Dealtracker

Providing M&A and PE market insights

7th ANNUAL
2011
EDITION
 7th ANNUAL EDITION
2011

Contents

2011:
From
the 3 - Foreword
Editor's
Desk
4 - Year Round Up

7 – M&A Round Up
Mergers &
Acquisitions
8 – Domestic
9 – Cross border
1026
13 – PE Round Up
Private
Equity
14 – Top Deals and Sectors
16 – PE – City Break up deals
17 – IPO &QIP
Other
Features
18 – Regulatory Aspects
20 – Deal List $54bn
 7th ANNUAL EDITION
2011

Foreword
However, unlike the earlier years, we have not seen
Despite the on-going global economic woes, rising
inflation and interest rates, weakening rupee and a any significant metal sector acquisitions on the “We witnessed a
volatile stock market, 2011 has seen robust deal outbound or domestic front. The telecom sector which notable trend reversal in
numbers. The year saw Mergers & Acquisition (M&A) typically used to contribute multibillion dollar levels of
and Private Equity (PE) in India together clocking transactions has been caught up in the regulatory the year in cross border
1026 deals contributing to US$ 54 billion, as problems and we did not see any significant deal here
compared to 971 deals amounting to US$62 billion in also. M&A with focus shifting
2010. from outbound to
PE activity showed resurgence in the face of sluggish
We witnessed a notable trend reversal in the year in IPO & QIP activity coupled with return in confidence inbound as compared to
cross border M&A with focus shifting from outbound levels which were seen lacking in 2009 and the first 2010. Of the 10 billion
to inbound as compared to 2010. Of the 10 billion half of 2010. We saw investments returning to the real
dollar deals seen in the year, seven were inbound. estate and infrastructure space with the sector dollar deals seen in the
The backdrop of fears over the economic dynamics of garnering close to US$2 bn of PE funding in 2011. It
European region and its impact globally as well as a is interesting to note that the real estate and year, seven were
growing domestic market making Indian targets a infrastructure investments that took place in 2010 inbound..”
safer bet could have contributed to the trend reversal.were primarily in the commercial and residential
Having said that, the fundamentals of outbound M&A space, whereas 2011 has attracted investments in the
have remained intact as Indian acquirers continue to large infrastructure projects such as airports, roads
view outside markets as being strategic to their globaland highways.
growth plans, as witnessed in deals such as Mundra
Port acquiring Abbot Point Port, GVK Power’s We expect to see significant M&A opportunities in the
acquisition of Hancock coal mines, Genpact’s pharma, technology and real estate & infrastructure
acquisition of Headstrong and others. sectors in 2012. One of the possible reasons for these
results could be the heightened PE investments that
We continued to see sectors such as Oil & Gas and these sectors saw in 2007-2008, and their investment
Telecom (primarily inbound) dominate M&A deal cycles coming to an end in 2012.
activity recording values of over US$16bn and
US$5bn respectively. Vedanta Plc’s acquisition of Overall, the year has emerged fairly resilient in terms
Cairn India assets for over US$8bn and BP Plc’s of deal appetite, despite challenging circumstances.
Harish HV
acquisition of Reliance energy assets for over We look forward to another exciting year of deals in
US$7bn signify that global players seem to be betting 2012 and believe that deal momentum will sustain if Partner- India Leadership Team
on the oil & gas opportunities in India. not grow and as I have been hoping for several years, Grant Thornton, India
I hope to see a few hostile deals.

4
 7th ANNUAL EDITION
2011

YEAR ROUND UP: 2011

Welcome to the 7th edition of the annual Despite challenging times in India, we believe the
dealtracker, our yearly analysis of the Indian fundamentals of deal making remained intact
M&A and PE scenario. We would like to thank all with Indian targets receiving premium valuations
our readers for their continued interest and from foreign buyers and Indian promoters
support over the years. We would like to thank continuing to join hands with technically-savvy
you for the insightful feedback that we receive foreign players for faster and strategic growth.
time to time, this year we have tried to analyse
deal activity from more perspectives than before. Energy and Telecom sectors have seen good
amount of traction with c.US$22bn worth of deals
The year 2011 saw sustained momentum in deal
accounting for over 50% of the total M&A deal
activity in the first half, followed by a relatively
value and constituting 6 out of the 10 billion
sluggish second half as compared to 2010, in a
dollar deals seen in the year. Domestic deal
way mirroring trends seen at a global level too.
activity in the year witnessed relatively lower
Global M&A values reached $2.81 trillion in
activity as compared to 2010 mainly due to
2011, a 3% increase from the 2010 volume of
continuing focus on mergers and restructuring
$2.74 trillion. However, the fourth quarter global
activities, despite volumes remaining buoyant. Srividya CG
value of $640 billion was the lowest quarterly
deal value since the second quarter of 2010 Partner-Grant Thornton
The year also witnessed an Indian company for
($593 billion). In Asia, M&A transactions stood at
$543.1 billion, down slightly from 2010 when
M&A deals totaled $543.8 billion. * M&A and PE Deal Volume Sensex
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11
Jan-07

Sep-07

Nov-07

Jan-08

Sep-08

Nov-08

Jan-09

Sep-09

Nov-09

Jan-10

Sep-10

Nov-10

Jan-11

Sep-11

Nov-11
Mar-07

Mar-08

Mar-09

Mar-10

Mar-11
May-07

May-08

May-09

May-10

May-11
* Deal logic

5
 7th ANNUAL EDITION
2011

YEAR ROUND UP: 2011

the first time acquiring a substantial stake in a However, there could be delays in deal closing,
Chinese state-owned firm for over $150 million, with the implementation of several new Top deals in
signifying the flourishing India-China bilateral regulations including the introduction of the
ties Competition Commission of India, new guidelines 2011
for inbound pharma acquisitions etc.
PE activity continued its upward trend driven by
the real estate and infrastructure sector. Though We expect cautious deal making environment in
Vedanta –
there was a significant volume uptrend, no
considerably large deals were announced in the
2012 as global economies try to cope with
prevailing economic headwinds. Though macro-
$9bn
Cairn
year barring the US$848mn Bain Capital-Hero economic issues will weigh heavily, it remains to
Investment deal and the Apax- IGate deal at be seen if the existing Euro zone uncertainties
$480 mn. Hence, despite resurgence, we are present an opportunity for Asian investors to
British Petro –
yet to reach sky high levels of PE activity seen
in 2007 and 2008.
capitalize on attractive valuation levels, thereby
boosting outbound deals in the coming year.
$7bn
Reliance Ind
The year also witnessed e-commerce firms
raising over US$300 mn of investment from both Vodafone Group
PE & venture capital firms where a few $5bn – Vodafone Essar
companies received premium valuations. While
the valuations in this space are expected to
stabilize, the fundamentals are getting stronger
Mundra Port –
with a rapid increase in usage of internet and e-
commerce among Indian consumers. Abbot Point Port $2bn
We can expect consolidation in the Telecom
space in 2012, with sector regulator TRAI
Siemens AG–
proposing an increase in the combined market
share caps and spectrum caps of merged
$1bn Siemens Ltd
entities.

6
 7th ANNUAL EDITION
2011

2011 AT A GLANCE
26%
Deal Sum m ary Volum e Value (US$ bn) 85% Driven by
Oil & Gas 73%
Year 2009 2010 2011 2009 2010 2011 Volatile
&Teleco
Sensex Focus on
Inbound 74 91 142 3.88 8.96 28.73 m
40% Restructu
Outbound 82 198 146 1.38 22.50 10.84 85%
ring
Cross Border 156 289 288 5.26 31.46 39.58 Driven
by REI Increase
Dom estic 174 373 356 6.70 18.32 5.04 & IT & Crossborder in PE
M&A 330 662 644 11.96 49.78 44.61 ITeS M&A
PE 206 253 373 3.45 6.23 8.75
Domestic
QIP 54 56 9 8.61 6.22 0.95 IPO
M&A
Grand Total 590 971 1,026 24.02 62.24 54.31 PE QIP

62.2
41.5
Quarterly Trend

41.5

Deal break up
54.3 54.3
24.1
62.2 Q4 24.1 QIP
Q3
PE
Q2
Domestic
Q1
Crossborder

2008
2008
2009
2009
2010
2010
2011
2011

H1'11 activity echoed that of H1'10, H2'11 witnessed a Sustained activity in crossborder. Decline in domestic values
slowdown due to focus on mergers and restructuring activities

7
A leading professional services firm
Grant Thornton India

Member firm within Grant Thornton International

 7th ANNUAL EDITION
2011

M&A ROUND UP
Sector Scorecard
Top M&A Sectors

Shipping & Pharma,

Port Telecom 12 Healthcare &
3 Deals Oil & Gas15
Deals Biotech
$2 Bn Mining Deals IT/ITES
$5.8 Bn 59 Deals
4% 10 Deals $16.7 Bn 124 Deals
13% $2.1 Bn
$1.8 Bn 37% $3.5 Bn
5%
4% 8%

3 10 12 15 59 124
Volume
% in the chart denotes the % of the total M&A deal value

Average size of deals, where deal value was M&A Deal value break up - % share
disclosed continued to remain steady at c.US$190 Mn
2011
11%
2011 Inbound
Average Deal Sizes US$ mn 18% deal values
37% were 3 times
2010
24%
2010 Inbound
values, whereas
76 68 36 75 69 2010 Outbound
was 2 times
65% 2011 outbound
45% values
2007 2008 2009 2010 2011

Inbound Outbound Domestic

9
 7th ANNUAL EDITION
2011

DOMESTIC: CONTINUED FOCUS ON RESTRUCTURING

Top Domestic M&A Sectors in 2011 Average Deal Sizes US$ mn
Sectors Volume US$ mn % Value
IT & ITeS 61 1,316.85 26.1%
Automotive 6 887.52 17.6% 9 30 39 49 14
Telecom 7 651.85 12.9%
Pharma, Healthcare & Biotech 31 328.79 6.5%
2007 2008 2009 2010 2011
Real Estate & Infrastructure
Management 25 296.39 5.9%
Plastic & Chemicals 12 294.55 5.8% Domestic deal activity in the year witnessed relatively
Metals & Ores 12 258.69 5.1% lower activity as compared to 2010 mainly due to
Manufacturing 29 214.17 4.3% continuing focus on mergers and restructuring activities,
Engineering 8 100.00 2.0% despite volumes remaining buoyant.
Electricals & Electronics 10 94.72 1.9%

321 deals, US$2.85 bn 172 deals, US$5.21 bn 174 deals, US$6.7 bn 373 deals, US$18.3 bn 356 deals, US$5 bn

14.00 140
119
114 11.69
12.00 120
100 103
10.00 91 100
82 86 85

# Deals
US$ bn

8.00 68 72 80
67 63 65
58
6.00 52 60
45
35 39
4.00 27 25 40
2.91 2.40
2.00 0.83 3.27 1.01 1.31 1.11 1.04 1.11 20
0.78 0.94 0.81 3.05 2.53 1.00
0.30 1.35 0.14 0.52
- 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 2009 2010 2011

10
 7th ANNUAL EDITION
2011

CROSSBORDER: SUSTAINED MOMENTUM

North America Asia Europe ROW

50.0
0.9
45.0
40.0
4.8
35.0
30.8
30.0
US$ bn

0.4 12.9
25.0
12.9 26.9
20.0
15.0 3.6 6.4

10.0 13.0 8.9 5.4

0.5 1.7
5.0 4.7
3.6 1.5 6.8 3.2
- 1.6
2007 2008 2009 2010 2011

11
 7th ANNUAL EDITION
2011

SHIFT IN FOCUS FROM OUTBOUND TO INBOUND

Sectorwise Outbound value 100% Sectorwise Inbound value

break up 33 13 1 22 11 break up
90%
2% 1%
14% 80% 2%
18% 3% 6%

5% 70% 4 3%
29
5%
60% 4%
6% 17% 5%
50%
13 56%
6%
40%
8% 11% 18%
10% 30%
16
9
20%
Shipping & Ports
10% Oil & Gas
Mining
0%
Telecom
Plastic & Chemicals
2007 2008 2009 2010 2011 Engineering
IT & ITeS
Inbound Outbound
IT & ITeS
Pharma, Healthcare & Biotech
Banking & Financial Services
Automotive
Pharma, Healthcare & Biotech
Oil & Gas
Trend Reversal led by : Manufacturing
Power & Energy • Fears over the economic dynamics
of European region and its impact Steel
Travel & Tourism
globally Electricals & Electronics
Others • Growing domestic market making Others
Indian targets a safer bet

12
 7th ANNUAL EDITION
2011

TOP INBOUND DEALS

Acquirer Target Sector US $ m n Deal Type % Stake

The largest deals were in
Strategic
the Oil & Gas sector
British Petroleum Reliance Industries Oil & Gas 7200.0 Stake 30%
signifying that global
Increasing
players are eagerly
Vodafone Group Plc (VOD) Vodafone Essar Telecom 5000.0 Stake N.A.
exploring ever growing
Increasing opportunities in this sector
Stake to in India.
Vedanta Plc Cairn India from Petronas Oil & Gas 4100.0 38.5% 30%

UK Increasing
Vedanta Plc (Sesa Goa) Cairn India from Petronas Oil & Gas 1670.0 Stake 8%

Increasing
Vedanta Plc (Sesa Goa) Cairn India from Petronas Oil & Gas 1500.0 Stake 10%

Increasing
Stake to Few sectors saw a sharp
Vedanta Plc Cairn India from Petronas Oil & Gas 1400.0 28.5% 10%
decline in deal values
compared to 2010 - such as
Increasing
Telecom (down 61%) and
Germany Siemens AG Siemens Ltd Engineering 1350.5 Stake to 75% 20%
Pharma (down 67%).
However volumes
Banking & Strategic
continued to remain steady
Japan Nippon Life Insurance Reliance Life Insurance Financial Services 665.7 Stake 26%
in these sectors.

UK Serco Intelenet Global Services IT & ITeS 634.0 Acquisition

Thailand Sahaviriya Steel Industries Assets of Teesside Cast

UK Ltd Products from Tata Steel Steel 469.0 Acquisition

13
 7th ANNUAL EDITION
2011

TOP OUTBOUND DEALS

Acquirer Target Sector US $ m n Deal Type % Stake

Mundra Port SEZ Ltd (Adani Australia

Last few years have seen Group) Abbot Point Port Shipping & Ports 1956.5 Acquisition
Indian energy companies
Hancock Group-coal
scouting the world for coal
assets to feed several
GVK Pow er & mines and a port and rail Australia
Infrastructure project Mining 1260.0 Majority Stake 79%
existing and proposed
power projects in the Columbian Chemicals Plastic &
country. There is currently a Aditya Birla Group Company Chemicals 875.0 Acquisition
USA
rising appetite for energy, Pharma,
coupled with production Fortis Healthcare Healthcare &
Singapore
shortfalls. Fortis Healthcare International Biotech 665.0 Acquisition

USA
Genpact Ltd Headstrong Corporation IT & ITeS 550.0 Acquisition

GMR Energy Ltd subsidiary PT Golden Energy Mines Strategic Indonesia

of GMR Infrastructure Ltd Tbk Mining 550.0 Stake 30%

Grow more Trade and Mauritius

Adani Pow er Ltd Investment Pvt Ltd Pow er & Energy 531.0 Merger N.A.

UK
Cox & Kings Ltd Holidaybreak Plc Travel & Tourism 510.0 Acquisition

South Korea
Mahindra & Mahindra ltd SsangYong Automotive 470.0 Majority Stake 70%
Royal Dutch Shell’s
Stanlow refinery in UK
Essar Energy northw est England Oil & Gas 350.0 Acquisition

14
Navigating complexity for dynamic organisations

Re-organisation

15
 7th ANNUAL EDITION
2011

PE VOLUME UPTREND

Average Deal Sizes US$ Mn

" Private equity investments in 2011
are clearly showing emerging trends in
investments companies with focus on
$47 $34 $17 $25 $23 the growing Indian consumption story
as opposed to the earlier trend in
2007 2008 2009 2010 2011 investments in companies with strong
export focus. In my view, the weak
IPO market, moderate exits and too
Increasing overall PE deal values driven by much money chasing too good deals Raja Lahiri
volume uptrend. Average deal sizes continued are likely to impact valuations and Partner, Transaction Advisory
to remain constant deal closures going forward" Services
Grant Thornton, India

Sector Focus Top PE Sectors 2011 Past Performance - US$ Mn

Sector Volume Value Value % 2010 2009 2008
Real Estate & Infrastructure Management 31 1,842 21% 945 882 3,313
PE investments are IT & ITeS 100 1,408 16% 398 215 488
back in the Real Automotive 9 1,077 12% 22 221
estate & Power & Energy 25 1,031 12% 1,537 413 900
infrastructure and Banking & Financial Services 32 816 9% 594 364 819
IT/ITES space with the Manufacturing 19 550 6% 164 38 410
sectors garnering Media, Entertainment & Publishing 16 319 4% 69 210 305
over US$3 bn of PE Hospitality 14 295 3% 39 55 122
funding in 2011. Pharma, Healthcare & Biotech 18 261 3% 320 148 337
Engineering 7 169 2% 122 13 183

16
 7th ANNUAL EDITION
2011

PE SECTOR SNAPSHOT
Top 10 PE Deals Sector Snapshot
Investor Investee Sector % Stake US$ m n Real Estate & Infrastructure
Bain Capital, Government of Hero Investment Infrastru
Singapore Private Ltd Automotive 30% 847.8 cture
42%
$1.8
Real
Apax Partners iGate Corporation IT & ITeS N.A. 480.0
$0.9 Estate
$0.9
58%
2009 2010 2011
Apollo Global Management Welspun Corp Manufacturing N.A. 283.7

Banking &
Texas Pacific Group Shriram Capital Financial Services 15% 256.5 Real estate and Infrastructure
Real Estate & investments that took place in 2010 were
GMR Airports Infrastructure
Macquarie SBI Infrastructure Holding Management N.A. 200.0
primarily in the commercial and
Standard Chartered, JM residential space, whereas 2011 attracted
Financial-Old Lane India Real Estate & investments in the large infrastructure
Corporate and NYLIM Jacob GMR Airports Infrastructure
projects such as airports, roads and
Ballas Holding Ltd Management N.A. 200.0
Real Estate &
highways.
Embassy Property Infrastructure Softwar
Blackstone Developments Management 37% 200.0 Others e
3% Product
7% E
Comm
ReNew Wind IT & ITES erce
Goldman Sachs Pow er Pow er & Energy N.A. 200.0 23%
Real Estate &
DLF Ackruti Info Infrastructure $1.4
Blackstone Parks (Pune) Ltd Management 100% 176.1 IT
$0.2 $0.4 Solutio
HDFC, Norw est Venture ns &
Partners, Beacon India, Service
2009 2010 2011
Cartica Capital, Faering s
Capital, Gaja Capital and Banking & 67%
Samara Capital Ratnakar Bank Financial Services N.A. 156.5

17
 7th ANNUAL EDITION
2011

E-COMMERCE
Investor Investee US$ Mn
The year witnessed a second coming of
ecommerce, with PE and VC firms Mayfield Fund, Norwest Venture Dealsandyou.c
investing over US$300 Mn in ecommerce 17
Partners, Nokia Growth , Intel Capital om
companies at premium valuations. Nov
Norwest Venture Partners, Intel Fashionandyou.
40
Capital, Sequoia, Nokia Growth com

Oct 25
New Enterprise Associates Naaptol Online
Deal valued the firm at
around US$250 Mn
Aug 13
SAIF Partners -iXiGO.com

Jul 40
Bessemer Venture Partners Snapdeal.com

Tiger Global Management LLC, Accel 16

Exclusively.in
Partners and Helion Ventures
Jun
Tiger Global Management LLC Flipkart 20

Valiant Capital, Norwest Venture Apr

Yatra Online 43
Partners and Intel Capital

Tiger Global, IDG Ventures,Indo-US Mar 14

Myntra.com
Venture Partners

Nexus Venture Partners,IndoUS Feb 9

Snapdeal.com
Venture Partners

18
 7th ANNUAL EDITION
2011

PE: CITY-WISE

IT & ITES and Real Estate City Volume Value

& Infrastructure sectors Delhi 53 1,833
accounted for maximum
PE deals in these major
cities

City Volume Value

Gurgaon 20 265

City Volume Value

City Volume Value
Kolkata 10 303
Mumbai 99 1,839

City Volume Value

City Volume Value
Hyderabad 32 819
Pune 19 358

City Volume Value

City Volume Value Chennai 15 679

Bengaluru 61 1,600

Value in US$ Mn

19
 7th ANNUAL EDITION
2011

IPO & QIP: DOWNTREND

2010,
US$ 8.0 bn

2011 witnessed sluggish IPO and QIP activity as

compared to 2010. With Sensex hitting 2 year lows 2009,
in December 2011, several IPO's were withdrawn in US$ 3.3 bn
the second half of the year. 2011,
US$ 1.2 bn

IPO Activity
500 6
500 Monthly QIP Trend 2011 4 Monthly IPO Trend 2011 Sensex lowest
450 since August
433 5
2009
5
3 400
400
3 4 4 281 4 4
350
4
3

No. of Deals
300
No. of Deals
300 273 US$ mn
US$ mn

2 250 3

200 200 168 2

1 114 2
1 1 1 1 150 1 132
1
1 1 1
100 1 69
100
1
429 42
50 35
15
93 12 9 17 12 11 6
0 0 0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

21
 7th ANNUAL EDITION
2011

REGULATORY ASPECTS: IMPACT IN 2012

2011 Notification of merger control provisions by the Competition Commission of India (CCI) – Possible
delays in deal closing

Government regulations on sector specific M&As such as inbound acquisition of drugs and
2011 pharma companies requiring approvals – Possible delays in deal closing

SEBI Takeover Norms

Event
•Initial Threshold Limit for Open Offer obligations up from 15% to 25% of the voting rights of
2011 the Target Company - more "head room" for non cumbersome and low cost takeovers
Highlights
•Increase of creeping acquisition range increases from 15-55% to 25-75% while the 5% limit
for creeping acquisition remains same – welcome move to increase promoter holding

Equity instruments to non-residents having in-built options to lose their equity character and to
2011 comply ECB Guidelines – Provision removed by DIPP based on foreign investor reactions

Sectors to look out for: Telecom (Expected TRAI policy modifications), Pharma (Patent Cliff), Retail and
2012 Aviation (FDI Policy updates)

22
 7th ANNUAL EDITION
2011

About Grant Thornton

Grant Thornton India is a member firm within Grant Thornton International. The firm was established in India in 1935 and is one
of the oldest and most reputed accountancy firms in the country. The firm’s mission is to be the adviser of choice to Indian
businesses with global ambitions. Today, the firm has grown to be one of the largest accountancy and advisory firms in India
with nearly 1100 professional staff based out of 10 offices at New Delhi, Gurgaon, Mumbai, Bangalore, Chennai, Hyderabad,
Pune, Chandigarh, Ahmedabad and Kolkata.

Focus Sectors and Segments Service Areas Advisory

Grant Thornton India has extensive experience The firm’s core service areas are as ‒ Business Risk
across industries and businesses of different sizes. follows - ‒ Business Transformation
The firm runs focused practice group in the ‒ Corporate Social Responsibility
following industries, sectors and market segments : Assurance ‒ Forensic & Investigations
- Audit ‒ Government & Infrastructure
- Technology - IFRS ‒ Healthcare &Life Sciences
- Healthcare &Life Sciences - US GAAP ‒ Leadership Consulting
- Real estate - XBRL ‒ Mergers & Acquisitions
- Infrastructure ‒ Transaction Advisory
- Public Sector Taxation ‒ Valuation
- International Standards - Compliance & Outsourcing
- Cross- border transactions - Direct tax
- Indo – US Business Sector - Indirect tax
- Indo- UK Business Sector - Transfer Pricing
- Indo –African business sector - US Tax

Dealtracker Editorial team:

Ankita Arora,
Please contact us at contact@in.gt.com if you would like to receive the list of Sowmya Ravikumar &
deals for the month. Karthik Vishwanathan
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This document captures the list of deals announced based on information available in the public domain and based on public announcements which we
believe to be reliable. Grant Thornton India LLP does not take any responsibility for the information, any errors or any decision by the reader based on
this information. This document should not be relied upon as a substitute for detailed advice and hence, we do not accept responsibility for any loss as
a result of relying on the material contained herein. Further, our analysis of the deal values are based on publicly available information and based on
appropriate assumptions (wherever necessary). Hence, if different assumptions were to be applied, the outcomes and results would be different.