Nº DE TRANSACCIONES .363.684 2012 .975 5. OF DEALS (%) Financial Advisors Nº 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.846 3 Investec Bank 38% 2014 .50543% 48% 11.82 Transports. of deals 11 27 110 133 281 30.Total Value 75 155 2014 .Importe total Big Ticket Mid market Smaller market (≥EUR 500m) (≥EUR 100m) 2.178 5.com) TTR .421 1.000 300 20.000 150 M&A – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 M&A – SPAIN335 336 100 100 200 10.377 4% 32.050 4.000 5.Importe total 39% 42% 53% 5.No.) 20 2.972 2013 .(www.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.Importe total 3.Total Value 47% 7.No. of deals 18.Importe total 3.178 5.000 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. OF DEALS (%) Big Ticket (≥EUR 500m) Smaller ma 5 Mediobanca Nº DE TRANSACCIONES (%)4 Cuatrecasas.861 2012 Non-disclosed value 2014 38.00 Importe total (EURm) Aggregate value and volume of transactions by market segment No.000 No.International and Logistics Government of Ireland.933 No. Aviation 0 0 4 Navitaire Amadeus Accenture 767. 1.337.000 2013 2014 2015 200 0 Quarterly deal flow since 2012 Value 0 Target Subsector 10.000 323 309 315 15.196 2015 .548.Total Value 23.44210.66 Airlines Group) Private Shareholders 2013 148 10.307 2013 .175 2012 .570 4.000 2012 2013 2014 45 350 20.421 1.83 1 .933 RBC Capital Markets 7% 22.000Merger Sub 2. 2013 .251 49% 5.00 24 2015 281 16.505 15 60 2013 .000 of deals (EURm) AERL Holding 32 34 Transports.21 (<EUR 100m) Mercado alto Mercado médio Mercado bajo (≥EUR 500m) (≥EUR 100m) (<EUR 100m) 22 TTR . 40 37 40 4.175 968 39% 2012 .738 15.078 2.061 8.660 1.061 8.944 11 27 93 125 256 2015 .382 5 3.000 Insurance 2012 2013 2014 50 Total number Total value 45 41 44 Year Goodbody Stockbrokers.2792013 .TTRecord.078 7.108.738 11.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 médio 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 38.54113.Transactional Track Record .000 200 10.) 80 74 74 75 8. of deals 5.000 2014 256 26.975 3.381.098 5. Gonçalves 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 63.725 2% 4% 30.Total Value 10% 11% 13% 10% 2 23.839 2013 2012 4% 4% 5% 3% Others 2% 2% 18.0 52% 9. 250 500 25.(www.000 50 64 57 64 5.382 15.972 3.62 60 64 57 64 6.839 2015 .400.TTRecord. 85 Total value (EURm) 50 CorporationNº de transacciones Oil and Gas (Iberdrola) (Approx.427. of deals UIL Holdings Electric Energy Green 5.747.214 5.377 2014 .000 288 311 85 273 251 238 241 50 221 227 222 201 2168.251 2012 .307 968 5.050 4.000 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. OF DEALS (%) No.No.944 35.37 and Logistics Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2013 2014 2015 5 Nº deGalata transacciones Telecoms Cellnex Telecom Wind Telecomunicazioni 693.Transactional Track Record .

20 Steel. Aviation and Logistics 5 1.089. 2 Transports.00 800.30 698.738 5.71 Wood and Timber Wind Energy 4 642.39 8.33 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.49 M&A – SPAIN 2014 .47 Other Consumer Goods 3 0 Sports and Leisure 1111 3 2 1 0.557.00 600. Paper.Total Value HANDBOOK 2016 M&A HANDBOOK 2016 940.00 700.00 500.Total Value 53. Mid market (≥EUR 100m) Non-disclosed value 10 9 9 9 8 18.36 2.00 78.(www. Audit and Engineering 10 Food Industry 3Distribution 3 1 1 and 2 1Retail 121 7 40 Food Industry 6 Consultancy.21 Real Estate 5 3 6 Internet 2 2 111 14 Financial and Insurance 12 Internet 6 4 21 3 50 Steel. Parapharmaceutical and Cosmetics 6 Tourism. Metallurgy and Industrial Production 3 2 1 2 1111 Consultancy.Total Value 3.421 1.382 5. Plastics.505 3. Audit and Engineering 3 3 3 3 1 Pharmaceutical.00 300.41 200.178 5.Transactional Track Record .00 400.00 200. OF TRANSACTIONS Technology 9 4 4 1 4 2 111 2 60 Financial and Insurance 6 8 4 2 111 Technology 24 2.com) 25 . Media.660 1. Ceramic.48 Healthcare.com) TTR .23 Biotechnology 3 212 2 Oil and Gas 5 Wind Energy 1 7 111 Marketing and Advertising 5 3. Metallurgy and Industrial Production 10 3.Total Value 802.92 20 Glass.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.(www.TTRecord.00 100.Transactional Track Record .078 192. Hygiene. 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.214 7.975 2013 .041. Medical Aesthetics and Cosmetics Solar Energy 1 3 4 4 1 121.TTRecord.175 968 2012 . Multimedia 5 1 1and1 1 1Editorial 5 242.00 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 .548. Aviation and Logistics Hotels 111 3 and 1 Restaurants 5 30 Transaports.944 7 M&A – SPAIN 2015 M&A .

623.337.000 37 Solar Consultancy.383.58 1.39 8.738 26 5.Total Value 698.25 No.000 Consultancy.000 Oil and Gas 3 24 Wind Energy 3 10 2.695.54 36% 39% 39% 16.660 1.54 47% 49% 25 43% 48% 39% 16. Ceramic.000 40 40 32 37 34 4.000 85 35 33 33 Technology 4 80 74 74 75 8. of companies selling Total value (EURm) 23 Value (EURm) 3. Plastics.33 .00 78.00 157.18 6 6 6 3 3 3 1.964.944 7 2015 . 4 6 6 Wood and Timber Financial and Insurance Technology 44 Food Industry 6 Technology 45 10. of companies selling Total number Total value Value (EURm) Year of deals (EURm) 1.25 No.000 Solar Energy 34 40 41 Financial and Insurance 4 40 39 9.29 6 6 6 309. of deals 3. 45 41 Audit and Engineering 44 3 4.00 157.00 3 3 3 23.392.623.617.00 Italy States Kingdom 82.000 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. Paper.617. and Industry Insurance Plastics.14 7.54 7.84 82.29 States Kingdom 3 3 3 United 309.84 France United 5 Germany Sweden 82.505 3.29 0.Transactional Track Record .TTRecord. Ceramic.20 United Netherlands Luxembourg 148.383.392.617.30 2014 .000 Oil and Gas 5 1.Total Value 53.com) 27 ACQUISITIONS-2015 3.078 DIVESTITURES-2015 192.763.TTRecord. Ceramic. Food Industry 66 Wood andEstate Real Timber 15 Glass. OF Netherlands Luxembourg DEALS (%) France 148.421 1.000 100 10.18 1.39 8 148.4%Divestitures of Foreign Kingdom 5% companies in Spain 3% 10% 11% 13% 10% 4.41 200.617.00 United 2015 Netherlands Luxembourg 2014France 2013 Germany United 2012 Sweden Portugal Italy States 4% Acquisitions vs.000 21 5.14 Big Ticket (≥EUR 500m) Smaller market (<EUR 100m) 13 Mid market (≥EUR 100m) Non-disclosed 7.87 16.13 309.000 64 25 23 23 60 57 6.00 23. Real Estate Wood and Timber 6 15 Deal flow since 2012 Glass.45 United No.382 5.392.Transactional Track Record Value (www.13 8 2015 133 8.000 20 2.com) TTR .975 2013 --Total TTR .337.Total Value 940.00 Portugal Italy 0.(www.45 5 2013 128 3. Plastics.14value 10 ACQUISITIONS-2015 DIVESTITURES-2015 9 9 9 8 18.178 5. Food Financial Paper.03 1.25 No. Audit and Engineering Wind Energy 33 27 27 26 Solar Energy 64 3 25 24 6. Unites States Netherlands Japan Belgium Italy United Arab United Kingdom Luxembourg China Canada Brazil Denmark Luxemburgo Alemania Portugal Japón Dinamarca Suecia France Sweden Hong Kong Emirates Reino Unido Italia Irlanda Crossborder enMexico España Portugal Crossborder en el extrerior Japón Suecia Venezue United Kingdom Luxembourg BrazilM&A HANDBOOK Alemania Suiza Bélgica Portugal Dinamarca M&A – SPAIN China Canada Denmark2016 M&A HANDBOOK 2016 Luxemburgo M&A – SPAIN Suiza Bélgica Venezuela Alemania Japón Suecia Suiza Bélgica 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.623.49 ACQUISITIONS-2015 DIVESTITURES-2015 802.18 1. Paper.000 50Wind OilEnergy and Gas 33 20 Consultancy.00 23.36 2. Audit and Energy Engineering 33 35 34 8. of companies selling 23 Value (EURm) No.13 6 6 6 8 5 2014 128 17.337.000 15 3.214 7.45 2012 99 1.00 0.000 30 7.929.383.175 968 2012 .84 Germany Sweden Portugal 157.

92 20 Technology Media.41 200.175 968 2012 .421 1.00 600.382 5.41 200.com) 29 Telecoms .Transactional Track Record .30 10 698.36 Distribution and Retail 7 53.548.39 192.557.00 78. of acquisitions Tourism.Total Value 53. Metallurgy and Industrial Production 10 8 3. Hygiene.21 Internet 14 13 Financial and Insurance 12 50 10 9 9 9 Steel.00 100.Total Value 940.Transactional 4 Track Record .49 2014 . Big Ticket (≥EUR 500m) Smaller market (<EUR 100m) 13 Mid market (≥EUR 100m) Non-disclosed value 10 9 9 9 8 18.(www. OF TRANSACTIONS 4.30 698.47 Distribution and Retail Other Consumer Goods 7 3 0 Food Industry 6 0. Hotels and Restaurants 5 Total value (EURm) 30 Transaports.36 2.49 Consultancy.975 2013 .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.214 7.63 Financial and Insurance 12 Telecoms 4 10 Steel. Aviation and Logistics 5 1. Hotels and AVERAGE VALUE (EURm)-TRANSACTIONS Restaurants WITH DISCLOSED VALUE 5 Transaports.com) TTR . Metallurgy and Industrial Production Chemical and Chemical Materials 10 4 363. of acquisitions Subsectors Total value (EURm) in which Spain-based buyers made most acquisitions abroad No.00 Pharmaceutical. Multimedia and Editorial 24 5 242.Total Value 802.33 40 United United Portugal Mexico Italy Brazil Chile France Food Industry 6 47% 49% States Kingdom 39% Pharmaceutical. 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. Parapharmaceutical and Cosmetics 6 No.00 500. Parapharmaceutical and Cosmetics 6 Tourism. Multimedia and Editorial 5 28 Wind Energy TTR .TTRecord.20 7 940.00 78.00 300.39 8.660 1.00 400.00 800. Medical Aesthetics and Cosmetics 10 4 121.48 Consultancy.738 5.00 200.695.00 700.089.944 M&A – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 7 – SPAIN M&A 2015 .178 5.23 Oil and Gas 5 Marketing and Advertising 5 3.87 25 60 Technology 24 2.Total Value 3. Audit and Engineering Healthcare.71 Internet 14 Wind Energy 4 642.041.505 3. Audit and Engineering 802.078 192.(www.TTRecord.

com) TTR .000.(www. of divestitures 1 Merlin Properties 7 1 OHL 5 2 Abengoa 6 2 Abengoa 5 3 Amadeus 6 3 Comsa Corporación 5 4 Enagás 5 4 Repsol 4 5 Telefónica 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.Transactional Track Record .52 3 IAG .56 2 Sacyr 1.69 5 Renaleto Servicios y Gestiones 1.56 4 Abengoa 1.92 4 Abengoa 1.(www.International Airlines Group 1.00 3 La Caixa 1.632.400.com) 31 .TTRecord.222. of acquisitions Ranking Company No.00 5 Iberdrola 955.97 2 Merlin Properties 1.00 1 Ferrovial 2.016.760.88 30 TTR .Transactional Track Record .315.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.TTRecord.238.

PRIVATE EQUITY Spain .

630. Ceramic.53 TOTAL VALUE (EURm) 96 10 Tamsi Spain Financial and Insurance Portobello Capital N+1 Dinamia 20.73 6.52 No.492.347.302.04of Total value Polibol Plastics.691.51 Industrial Production 2012 2013 2014 2015 8.960. Paper.000 1. Metallurgy and Private Shareholders. Abanca 40 39 20 38 38 36 5.73 6.50 1.966.68 Total number 7.73 6.80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Industrias Alimentarias 2.00 2013 128 2.80473.293.TTRecord.00 Private Shareholders Estanda Industrial Production Diana Capital (Approx.000 23 3.88 11.000 Value 60 34 34 Target Subsector Buyer Seller 32 31 53 (EURm) 30 28 50 7.966.000 Q3 Q4 0 Largest transactions in 2015 59 8.000 PRIVATE EQUITY – SPAIN 20 M&A HANDBOOK 2016 M&A HANDBOOK 2016 PRIVATE EQUITY – SPAIN 00 2. 2013.000 0 Servicios Compartidos de 20 3 Alimentarias Food Industry Viscofan 55.000 Navarra (IAN) 10 2012 2013 2014 2015 1.000 10 1.50 1.537.20 6 CS Corporate Advisors 2 Ramón 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.443.000 Largest Private Equity transactions in Spain 70 50 volume in 2012. 152 Parapharmaceutical and 9 Suanfarma ProA Capital . Gonçalves Pereira Spain 1.017.347.797. Private Shareholders.302.259.20 Private Shareholders. 7 25.630.521. 34 34 100. Hygiene.88 11. Investments 9 12 9 18 Wind Enrgy 2.00 No.743.12 47 Financial Advisors Legal Advisors 8.537.00 10 32 31 2 VItaly Plus Medical Aesthetics and Portobello Capital Private Shareholders 30 28 4.000 3. 6. 25.000 Aerospace and 0 TOTAL VALUE (EURm) 0 Aeronautical.000 70 0 Q1 Q2 2015 Overview Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9.797. (EURm) OF DEALS Pharmaceutical.000 40 39 Total value (EURm) 38 38 36 59 8.50 1.83 Investments NO.53 1.793. Wood and Saica 40.00 11.432014 and 2015 No.00 32 31 30 28 4. Private Shareholders Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Madrigal Participaciones (Approx.443.000 4.000 60 2012 2013 2014 2015 Distribution of Private Equity-related50transaction 53 7.83 2012 134 5.TTRecord. OF DEALS 473.630.966. of deals Year Sherpa Capital deals (EURm) Timber Total value (EURm) 5.04 Metalcaucho Other Vehicles Abac Capital Private Shareholders (Approx. 40 36 5.91 Cars.00 Spain.com) 16 Telecoms TTR .51 54 53 3.) (Artá Capital) Private 2015 Equity .) TOTAL VALUENO.000 50 23 CVC Capital Partners 43 44 6. Biotechnology 8. Motorcycles and 6 30.51 134 Cosmetics.00 2.691.88 14 7.691.000 2.443. 53. Metallurgy and 2013 2012 Secondary 34 TTR . of deals 4 Aciturri Aeronáutica Electronics.83 6.229.259.537.50 6.000 Healthcare.(www.793.88 2015 192 11.53 Glass.Investments 2014 vs.017.20 9 1 Mediobanca 1 2 5 DLA Piper Spain 5.09 Distribution and Retail 1. 25.12 17.000 (Approx.00 * Secondary Medical Aesthetics Buyout transactions areand Cosmetics recorded as investment and exit.88 1 5 PwC Spain 1 3 8 Garrigues Spain 2015 2015 2014 20133.com) 2. of deals 9.017.04 1. 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.Transactional Track Record .000 (excluding Cross-border) 44 6.68 9 12 473.000 5.259.302.88 6 9 EY Spain 1 3 5 7 Uría Menéndez Spain 1.Transactional Track Record -Buyout* (www.00 2014 157 3.04 87 5. Exits 2015 2014 Steel.000 34 34 0. Hygiene.90 Ocibar Ports Asúa Inversiones Deyá Capital (Approx.793.) Cosmetics 23 Industrias 0 3.797. 5 Private Shareholders.) Total value (EURm) Steel.12 2013 2012 2014 2012 5 Arcano 1 4 7 Cuatrecasas.000 1 R Cable Telecoms Euskaltel 890.347. Exits 2013 2012 8 Fundiciones del Steel.68 7.88 35 Industrial Production Investments .0032 2. Metallurgy and 11.) 1.

com) TTR . Healthcare. Audit 10 Mining Mining 500. Telecoms Telecoms 6 6 205.(www.Consultancy.293.88 2.TTRecord. Healthcare.293. Healthcare.40 232.Healthcare.58 276. Audit and Audit and 6 232. Steel. Aviation Transaports. Metallurgy and Steel.88 2.97 1.521.113.00 700.23 381.(www. Real Estate 579. Hygiene.88 Industrial Industrial and Production 16 16 Telecoms Telecoms 2.58 Tourism.Metallurgy Metallurgy Steel. 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.00 Technology Technology Technology Technology 10 10 10 10 Financial Financialand andFinancial Financial Insurance Insuranceand Insurance and Insurance 617. Telecoms Telecoms 6 6 205. Audit Consultancy. Pharmaceutical. AuditAudit Consultancy.293.com) 37 .00 Medical Medical Aesthetics andAesthetics Cosmeticsand Cosmetics 18 Wind Enrgy 2. Aviation and Aviation and Marketing andMarketing and Advertising Advertising 6 6 163.51 Healthcare.00 Fashion andFashion Textile and Textile 8 8 Oil and Gas Oil and Gas325. Hygiene. Consultancy.TTRecord.63 Medical Medical Aesthetics Aesthetics and Cosmeticsand Cosmetics Consultancy.293. Hygiene.97 Wind Wind EnergyWind Energy 1414 14 14 Fashionand Fashion and textile andtextile textile and textile 1.00 and Engineering and Engineering and Engineering and Engineering 10 10 10 Mining Mining 500.76 12 12 713.793.113.00 205. Pharmaceutical.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 700.793.97 1.58 1. Engineering Audit232.00 Medical Aesthetics and Cosmetics 18 Wind Enrgy 2.Transports.58 1. Hotels Consultancy.113. Metallurgy Metallurgy and Telecoms Telecoms Steel.40 163.40 Tourism.40 Logistics Logistics 36 TTR .00 325.793.23 Fashion and Textile Fashion and Textile 8 8 Oil and Gas Oil and Gas 325.00 325.Production Metallurgy 16 16 2.40 163.40 and Restaurants and Restaurants EngineeringEngineering Pharmaceutical.40 Logistics Logistics Transports.113.521.23 381.76 713.Hygiene.521. Aesthetics Healthcare. Consultancy.51 617.521.63 579.Transactional Track Record . Cosmetics 18 18 Wind Enrgy Wind Enrgy 2. and Steel. MedicalHealthcare.63 Real Estate Real Estate Real Estate 10 10 10 10 Medical Medical Aesthetics andAesthetics Cosmetics and Cosmetics 579.51 617.76 713. Aviation Transaports.97 Financial and Insurance 15 Solar Energy Solar Energy 1.00 Distribution Distribution and Retail and Retail 10 10 Technology Technology381. andHotels Tourism.58 Energy Wind Energy Fashion Fashion 1.00 Internet Internet 7 7 Internet Internet 276. Transaports.00 700.00 700. Steel. and Hotels Restaurants Restaurants 6 Consultancy.58 Internet Internet 7 7 Internet Internet 276. Transports.23 DistributionDistribution and Retail and Retail 10 10 Technology Technology 381.88 Industrial Production Industrial Production Financial Financial and and Insurance Insurance Financial and Insurance 15 15 15 Solar EnergySolar Energy 1. Aviation andAviation and Marketing Marketing and and Advertising Advertising 6 6 163.00 Parapharmaceutical Parapharmaceutical and Cosmetics and Cosmetics Transports.Transactional Track Record .58 Transaports.00 205.00 500.58 276. Hygiene.00 2.00 Parapharmaceutical Parapharmaceutical and Cosmetics and Cosmetics Pharmaceutical. Metallurgy and and and Metallurgy and 713.40 Audit and Engineering and 6 6 232. Hygiene.51 617.63 579.00 Steel. Hygiene. Hotels Tourism.00 500.793. Aviation Aviation 12 12 Steel. and Hygiene.

) Legal Advisors CTC.(www.36 2 C.00 Pepe Jeans Deyá Capital M1 Group Singapore (Approx. Angulas Aguinaga. GrupoUno Harbourvest United States Portobello Capital (Approx.00 Cátering.) 4 Mubadala Trafigura 500. Ice Cream Factory Comaker. 113. Lebanon 730.59 Inmobiliarios Equity International 2 Corporación 735.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.TTRecord.) L Capital.) Valores Integrales Management) 1 Grupo Acosta Verde Mexico Private Equity Partners.W.Transactional Track Record .TTRecord.00 Teñida (MATSA) Emirates Festa. 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 Uría Menéndez 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. BlackRock (Cerberus Capital (Approx.(www.97 X Solar KKR United States Gestamp (Approx. Mediterránea de 5 350. Gonçalves Pereira Spain Virtual Data Room Due Diligence 5 Intralinks Spain 3 EY (Ernst & Young) Spain 3 Deloitte Spain 38 TTR .000.Transactional Track Record . Downer & Co Private Shareholders Minas de Agua United Arab States (N+1 Dinamia) (Approx.00 1 Renovalia Energy United States Private Shareholders Altan Capital.com) TTR . Torreal. 3 L Capital Asia.com) 39 .) (Artá Capital) United N+1 US Corporation 16.

0 IMPORTE TOTAL (EURm) 4 7.0 21.546.1 0.8 351.204.0 3 2 3 4 3 2 2 1.201.0 76.7 70.5 70.466.0 Lebanon 0.0 287.300.800.1 509.0 0.com) SPANISH 41 FOREIGN .0 0.7 0.300.0 21.3 802.0 76.309.673.0 0.902.0 0.9 1.0 exits in 12.0 Reino Portugal 0.0 0 Suiza 0 0 Colombia 0.4 0.0 1 1 1 1 1 1 1 50.4 730. 0 1.5 0.502.0 800.619.0 0.0 0.71 530.877.8 1.0 4 Cross-border deals of 2015 351.0 4 287.209.4 0.5 549.0 0.3 1.6 509.00 0.9 1.71 1.466.0 1 1 0 1 1 1 1 10 10 0 10 0 10 0 0.0 606.8 1.00 0.0 0.7 0 0 0 0 1.0 0.546.0 0.0 Luxembourg Netherlands 21.0 0. 2 2.0 Cross-border deals of 2015 3 69.60 157.00 0.0 0.0Países 0.5 549.6 2.0 549.0 0.0 0.Transactional Track Record .1 19.5 1.8 1 1 1 1 1 1 1 1 1 1 1 1 0 1.0 97.0 587.0 8.433.0 3.0 800.0 0.222.619.0 587.3 1.10 0.0 0.309.0 76.0 France 21.76 17 23 2 3 3 2 2 800.0 77.0 600.8 Unido Bajos 1.0 50.0 Healthcare.5 7.433.6 United Netherlands States Kingdom 730.502.237.0 8.0 2015 1 2015 2014 Fashion and Textile 2014 2013 0 TOTAL VALUE (EURm) 2013 2012 2012 0 TOTAL VALUE (EURm) TOTAL VALUE (EURm) 1.502.10 0.6 643.500.4 1.466.7 0.6 255.5 148.0 States 0 Kingdom 0.1 255.0 1 1 1 1 1 1 170.0 0.0 0.6 509.0 1.5 1.3 1.209.0 0.6 200.0 0.399.209.204.0 0.6 0 0 0 3 0 0 0 0 0 0 2 20 0 2 2 0 0 70.3 M&A HANDBOOK PRIVATE EQUITY – SPAIN o Francia Países Estados Portugal Suecia Suiza Sudán 10 1.0 0.0 287.7 579.00 0.048.300.0 3.0 156.67 1.67 530.0 157.0 0.3 0.TTRecord.619.0 Portugal 0.0 7 0 Unidos Bajos Unido 730.0 0.9 1.0 1 8.7 0.5 225.(www.0 148.0 8 76.0 19 9.5 0.0 9.399.0 0.6 70.6 1.5 158.0 3 1 Industrial Production14 13 13 4 3 41 1 1 1.0 0.0 3.0 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 .048.9 1.6 587.222.3 287.0 606.0 3.6 70.0 0.40 0 Estados 19.6 0.0 1.6 70.60 IMPORTE TOTAL (EURm) IMPORTE TOTAL (EURm) 0.1 76.0 8.0 0.0 0.433.5 21.619.5 148.2 12.0 5 1.6 Foreign Private Equity acquisitions in Spain Estados Unidos Francia Luxemburgo Noruega Países Bajos Reino United Unido Portugal Netherlands Suiza Colombia Portugal France United Luxembourg Switzerland 510.0 8.6 Luxemburgo Reino Francia Países Estados1.6 522.0 3.TTRecord.0 0.5 893.00 0.1 97.800.5 893.0 0.0 0. Metallurgy 3 5 and 3 2 3 2 3 6 2 2 2 2 2 2 1 2 1 1.673.5 Portugal Suecia Suiza Sudán 10 o Bajos Unidos 1.9 Francia Luxemburgo Noruega 0.0 Luxemburgo Medical Aesthetics and Cosmetics Reino Unido Portugal Suiza Sudán Países Bajos 0 1.1 303.0 600.0 0.0 0 Estados Suecia0 0 Suiza 0 0 Sudán0 0 10 no Unido Portugal 10 Luxemburgo Suiza 9 9Sudán Reino Bajos0 Países Francia 10 Países 0 Portugal Luxemburgo Reino Unido Portugal Suiza Sudán Países Bajos Unido Francia Bajos Países Unidos 10 7 Luxemburgo Reino Estados Portugal Suecia Suiza Sudán 4 6 Unido 6 Bajos Unidos 5 4 4 4 3 4 3 3 3 3 Steel.01 1 8.0 76.5 0 FOREIGN 0 0 0 01.0 0.10 Canada United United Singapure United Arab States Kingdom 1 NÚMERO DE DESINVERSIONES United United Singapure Lebanon Emirates United Arab France Canada TOTAL States Kingdom Emirates NÚMERO DE DESINVERSIONES NUMBER OF ACQUISITIONS 7 TOTAL VALUE (EURm) 5 2 5 Wind Energy 3 3 3 NUMBER OF EXITS 0.0 States Financial and Insurance 510.5 5 4 4 1.0 2 730.0 2 0.5 148.60 Countries with most Private Equity investments in Spain Countries with most Private Equity funds making 77.0 587.0 3.0 2014 0.0 69.0 United 0.0 3.5 Unidos 1.3 1.0 200.5 2 2 2 2 2013 2012 TOTAL VALUE (EURm) 38% 1 1 1 1 1 1 1 1.222.00 0.0 522.5 893.6 509.0 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 7.433.309.00 0.0 643.0 NUMBER OF EXITS 16 1 1 1 509.0 77.500.5 158.0 0.800.399.0 0.0 0.8 0.0 Kingdom States Emirates 0.399.237.7 3579.0 2014 0.0 0.9 3 144.0 0.683.0 1 1 1 144.(www.0 0.com) TTR .0 157.619.0 9.0 Exits by foreign Private Equity funds in Spain 3 643.0 157.237.2 606.1 United 0.0 156.0 0.4 0.0 1.683.5 M&A HANDBOOK 2016 1.0 0.00 0.1 459.0 Australia 97.0 157.0 0.2 510.6 70.0 1 2.0 730.673.0 21 2 1 2 1 1 2 1 8.0 0 0 730.0 0.0 12.0 0.466.0 0.00.0 21.0 800. Hygiene.4 0.0 1.5 0.0 76.5 893.1 459.0 2013 0.0 1.0 0.9 802.201.0 30. United 157.902.0 0.9 303.399.71 Luxemburgo Reino Unido Portugal Suiza Sudán Países Bajos 1.0United Netherlands 0 Portugal 0 0 France 0 United 0 Luxembourg Switzerland 0 0 SPANISH United France Switzerland Germany Netherlands United Arab 3.300.0 255.5 Spain225.0 0 21.67 21.0 0.0 0.6 2 2.0 600.0 21.Transactional Track Record .5 509.7 2.0 0.0 14 76.0 0.500.0 225.619.0 0.5 2016 0 0 0 0 0 0 0 0 PRIVATE EQUITY – SPAIN 1.0 1.

0 Equity 600.0 0.0 0.5 893.0 0.10 0.(www.76 Logistics 1 Fashion8.502.0 12 Steel.TTRecord.300.0 21.619. Metallurgy and 6 Industrial Production Consultancy.309.3 1.521.0 Cross-border 1.0 foreign Private 643. TOTAL VALUE (EURm) 205.(www.5 attracted 549.222.00 Financial and Insurance NUMBER OF INVESTMENTS 3 10 Financial and Insurance 617.00 Parapharmaceutical and Cosmetics 4 and Transports.0 0.4 deals of 2015 2013 2012 Cross-border 0 deals of 2015 15 Solar Energy 1.113.237.com) 43 7 NUMBER OF INVESTMENTS .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 .0 0.5 1. TOTAL VALUE (EURm) 18 Wind Enrgy 2.5 0. Aviation 9.0 0.0 0.0 0.7 0.619.0 157.23 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 325.0 8.8 Telecoms 0 16 1.0 0.0 0.0 SPANISH FOREIGN Healthcare.0 0.800.58 77.60 1.51 Pharmaceutical.00 1. 0.00 10 2 Wind Energy 5 10 3 4 3 13 4 3 Technology 4 381.6 509.0 0.TTRecord.399.677.5 225.0 021.Transactional Track Record . Hygiene. 3.Transactional Track Record . 579.0 163.76 United United Singapure Lebanon United Arab France Canada States Kingdom Industrial Emirates Production 7 12 3 Real Estate 700.0 Hygiene. 2014 Medical Aesthetics and Cosmetics 1.51 NUMBER 1 OF EXITS 10 Healthcare. Audit and TOTAL VALUE (EURm) 0 232.6 2 Subsectors that 510.6 255.9 1.793.0 4 70.0 most 730. Metallurgy and 713.0 587.40 Engineering 0 4.0 97.0 0.0 0 ajos 0 1.0 0.com) TTR .0 0.Spanish vs.877.0 0.0 0.2 Private Equity .5 PRIVATE EQUITY – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 4 PRIVATE EQUITY – SPAIN 1.0 0. Foreign Investments 14 Fashion and textile 12.1 157.88 Healthcare.97 lombia 730.00 Switzerland States Kingdom 4 Internet 276.71 2015 2.0 0.466.0 and Textile8.293.673. Hygiene.40 2.63 38% 62% Medical Aesthetics and Cosmetics SPANISH FOREIGN 0 0 7 dán 10 Mining 500.67 802.0 606.0 0.58 Steel.433.

VENTURE CAPITAL Spain .

2.30 10 Industrial Production 0 0.Transactional Track Record .TTRecord. Oncomatryx del Country Vasco. 8 Percentil Internet .00 Biotechnology Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Active Venture Partners.77 Total value (EURm) ORZA. 23.00 7 Iden Biotechnology Sodena.com) TTR . 3.TTRecord. 4.00 73 2 Open Camp Sports and Leisure Inveready Capital (Inveready . 4.00 Biotechnology 30 Gestión de Capital Riesgo 30 5 Pharmaceutical. 100 450.50 Parapharmaceutical Private Shareholders 20 100. 5.00 60 57 300.066.76 1 5 Cuatrecasas. .50 72 70 66 Technology Investment Group) 65 59 3 Tradeinn Internet Suma Capital VenturCap 12. 13.(www. CRB Inverbío .40 3 ONEtoONE Corporate Finance 4 Caixa Capital Risc (In-house) 4 Caixa Capital Risc 4 Fornesa Abogados 5 Norgestión 8 Gómez-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 . Metallurgy and 6 Tecalum Caixa Capital Risc .00 Fundación José Manuel 1 Jobandtalent Internet . of deals 9 Logtrust Technology Private Shareholders .00 and Cosmetics Steel. 2014 and 2015 (excluding Cross-border) Value Target Subsector Buyer Seller (EURm) Q Growth Fund.50 Gestión de Capital Riesgo del Country Vasco Total number of Total value Year deals (EURm) 2015 305 1.00 Compuestos Chemical Materials Private Shareholders 40 200. 2.90 2 Windcorp 3 Garrigues Spain 2012 219 342.com) 47 Telecoms 11 . 2013. Histocell Biotechnology . 91 90 86 Private Shareholders 81 82 Private Shareholders. 80 77 79 78 400.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 2012.20 2012 2013 2014 2015 Seaya Ventures No.00 55 56 Capital Expansió. Gonçalves Pereira Spain 2 CREA Inversión 2013 296 291.00 Entrecanales. IMQ 10 (Igualatorio Médico Quirúrgico). . 4. Seed Capital Bizkaia.Transactional Track Record . Kibo Ventures. 50 Plásticos Chemical and 4 Caixa Capital Risc.(www.95 Financial Advisors Legal Advisors 2014 287 602.

Audit and Engineering (KLS Partners). United States 11. Parapharmaceutical 100.TTRecord.00 11 12 Technology 8 48 TTR .60 Ventures.89 M & Partners 3 Financial and Insurance 45.(www.28 5 Packlink Amerigo Innvierte Spain Ventures. Point Nine Capital.TTRecord.61 Insight Venture Partners Financial and Insurance 19 Lundbeckfond Ventures.Transactional Track Record .46 Rousaud Costas Duran (RCD) 1 Internet 437.35 Caixa Capital Risc (In-house) 2 3 Pharmaceutical. 3 Minoryx Kurma Life Sciences Partners .com) 6 49 . Gilde Netherlands.com) TTR . Hygiene. 7 Medical Aesthetics and Cosmetics United States. Roche Healthcare. 13. Ysios Capital Partners Steel. Germany. 36.72 and Cosmetics 3 EY Abogados Spain Biotechnology 89. 19. Switzerland Consultancy. Denmark. Venture Fund.63 Poland. Metallurgy and 36. 4 Typeform Connect Ventures. Caixa Capital Risc. Metallurgy and 5 Industrial Production Index Ventures. - Subsectors with most Venture Capital transaction volume Accel Partners United Kingdom (Approx.51 Media. Caixa Capital Risc. Spain Sports and Leisure 10 Healthcare. Edmond Biotechnology 19 de Rothschild Investment Partners. Marketing and Advertising 5 United Kingdom.61 4 5 Garrigues Spain Industrial Production Sports and Leisure 15.70 Marketing and Advertising 9.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.) TOTAL VALUE (EURm) Financial Advisors Legal Advisors 2 3 Caixa Capital Risc 1 2 3 Cuatrecasas. .Transactional Track Record . Bonsai Venture Internet 112 1 Wallapop Capital. Private Shareholders. Idinvest Partners.26 5 Osborne Clarke Spain Chemical and Chemical Materials 13. Multimedia and Editorial 9. France. Spain Private Shareholders Eight Roads Ventures. Healthequity.40 6 Spain. . Gonçalves Pereira Spain Technology 533. United States . Baxter Telecoms 11 2 Sanifit United States. France. Forbion Capital Partners. 36.72 Distribution and Retail 9. RTA Ventures.(www. Ysios Capital Partners Distribution and Retail 9 Chiesi Ventures.24 4 DS Ovslaw Steel. Caixa Capital Risc.

4 11.5 29. . Santander Innoventures 13 13 Earlybird Venture Capital.5 mania Suiza Túnez 95.56 7 7 Accel Partners. Smartfren Telecom.70 TOTAL VALUE (EURm) Sunstone Capital TOTAL VALUE (EURm) 1 1 Legal Advisors 121.6 31.8 1.40 10. 10. 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. 0 0 0 0 02 2 0 02 0 0 1 1 3 Peertransfer United States Accel Partners.Transactional Track Record .68 United United France Germany 0 Switzerland Japan Portugal Denmark 0 0 0 0 Spark Capital Partners.60 20.0 0.com) 51 .4 4. 2 2 2 4 4 4 2 4 2 1 13 3 3 13 1 3 Devonshire Investors.60 60.60 United France Denmark 0. Access Industries.1 2 Cuatrecasas. Kibo Ventures 5 7 7 4 4 4 4 3 3 3 3 5 3 Kibo Ventures.com) TTR .6 42.0 0.0 4.0 0. 73. .1 30. Redpoint Ventures. Index Ventures. .9 36.0 Switzerland 1.Transactional Track Record .5 60.2 33. 2015 2012 2013 2014 Cabiedes & Partners 2012 * Importe no divulgado 2013 2012 Ysios Capital Partners 5 Prexton Therapeutics Switzerland Merck Serono Ventures.8 4. 10 Salesforce Ventures. NUMBER OF ACQUISITIONS Twitter Ventures.8 31. Gonçalves Pereira Spain 95.5 0.6 22.31 Benchmark Capital.0 0.0 4. Telefónica Ventures.6 29. States Kingdom United United France Germany Switzerland Japan Fides 3.3 36.TTRecord.0 10.9 0. Qualcomm Incorporated. Private NUMBER OF ACQUISITIONS Shareholders.(www.0 1.0 0. 1 Cyanogen United States Andreessen Horowitz.442.0 33.0 0. Bain Capital States Kingdom Private Shareholders.4 0.331.1 121.0 30.13 2014 Partech Ventures. 20.0 0. 2015 2013 4 Kantox United Kingdom Idinvest Partners. 18.(www. 8.60 18.0 0.9 0. .TTRecord.6 4.40 United m) States United France Kingdom Denmark Netherlands Luxembourg States 50 TTR .0 11. 10 2 CartoDB United States . Tencent Holdings.0 Netherlands Luxembourg 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 .0 0.com) TTR .1 95.0 United France Denmark Netherlands Luxembourg United Switzerland States Kingdom 52 TTR .6 29.(www.TTRecord.0 11.8 31.5 60.0 0.9 1. 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 0 291.5 4.0 4.93 2013 2012 TOTAL VALUE (EURm) FOREIGN SPANISH 121.1 0.0 0.6 10.64 Marketing and Advertising 0 2015 0 2014 195.0 0.0 0.9 0.40 0.2 NUMBER OF ACQUISITIONS 33.6 42.4 4. 2 0.Transactional Track Record .3 36.com) 53 .Transactional Track Record .0 0.60 22.Spain-based vs.0 1.4 31.40 0.0 1.0 30.0 0.9 0.0 0.TTRecord.8 20.0 0.(www.60 18.

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

847.TTRecord. Aviation and Logistics 49 Food Industry 1. Audit and Engineering 73 Electric Energy 4.TTRecord.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.com) TTR .com) 57 .958.70 Industrial Production Logistics Steel.Transactional Track Record .453.67 Food Industry 89 Wind Energy 4.58 37 Sports and Leisure 37 Ports 979.734.455.44 56 TTR .94 Distribution and Retail 54 Industrial Production Healthcare.08 Financial and Insurance 95 Oil and Gas 5.Transactional Track Record . Hotels and Restaurants 51 Roads and Highways 2. Metallurgy and 2.741.548.60 Wind Energy Fashion and Textile 1.85 Real Estate 94 Telecoms 4.85 Telecoms 37 Distribution and Retail 1. Aviation and 64 3.899.612.67 Steel. Metallurgy and Transports.085.04 Internet 148 Real Estate 5.113.289.66 Transports. Hygiene. Solar Energy 2.619.(www.(www.29 Consultancy.65 52 Medical Aesthetics and Cosmetics Tourism.

TTRecord.000. 1 Iberwind abroad (Cheung Kong Infrastructure Holdings. 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 Eólica Total number of transactions Venture Capital Total number of transactions by subsector in 2015 Spanish Foreign Private Equity NÚMERO 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.(www.TTRecord. Gonçalves Pereira Spain 1 BNP Paribas Corporate & Investment Banking 3 MidCuatrecasas.00 2 Renovalia Energy (< EUR 100m) Private Shareholders (≥ EUR 500m) Mid(Cerberus Market Capital Management) (Approx.Transactional Track Record .com) 59 . 1.Transactional Track Record .(www.) Geothermal 3 3 Finerge (≥ EUR First 100m) State Wind Energy SmallerInvestments Market Enel Green Power 900. Market Gonçalves 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 .com) TTR .000.00 Hydraulic 4 Power Assets Holdings Limited) Private Shareholders Distressed Smaller Market Big Ticket Renaleto Servicios y Gestiones 1.00 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.

00 Smaller Market (Kuwait Investment Smaller Authority)Market Big Ticket 6 (< EUR 100m) 735.Transactional Track Record .TTRecord.) (Cerberus Capital Management) (Approx. Atlantica Yield Abengoa 0 614.97 Big Ticket Wind Energy Transmission 3 (< EUR 100m) 2 (≥ EURX Solar 500m) Mid Market KKR Corporación Gestamp  3 (≥ EUR 500m) 0 MidPSP Market Investments Isolux Infrastructure  201. 550.91 (Approx.) Texas (WETT) 4 (≥ EUR 100m) Smaller Market (≥ EUR 100m) Smaller Market 1 Solnova I.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) Uría Uría Menéndez Spain 2 BigMenéndez Ticket Spain Big Ticket 2 (≥ EUR 500m) (≥ EUR 500m) Simpson Thacher & Bartlett US Petróleo y Gas Mid Market Mid Market (≥ EUR 100m) Big Ticket (≥ EUR 100m) Big Ticket Eólica (≥ 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 .(www.83 acquisitions Renaleto Servicios y Gestiones 1.747.00 1 acquisitions UIL Holdings Corporation - 1 Renovalia Energy abroad Private Shareholders abroad9 (Iberdrola) (Approx.com) 61 TOTAL 19 37 .) Wren House Infrastructure 8 Distressed 2 Global Power Generation 6 Distressed . Distressed 2 (< EUR 100m) Distressed (< EUR 100m) 3 Solnova III.TTRecord.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 Eléctrica 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 Petróleo 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 2.000.com) TTR .Transactional Track Record .(www.

Ceramic. Gingko Tree.com) 63 . (< EUR 100m) (Morgan Stanley).TTRecord. EDF Invest Mid Market (Approx.747.(www.(www. Paper.TTRecord.) 12 Distressed 2 Smaller Market Morgan Stanley Infrastructure 2.com) TTR .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 Petróleo y Gas Total number of transactions NÚMERO 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.Transactional Track Record .Transactional Track Record . abroad Parapharmaceutical and Cosmetics 27 Spanish Largest transactions Eólica 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 2.00 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 Uría Menéndez 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 . Plastics.014. Metallurgy and in Spain 19 13 Industrial Production 64 Smaller Market Spanish (< EUR 100m) acquisitions 19 Glass.) (≥ EUR 500m) 6 Private Shareholders (≥ EUR 100m) Automotive and 3 Compañía Logística de 3 Marthilores Smaller Market Repsol 0 325.83 Chemical and Chemical Materials 17 1 Green Merger Sub (Iberdrola) - Corporation abroad 15 (Approx. 33 Foreign abroad Wood and Timber Big Ticket Distressed acquisitions (≥ EUR 500m) Spanish in Spain acquisitions Pharmaceutical.00 Other Consumer Goods 16 MadrileñaBig Red Ticket de Gas 9 PGGM.

00 12 Distressed Equity.MidPlásticos 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 Farmacéutico.TTRecord.TTRecord. Siderúrgica y Producción 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.com) TTR . Parafarmacia y Cosmética 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 Mediterrània 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 Mediterrània 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 .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.(www. Papel. MCH Private 569. Gonçalves Pereira Spain Big Ticket Mid Market Mid Market 13 Smaller Market (≥ EUR 500m) (≥ EUR 100m) (≥ EUR 500m) Smaller Market 3 (≥Cuatrecasas. 33 EUR 100m)Gonçalves 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. Papel.com) TOTAL 65 33 27 .00 (< EUR 100m) 700. Festa (< EUR 100m) 0 (Approx.) Big Ticket 10 Ice Cream Mid (< EUR 100m) (≥ EUR 500m) Mid Market 3 (≥ EUR Gonvarri 500m) Eólica Mitsui 8 & CoMarket Gonvarri Steel Industries 100. Plásticos y Maderas Ferroglobe Globe(<Specialty EUR 100m)Metals.(www.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 Uría Menéndez 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.Transactional Track Record .00 0 Smithfield Foods (≥ EUR 100m) 3 Sigma & WH Food Europe(≥ EUR 100m) Alfa 317. 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 Metalúrgica.abroad10 Aguinaga. Private Shareholders 2 GrupoUno CTC. - 2. Cerámica.000. Smaller Market Portobello Capital Harbourvest Smaller Market BigFactory 5 TicketComaker.00 Ferroatlántica (Approx. Angulas 2 Talgo abroad Private Shareholders (Trilantic Capital Partners).) 1 Danone Spanish Spain 15 Distressed Private Shareholders Groupe Danone Spanish Distressed acquisitions (Approx. 1 Cerámica.57 Distressed 350. Mediterránea de Cátering.) acquisitions Pegaso Transportation International Grupo Multiasistencia. Siderúrgica y Producción 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 Metalúrgica.Transactional Track Record .

87. Wood and Timber MidPharmaceutical.5 0 Sodena 1 Spain 1 0 21 Partners Italy 1 0. 15 (Approx.com) TTR .50 4 (≥ EUR 100m) Polibol (≥ EUR 100m) 5 Saica Sherpa Capital.Transactional Track Record .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 Gómez-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 MarketGonçalves Pereira Spain (≥ EUR 500m) Smaller Market 1 Mid Market Garrigues Spain Smaller Market 2 Cuatrecasas.com) 67 20 TOTAL .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. Parafarmacia y Cosmética (≥ 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. Market Parapharmaceutical and Cosmetics Distressed (≥ EUR 100m) Distressed (≥ EUR 100m) Private Equity Private Equity Total number of transactions Farmacéutico. Inventages.00 Spanish acquisitions Distressed acquisitions Distressed 190.TTRecord.50 Distressed Smaller Market KurmaDistressed Life Sciences Smaller Partners.00 1 Lantero Embalaje abroad DS Smith Laninver SCH abroad Ysios Capital Partners. Plastics. AbbVie.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.TTRecord.5 0 TOTAL 66 TTR . Papel. Paper. BB Biotech Ventures. Gilde Healthcare.5(≥ EUR 500m) Spain 1 2 Vasco Gestión de Capital Riesgo del Country Spain 1 2 1. Idinvest Partners.(www. 3 Smaller MarketPrivate Shareholders 40. Cerámica.) 2 AM-Pharma 8 Pfizer Forbion Capital Partners.(www. (≥ EUR 500m) 3 PwC Spain (< EUR 100m) 3 (≥Uría EUR 100m) Spain Menéndez 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 Automoción y Vehículos 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. Ceramic. Parafarmacia y Cosmética Total number of transactions Vidrio. Shire Market 2 PlásticosBig Castellà Nypro (Jabil) 10 Private Shareholders 100.Transactional Track Record . Plásticos 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 Farmacéutico.

1 Spanish Pepe Jeans Deyá Capital (Artá Capital).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 NÚMERO 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) Automoción y Vehículos Recreacionales (< EUR 100m) M1 Group. 10 EUR 100m)Gonçalves Pereira Spain Social Housing 0 Virtual Data Room 3 MidGallego.5 Smaller Market Aurelius Distressed 1 (< EUR 100m) (Camargo Correa) (Approx.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.00 3 Tavex Europe 1. Mid Market (≥ EUR 500m) 2 (≥ EUR 100m) Grupo Tavex 20.) Hospitals 0 Financial Advisors 0. Distressed L Capital Spain (L Capital) 730.Transactional Track Record .TTRecord. Martos & Quadra-Salcedo Market 2 Intralinks Spain (≥ 3 EUR 100m) Uría Menéndez 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 . Distressed 350. Torreal.(www.TTRecord. Angulas Aguinaga. Smaller Market Portobello Capital Harbourvest (Approx.Transactional Track Record .) abroad Grupo Multiasistencia. GrupoUno CTC.5 Festa (< EUR 100m) Ice Cream Factory Comaker.) Schools 0 Big Ticket 2.00 Car Parks 1 acquisitions L Capital Asia (Approx.com) 69 .com) TTR .(www.00 2 3 Mediterránea de Cátering.

com) TTR .571. (Macquarie Group).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 NÚMERO 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).Transactional Track Record . EUR 100m) 3 BBVA Bancomer 3 Tweed. (< EUR 100m) 0 962.TTRecord.55 2 Abertis (≥ EUR 500m) Private Shareholders Mid Market Criteria Caixaholding. Hadley & McCloy US (< EUR 100m) 3 Evercore Partners 3 MidGonzález MarketCalvillo Abogados (≥ EUR 100m) 3 OHL BigMéxico 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 .TTRecord. Angoitia.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. Macquarie Atlas Roads 2.com) 71 . Trebol Holdings Machinery (≥ EUR 100m) Concesionaria Mexiquense Smaller Market 3 DistressedIFM Investors (< EUR 100m) OHL México 545.87 Construction. Cortés y Fuentes Mid Market Smaller Market (≥ EUR 500m) (≥Milbank.(www. Cintra (Ferrovial) Distressed Smaller Market Materials and 14 Big Ticket Private Shareholders.(www.

TTRecord.07 3 GAM CaixaBank. Gonçalves 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 . 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 Construcción 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 Construcción 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 . Liberbank. Kutxabank.Transactional Track Record .) TOTAL Abanca. Gonçalves Pereira Spain (< EUR 100m) (< EUR 100m) Real Estate Advisors 1 BBVA Bancomer 1 González Calvillo Abogados Mid Market Mid Market 40 1 CBRE Spain (≥ EUR 100m) 1 Santander Global Banking & Markets Spain 1 EUR (≥ Milbank.Transactional Track Record . 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 . Angoitia.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. Banco Santander.(www. 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. Banco Popular.00 Smaller Market BBVA.com) 73 40 TOTAL 26 . 0 751. Distressed (< EUR 100m) Distressed (< EUR 100m) 89.Organización deacquisitions Proyectos 1 Testa Merlin Properties Sacyr 861. 100m)Tweed. Smaller Market Smaller Market Qatar Investment 2 2 Big Ticket Metrovacesa Big Ticket Banco Sabadell (< EUR 100m) . Bankia.com) TTR .IFM OHL México 545.Smaller CatalunyaMarket Banc. BBVA.G.85 (≥ EUR 500m) Mid Market (≥ EUR 500m) Mid Market 0 (≥ EUR 100m) (≥ EUR 100m) Banco Sabadell. 3 Torre Espacio Emperador Group Smaller Market Grupo Villar Mir 558.I. Cortés y Fuentes (≥ EUR 500m) 1 (≥ OHL EURMéxico 500m)(In-house) Mid Market Mid Market 3 Cuatrecasas.Canada Pension Plan Investment Board Canada 1 H. Hadley & McCloy US 3 Aguirre Newman Big Ticket 1 Evercore Partners 1 Big Ticket Mijares.00 2 Hochtief ACS(< EUR 100m) Authority (QIA) 311.77 abroad de Infraestructura. 0 (Approx.abroad Opcem 4 Distressed Distressed Banco Santander. .(www.24 1 Industry Funds Management .TTRecord.

(www. Spanish Agronegocio. 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.Transactional Track Record .TTRecord.TTRecord. 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. Farming and Fishing Natural Resources Distressed (≥ EUR 100m) Private Equity Total number of transactions Venture Capital Total number of transactions by subsector in 2015 NÚMERO DE TRANSACCIONES POR SUBSECTOR Agricultura. 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. 2 Femago Smaller Market . ND Big Ticket Targobank.(www. Agribusiness.Transactional Track Record . Banco Popular. Foreign Ganadería 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. Big Ticket 1 Mid MarketGonçalves 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 .com) 75 40 .com) TTR .

(www.TTRecord. 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 Distribución 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.TTRecord. Ammunition and Explosives 6 Private Equity / Venture Capital funds investing in subsector in 2015 Private Equity/ No.593.Transactional Track Record . 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 NÚMERO 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. Medical Aesthetics and Cosmetics 52 Spanish Smaller Market (< EUR 100m) Foreign acquisitions 95 Tourism.Transactional Track Record .com) 54 77 . Mid Market Private Equity/ No.I. Multimedia and Editorial 26 Spanish(< EUR 100m) 2 20 acquisitions China Citic Bank International Distressed UBS London BBVA 1.com) TTR . Hygiene.62 Media. Pollution and Recycling 9 3 Deloitte Spain Linklaters Spain Smaller2 Market 75 (< EUR Mid Market Gómez-Acebo & Pombo Spain 3 100m) Cars. 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 . Audit and Engineering 73 (≥ EUR 100m) acquisitions in Spain abroad Foreign Distribution and Retail 54 acquisitions TOTAL in Spain 97 Healthcare.42 Food and Beverage 18 abroad15 Société Financière de Banque Santander Consumer Finance Banque PSA Finance (PSA 3 10 610. Hotels and Restaurants 51 acquisitions abroad Big Ticket Distressed Transports.G.(www.381. Auditoria e IngenieríaSpanish (≥ 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 2.00 Other Services 11 (SOFIB) Distressed (Banco Santander) Smaller Market Peugeot Citroën) 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. 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. Aviation and Logistics 49 Consultoría.

20 Big Ticket (< EUR 100m) Big Ticket 15 (< EUR 100m) Servicios. PrivateBig Ticket Equity/ No. Aviación y Logística 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 Artá Capital Spain 1 Alter Capital Desarrollo Spain 1 0 5 0 Espiga Capital Spain 1 0 2 TOTAL 78 TTR . (≥ EUR 500m) Country (≥ EURCapital 500m) Country Transportes. Angulas Smaller Market (EURm) Spanish (< EUR 100m) 1 El Corte Inglés Spanish (< EUR 100m) Private Shareholders Private Shareholders 1.Transactional Track Record .com) 79 TOTAL 53 52 .30 20 Distressed 20 Distressed 2 Lusort Smaller Market Lone Star Algarvetur. Hostelería Private Equity y Capital / Venture Restauración (≥ 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.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. Ice Cream (Approx. Corporación Bética 200.) abroad Factory Comaker.00 3 BEGASA Viesgo Smaller Market Gas Natural Fenosa 97. GrupoUno CTC.(www. Distressed 350.00 Distressed 1 acquisitions Harbourvest Portobello Capital acquisitions Mediterránea de Cátering.Proença 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. Festa 2 Zara Vittorio 13 Italy abroad25 Inditex Private Shareholders 97.(www.TTRecord. 15 Transportes y John Laing Mid Market (≥ EUR 500m) Mid Market 3 (≥ EUR 500m) Iridium (ACS) 110. Aviación y Logística (≥ EUR 100m) Target Buyer abroad Distressed Seller Value Distribución y Retail Smaller Market Grupo Multiasistencia.000.TTRecord. (< 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 Uría Menéndez .00 10 Equipamientos Públicos 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 MarketGonçalves Pereira Spain 1 3 Mid Linklaters Market Spain (< EUR1 100m) Cuatrecasas.Transactional Track Record .00 Aguinaga.com) TTR . Auditoria e IngenieríaPrivate Equity Private Equity Total number of transactions Distribución 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. Audit and Engineering Mid Market Distribution and Retail Distressed (≥ EUR 100m) Distressed (≥ EUR 100m) Consultoría.

Higiene y Estética Smaller Market Grupo Multiasistencia.I. Distressed 350.00 (≥ 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. Angulas (< EUR 100m) 1 Grupo GeriatrosSpanish PAI Partners Magnum Capital 300 .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.) Factory Comaker. GrupoUno CTC. Festa Distressed Distressed Smaller Market Barceló Hotels Canarias. Higiene y Estética 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 .TTRecord.00 1 acquisitions Mediterránea de Cátering.00 (Approx. Medical Aesthetics Private Equity and Cosmetics Tourism.) abroad abroad 3 VItaly Plus 20 Portobello Capital Private Shareholders 100.00 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) Ramón 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 MarketGonçalves Pereira TOTAL 1 2 Cuatrecasas. Capital United States (≥ EUR 500m) 2 (≥ EUR 500m) Salud.Transactional Track Record .00 (Approx. Aviación y Logística 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.) Spanish Distressed Aguinaga. (≥ EUR 100m) 2 HSBC 5 Smaller 1 Market Herbert Smith Freehills Spain 3 Hotel Ritz Madrid Smaller (Mandarin OrientalMarket y Belmond Spain 130. Hygiene. Hotels Private and Restaurants Equity Transportes.com) 81 51 .(www. 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) Uría Menéndez 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. Poblados 15 de Smaller BAY Market FinancialBig Ticket Advisors 15 (< EURLegal100m)Advisors 2 Big Vacaciones Ticket (< EUR 100m) Grupo Barceló 230.(www. Hostelería y Restauración Mid Market (≥ EUR 100m) (≥ EUR 100m) Healthcare.00 2 Clínica Eugin acquisitions NMC Health ProA Capital 143. Ice Cream Harbourvest Portobello Capital (Approx. Hostelería y Restauración 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.TTRecord.G.Transactional Track Record .com) TTR .

Distressed Smaller Market (IAG -acquisitions International 10 Airlines Group) (Approx.00 1 Aer Lingus Government of Ireland.Transactional Track Record . Ryanair.TTRecord. 44.19 abroad Spanish Private Shareholders Distressed Grup Marítim APM 5 Terminals acquisitions 2 Pérez y Cía. Higiene y Estética 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. 100m) .com) TTR .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.TTRecord.30 TCB (Maersk Group) Smaller Market 2 abroad12 0 Atlético de Madrid Dalian Wanda Group .) Meriton Goodbody Stockbrokers 1 Valencia Club de Fútbol (< EUR Holdings.(www.400.80 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) Gonçalves Pereira Spain Cuatrecasas.50 3 Big Ticket Navitaire Amadeus (< EUR 100m) Accenture 4 767. Salud.(www.Transactional Track Record .com) 16 83 Alimentación y Bebidas .50 10 Distressed (≥ EUR 500m) Mid Market Smaller Market (≥ EUR 100m) 3 ArturoBig SoriaTicket Plaza 8 Merlin Properties (< EUR 100m) Obraser 34. Private Shareholders Distressed 911. 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) Gonçalves 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 Alimentación 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 Mediterrània Capital(≥ EUR 500m) Spain 1 InverCLM Impúlsate 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 . 100.

TTRecord. Brasil).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 NÚMERO 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 Alimentación y Bebidas Spanish Mid Market acquisitions Value Target (≥ EUR 100m) Buyer abroadDistressed Seller (EURm) 5 Smaller Market (<4 EUR Banco Santander.Transactional Track Record . Deyá (≥ EUR 100m)Capital III Private Shareholders 20. Liberty Seguros Spain 1 Konecta Spanish PAI100m) Partners 130. Abogados Spain 1 Pérez-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) Uría Menéndez Spain (≥ EUR 100m) 2 Blanco & Etcheverry Abogados Electronics 5 (< EUR 100m)2 Demarest Advogados 2 Baker & McKenzie US 2 Citigroup Global Markets 3 Media.Transactional Track Record . Private Shareholders Distressed OUTFRONT Media (Chile. Multimedia y Editorial 2 Cravath.73 Distressed Vendor 1 Smaller Market Big Ticket (< EUR 100m) 0 Deyá Capital. Argentina.(www. 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 Artá 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 Educación 84 TTR .com) TTR . acquisitions 3 Telecoms 37 abroad 2 Uruguay.TTRecord. Deyá (≥ EUR 500m) Mid Market 3 In Store Media Group Capital II.01 (Artá 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 Cía.(www. 2Corameq (JCDecaux) OUTFRONT Media 71.com) 85 .00 (Liberty Mututal).

100. EUR 100m) Benchmark Capital United States 1 101 Startups Spain 1 Idinvest Partners. DOCOMO).com) TTR .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 Telefónica. Smaller Market Telefónica Ventures Spain 1 Angels Capital Spain 1 2 Sigfox . Elliott. Private Equity/ Country No.(www.Transactional Track Record . NTT DOCOMO Ambition Numérique France 1 Lanta Digital Ventures Spain 1 Ventures(≥ EUR (NTT 100m) SK Telecom.Transactional Track Record .TTRecord. Large Venture. Partech (< Ventures.(www. Engie. BpiFrance.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.TTRecord. 0 Large Venture France 1 Rose Tech Ventures United States 1 (≥ EUR 500m) Mid Market Eutelsat Communications. TOTAL Redpoint Ventures United States 1 SeedSyndicates Spain 1 Ambition NumériqueSmaller Market Mid Market 161 Twitter Ventures United States 1 Fito Investors Spain 1 (< EUR 100m) Premji Invest India 1 VenturCap Spain 1 Fundamenture Valid España (Valid) (≥ EUR 100m) Private Shareholders 161 80.00 Distressed Elaia Partners.19 3 Ribbit Capital United States 1 Antai II Capital Spain 1 Big Ticket Union Square Ventures (USV) United States 1 InverCLM Impúlsate 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 . Venture Capital acquisitions Venture Capital acquisitions Venture Capital Inveready Capital Spain 8 AME Cloud Ventures United States 1 Tecnología 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. (< EUR 100m) Air Liquide. Ixo Private Equity.com) 87 54 .

Caixa Capital Mid Market (< EUR 100m) Santander Innoventures United Kingdom 1 Vitamina K Spain 1 3 Wallapop .TTRecord. 100. Elaia Partners. 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.Distressed Smaller Market Partech Ventures.(www.com) TOTAL TTR . Bonsai Apax Partners United Kingdom 1 ACE & Co Switzerland 1 1 Idealista Apax Partners 150.61 Risc.com) 89 49 .Transactional Track Record . Large Venture. (≥ EUR 100m)Ixo Private . 36. Elliott. Bonsai Venture Capital.00 Ambition Numérique France 1 Big Sur Ventures Spain 1 Equity. 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).00 abroad Venture Capital. Private Equity/ Country No. Gonçalves Pereira Spain 1 PwC Spain 3 Rousaud Costas Duran (RCD) Big Ticket (≥ EUR 500m) 2 88 TTR .(www. Idinvest Partners.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. Air Liquide.Transactional Track Record . 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. Engie. (< EUR 100m) Mola Spain 1 Idinvest Ventures France 1 Ambition Numérique 1 Insight Venture Partners United States 1 Daruan Venture Capital Spain 1 Smaller Market Insight Venture Partners. Kutxabank Elliot United States 1 P101 Italy 1 Telefónica. Mid Market Large Venture France 1 2 (≥ EUR 500m) Sigfox SK Telecom.TTRecord. 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 UríaBig Ticket Spain Menéndez 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. Elaia Partners France 1 Idodi Venture Capital Spain 1 BpiFrance. NTT DOCOMO Ventures Japan 1 HR Ventures Germany 1 Distressed Eutelsat Communications.

MOST ACTIVE ADVISORS Spain .

Cerberus (Igualatorio Médico Quirúrgico).00 Histocell Spain Biotechnology . Does not include due diligence nor any other type of specialized advice. Metallurgy and Private • EY (Ernst & Young) UK Spain Indes Capital ND Agrícola. Paper.00 • Banco Santander • Morgan Stanley Logistics • Bank of America Merrill Lynch • Norgestión • BBVA • ONEtoONE Corporate Finance • BNP Paribas • Rothschild • Baker Tilly GDA Corporate Finance • Clearwater International Spain • Socios Financieros Country Value Target Subsector Buyer Seller • CREA Inversión (Target) (EURm) Automotive and Grupo Ingeniería de Financial Consultants Lahnwerk Rubí Spain Recreational Vehicles Meleghy Productos Metálicos ND Steel.TTRecord.IFM Machinery N+1 Dinamia Infraestructura Núter Feed Spain Food Industry Royal De Heus ND (ex Dinamia) Roads and Universities Superannuation Globalvía Spain FCC.50 European Gestión de Capital Riesgo del Investments País Vasco Cerberus European Steel. Ceramic. Seed Capital Bizkaia. Bankia 420.00 Polibol Spain Plastics. Wood and Saica 40. 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. Metallurgy and Wind Energy Céfiro Energía 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.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. Construction. Metallurgy and Private Investments. 92 TTR . Does not include asset acquisition. Solteka New Industrial Production Shareholders Tourism. Aviation and Grupo Aeroportuario • Albia Capital Partners • Eurohold Concesiones Spain Abertis 177.18 • Baker Tilly GDA Corporate Finance • Goldman Sachs • Banco Sabadell • Montalbán Atlas Capital Transport. 2.00 del Magre Cerberus Capital Automotive and Management Grupo Ingeniería de Recreational Vehicles Parque Eólico Tres Picos. Exus Tacomi Spain Grupo Empresarial Jáuregui ND Parque Eólico Turó Industrial Production Shareholders Spain Wind Energy Management Partners.Organización de Industry Funds Management Mexico Materials and OHL México 545.(www.com) 93 . Rejadorada Inversiones 42.Transactional Track Record . Parque Eólico Pujalt Spain Wind Energy Rejadorada Inversiones 56.com) TTR . Metallurgy and Automotive Group • BDO UK • KPMG International (IPM) Industrial Production • Deloitte Global Services • PwC UK TEYME Tecnología Steel.00 Highways Scheme (USS). Aviation and Cilsa Spain Merlin Properties Saba Infraestructuras 50.00 Investments (First State) Spain Sherpa Capital Timber Opcem.00 Logistics del Pacífico (GAP) Aeroportuarias • Arcano • Evercore Partners • AZ Capital • GBS Finanzas Bicentury Spain Food Industry Nutrition&Santé Agrolimen 67.TTRecord.77 Proyectos de .Transactional Track Record . Finerge Portugal Wind Energy 900. El Ganso Spain Fashion and Textile L Capital Private Shareholders ND OPI . PGGM.(www. IMQ Partners. Includes M&A transactions. First State Wind Energy Enel Green Power Private Shareholders. Lahnwerk Rubí Spain Meleghy Automotive Group Productos Metálicos ND Steel. OPTrust * Includes financial advice. Spain.

OPI . Construction. .00 (Target) (EURm) Madrileña Red de Gas Spain Oil and Gas Morgan Stanley Infrastructure PTRW Renewable Bid PGGM (Approx.00 • GBS Finanzas • Clearwater International Spain Country Value Country Value Target Subsector Buyer Seller Target Subsector Buyer Seller (Target) (EURm) (Target) (EURm) Pharmaceutical.00 SoftBank 735. Novaire Spain Medical Aesthetics and SARquavitae OHL 57.000.014.) Ulabox Spain Internet Sonae E.IFM Limited) Infraestructura Ports Private Shareholders. Nexica Spain Internet Digital Dimension Private Shareholders 16. Aviation and APM Terminals Pérez y Cía (Approx. 13.000. Industry Funds de Proyectos de Mexico Materials and OHL México 545. OPI .com) 95 .00 Holdings. Open Camp Spain Sports and Leisure . Ventures .com) TTR .00 Organización Materials and Industry Funds Magnum Capital México OHL México 545.Organización Construction. 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.IFM Spain Food Industry SPI Group Bodegas Chivite ND Infraestructura Machinery Arínzano Compañía Logística de Roads and Mexico Marthilores Repsol 325.000.97 X Solar Spain Solar Energy KKR Corporación Gestamp (Approx.(www.12 Opcem. Carlyle 640. Beabloo Spain Technology Private Shareholders.00 Private Shareholders.(www.00 Farmalíder Spain Parapharmaceutical Ascendis Health Private Shareholders 15. Power Magnum Capital Assets Holdings Limited) Cast Info Spain Telecoms Aubay Group Private Shareholders 8.00 Iberwind Portugal Wind Energy 1.30 Cosmetics Cutting's Spain Food and Beverage Miura Private Equity Private Shareholders ND 94 TTR .TTRecord. Hygiene. Gingko Tree.18 Chemical and Fritta Spain Investcorp Fondo Nazca III ND Chemical Materials Healthcare.Transactional Track Record .50 Inveready Capital United Transports.07 Food Industry and Cosmetics Bicentury Spain Food Industry Nutrition&Santé Agrolimen 67.) Hygiene.) (Morgan Stanley) (Cheung Kong Opcem. Grup Marítim TCB Spain Transport.MOST ACTIVE ADVISORS – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 MOST ACTIVE ADVISORS – SPAIN • Bank of America Merrill Lynch • CREA Inversión Country Value Country Value Target Subsector Buyer Seller Target (Target) Subsector Buyer Seller (EURm) (Target) (EURm) El Corte Inglés Spain Distribution and Retail Private Shareholders Private Shareholders 1. Financial and Insurance Invermik Spain Bright Food Private Shareholders 110. Aviation Navitaire Amadeus Accenture 767. 1. Medical Logistics Clínica Eugin Spain NMC Health ProA Capital 143. Private Shareholders. Iberwind Portugal Wind Energy Infrastructure Holdings.00 Aesthetics and Cosmetics Telecable de Asturias Spain Telecoms Zegona Liberbank.45 States and Logistics Baozun.TTRecord. Target Subsector Buyer Seller EDF Invest. 10.00 Hidrocarburos (CLH) Highways • Evercore Partners • BNP Paribas Target Country Subsector Buyer Seller Value (Target) (EURm) Country Value Private Shareholders. 2.33 Healthcare.77 Bodegas Señorío de Management .Transactional Track Record . 911.77 Power Assets Holdings de Proyectos de Machinery Management .

) Deyá Capital • Norgestión Country Value Target Subsector Buyer Seller (Target) (EURm) Private Shareholders.381. Biomasa Forestal Spain Biomass . 730.000.TTRecord.com) TTR . Metallurgy and Corporación J. Private Extrusionados Food Industry MGM Saiso 1971. Hygiene.50 Parapharmaceutical and Private Shareholders Cosmetics Grupo García Forestal. Real de Vellón El Corte Inglés Spain Distribution and Retail 1.Transactional Track Record .00 maceutical and Cosmetics Capital Riverside Aesthetics and Cosmetics Pharmaceutical. Medical Orliman Spain 80.70 Impulsa Ferrol Fund 96 TTR .Transactional Track Record .00 Rugui Steel Spain .(www.) Arbitraje e Apex . Hygiene.00 Industrial Production Aristrain Cosmetics Banco de Crédito Spain Financial and Insurance Trea Capital . 300.00 Private Government of Ireland.M Euromed Spain Parapharmaceutical and Riverside Meda 82.00 Ponso ders Shareholders Structuralia Spain Education Private Shareholders Kaplan ND L Capital. Agile Content Spain Technology . 4. 5. Healthcare. Steel. .00 Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital Electric Green Merger Sub 2.62 Country Value Shareholders Target Subsector Buyer Seller (Target) (EURm) Pharmaceutical. Cosmetics Oil and Gas (Iberdrola) (Approx. Spain ND Private Sharehol. Aer Lingus ireland Aviation and (IAG .400.381.TTRecord.com) 97 . 30. M1 Group (Approx. Engineering Shareholders Transports.00 Cooperativo (BCC) • Socios Financieros • Morgan Stanley Country Value Target Subsector Buyer Seller (Target) (EURm) Country Value Target (Target) Subsector Buyer Seller (EURm) Healthcare. Magnum Private Shareholders.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 12.30 Capital MAB Biotechnology Gestión de Capital Riesgo del Pharmaceutical. Paraphar. Soft (Presto) Spain Technology RIB Software ND Logistcis Airlines Group) Shareholders Private Shareholders Galata Italy Telecoms Cellnex Telecom Wind Telecomunicazioni 693. Oncomatryx Spain País Vasco .00 • Rothschild Country Value Target (Target) Subsector Buyer Seller (EURm) • Montalbán Atlas Capital Private TSB United Kingdom Financial and Insurance Banco Sabadell 2. Bitacast.83 (Approx. 1.00 Clínica Eugin Spain NMC Health ProA Capital 143.00 TSB Banco Sabadell Private Shareholders 2. Audit and Private Hitsein & Gescon Asociados Spain Arola ND Goodbody Stockbrokers.747. L Capital Asia.(www.Aperitivos y Food and Beverage Inversiones. 30.62 Kingdom Insurance Consultancy.) UIL Holdings Corporation United States .00 Pepe Jeans Spain Fashion and Textile Torreal. AERL Holding Ryanair. Punto Futuro.International 1.

83 Country Value - Target Subsector Buyer Seller Corporation States Oil and Gas (Iberdrola) (Approx.00 Wind Energy Gestiones 1.000.000.24 CVC Capital Partners R Cable Spain Telecoms Euskaltel 890. Gingko Tree.00 • EY (Ernst & Young) UK Country Value Target Subsector Buyer Seller (Target) (EURm) El Corte Inglés Spain Distribution and Retail Private Shareholders Private Shareholders 1. Deyá 730.) Orion Columba Socimi Spain Real Estate Klépierre 375.com) 99 . Yolmar Gecal Renovables Spain Wind Energy Gas Natural Fenosa 260.13 Genars Spain PF Figestio Inverfiatc and Engineering (Approx. Mclezar Zamora.747. Caja Rural de Fuentepelayo y Caja Rural de Segovia). Abanca L Capital Asia. Ruralvía (Caja Rural de Burgos.) (Target) (EURm) Metals Testa Spain Real Estate Merlin Properties Sacyr 861. United Steel.00 Santander Infraestructuras.00 Technology Inveready Capital Renovalia Energy Spain Private Shareholders Solar Energy (Cerberus Capital (Approx. Hotels and Mediterránea de Private Shareholders.00 Pepe Jeans Spain Fashion and Textile Orion Capital Group Capital (Approx. Ide Eólica 98 TTR . Caslever Energías Renovables. Hiscan Patrimonio.00 EDF Invest. Servei D'Apats Spain Private Shareholders 6. Carlyle 640. Torreal. Audit 0.Transactional Track Record .00 Spain. 1.014.TTRecord.(www. M1 L Capital.Transactional Track Record .) • PwC UK Country Value Target (Target) Subsector Buyer Seller (EURm) • Deloitte Global Services Ferroatlántica.00 Gestión.00 Acciona Windpower Spain Wind Energy Nordex Acciona 785. Metallurgy and 2. 2.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 2.00.00 Country Value Ferroglobe Globe Specialty - Target Subsector Buyer Seller Kingdom Industrial Production (Approx.(www.TTRecord.) (Target) (EURm) Tourism.00 Restaurants Cátering Madrileña Red de Gas Spain Oil and Gas Morgan Stanley PGGM (Approx.) Infrastructure Internet Private Shareholders.00 Managers Spain Telecable de Asturias Spain Telecoms Zegona Liberbank.com) TTR .) Management) Consultancy. Renaleto Servicios y Galgo Medical Spain .

70 • Gallego. 1. Boomerang TV Spain Lagardère 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 . 14. MGM Saiso ND Extrusionados Real de Vellón Ivan Moll Florit Ivan Moll Florit Ivan Moll Florit Food Industry 1971.593.com) TTR .(www. 100 TTR . Ponso • Alemany.42 International Insurance • Ashurst Spain • KPMG Abogados • Baker & McKenzie Spain • Latham & Watkins Spain 3 Galata Italy Telecoms Cellnex Telecom Wind Telecomunicazioni 693.Aperitivos y Punto Futuro. 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. Does not include asset acquisition.(www. 1 Ignacio Lacasa Valls 2 Ignacio Lacasa Valls 3 Ignacio Lacasa Valls 1 Apex . Gonçalves Pereira Spain • M & Partners Salvador Ruiz Bachs Pablo Mayor • De Andrés Y Artiñano • ONTIER Spain Pablo Mayor • Deloitte Abogados • Osborne Clarke Spain • Delvy Asesores Legales • Pérez-Llorca • DLA Piper Spain • PwC Tax & Legal Spain • DS Ovslaw • Ramón 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.381. Includes M&A transactions.00 • Bird & Bird Spain • Lawesome Legal Services • Broseta Abogados • Lener • Clifford Chance Spain • Lexcrea People (only Partners) • CMS Albiñana & Suárez de Lezo • Linklaters Spain 1 Íñigo del Val 2 Antoni Valverde 3 Antoni Valverde • Cuatrecasas. Escalona & De Fuentes 2 Imersivo Spain Internet Jofemar . Spain Beverage Bitacast. Multimedia and 3i Group. Metallurgy and GED Capital.77 Technology 2 GetYourHero Spain Seaya Ventures . Escalona & De Fuentes • Herbert Smith Freehills Spain United Financial and 1 TSB Banco Sabadell Private Shareholders 2.50 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.TTRecord. 2.TTRecord.com) 101 .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.) • Garrigues Spain • Uría Menéndez Spain • GBP Legal • Watson Farley & Williams Spain Conservas 2 Spain Food Industry Bolton Group MCH Private Equity ND • Gómez-Acebo & Pombo Spain • White & Case Spain Garavilla Media.Transactional Track Record . Does not include due diligence nor any other type of specialized advice.Transactional Track Record .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. Martos & Quadra-Salcedo • U&Law 1 Aleastur Spain Mumtalakat Industrial Production Private Shareholders (Approx.

TTRecord. DS Smith Laninver SCH Compañía Logística de (Approx. Hiscan Patrimonio.00 Private Shareholders. Hotels and El Rosal 3 Spain Grupo Barceló Tamar International. Teltronic Spain Technology Sepura Grupo Tryo 124.000.00 and Machinery) Partners (CCIP) BetaAngels.com) 103 .00 Santander Infraestructuras. 3 Spain Real Estate Lar Spain DHCRE II Netherlands 87. People (only Partners) Ide Eólica 1 Rafael Suarez de Lezo 3 Carlos Peña 3 Transportadora de Corporación Financiera de Diego Crespo Peru Oil and Gas Enagás 89.00 Energías Renovables. Caixa Capital Risc Centro Comercial Iosa Inmuebles. ND Hoteles Restaurants Partler 2006 People (only Partners) 1 José Christian Bertram 2 Eduardo Gracia 3 Ismael Fernández Antón People (only Partners) Jorge Vázquez 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.12 Rural de Burgos.90 Ventures Kingdom Private Shareholders. SK Innovation Luis Miguel de Dios Martínez People (only Partners) 1 Hermenegildo Altozano 2 Hermenegildo Altozano 102 TTR . 1 El Corte Inglés Spain Private Shareholders Private Shareholders 1.00 1 Spain Food and Beverage Cobega Invest Private Shareholders 800.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.(www.TTRecord.Transactional Track Record .00 Glass. 2 Barking Dog United Ever Smarter WW.00 3 Cast Info Spain Telecoms Aubay Group Private Shareholders 8.com) TTR . Plastics. Torreal. Ruralvía (Caja 260. 1.000.40 2 Internet .) Spain Oil and Gas Marthilores Repsol 325.Transactional Track Record .00 Retail 1 Madrileña Red de Gas Spain Oil and Gas Gingko Tree. 3 190. L Capital.00 Wood and Timber 3 Hidrocarburos (CLH) People (only Partners) People (only Partners) 1 Alberto Alonso Ureba 2 Esteban Raventós 3 Alberto Escudero Israel de Diego Rodrigo Ogea Enrique Varela 1 Antonio Henriquez 2 Alfonso Benavides 3 Javier Amantegui Jorge Adell Javier Amantegui Juan José Lavilla José Luis Zamarro Pablo Serrano de Haro • Bird & Bird Spain Country Value • CMS Albiñana & Suárez 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 1.50 Occidental Tourism.08 Gas del Perú (TGP) Inversiones.014.(www. 2.00 Lantero Embalaje Spain Paper.00 2 Pepe Jeans Spain Fashion and Textile M1 Group Deyá Capital (Approx.00 Solar Energy (Cerberus Capital Management) 1 Acciona Windpower Spain Wind Energy Nordex Acciona 785. Morgan Stanley Infrastructure (Approx. Caslever 2 Coretherapix Spain Biotechnology TiGenix Genetrix 100. 730. Yolmar Gecal Renovables Spain Wind Energy Gas Natural Fenosa Gestión.) PGGM L Capital Asia. Ceramic. Caja Rural de Fuentepelayo y Caja Rural de Segovia).) 2 Orion Columba Socimi Spain Real Estate Klépierre Orion Capital Managers Spain 375. 2 Mclezar Zamora.

) Timber People (only Partners) • Deloitte Abogados 1 Juan Picón 2 Juan Picón 3 José Antonio Sánchez Dafos Country Value Target Subsector Buyer Seller (Target) (EURm) • DS Ovslaw Ports Private Shareholders. 1 TAF Helicopters Spain Malpica 100 26.(www.TTRecord. GymForLess Spain Technology . Paper.00 2 Migoa Spain Internet Only-apartments 0. 0. Aviation and PTT. . Instituto Catalán 1 Finerge Portugal Wind Energy 900.(www. Real Automóvil Club de CVC Capital Partners Spain. Carlyle 640.) (Target) (EURm) Logistics Telecable de Index Ventures.45 States and Logistics Tourism. Aviation CoyotAir Spain Malpica 100 Private Shareholders ND Glass. 2 300.Transactional Track Record .00 1 R Cable Spain Telecoms Euskaltel 890. Private 3 Gadea Spain Parapharmaceutical AMRI 3-Gutinever 174.00 Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital (Approx. Hotels and 3 Exoticca Spain Private Shareholders .com) TTR . 13. Hygiene. 2 Spain Telecoms Zegona Liberbank. Gonçalves 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. Aviation Sinensis Seed Capital Navitaire Amadeus Accenture 767. . Ceramic.00 Investments (First State) Spain 1 de Finanzas (ICF).00 Spain.MOST ACTIVE ADVISORS – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 MOST ACTIVE ADVISORS – SPAIN • Cuatrecasas. Aviation and APM Terminals Target Subsector Buyer Seller Pérez y Cía (Approx.63 Asturias Private Shareholders Pharmaceutical.60 Private Shareholders.33 Country Value 1 Grup Marítim TCB Spain Transport.25 3 United Transport.TTRecord. 911.00 1 Typeform Spain Technology Connect Ventures. Abanca Private Shareholders.00 3 Lantero Embalaje Spain Plastics.50 Shareholders and Cosmetics Clibb Software Private 3 Spain Technology Birchman Spain ND Solutions Shareholders People (only Partners) 1 David Avilés 2 David Avilés 3 David Avilés 104 TTR .com) 105 . Empren- CVC Capital Partners diza 2 R Cable Spain Telecoms Euskaltel 890.Transactional Track Record . 2 Tallerator Spain Technology Mckinley Inversiones. RTA Ventures. ND Restaurants People (only Partners) 1 Federico Roig 2 Elvira Azaola Monedero 3 Elena Cuatrecasas People (only Partners) José Luis Rodríguez Jiménez 1 Josep Navajo 3 Josep Navajo Pablo Mancía Manzón Pablo Mancía Manzón • De Andrés Y Artiñano Country Value • DLA Piper Spain Target (Target) Subsector Buyer Seller (EURm) Country Value Target Subsector Buyer Seller (Target) (EURm) Transport.) Cosmetics 2 Transport. and Logistics 190. Point Nine Capital. Itnig. 0.00 Logistics Cataluña (RACC) Abanca Healthcare. Wood and DS Smith Laninver SCH (Approx.

20 Capital Partners Ports Caixa Capital Risc. Aviation and APM Terminals Private Shareholders Pérez y Cía (Approx.00 (Target) (EURm) Compuestos Materials Private Shareholders UIL Holdings United Electric Energy Green Merger Sub 2. Paper. Wood and Stora Enso 11.00 3 Navitaire Amadeus Accenture 767.MOST ACTIVE ADVISORS – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 MOST ACTIVE ADVISORS – SPAIN • Ecija • Gallego.(www.85.(www. 1. 5. Mediapro. Sociedad 3 Medical Aesthetics and Sacyr Concesiones Iñaki Gabilondo Álvaro Iza Concesionaria Chile Dominion 7. Multimedia and WPP Group. Partners Private Timber 2 Miguel Pujadas Spain Plastics. 30. Country Value Plásticos Chemical and Chemical Target Subsector Buyer Seller 1 Spain Caixa Capital Risc. Torreal holders (Approx.01 Grupo Imagina Spain 1 Tavex Europe Spain Fashion and Textile Aurelius Grupo Tavex 20. Martos & Quadra-Salcedo Country Value Country Value Target Subsector Buyer Seller Target Subsector Buyer Seller (Target) (EURm) (Target) (EURm) 1 Media. Ekarpen . Paper.M United Transport.TTRecord.00 Editorial Televisa.50 2 Grup Marítim TCB Spain Transport.33 3 iMICROQ Spain Biotechnology . 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 Expansió.Transactional Track Record . Metallurgy and Corporación J. .83 1 - Caixa Capital Risc.Transactional Track Record . Ceramic.) Glass. Ceramic. 16. Private Share.747.com) TTR .com) 107 .45 Industrial Production Aristrain States Logistics Kaiku Corporación 2 Spain Food Industry Emmi.00 Country Value Target Subsector Buyer Seller (Target) (EURm) 1 Steel. Wood and Timber Vollrath 17. 911.00 Spain. 2. Hygiene. Other Consumer Goods Quantum Capital 2 Stora Enso Barcelona Spain Plastics. Aviation and Rugui Steel Spain .20 Shareholders Steel.TTRecord.24 • GBP Legal 2 Acciona Windpower Spain Wind Nordex Acciona 785.) Logistics People (only Partners) CVC Capital Partners 3 R Cable Spain Telecoms Euskaltel 890. Private Shareholders.00 Alimentaria People (only Partners) 1 Armando Albarrán 2 David Franco 3 Armando Albarrán Healthcare. Ysios Corporation States Oil and Gas (Iberdrola) (Approx. Abanca 1 Tomàs Fornesa 2 Tomàs Fornesa 3 Tomàs Fornesa People (only Partners) • Freshfields Bruckhaus Deringer Spain 1 Fernando Vives 2 Silvestre Arana 3 Luis Guerreiro Antolín Country Value Álvaro López-Jorrín Target Subsector Buyer Seller Rafael González-Gallarza Granizo (Target) (EURm) Arnau Tapias Monné 1 Testa Spain Real Estate Merlin Properties Sacyr 861.50 Glass.) 2 Inbiomotion Spain Biotechnology .90 Cosmetics Chile Javier Monzón Salud Siglo XXI Distribution and Retail People (only Partners) 1 José Ramón Berecibar 2 José Ramón Berecibar 3 José Ramón Berecibar 106 TTR .

50 Insurance Ports Private Shareholders.) Target Subsector Buyer Seller Production (Target) (EURm) International (Trilantic Capital Partners) United Festa. Angulas Cosmetics Aguinaga.33 1 Grup Marítim TCB Spain Transport. 911.00 Retail Shareholders Jaime Ena Pañar Private Shareholders. Bankia 420.57 2 Talgo Spain and Industrial Country Value Shareholders Pegaso Transportation (Approx. 569. Metallurgy Private Iberian Capital Fund III. Mediterránea de Healthcare.62 Kingdom Factory Comaker.TTRecord.MOST ACTIVE ADVISORS – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 MOST ACTIVE ADVISORS – SPAIN • Gómez-Acebo & Pombo Spain • Hogan Lovells Spain Target Country Subsector Buyer Seller Value Country Value (Target) (EURm) Target (Target) Subsector Buyer Seller (EURm) 1 Société Financière Santander Consumer Banque PSA Roads and Universities Superannuation France Financial and Insurance 610. GrupoUno Spain Harbourvest Portobello Capital 2 Grupo Geriatros Spain Medical Aesthetics and PAI Partners Magnum Capital Textile (Approx. Hygiene.381.com) TTR .000.(www.00 1 Globalvía Spain FCC.70 1 United Telecoms Orange Private Shareholders Jazztel Group (Approx.) Pharmaceutical.00 de Banque (SOFIB) Finance Finance Highways Scheme (USS).Transactional Track Record .com) 109 .) People (only Partners) Logistic 1 Luis Riesgo 2 Federico Merino 3 Federico Merino Automotive and Sensitive 2 Torrot Electric Spain Private Shareholders 0.TTRecord.50 Recreational Vehicles Technologies 3 Sensefields Spain Technology Torrot Electric Cedinsa Conservació 0. OPTrust Private CBRE Global 60.20 • 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 Inglés Spain Private Shareholders 1. Aviation and APM Terminals Pérez y Cía (Approx.) CTC.) (Approx. Grupo Multiasistencia OCM Gaudí Master 3 Elisandra Spain VIII Spain Real Estate Lar Spain 170.00 • Jones Day Spain Cosmetics Country Value Target Subsector Buyer Seller (Target) (EURm) People (only Partners) Spain. 218.00 2 Iberia Nora Spain Real Estate Zambal Spain SOCIMI 179. 1 David González Gálvez 3 Fernando de las Cuevas Jazztel Spain. Ice Cream 1 TSB Financial and Insurance Banco Sabadell Private Shareholders 2.(www. 3 Gadea Spain Parapharmaceutical and AMRI 3-Gutinever 174.00 300. MCH • Herbert Smith Freehills Spain Steel. PGGM.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.) Fernando Igartua Arregui Kingdom  Javier Vinuesa Magnet Chemical and Corporación Química 2 Grupo Nubiola Spain Ferro Corporation 149.00 Holdco People (only Partners) 1 Carlos Pazos 2 Alberto Ruano 3 Pablo Díaz People (only Partners) Joaquín Sales 1 Álvaro Sainz 2 Nicolás Martín 108 TTR .00 3 Cátering.00 2 Catalina Islands Spain Real Estate Encore + Shareholders Investors (Approx. MCH Private Equity. Fashion and 350.Transactional Track Record .

00 3 Mespack Spain Timber Duravant Investments Group. . People (only Partners) 3 Mediasmart Spain Internet Private Shareholders.38 Electric Energy Esergui (AVIA Energías) People (only Partners) People (only Partners) 1 Íñigo Berricano 2 Alejandro Ortiz 3 Alejandro Ortiz 1 Xabier Álvarez Lombardía 2 Xabier Álvarez Lombardía 3 Xabier Álvarez Lombardía Ben Crosse 110 TTR . Ekiona 2 Spain Steel.593. Multimedia WPP Group.(www.com) TTR .TTRecord.(www. Inveready Capital 1 Antonio Morales 3 Ignacio Pallarés Jordi Domínguez José Luis Blanco Manuel Deó People (only Partners) 1 Silvia Martínez Losas 2 Silvia Martínez Losas 3 Silvia Martínez Losas • Lawesome Legal Services Country Value Target (Target) Subsector Buyer Seller (EURm) • Linklaters Spain Centro para el Desarrollo Country Value Atten2 Spain Technology Tecnológico e Industrial . Biotechnology 2 Alcalá 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. Mediapro. Technology Plastics.60 Iluminación Solar 2 El Corte Inglés Spain Distribution and Retail Private Shareholders Private Shareholders 1. Metallurgy and Geinfisar 99 and Explosives Industrial Production Mobile Dreams Factory.TTRecord.70 Target Subsector Buyer Seller 1 (Target) (EURm) (CDTI). Metallurgy and Ferroatlántica.000. Inveready Capital Steel. Adara Ventures and Cosmetics Glass.Transactional Track Record . 2.com) 111 . Ammunition STS Inversions. 2 Spain .00 Cosmetics Pharmaceutical. 3.) Pharmaceutical.) Suanfarma Spain ProA Capital . 5.00 Industrial Production Technology Debegesa.42 International Kong Insurance Solar Energy.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. Kibo Ventu. Metallurgy and Private Shareholders . Grupo Alfa. Paper. Ceramic. Caixa Capital Playgiga Spain Internet . Perseo China Citic Bank Hong Financial and 1 UBS London BBVA 1. 0. 2. Cube Ventures.Transactional Track Record . 0. ND Security Arms. 0.01 1 Grupo Imagina Spain Private Shareholders 1 Parapharmaceutical and and Editorial Televisa. 3 Telecable de Asturias Spain Telecoms Zegona Liberbank.000. Torreal (Approx. 1 Inveready Capital. Bankinter.00 Risc.50 res. Wood and Emig Enric Martí Buguroo Offensive Security and Private Grupo Ticnova. Carlyle 640.00 3 Ekiom Spain . Media. 85.00 2 Euromed Spain Parapharmaceutical Riverside Meda 82. 25.00 1 Ferroglobe - Kingdom Industrial Production Globe Specialty Metals (Approx.

) Cosmetics Eight Roads Ventures. Parque Eólico Exus Management Partners.) Ramón Ruiz de la Torre Esporrín Carmen Fernández Vadillo • Osborne Clarke Spain • Ramón y Cajal Target Country Subsector Buyer Seller Value (Target) (EURm) Country Value Target Subsector Buyer Seller (Target) (EURm) United Healthcare.TTRecord. 42. 130.40 (KLS Partners). Chemical and 1 Alkahest States Grifols Private Shareholders 33.) 2 Spain Wind Energy 56.28 2 Packlink Spain Internet Amerigo Innvierte Spain .) People (only Partners) CPPIB . Idinvest Partners. 11. Healthequity. Private Shareholders. Roche Venture 1 Oaktree Capital 280.00 2 Filmax Spain Spinnaker Capital Group ICF Capital and Editorial (Approx.00 Espases Turó del Magre Inversiones Cerberus Capital Management People (only Partners) People (only Partners) 1 Tomás Dagá 2 David Miranda 3 Angel García 1 Antonio Sánchez Montero Raimon Grifols Luís Castro 112 TTR . Medical Private 100. Bankia 420.00 1 Pablo Enrile Mora-Figueroa 2 Ramón Ruiz de la Torre Esporrín 3 Puerto Venecia Spain Real Estate Intu Properties Plan Investment Board (Approx.00 2 Eolia Renovables Spain Private Shareholders Insurance Management (Approx.Transactional Track Record .48 1 Globalvía Spain Superannuation Scheme FCC.TTRecord. Marketing and 2 Konecta Spain PAI Partners Liberty Seguros Spain. 19.MOST ACTIVE ADVISORS – SPAIN M&A HANDBOOK 2016 M&A HANDBOOK 2016 MOST ACTIVE ADVISORS – SPAIN • M & Partners • Pérez-Llorca Country Value Country Value Target Subsector Buyer Seller Target (Target) Subsector Buyer Seller (EURm) (Target) (EURm) Chiesi Ventures. Multimedia 5. Rejadorada (Approx.) (USS). OPTrust 2 Yelmo Cines Spain Sports and Leisure Cinépolis Kay Films & Movies ND Financial and Oaktree Capital 280.Canada Pension 225. PGGM.00 Ysios Capital Partners Advertising Banco Santander Media.(www.com) 113 .00 Eolia Renovables Spain Financial and Insurance Private Shareholders Fund. Caixa Capital Risc.) Banco de Crédito 3 Spain Financial and Insurance Trea Capital .) 1 Minoryx Spain Biotechnology Kurma Life Sciences Partners .(www. Spain Other Services Globalvía ND Parque Eólico Rejadorada Universitari Son Netherlands 3 Spain Wind Energy Exus Management Partners.02 People (only Partners) People (only Partners) 1 Pablo González Mosqueira 2 Pedro Pérez-Llorca 3 Alejandro Osma Carmen Reyna 1 Carlos Martinez Lizán 2 Carlos Martinez Lizán 3 Carlos Martinez Lizán • 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 Corporación Industrial 44. 30.71 1 Hygiene.00 Cooperativo (BCC) 3 Albacete Balompié Spain Sports and Leisure Private Shareholders .00 Ventures.00 Chemical Materials VItaly Plus Spain Portobello Capital Aesthetics and Shareholders (Approx. Management (Approx. 1.00 1 Realia Spain Real Estate Inmobiliaria Carso Highways Bankia (Approx. Accel Partners Pujalt Cerberus European Investments Inversiones Concessionaria 3 Hospital Aberdeen Infrastructure Cerberus European Investments.com) TTR .Transactional Track Record .

) Infrastructure World Bulk Wine Euromoney 2 Spain Distribution and Retail Private Shareholders 2.00 Recreational Vehicles 2 Metalocaucho Spain Wabtec Corporation Private Shareholders ND Glass.55 1 Aytos Spain Engineering Berger Levrault Argos Soditic 26.Transactional Track Record .00 People (only Partners) Spain.05 3 Eureka-Experts Spain Internet - Private Shareholders (Approx. Wood and Timber 3 ComparaGuru Mexico Internet Seaya Ventures .com) 115 .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. Abanca 1 Jaume Cabecerans Cabecerans 2 Blanca Usón Vegas 3 Fede Segura Wallin Fede Segura Wallin People (only Partners) 1 Juan Ignacio González Ruiz 2 Edurne Navarro Varona 3 Javier Redonet Sánchez del Campo • Rousaud Costas Duran (RCD) Guillermo Canalejo Lasarte Javier Ruiz Cámara Bayo Jaime Folguera Crespo Country Value Target Subsector Buyer Seller Pedro Ravina Martín (Target) (EURm) Salvador Sánchez. 2. Metallurgy and Ferroatlántica. 1 TAF Helicopters Spain Malpica 100 Club de Cataluña 26.) CVC Capital Partners 3 R Cable Spain Telecoms Euskaltel 890.014.54 People (only Partners) 1 Eliecer Pérez Simón 2 Eliecer Pérez Simón People (only Partners) Sebastián Rivero Galán John R.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 Iñaki Frías Ignasi Costas Iñaki Frías 114 TTR . 3.(www. Gustafson 1 Pablo Casado Bueno 2 Gonzalo María de Ulloa Lapetra • Roca Junyent • Uría Menéndez Spain Target Country Subsector Buyer Seller Value Country Value (Target) (EURm) Target Subsector Buyer Seller (Target) (EURm) PTT.00 Kingdom Industrial Production Globe Specialty Metals Amura Capital.Transactional Track Record .com) TTR .TTRecord. Plastics. Audit and Seaya Ventures. Aviation and Private Shareholders. 36. Paper. 2 Ferroglobe . 0. 1 Cabify Spain Technology . Insight Venture Partners 17.00 Accel Partners.61 Internet Caixa Capital Risc . 2 Wallapop Spain .TTRecord. Technology Bonsai Venture Capital. 10. Ceramic.00 Madrileña EDF Invest. Real Automóvil Transport.00 Rakuten Technology Automotive and 2 Idealista Spain Internet Private Shareholders Private Shareholders 9. PGGM (Approx.(www.84 Exhibition Institutional Investor United Steel.000. Gingko 2.Terán 1 Metroinvest Spain Real Estate Grupo Metrópolis Private Shareholders 200.00 Logistics 1 Spain Oil and Gas Morgan Stanley (RACC) Red de Gas Tree.

Paper. Parque Eólico 2 Spain Wind Energy Cerberus European WF Energy. Parque Eólico Rejadorada 3 Spain Wind Energy Cerberus European 56.) Management) Exus Management Partners.00 Pujalt Inversiones Investments People (only Partners) 1 María Pilar García Guijarro 2 María Pilar García Guijarro 3 María Pilar García Guijarro David Díez Marcos David Díez Marcos Luis Soto • White & Case Spain Country Value Target Subsector Buyer Seller (Target) (EURm) Global Power Wren House 1 Spain Electric Energy .(www.00 1 Renovalia Energy Spain Gestiones (Cerberus Capital Private Shareholders Solar Energy (Approx.TTRecord. Ceramic.00 Managers Spain Glass.Transactional Track Record . Wood and Espiga Capital Private Shareholders ND Timber People (only Partners) 1 Juan Manuel de Remedios 2 Juan Manuel de Remedios Carlos Daroca Vázquez Carlos Daroca Vázquez 116 TTR . ESIF 157. 550.com) .00 Cova da Serpe II Investments Exus Management Partners. 3 Ubis Cintas Adhesivas Spain Plastics.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 Generation Infrastructure Orion Capital 2 Orion Columba Socimi Spain Real Estate Klépierre 375.

VISUAL SUMMARY OF 2015 Portugal .

769.00 250.70 204.M&A 2012 .00 400.14 364.00 50.68 7 2 2 Tourism. OF TRANSACTIONS 0 3.00 100.oftotal dealsofwith Financial deals with and Legal Advisors Financial Advisors Technology 42.427.543.76 Visual summary of 2015 0.total No.00 50.80 20 109. OF TRANSACTIONS 140 Visual summary of 2015 100 3.4 8.com) 121 M&A .58 155 80 40 120 51.64 2 1 11 3 8 Internet Real Estate 59.64 6.Private Equity 2013 .M&A 2013 .Private Equity 364.72 2.00 ITotal value EURm IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO 2015 .68 Total value (EURm) 7 2 2 .47 36 66 19.58 6.Private Equity 2012 .8 Nº No.169.Venture Capital 2013 .476.72 2.6 Nº As 0. of deals with Financial and Legal Advisors Most active subsectors by type of transaction2 1 11 Internet 59.47 1.M&A 4.76 1.Venture Capital 2014 .38 IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO 20 2015 .14 2014 .14 364.53 4. OF TRANSACTIONS 1.(www.M&A 2014 . Hotels and Restaurants 294.M&A 4.64 M&A Private Equity 2 1 11 3 8 Internet Real Estate Venture Capital 59.769.Venture Capital No.47 2015 .00 ITotal value EURm 257 109.00 50. 2014 vs 802015 by type 0.45 19.Venture Capital 2012 .034.70 42.Transactional Track Record .00 512 51.543.53 8. No.68 Total value (EURm) 120 TTR .00 200.70 204.Private Equity 2012 .38 100 60 14.72 2.427.427.Private Equity 19.M&A 2013 .2 Advisors No.Private Equity 2013 .Venture Capital 40 0 2014 .(www.TTRecord. total of deals No.00 250.00 350.769.00 150.169.00 200.Venture Capital 2013 . 2013.00 300.45 40 0 80 0.70 42.2012.80 60 0 3 6 140 100 14. 1 Hotels 6 and Restaurants 11 Technology 294.M&A 2012 .Private Equity 2013 .00 300.Venture Capital 2013 .64 Nº 120 0.00 350.476.00 3.45 Volume and 120 value of transactions.53 2015 .Private Equity 2015 .46 60 20 109.58 2015 .00 100.total No.2 140 Nº VISUAL SUMMARY – PORTUGAL M&A HANDBOOK 2016 M&A HANDBOOK 2016 1 358 VISUAL 512 SUMMARY 257 – PORTUGAL 8.80 14.46 737.543.00 300.169.M&A 2012 .76 1.Private Equity 2014 .M&A 2015 .00 150.00 100.TTRecord.Transactional Track Record .M&A 2014 .Venture Capital 2014 .00 350.Venture Capital 0.Venture Capital 2012 .00 200.Venture Capital 2012 .Venture Capital 0.00 250.Private Equity 2014 .00 400.M&A 2013 . total of deals of deals withwith Legal Financial Advisors Advisors 1 6 11 No.70 7 2 2 1 6 11 Tourism. total of deals of deals with Legal Advisors ITotal value EURm No.00 1. No.107 51.64 6.M&A 2014 .Private Equity 2012 .70 M&A Private Equity 3 8 Real Estate Venture Capital 204.034.00 IMPORTE MEDIO (EURm)-TRANSACCIONES CON IMPORTE DIVULGADO 25 2015 .476.com) TTR .46 358 737.Private Equity 0 2015 .64 No.00 400.034.00 150.38 737. Hotels and Restaurants Technology 294.

MERGERS & ACQUISITIONS Portugal .

000 M&A – PORTUGAL 80 M&A HANDBOOK 201666 8.64 8.Total value 2.543.58 Total 1.000 Year of deals (EURm) 0 0 2015 155 5.Total 15m) value Non-disclosed value 2.00 M&A Venture Capital Private Equity 2012 .Total value 364.255 1.50 2014 34 2012 106 14.No. of deals 69 Total value (EURm) 2013 19 Aggregate deal value and volume by market segment 41 No. 60 6.80 12% 14% 16% 2015 51.000 2015 Overview 0 0 No.763 TTR .476.543 2014 .000 Vision general 23 15 31 20 2.com) 125 98 143 114 35 2012 .017 1.249.53 Mid market (≥EUR 15m) Non-disclosed value 8% 13. of deals 5 23 42 114 184 Big Ticket (≥EUR 250m) Smaller market (<EUR 15m) 2012 109.Total value 61% 20% 62% 23% Big Ticket 61% Mid market 22% 3.14 37 No.084 8 32 9 57 106 M&A Venture Capital Private Equity 8.017 1.543 30% 2014 .Total 250m) value Smaller market (<EUR 15m) 2015 5.084 2013 .134 2013 .134 54% Smaller market Non-disclosed 2.000 No.38 2013 .Total value 5.000 41 45 40 34 32 32 42 35 41 39 40 4.255 1.No.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 4.663 8% 6.255 1.000 41 42 45 34 32 32 35 41 39 40 40 27 31 4.663 2015 .Total value 124 2.com) TTR .084 8.05 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 113 2014 184 10.859 3% 3% 1.76 2014 .665.Transactional Track Record .543 2014 2013 2012 Mid2014 market (≥EUR .46 3.TTRecord.769.663 No.427. OF DEALS (%) 2014 19.859 1.Transactional Track Record .14 Big2015 Ticket (≥EUR .Total value 98 143 114 35 Big Ticket Mid market Smaller market8. 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.No.72 30% Big Ticket (≥EUR 250m) Smaller 61% market 20%(<EUR 15m)62% 23% 61% 22% 54% 1.24 2012 2013 2014 2015 2013 129 6.912. 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.(www.859 2013 .Total value 3.000 2015 30 27 31 31 23 15 Total number Total value 44 20 2.Total value Big Ticket Mid market Smaller market .(www.169. OF DEALS (%) 75 2015 2014 2013 2012 2012 12 3% 3% 3% 19 8% No.45 16% (≥EUR 250m) 12% (≥EUR 15m) 14% (<EUR 15m) 2015 .000 23 2015 Overview20 15 2. of deals Total value (EURm) 81 60 6.763 2012 .881.017 1.034.134 13. of deals 13.47 5.763 3% 2012 .Total value 2013 4. of deals 5 24 31 Big Ticket 95 155 Mid market Smaller market (≥EUR 250m) (≥EUR 15m) (<EUR 15m) 14. of deals 4 18 28 79 129 Mid market (≥EUR 15m) Non-disclosed value 737.TTRecord.No.Total value (≥ EUR 250m) (≥ EUR 15m) (< EUR 15m) value 98 143 114 35 8% 2015 .

Sobral.Transactional Track Record .Transactional Track Record .Mediterranean Transports. Barros. Minor Continental 3 Luxembourg Rendimento. Pulino. Venture Capital and Cross Border deals) Value Country Value Target Subsector Buyer Seller Target Buyer Seller (EURm) (Buyer) (EURm) PTRW Renewable Bid 1 Glass.00 Gespatrimónio Marinoteis. Cabovisão Apax Partners France France Altice Logistics Portugal (Approx. Pojuca Holding Luxembourg Glass. Agribusiness.) Infrastructure Hong Kong. 1 Iberwind 1. 4 Lusort United States 200. Gonçalves Pereira Portugal 3 PLMJ Vieira de Almeida Due Diligence 3 Campos Ferreira.20 Hotéis Tivoli. Investimentos (Approx. Cortes Martins Advogados 1 4 Garrigues Portugal 3 Millennium IB 3 Morgan Stanley 4 Garrigues Spain 3 8 Haitong Bank Portugal 7 PwC Portugal Public Relations 4 5 Uría Menéndez .00 Portugal CliHotel de Gaia.00 5 Oni.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. Boulos & Santos Advogados Financial Advisors Legal Advisors 3 Castro.00 Fund III Algarvetur MSC . Sá Carneiro & Associados 2 Citigroup 2 3 Caixa BI PLMJ 1 Fosun Group 3 CCA-Ontier 3 Serra Lopes. Healthcare.00 Brazil 5 AMS-BR Star Paper Suburbs Plastics. Aviation and CP . The Navigator 80. Paper.) 2 Finerge Investments (First Enel Green Power Spain 900.com) 127 .000.80 First State Wind Energy 3 Efacec Power Solution Consultancy. Gonçalves Pereira Brazil 2 4 Santander Global Banking & Markets Spain 3 Minor Continental Holding Luxembourg (In-house) 5 Perella Weinberg Partners 3 Cascione. Private Shareholders 5.00 (Cheung Kong Semapa Private Shareholders Plastics.00 Guimarães 1 Guimarães Cosmetics 1 BBVA Corporate Finance Linklaters Portugal Food Industry 1 3 Haitong Bank Portugal 2 3 Cuatrecasas. Ceramic. Power Portugal Magnum Capital 2 TAP Air Portugal Atlantic Gateway Parpública 270.TTRecord. Gomes Advogados 1 3 Banco BPI 2 6 Cuatrecasas. Hygiene. Private Shareholders.Proença de Carvalho 4 6 Banco BIG 8 Linklaters UK 5 Jones Day France 9 Uría Menéndez . Aviation and Holdings.(www.(www. Rioforte 294.) Lone Star Real Estate Corporación Bética. Herovina- 9 Agriculture. Paper. Gonçalves Pereira Portugal Casa Alta Azeites. The Navigator 670.TTRecord. Gonçalves Pereira Spain Casa Alta Bagaços Agro-Pecuária Farming and Fishing Millennium BCP 1 2 AAA Advogados 10 Autódromo do Estoril Roads and Highways Câmara de Cascais Parpública 4.00 Transports. Financial Advisors Legal Advisors Casa de Saúde de 8 Hospital Privado de Medical Aesthetics and Luz Saúde 13.00 6 CP Carga Shipping Company 53. Audit and Efacec Capital Australia.com) TTR .Comboios de 200.90 1 BNP Paribas Corporate & Investment Banking 2 Vieira de Almeida 2 Barclays Portugal 3 Cuatrecasas. Wood and Timber Company (Approx. Wood and Timber Company (Approx.00 1 Caixa BI 2 Cuatrecasas. Ceramic.Proença de Carvalho 4 Llorente & Cuenca 5 Cardigos Advogados Public Relations 9 F4LM 5 Weil Gotshal & Manges Paris 6 Llorente & Cuenca 126 TTR .) Portugal Intrum Justitia 7 Logicomer Financial and Insurance Private Shareholders 43.00 Logistics Assets Holdings Electric Energy Limited) Winterfell Gestão de 194.00 Engineering Portugal State) 4 Oceanário de Lisboa Sports and Leisure Waterventures Parque Expo 98 114.

300 Crossborder en Portugal 21 8. of deals 1 5 6 4% 15 27 Mercado alto (≥EUR 500m) Mercado bajo(<EUR 100m) 5 2012 . 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 20 2.Total value 2014 .000 M&A – PORTUGAL 200 M&A HANDBOOK 2016 M&A M&A – PORTUGAL 10. OF DEALS (%) Nº DE TRANSACCIONES (%)Advogado Quiroga 4 CREA Inversión Nº de transacciones 2 Machado.Importe total 3.Importe total Big Ticket Mid market Smaller market 2012 13.Total value 15. 100 5 6 5.000 EUDE200 .Importe total 796 Mid (≥EUR 15m) Non-dis 2015 2014 543 9. Marrey Jr.000 4 5 2.Total(≥EUR value 250m) Smaller Nº DE TRANSACCIONES (%) 15.Escuela 20 10.684 Big Ticket Mid market Smaller market 2012 .127.No.75 100 5.061 8.No.No.Total value 2014 .705 2015 .251 2014 . 2012 2013 2014 2015 Largest outbound cross-border acquisitions by Portugal-based buyers 2012 2013 2014 Acquisitions by foreign buyers in Portugal 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Target Country Buyer Seller Value Quarterly deal flow since 20122012 2013 2014 2015 (Target) (EURm) 100. 6. Meyer. Veiga Filho.084 (≥EUR 250m) (≥EUR 15m) (<EUR 15m) 2% 4% 2% Mercado alto 4% Mercado médio 2% Mercado bajo 2% 4% 8.000 250 15.No.859 1.00 15 12 4.050 4.000 5 3 2 3 2014 43 8.Transactional 543 53.Transactional Track Record .839 Non-disclosed value 30.762.TTRecord.933 12 8.Importe total 294 321 400 37 16 2012 36 3 2012 .543 Non-disclosed 23% 22% 18% Total 38% (≥ EUR 250m) (≥ EUR 15m) 21% (< EUR 3. of deals Total value (EURm) 300 Private 84.com) 796 129 9.00 294 Track Record .251 3.) Importe total (EURm) 6.20 8.TTRecord. OF TRANSACTIONS Mid market (≥EUR 15m) Non-disclosed value 38.(www. 10 8 8 2.705 2015 .000 Año 11 11 transacciones (EURm) Shareholders 10 10 8 8 10 10 10 y Empresa 6 2015 42 1. of dealsBig Ticket (≥EUR 250m) 7 1 Smaller market (<EUR 15m) 9 22 Mercado medio (≥EUR 100m) Importe no divulgado No. of deals 14% 161% 9 56% 6 26 1.(www.) No.Total value 128 TTR .000 15 150 10 11 11 10 10 12 10 4.972 3.663 (≥EUR 500m) (≥EUR 100m) (<EUR 100m) 9% 7% Big Ticket Mid market Smaller market 5. OF DEALS (%) 7% 3 Uría Menéndez . OF DEALS (%) 2014Ticket Big .00080 66 8.000 (Approx.941.050 4. Sendacz e Opice Advogados 2015 2014 2012 4 KPMG Spain 2014 20132 2012 2012 Importe total (EURm) DMGSA – Domingues Sociedade de Advogados 2% 4% 2% 2% 2% 4% 4 King & Wood Mallesons Spain 4% 9% No.255 42 53% 49% 14% 143 114 22% 98 9% 32% 2014 .377 9.000 Private Nº total de Importe total 3 Europea150 de Dirección Spain Talent 25.09 4 50 Ulabox Spain Sonae E.Importe total (≥EUR 250m) (≥EUR 15m) (<EUR 15m) .933 8.839 30.50 Shareholders Aggregate value and volume of transactions by market segment Financial Advisors Legal Advisors 2 BNP Paribas Portugal 1 Mattos Filho. of deals 4 9 4 Big Ticket 26 Mid market 43 Smaller marke (≥EUR 250m) (≥EUR 15m) (<EUR 15m) 2013 .585 2013market . Ventures .00 1 Unidas Brazil Principal Gestão de Activos Novinela.106.017 1.56 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 2012 22 10.Total value 23.377 23.307 2013 .134 15m) 41% value 52% 45% 2.585 2013 .000 5 4 3 3 41 42 45 Cross-border deals of 2015 2 35 41 39 40 50 0 Cross-border deals 0 of 2015 40 23 15 27 31 34 32 32 31 4.307 2013 .Total value 2014 2013 5.763 42% 201562% .203 9.00060 6.Proença de Carvalho 18%2015 23% 22% 21% 2014 2013 38% 41% 52% 45% 42% 3 Uría Menéndez Spain 49% 62% 14% 61% 56% 3% 3% 3% 53% 14% 22% 32% 4 Rousaud Costas Duran (RCD) 9% 16% 12% 14% 5 Deloitte Abogados 4% Mercado alto (≥EUR 500m) Mercado bajo(<EUR 100m) 61% 20% 62% 23% 61% 2 Big Ticket (≥EUR 250m) Smaller market (<EUR 15m) Mercado medio (≥EUR 100m) Importe no divulgado Mid market (≥EUR 15m) 38.85 Private 2012 2013 2014 2015 5 Concasa Huelva2012 Spain 2013 Liscont 2014 3.000 2 Supremo Cimento Nº deBrazil transacciones NSOSPE 15.000 25 20 HANDBOOK 2016