Zephyr Half Year M&A ReportGlobal, H1 2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportGlobal, H1 2014
Page 1 © Zephyr
The following report details mergers and acquisitions activity in H1 2014 using data from the Zephyr database.
It focuses on deal activity by target company.
Click here to access the raw data in an Excel spreadsheet.
Section 1: Global Deals Page 1
Section 2: Western Europe Page 14
Section 3: North America Page 25
Section 4: Asia/Asia Pacific Page 35
Section 5: Middle East Page 47
Section 6: Russia/CEE Page 58
Global M&A value rises to new high
The value of global mergers and acquisitions (M&A) in H1 2014 rose 3 per cent from USD 1,981 billion in H2 2013 to USD 2,034 billion, the highest recorded for the last nine periods under review.
Dealmaking was boosted by 14 high value transactions each worth over USD 10,000 million and which together accounted for 18 per cent of overall value for the six months.
Conversely, the volume of global M&A slipped to a new low recorded for the nine period under review, falling back from 41,496 deals to 35,429 transactions.
Global deals by volume and value
Announced date No of dealsTotal deal value (mil USD)
H1 2014 35,429 2,033,860
H2 2013 41,496 1,980,796
H1 2013 36,666 1,652,946
H2 2012 37,584 1,777,976
H1 2012 36,064 1,460,575
H2 2011 36,743 1,542,819
H1 2011 36,749 1,858,042
H2 2010 36,756 1,772,712
H1 2010 36,687 1,640,820
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportGlobal, H1 2014
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Global deals by volume and value
32,000
33,000
34,000
35,000
36,000
37,000
38,000
39,000
40,000
41,000
42,000
0
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H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Dea
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Aggregate deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportGlobal, H1 2014
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US companies account for the largest deals by value
The top 20 deals by value in H1 2014 were all worth more than USD 5,000 million and five were valued at over USD 20,000 million. Companies based in the US accounted for eight of H1 2014’s top 20 deals by value and also represented the world’s two largest deals by value for the first six months of 2014.
Comcast bought US cable telecommunications company Time Warner Cable for USD 68,946 million while AT&T acquired satellite broadcaster DirecTV for USD 67,100 million. Together, they represented a fifth of the USD 702,052 million-worth of M&A targeting US-based companies in H1 2014.
Covidien accounted for the world’s largest cross-border transaction as US medical device producer Medtronic is acquiring the Ireland-incorporated medical equipment manufacturer for USD 42,900 million.
Agricultural Bank of China was involved in the biggest capital increase by value after issuing USD 12,826 million-worth of preferred shares as a part of plans to shore up its somewhat weak capital base. It was the first of China’s top four state-owned banks to take advantage of the government’s decision to allow the issue of hybrid securities.
PE value advances against a decline by volume
The value of global private equity (PE) and venture capital (VC) investment grew for the fourth consecutive period to a new high for the nine periods under review, to USD 227,438 million in H1 2014 from USD 208,099 million in H2 2013.
While value advanced 9 per cent over the six months, volume weakened 4 per cent from 4,955 deals in H2 2013 to 4,758 transactions but, despite this decline, volume remained one of the strongest recorded for the nine periods under review.
Cerberus leads largest PE deal by value
The top 20 PE and VC deals by value in H1 2014 were all worth more than USD 2,000 million and only three broke the USD 5,000 million-mark.
Cerberus Capital Management was involved in the world’s largest PE and VC deal by value in H1 2014, acquiring US supermarket chain Safeway for USD 11,185 million. However, Blackstone was one of the most prolific high-value dealmakers after backing three of the 20 biggest PE and VC deals in H1 2014, the largest of which was the acquisition of Pinafore Holdings for USD 5,400 million from Onex and Canada Pension Plan Investment Board.
Carlyle Group, Kohlberg Kravis Roberts and Temasek Holdings were each involved in two of the top 20 deals by value in H1 2014 and targets ranged from AS Watson and Ortho-Clinical Diagnostics to Olam International and Industrial Packaging Group.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportGlobal, H1 2014
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Top 20 global deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 68,946 Acquisition 100% Time Warner Cable Inc. US Comcast Corporation US 13/02/2014
2. 67,100 Acquisition 100% DIRECTV LLC US AT&T Inc. US 18/05/2014
3. 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US 15/06/2014
4. 36,474 Acquisition 100% CITIC Ltd CN CITIC Pacific Ltd HK 16/04/2014
5. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE 18/02/2014
6. 19,000 Acquisition 100% WhatsApp Inc. US Facebook Inc. US 19/02/2014
7. 16,000 Acquisition 100% GlaxoSmithKline plc's oncology products unit GB Novartis AG CH 22/04/2014
8. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP 13/01/2014
9. 14,200 Acquisition 100% Merck & Company Inc.'s consumer health business DE Bayer AG DE 06/05/2014
10. 13,350 Acquisition 100% Biomet Inc. US Zimmer Holdings Inc. US 24/04/2014
11. 12,826 Minority stake Agricultural Bank of China Ltd CN Qualified investors 08/05/2014
12. 11,185 IBO 100% Safeway Inc. US AB Acquisition LLC US 06/03/2014
13. 10,605 Acquisition 100% Greenland Holding Group Co., Ltd CN Shanghai Jinfeng Investment Co., Ltd CN 18/03/2014
14. 10,013 Acquisition 100% Grupo Corporativo ONO SA ES Vodafone Holdings Europe SL ES 17/03/2014
15. 9,633 Minority stake Bank of China Ltd CN Investors 14/05/2014
16. 9,237 Minority stake 23% Deutsche Bank AG DE 18/05/2014
17. 9,152 Acquisition increased 63% to 100% Scania AB SE Volkswagen AG DE 21/02/2014
18. 8,387 Acquisition 100% Westfield Retail Trust AU Scentre Group AU 14/04/2014
19. 7,280 Acquisition 100% TW Telecom Inc. US Level 3 Communications Inc. US 16/06/2014
20. 7,100 Acquisition 100% Novartis AG's vaccine business CH GlaxoSmithKline plc GB 22/04/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportGlobal, H1 2014
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Target country by volume - global deals
Target country H1 2013 H2 2013 H1 2014
US 5,890 5,813 6,274
UK 3,187 3,479 2,790
China 1,987 2,533 2,044
Bulgaria 422 1,827 1,683
Canada 1,815 1,975 1,621
Australia 2,530 2,484 1,494
Japan 1,442 1,608 1,396
India 753 1,146 1,290
Russia 1,313 1,564 1,233
South Korea 1,392 1,509 1,148
Spain 1,089 1,330 1,019
France 881 978 955
Germany 826 1,009 859
Poland 777 891 667
Sweden 723 706 660
Netherlands 567 894 649
Italy 663 586 628
Malaysia 558 660 597
Ukraine 784 528 565
Finland 660 975 557
Target country by value - global deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
US 507,744 697,654 702,052
China 85,913 176,799 185,949
UK 87,848 104,442 106,667
Germany 55,571 60,920 73,869
Canada 55,731 59,822 69,121
Australia 56,191 58,015 68,407
Ireland 14,038 11,958 53,113
Italy 27,913 35,901 49,815
France 35,747 33,720 47,900
Russia 95,662 96,155 46,902
South Korea 30,217 42,658 46,636
Japan 62,204 70,670 42,107
Brazil 20,925 23,448 40,417
Spain 56,830 28,767 40,108
Netherlands 64,133 75,860 37,453
India 22,109 30,211 36,291
Switzerland 8,182 10,500 30,854
Cayman Islands 20,238 23,697 28,428
Hong Kong 6,605 12,348 25,014
Sweden 18,539 14,184 20,461
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportGlobal, H1 2014
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Top five global target countries by deal volume in H1 2014 Top five global target countries by deal value in H1 2014
US
UK
China
Bulgaria
Canada
US
China
UK
Germany
Canada
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportGlobal, H1 2014
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Top five global target countries by deal volume in H1 2014 Deal volume between H1 2010 and H1 2014
Top five global target countries by deal value in H1 2014 Deal value between H1 2010 and H1 2014
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportGlobal, H1 2014
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Target sector by volume - global deals
Target sector H1 2013 H2 2013 H1 2014
Other services 13,704 15,816 13,623
Machinery, equipment, furniture, recycling 4,482 4,890 4,085
Wholesale & retail trade 2,959 3,506 2,883
Banks 2,994 3,228 2,730
Chemicals, rubber, plastics 2,159 2,315 2,032
Construction 1,657 1,929 1,628
Publishing, printing 869 1,133 1,176
Food, beverages, tobacco 1,043 1,091 1,014
Primary sector 1,013 1,100 998
Transport 1,046 1,195 982
Metals & metal products 1,207 1,315 976
Education, health 960 862 784
Gas, water, electricity 826 1,006 715
Hotels & restaurants 582 730 645
Textiles, wearing apparel, leather 385 466 408
Insurance companies 398 405 378
Wood, cork, paper 305 296 268
Post and telecommunications 35 62 48
Public administration and defence 18 21 10
Target sector by value - global deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 443,568 647,964 675,133
Banks 280,697 249,661 260,062
Machinery, equipment, furniture, recycling 163,076 249,376 256,280
Chemicals, rubber, plastics 111,090 157,353 180,881
Wholesale & retail trade 117,837 102,360 103,719
Primary sector 70,247 91,431 81,387
Construction 62,300 84,884 80,929
Food, beverages, tobacco 72,704 46,041 71,667
Gas, water, electricity 97,853 94,274 70,825
Transport 79,719 68,728 64,422
Metals & metal products 68,580 58,099 51,835
Insurance companies 30,234 36,774 40,533
Publishing, printing 14,734 21,929 32,706
Education, health 18,228 31,776 28,162
Hotels & restaurants 12,396 15,196 20,403
Wood, cork, paper 9,979 10,481 10,761
Textiles, wearing apparel, leather 11,428 16,675 7,256
Post and telecommunications 183 4,032 1,203
Public administration and defence 2,940 56 81
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportGlobal, H1 2014
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Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 4,758 227,438
H2 2013 4,955 208,099
H1 2013 4,476 191,111
H2 2012 4,639 182,538
H1 2012 4,529 140,088
H2 2011 4,261 148,835
H1 2011 4,211 162,973
H2 2010 3,683 177,192
H1 2010 3,646 97,346
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportGlobal, H1 2014
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Global private equity deals by volume and value
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Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportGlobal, H1 2014
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Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 11,185 IBO 100% Safeway Inc. US Cerberus Capital Management LP 06/03/2014
2. 5,674 Minority stake 25% AS Watson & Company Ltd HK Temasek Holdings Pte Ltd 21/03/2014
3. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP 04/04/2014
4. 4,400 IBO 100% MultiPlan Inc. US Partners Group Holding AG; Starr International Company Inc. 17/02/2014
5. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP 16/06/2014
6. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP 16/01/2014
7. 3,750 Minority stake X2 Resources TopCo LLP GB Noble Group Ltd; TPG Capital LP 31/03/2014
8. 3,500 Minority stake First Data Holdings Inc. US Kohlberg Kravis Roberts & Company LP 19/06/2014
9. 3,494 IBO Visma AS NO Cinven Group Ltd; Storebrand ASA; HgCapital LLP; Ilmarinen Mutual Pension Insurance Company
28/04/2014
10. 3,200 IBO 100% Industrial Packaging Group Inc. US Carlyle Group LP 06/02/2014
11. 3,141 IBO 100% Nets Holding A/S DK Advent International Corporation; Bain Capital LLC; Via Venture Partners A/S; Private Equity Advisors ApS
24/03/2014
12. 3,048 IBO 100% Flint Group SA LU Goldman Sachs Group Inc.; Koch Equity Development LLC 10/04/2014
13. 3,000 Acquisition increased 49% to 100% Giant Interactive Group Inc. KY Baring Private Equity Partners Asia; Hony Capital Co., Ltd 16/03/2014
14. 2,787 IBO 52% - Acting in concert Olam International Ltd SG Temasek Holdings Pte Ltd 04/04/2014
15. 2,400 IBO majority stake Sedgwick Claims Management Services Inc. US Kohlberg Kravis Roberts & Company LP 27/01/2014
16. 2,385 Acquisition increased 15% to 100% DEXUS CPA Trust AU Canada Pension Plan Investment Board 06/01/2014
17. 2,300 IBO 100% SkillSoft Ltd IE Charterhouse Capital Partners LLP 14/03/2014
18. 2,170 MBO 100% Ceva Sante Animale SA FR Euromezzanine SCA; Temasek Capital (Pte) Ltd; Sagard SAS; Sofiproteol; CDH China Growth Capital Holdings Co., Ltd
11/06/2014
19. 2,167 Minority stake 28% Gecina SA FR Natexis Investissement SA; The Blackstone Group LP 31/01/2014
20. 2,113 Minority stake 27% Gecina SA FR The Blackstone Group LP 06/06/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportGlobal, H1 2014
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Target country by volume - global private equity deals
Target country H1 2013 H2 2013 H1 2014
US 2,225 2,134 2,168
UK 387 428 409
France 243 198 258
China 72 168 187
India 167 217 183
Germany 166 189 170
Spain 91 114 143
Canada 150 169 113
Russia 51 142 111
Japan 59 93 75
Italy 75 108 74
Sweden 58 51 70
Netherlands 62 83 64
Israel 72 82 63
Finland 58 62 61
Bulgaria 28 51 45
Brazil 43 55 40
Ireland 20 29 35
Denmark 31 34 35
Singapore 26 25 32
Target country by value - global private equity deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
US 87,060 104,841 107,632
UK 15,568 19,438 17,287
France 8,427 4,813 12,770
Germany 13,863 6,296 10,340
Hong Kong 1 6 8,003
Netherlands 1,403 2,643 6,292
Australia 5,741 2,046 5,249
Cayman Islands 1,724 3,319 4,637
Spain 2,193 2,093 4,356
Norway 1,414 1,473 4,122
China 556 5,091 4,032
Denmark 1,632 2,795 3,903
Brazil 1,781 3,086 3,792
Ireland 317 112 3,403
Singapore 94 86 3,225
Luxembourg 1,929 2,432 3,049
Bermuda 2,029 2,424 2,848
Italy 3,625 4,761 2,547
South Korea 691 3,410 2,402
Canada 3,313 3,982 2,359
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportGlobal, H1 2014
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Target sectors by volume - global private equity deals
Target sector H1 2013 H2 2014 H1 2014
Other services 2,802 3,084 2,914
Machinery, equipment, furniture, recycling 508 528 492
Publishing, printing 132 203 296
Wholesale & retail trade 259 262 220
Chemicals, rubber, plastics 156 183 169
Education, health 104 111 114
Food, beverages, tobacco 86 86 91
Banks 78 71 69
Hotels & restaurants 48 53 64
Transport 41 54 56
Construction 52 64 46
Gas, water, electricity 57 59 44
Textiles, wearing apparel, leather 35 50 41
Primary sector 29 30 40
Metals & metal products 48 65 39
Wood, cork, paper 26 19 23
Insurance companies 9 19 18
Post and telecommunications 8 14 11
Public administration and defence 0 0 2
Target sectors by value - global private equity deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 68,077 72,880 87,386
Wholesale & retail trade 40,799 10,430 23,462
Chemicals, rubber, plastics 7,877 14,455 22,401
Machinery, equipment, furniture, recycling 15,497 49,683 16,659
Banks 11,187 5,160 15,229
Hotels & restaurants 3,792 1,813 8,465
Primary sector 1,921 3,222 8,239
Publishing, printing 5,579 3,765 6,355
Transport 9,343 7,696 6,210
Gas, water, electricity 4,817 10,607 5,958
Insurance companies 233 6,062 5,661
Metals & metal products 1,306 1,730 4,782
Education, health 2,809 6,359 4,354
Food, beverages, tobacco 5,618 3,385 3,705
Construction 9,946 4,578 2,598
Wood, cork, paper 950 817 1,754
Textiles, wearing apparel, leather 1,462 4,076 1,493
Post and telecommunications 6 1,349 137
Public administration and defence 0 0 35
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
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Western European M&A value hits five-year high
The value of mergers and acquisitions (M&A) with Western European targets rose to USD 553,163 million in H1 2014, its highest level in the nine periods under review dating back to H1 2010, and accounted for 27 per cent of the USD 2,034 billion global total during the first six months of the year.
However, this increase came against a 19 per cent decrease in volume from 12,154 transactions in H2 2013 to 9,870 and marked the lowest point since 9,561 deals in H2 2010. This disparity between weaker volume and increased value suggests a greater number of high-value transactions in H1 2014. Indeed, although just four deals each exceeded USD 10,000 million in value during the first six months of the year, the highest of these was worth USD 42,900 million.
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 9,870 553,163
H2 2013 12,154 464,286
H1 2013 10,607 470,478
H2 2012 10,521 414,159
H1 2012 10,421 404,270
H2 2011 10,468 340,322
H1 2011 10,626 499,424
H2 2010 9,561 414,590
H1 2010 9,407 369,979
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
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Western Europe deals by volume and value
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 16 © Zephyr
Healthcare takeover is number one Western European deal
The region’s top M&A transaction by value in H1 2014 was a public takeover involving Irish healthcare and medical supplier Covidien, which is being acquired by US medical technology group Medtronic in a transaction worth USD 42,900 million. This single deal accounted for 8 per cent of the region’s total M&A value for the six months under review (H1 2014: USD 553,163 million).
It was also worth almost three-times as much as the number two deal by value during the period, which was the acquisition of GlaxoSmithKline’s oncological product portfolio by Swiss drug maker Novartis for USD 16,000 million.
Another pharmaceutical transaction ranked at number three in the top 20 M&A deals by value targeting Western Europe. This was Bayer acquiring Merck & Company’s consumer health business based in Germany for USD 14,200 million. These three transactions are indicative of a wave of consolidation that is currently sweeping the global healthcare and pharmaceutical industry.
UK companies the favoured targets
UK-based targets attracted the most investment in H1 2014: some USD 106,667 million, representing around a fifth of Western Europe’s total of USD 553,163 million, was ploughed into the country’s companies.
The result was a 2 per cent improvement on USD 104,442 million in H2 2013 and marked the second increase in a row for the UK (H1 2013: USD 87,848 million). It was also 44 per cent higher than the USD 73,869 million-worth of M&A targeting German companies, which was ranked second.
The country also took top spot in the rankings by volume with 2,790 deals, but this was down by a fifth on 3,479 transactions in H2 2013 and 12 per cent lower than 3,187 in H1 2013. However, it was still more than double the 1,019 transactions targeting companies based in Spain, the number two country in the rankings by volume.
Strong Western European PE value
PE investment in Western Europe totalled USD 70,860 million in H1 2014, a 24 per cent increase on USD 57,309 million in H2 2013 and the highest recorded for the period under review. Companies based in the UK attracted the lion’s share of investment, with a total USD 17,287 million ploughed into 409 transactions.
Western European PE volume dipped slightly from 1,459 in H2 2013 to 1,449 but this was still the second-highest level of the last five years.
The region’s highest-value PE deal in H1 2014 was Blackstone buying US power products manufacturer Gates Corporation, owned by Onex Corporation and Canada Pension Plan Investment Board through an entity called Pinafore Holdings, for USD 5,400 million. This was one of 18 transactions worth more than USD 1,000 million in H1 2014.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 17 © Zephyr
Top 20 Western Europe deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US 15/06/2014
2. 16,000 Acquisition 100% GlaxoSmithKline plc's oncology products unit GB Novartis AG CH 22/04/2014
3. 14,200 Acquisition 100% Merck & Company Inc.'s consumer health business DE Bayer AG DE 06/05/2014
4. 10,013 Acquisition 100% Grupo Corporativo ONO SA ES Vodafone Holdings Europe SL ES 17/03/2014
5. 9,237 Minority stake 23% Deutsche Bank AG DE 18/05/2014
6. 9,152 Acquisition increased 63% to 100% Scania AB SE Volkswagen AG DE 21/02/2014
7. 7,100 Acquisition 100% Novartis AG's vaccine business CH GlaxoSmithKline plc GB 22/04/2014
8. 7,094 Acquisition 100% RWE Dea AG DE L1 Energy LU 16/03/2014
9. 6,935 Minority stake 8% Lloyds Banking Group plc GB Institutional Investors GB 26/03/2014
10. 6,906 Acquisition 64% Banca Monte dei Paschi di Siena SpA IT Shareholders; Fondazione Monte dei Paschi di Siena SpA; BlackRock Inc.
IT; US 18/04/2014
11. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP US 04/04/2014
12. 5,400 Acquisition 100% Novartis AG's animal health unit CH Eli Lilly and Company US 22/04/2014
13. 5,000 Acquisition 100% Mondelez International Inc.'s coffee business in France FR Acorn Holdings BV NL 07/05/2014
14. 4,375 Acquisition 64% Eurobank Ergasias SA GR Investors; Institutional Investors; Qualified investors 12/04/2014
15. 4,230 Acquisition increased 50% to 100% Galderma Pharma SA CH Nestle SA CH 11/02/2014
16. 4,009 Acquisition 74% Celesio AG DE Dragonfly GmbH & Co. KGaA DE 23/01/2014
17. 3,799 Minority stake 33% Raiffeisen Bank International AG AT Raiffeisen Zentralbank Österreich AG; Existing shareholders; Institutional Investors
AT 21/01/2014
18. 3,750 Minority stake X2 Resources TopCo LLP GB Investors; Noble Group Ltd; TPG Capital LP BM; US 31/03/2014
19. 3,494 IBO Visma AS NO Management; Cinven Group Ltd; Storebrand ASA; HgCapital LLP; Ilmarinen Mutual Pension Insurance Company; Institutional Investors
GB; NO; GB; FI
28/04/2014
20. 3,429 Minority stake 32% National Bank of Greece SA GR Investors; Institutional Investors 16/04/2014
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 18 © Zephyr
Target country by volume - Western Europe deals
Target country H1 2013 H2 2013 H1 2014
UK 3,187 3,479 2,790
Spain 1,089 1,330 1,019
France 881 978 955
Germany 826 1,009 859
Sweden 723 706 660
Netherlands 567 894 649
Italy 663 586 628
Finland 660 975 557
Turkey 457 438 318
Norway 426 401 289
Denmark 265 313 283
Belgium 212 266 225
Switzerland 230 262 215
Ireland 113 131 140
Austria 83 112 93
Portugal 90 96 92
Luxembourg 51 90 61
Cyprus 50 65 32
Greece 34 45 30
Malta 9 4 17
Target country by value - Western Europe deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
UK 87,848 104,442 106,667
Germany 55,571 60,920 73,869
Ireland 14,038 11,958 53,113
Italy 27,913 35,901 49,815
France 35,747 33,720 47,900
Spain 56,830 28,767 40,108
Netherlands 64,133 75,860 37,453
Switzerland 8,182 10,500 30,854
Sweden 18,539 14,184 20,461
Norway 11,575 12,828 19,236
Denmark 5,572 7,608 13,410
Greece 28,606 4,127 13,234
Finland 3,187 19,754 10,274
Portugal 10,734 1,605 9,986
Luxembourg 10,060 11,982 9,179
Austria 4,434 5,490 8,878
Belgium 19,187 12,652 4,623
Turkey 8,857 9,859 3,693
Cyprus 3,074 7,153 1,671
Malta 253 37 721
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 19 © Zephyr
Target sector by volume - Western Europe deals
Target sector H1 2013 H2 2013 H1 2014
Other services 4,238 4,937 4,029
Machinery, equipment, furniture, recycling 1,086 1,199 1,037
Wholesale & retail trade 1,045 1,188 923
Banks 779 902 729
Chemicals, rubber, plastics 490 511 443
Construction 454 533 425
Publishing, printing 257 339 363
Food, beverages, tobacco 332 380 314
Transport 308 340 277
Education, health 437 304 251
Metals & metal products 312 375 240
Hotels & restaurants 205 271 214
Gas, water, electricity 244 287 209
Primary sector 205 245 175
Textiles, wearing apparel, leather 102 128 110
Wood, cork, paper 104 121 91
Insurance companies 82 133 82
Post and telecommunications 12 40 25
Public administration and defence 7 13 3
Target sector by value - Western Europe deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 109,898 143,526 137,135
Banks 126,195 63,996 107,246
Machinery, equipment, furniture, recycling 40,262 47,228 101,406
Chemicals, rubber, plastics 25,264 40,868 69,799
Wholesale & retail trade 20,823 17,335 33,211
Primary sector 9,601 13,192 15,372
Construction 12,275 16,544 14,305
Gas, water, electricity 23,207 23,990 13,219
Food, beverages, tobacco 25,198 19,994 12,982
Insurance companies 9,491 18,105 10,366
Transport 26,069 13,583 9,568
Publishing, printing 8,332 11,037 7,432
Metals & metal products 18,737 13,053 7,396
Education, health 3,534 9,475 5,103
Hotels & restaurants 3,942 4,540 4,019
Wood, cork, paper 1,677 2,559 3,183
Textiles, wearing apparel, leather 5,239 4,546 2,053
Post and telecommunications 83 2,518 635
Public administration and defence 2,612 20 35
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 20 © Zephyr
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 1,449 70,860
H2 2013 1,459 57,309
H1 2013 1,315 65,952
H2 2012 1,266 50,087
H1 2012 1,353 41,065
H2 2011 1,201 36,028
H1 2011 1,283 47,346
H2 2010 1,254 69,178
H1 2010 1,216 31,778
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 21 © Zephyr
Western Europe private equity deals by volume and value
0
200
400
600
800
1,000
1,200
1,400
1,600
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Dea
l val
ue
(mil
US
D)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 22 © Zephyr
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP 04/04/2014
2. 3,750 Minority stake X2 Resources TopCo LLP GB Noble Group Ltd; TPG Capital LP 31/03/2014
3. 3,494 IBO Visma AS NO Cinven Group Ltd; Storebrand ASA; HgCapital LLP; Ilmarinen Mutual Pension Insurance Company
28/04/2014
4. 3,141 IBO 100% Nets Holding A/S DK Advent International Corporation; Bain Capital LLC; Via Venture Partners A/S; Private Equity Advisors ApS
24/03/2014
5. 3,048 IBO 100% Flint Group SA LU Goldman Sachs Group Inc.; Koch Equity Development LLC 10/04/2014
6. 2,300 IBO 100% SkillSoft Ltd IE Charterhouse Capital Partners LLP 14/03/2014
7. 2,170 MBO 100% Ceva Sante Animale SA FR Euromezzanine SCA; Temasek Capital (Pte) Ltd; Sagard SAS; Sofiproteol; CDH China Growth Capital Holdings Co., Ltd
11/06/2014
8. 2,167 Minority stake 28% Gecina SA FR Natexis Investissement SA; The Blackstone Group LP 31/01/2014
9. 2,113 Minority stake 27% Gecina SA FR The Blackstone Group LP 06/06/2014
10. 2,003 Acquisition 75% Vinci Park SA FR Ardian France 04/06/2014
11. 1,809 IBO 74% Bourbon SA FR Jaccar Holdings SA 19/05/2014
12. 1,796 IBO 100% GEA Heat Exchangers GmbH DE Triton Advisers Ltd 16/04/2014
13. 1,759 IBO majority stake Minimax Viking GmbH DE Intermediate Capital Group plc; Kirkbi A/S 12/06/2014
14. 1,651 IBO 100% Mauser AG DE Clayton Dubilier & Rice Inc. 12/05/2014
15. 1,387 IBO 50% Aurelis Real Estate GmbH & Co. KG DE Grove International Partners LLP 03/02/2014
16. 1,168 IBO 50% Trader Media Group Ltd GB Apax Partners LLP 21/01/2014
17. 1,060 Minority stake 25% London Array 1 offshore wind farm GB Caisse de Depots et Placement du Quebec 31/01/2014
18. 1,006 IBO 100% Alstom SA's air preheaters and gas heaters units in Mannheim and Dusseldorf
DE Triton Advisers Ltd 01/04/2014
19. 965 IBO 100% Cabb GmbH DE Permira Advisers LLP 22/04/2014
20. 907 IBO 85% Altamira Asset Management SL ES Apollo Management LP 03/01/2014
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 23 © Zephyr
Target country by volume - Western Europe private equity deals
Target country H1 2013 H2 2013 H1 2014
UK 387 428 409
France 243 198 258
Germany 166 189 170
Spain 91 114 143
Italy 75 108 74
Sweden 58 51 70
Netherlands 62 83 64
Finland 58 62 61
Denmark 31 34 35
Ireland 20 29 35
Switzerland 30 43 31
Norway 26 17 27
Belgium 25 31 23
Portugal 9 29 16
Austria 10 17 14
Turkey 13 12 6
Greece 4 9 6
Luxembourg 3 7 4
Cyprus 2 4 2
Target country by value - Western Europe private equity deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
UK 15,568 19,438 17,287
France 8,427 4,813 12,770
Germany 13,863 6,296 10,340
Netherlands 1,403 2,643 6,292
Spain 2,193 2,093 4,356
Norway 1,414 1,473 4,122
Denmark 1,632 2,795 3,903
Ireland 317 112 3,403
Luxembourg 1,929 2,432 3,049
Italy 3,625 4,761 2,547
Sweden 5,016 1,870 1,013
Greece 150 1,053 667
Finland 363 4,502 345
Switzerland 502 1,326 253
Turkey 105 26 201
Belgium 9,188 235 148
Austria 34 1,272 128
Gibraltar 34 0 18
Cyprus 161 164 10
Portugal 70 30 8
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportWestern Europe, H1 2014
Page 24 © Zephyr
Target sectors by volume - Western Europe private equity deals
Target sector H1 2013 H2 2013 H1 2014
Other services 669 794 773
Machinery, equipment, furniture, recycling 202 171 173
Publishing, printing 37 55 110
Wholesale & retail trade 108 103 104
Chemicals, rubber, plastics 67 66 66
Food, beverages, tobacco 29 39 35
Education, health 24 29 30
Banks 17 18 25
Hotels & restaurants 24 25 22
Construction 27 24 22
Transport 16 25 21
Metals & metal products 32 36 20
Gas, water, electricity 28 25 17
Textiles, wearing apparel, leather 19 22 16
Wood, cork, paper 8 12 14
Primary sector 9 7 4
Insurance companies 2 10 4
Post and telecommunications 2 4 3
Public administration and defence 0 0 1
Target sectors by value - Western Europe private equity deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 21,197 17,663 23,382
Chemicals, rubber, plastics 4,639 1,394 14,728
Banks 9,503 3,013 10,051
Machinery, equipment, furniture, recycling 5,196 4,991 8,342
Wholesale & retail trade 4,318 1,919 2,529
Transport 8,164 3,266 2,410
Wood, cork, paper 24 797 1,711
Publishing, printing 4,977 2,871 1,421
Gas, water, electricity 735 8,499 1,376
Hotels & restaurants 2,321 1,274 1,231
Education, health 1,482 3,361 1,040
Food, beverages, tobacco 1,428 2,178 849
Textiles, wearing apparel, leather 339 950 653
Construction 1,021 1,389 651
Insurance companies 92 2,958 284
Primary sector 136 172 150
Metals & metal products 424 631 100
Public administration and defence 0 0 35
Post and telecommunications 0 2 1
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 25 © Zephyr
North American M&A improves in H1 2014
M&A targeting companies based in North America in H1 2014 improved for the second consecutive period to 7,885 deals worth a combined USD 769,914 million, supported by two blockbusters each worth more than USD 65,000 million.
The value of North American M&A was at the highest recorded for the nine periods under review after advancing 2 per cent from USD 757,406 million in H2 2013, driven by an 8 per cent growth in Canadian dealmaking over the six months (H2 2013: USD 64,222 million; H1 2014: USD 69,121 million) and a 1 per cent increase in US activity (H2 2013: USD 693,254 million; H1 2014: USD 702,052 million).
Volume rose 1 per cent over the six months to a high not recorded since H2 2012 (8,485 deals), as US M&A advanced 8 per cent to help combat the 18 per cent decline by volume recorded in Canada (H2 2013: 1,976 deals; H1 2014: 1,621 deals).
North American dealmaking in H1 2014 accounted for 38 per cent of the total global M&A value of USD 2,034 billion and more than a fifth of overall volume (H1 2014: 35,429 deals).
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 7,885 769,914
H2 2013 7,788 757,406
H1 2013 7,703 563,857
H2 2012 8,485 613,202
H1 2012 7,932 421,596
H2 2011 7,558 521,319
H1 2011 7,726 596,685
H2 2010 7,347 467,184
H1 2010 7,139 463,499
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 26 © Zephyr
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 6,274 702,052
H2 2013 5,812 693,254
H1 2013 5,890 507,744
H2 2012 6,403 532,442
H1 2012 5,929 351,257
H2 2011 5,497 460,637
H1 2011 5,520 518,706
H2 2010 4,846 401,295
H1 2010 4,936 408,977
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 1,621 69,121
H2 2013 1,976 64,222
H1 2013 1,815 55,731
H2 2012 2,086 80,774
H1 2012 2,002 70,133
H2 2011 2,063 61,538
H1 2011 2,206 77,938
H2 2010 2,505 66,393
H1 2010 2,202 54,514
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 27 © Zephyr
North America deals by volume and value
6,000
6,500
7,000
7,500
8,000
8,500
9,000
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Dea
l val
ue (m
il U
SD)
Aggregate deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 28 © Zephyr
North America dealmaking boosted by Time Warner, DirecTV
There were seven North American deals each worth more than USD 10,000 million in H1 2014, of which the largest by value was the acquisition of Time Warner Cable by Comcast for USD 68,946 million followed by AT&T buying DirecTV for USD 67,100. Respectively, they accounted for the largest and second largest deals by value in the world over the six month period.
Once again, US dealmaking dominated the top 20 highest value deals for the six months and there was just one transaction which featured a Canadian target, which was Bermuda-based Brookfield Property Partners offering to acquire the remaining shares it does not currently hold in commercial real estate developer Brookfield Office Properties for USD 4,475 million.
This was one of seven deals which featured companies based outside North America acquiring companies within the region. Buyers included Actavis, Suntory Holdings, Dai-ichi Life Insurance, Mallinckrodt and CVC Capital Partners teaming up with US-based Leonard Green & Partners.
There was only one North American deal in the top 20 which crossed the US-Canada border in H1 2014 and it involved Toronto-headquartered Element Financial acquiring PHH Vehicle Management Services for USD 4,903 million.
Cerberus backs North America’s largest PE deal by value
Cerberus Capital Management backed the largest PE and VC deal by value targeting North American companies in H1 2014 after announcing the acquisition of Safeway for USD 11,185 million.
However, the most prolific dealmakers were Kohlberg Kravis Roberts (KKR), Carlyle Group and TPG Captial. Carlyle took part in two of H1 2014’s top 20 deals by value, namely the institutional buyouts of First Data and Industrial Packaging Group.
KKR backed three of the period’s biggest transactions; it bought a minority stake in First Data Holdings for USD 3,500 million; led the institutional buyout of Sedgwick Claims Management for USD 2,400; and acquired Internet Brands for USD 1,100 million.
North America PE value advances, boosted by US dealmaking
The value of PE and VC investment targeting North American companies marginally rose in H1 2014 from USD 108,832 million to USD 109,991 million, the highest recorded in the nine periods under review. The result was driven by a 7 per cent increase in the value of US dealmaking over the period (H2 2013: USD 100,441 million; H1 2014: USD 107,632 million). However, value was negatively impacted by Canadian investment activity, which failed to sustain growth in H2 2013 by slumping 72 per cent over the six months to USD 2,359 million (H2 2013: USD 8,382 million).
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 29 © Zephyr
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 68,946 Acquisition 100% Time Warner Cable Inc. US Comcast Corporation US 13/02/2014
2. 67,100 Acquisition 100% DIRECTV LLC US AT&T Inc. US 18/05/2014
3. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE 18/02/2014
4. 19,000 Acquisition 100% WhatsApp Inc. US Facebook Inc. US 19/02/2014
5. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP 13/01/2014
6. 13,350 Acquisition 100% Biomet Inc. US Zimmer Holdings Inc. US 24/04/2014
7. 11,185 IBO 100% Safeway Inc. US AB Acquisition LLC US 06/03/2014
8. 7,280 Acquisition 100% TW Telecom Inc. US Level 3 Communications Inc. US 16/06/2014
9. 6,829 Acquisition 100% Pepco Holdings Inc. US Exelon Corporation US 30/04/2014
10. 6,600 Acquisition 100% Pinnacle Foods Inc. US The Hillshire Brands Company US 12/05/2014
11. 6,250 Acquisition 100% Nuveen Investments Inc. US TIAA-CREF Investment Management LLC US 14/04/2014
12. 5,995 Acquisition Access Midstream Partners LP; Access Midstream Partners GP LLC
US; US The Williams Companies Inc. US 15/06/2014
13. 5,738 Acquisition 100% Protective Life Corporation US The Dai-ichi Life Insurance Co., Ltd JP 04/06/2014
14. 5,600 Acquisition 100% Questcor Pharmaceuticals Inc. US Mallinckrodt plc IE 07/04/2014
15. 4,903 Acquisition 100% PHH Vehicle Management Services LLC US Element Financial Corporation CA 02/06/2014
16. 4,475 Acquisition Brookfield Office Properties Inc. CA Brookfield Property Partners LP BM 11/02/2014
17. 4,400 IBO 100% MultiPlan Inc. US Partners Group Holding AG; Starr International Company Inc. CH; BM 17/02/2014
18. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP GB; US 16/06/2014
19. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP US 16/01/2014
20. 3,850 Acquisition 100% Idenix Pharmaceuticals Inc. US Merck & Company Inc. US 09/06/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 30 © Zephyr
Target sector by volume - North America deals
Target sector H1 2013 H2 2013 H1 2014
Other services 4,487 4,563 4,479
Machinery, equipment, furniture, recycling 765 813 854
Banks 570 446 426
Chemicals, rubber, plastics 314 319 380
Wholesale & retail trade 360 355 361
Education, health 221 209 217
Publishing, printing 100 133 214
Primary sector 152 179 193
Food, beverages, tobacco 100 107 135
Transport 129 130 113
Metals & metal products 91 121 111
Gas, water, electricity 101 106 92
Hotels & restaurants 84 90 82
Construction 97 77 78
Insurance companies 70 46 64
Textiles, wearing apparel, leather 31 39 48
Wood, cork, paper 40 32 45
Post and telecommunications 5 9 8
Public administration and defence 2 2 3
Target sector by value - North America deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 222,452 353,120 360,238
Machinery, equipment, furniture, recycling 61,929 95,616 86,438
Chemicals, rubber, plastics 36,381 38,007 64,754
Banks 67,583 77,378 45,286
Food, beverages, tobacco 12,082 6,615 34,869
Primary sector 23,266 29,318 34,009
Wholesale & retail trade 56,200 52,637 33,548
Gas, water, electricity 19,528 31,165 31,751
Transport 23,671 21,901 19,100
Education, health 9,823 15,373 12,992
Metals & metal products 9,206 8,438 10,854
Insurance companies 8,511 4,138 10,794
Hotels & restaurants 3,346 4,882 10,245
Construction 4,928 6,952 8,882
Publishing, printing 686 2,002 6,652
Wood, cork, paper 5,108 4,042 3,807
Textiles, wearing apparel, leather 1,588 4,919 1,584
Post and telecommunications 4 23 258
Public administration and defence 0 36 46
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 31 © Zephyr
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 2,282 109,991
H2 2013 2,305 108,832
H1 2013 2,376 90,373
H2 2012 2,465 96,316
H1 2012 2,391 69,594
H2 2011 2,213 75,495
H1 2011 2,093 75,470
H2 2010 1,664 76,828
H1 2010 1,823 49,716
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 2,168 107,632
H2 2013 2,133 100,441
H1 2013 2,225 87,060
H2 2012 2,311 93,372
H1 2012 2,246 66,005
H2 2011 2,065 70,942
H1 2011 1,983 65,879
H2 2010 1,562 74,894
H1 2010 1,730 48,296
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 113 2,359
H2 2013 170 8,382
H1 2013 150 3,313
H2 2012 155 2,944
H1 2012 144 3,414
H2 2011 148 4,553
H1 2011 111 9,591
H2 2010 101 1,894
H1 2010 93 1,420
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 32 © Zephyr
North America private equity deals by volume and value
0
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 33 © Zephyr
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 11,185 IBO 100% Safeway Inc. US Cerberus Capital Management LP 06/03/2014
2. 4,400 IBO 100 MultiPlan Inc. US Partners Group Holding AG; Starr International Company Inc. 17/02/2014
3. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP 16/06/2014
4. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP 16/01/2014
5. 3,500 Minority stake First Data Holdings Inc. US Kohlberg Kravis Roberts & Company LP 19/06/2014
6. 3,200 IBO 100% Industrial Packaging Group Inc. US Carlyle Group LP 06/02/2014
7. 2,400 IBO majority stake Sedgwick Claims Management Services Inc. US Kohlberg Kravis Roberts & Company LP 27/01/2014
8. 2,100 IBO 100% Red Lobster Seafood Restaurants US Golden Gate Capital LP 16/05/2014
9. 1,800 IBO 100% Encana Oil & Gas (USA) Inc.'s certain natural gas properties in the Jonah field based in Wyoming
US TPG Capital LP 31/03/2014
10. 1,800 IBO 100% Ashland Water Technologies Inc. US Clayton Dubilier & Rice Inc. 18/02/2014
11. 1,750 Acquisition East Resources Inc.'s and unnamed company’s producing assets in Ohio; East Resources Inc.’s and unnamed company’s producing assets in West Virginia
US First Reserve Corporation LLC; The Energy & Minerals Group 09/06/2014
12. 1,730 IBO 100% Nevada Property 1 LLC US The Blackstone Group LP 15/05/2014
13. 1,570 IBO 100% Calpine Corporation's six power plants in Southeast region US LS Power Equity Advisors LLC 18/04/2014
14. 1,500 IBO 100% The Warranty Group Inc. US TPG Capital LP 21/03/2014
15. 1,400 IBO majority stake The Hillman Companies Inc. US CCMP Capital Advisors LLC 19/05/2014
16. 1,300 IBO 100% DFC Global Corporation US Lone Star Funds 02/04/2014
17. 1,300 IBO 100% CEC Entertainment Inc. US Apollo Global Management LLC 16/01/2014
18. 1,200 Minority stake Uber Technologies Inc. US Menlo Ventures; Kleiner Perkins Caufield & Byers; Wellington Management Company LLP; Summit Partners LP; BlackRock Inc.; FMR LLC; Google Ventures
06/06/2014
19. 1,100 IBO 100% Internet Brands Inc. US Kohlberg Kravis Roberts & Company LP 03/06/2014
20. 1,100 IBO majority stake Renaissance Learning Inc. US Hellman & Friedman LLC; Google Capital 13/03/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportNorth America, H1 2014
Page 34 © Zephyr
Target sectors by volume - North America private equity deals
Target sector H1 2013 H2 2013 H1 2014
Other services 1,723 1,599 1,543
Machinery, equipment, furniture, recycling 260 283 250
Chemicals, rubber, plastics 60 81 82
Publishing, printing 23 48 81
Wholesale & retail trade 77 67 64
Education, health 52 40 46
Food, beverages, tobacco 31 24 33
Primary sector 15 11 25
Hotels & restaurants 13 17 23
Textiles, wearing apparel, leather 13 17 22
Metals & metal products 13 21 18
Banks 28 29 17
Gas, water, electricity 17 18 17
Transport 12 12 15
Construction 13 21 12
Wood, cork, paper 12 4 7
Insurance companies 5 3 7
Post and telecommunications 4 6 5
Public administration and defence 0 0 1
Target sectors by value - North America private equity deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 36,048 39,772 52,451
Wholesale & retail trade 34,353 7,439 13,995
Chemicals, rubber, plastics 1,730 7,048 7,518
Hotels & restaurants 264 337 6,645
Machinery, equipment, furniture, recycling 10,009 40,926 5,887
Metals & metal products 221 765 4,681
Primary sector 1,611 1,990 4,236
Education, health 733 2,455 2,925
Gas, water, electricity 1,395 923 2,597
Banks 800 1,696 2,134
Food, beverages, tobacco 1,084 60 2,050
Insurance companies 15 68 1,654
Construction 203 163 879
Textiles, wearing apparel, leather 876 2,727 833
Publishing, printing 13 713 720
Transport 243 1,761 169
Post and telecommunications 4 23 120
Wood, cork, paper 824 20 7
Public administration and defence 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 35 © Zephyr
Asia and Asia Pacific M&A value improves in H1 2014
The value of M&A targeting companies based in Asia and Asia Pacific grew for the second consecutive half year period in H1 2014, advancing by a marginal percentage to the highest figure recorded since H2 2010 (USD 499,329 million).
There were 10,189 deals worth USD 478,226 million signed off in H1 2014, which accounted for 29 per cent of total global M&A volume (35,429 deals) and 24 per cent of overall value (USD 2,034 billion).
M&A value was boosted by a blockbuster deal valued at USD 36,474 million but volume continued to form a series of peaks and troughs after dealmaking slipped by more than a fifth in H1 2014 (H2 2013: 12,971 transactions) to a new low recorded for the nine periods under review.
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 10,189 478,226
H2 2013 12,971 476,751
H1 2013 11,651 356,632
H2 2012 12,421 419,275
H1 2012 11,958 388,768
H2 2011 12,758 426,794
H1 2011 12,262 454,219
H2 2010 12,845 499,329
H1 2010 12,417 424,935
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 36 © Zephyr
Asia and Asia Pacific deals by volume and value
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SD)
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 37 © Zephyr
Chinese companies main M&A targets in H1 2014
Chinese companies were the main targets of M&A in H1 2014 with a total of 2,044 deals worth a combined USD 185,949 million, up from 1,987 transactions valued at USD 85,913 million in H1 2013, and they accounted for the four largest deals by value in Asia and Asia Pacific in H1 2014.
The highest value deal of the six months was Hong Kong steel-to-property conglomerate Citic Pacific acquiring Citic for USD 36,474 million, which alone accounted for 8 per cent of Asia and Asia Pacific’s overall M&A value for the period (USD 478,226 million).
All the top 20 deals by value were worth more than USD 2,000 million and targeted companies based in Australia, China, South Korea, Hong Kong, India, Japan and Singapore. Dealmaking was not kept within the region as there were acquirors or investors from Saudi Arabia, Belgium and Switzerland, among others.
Temasek backs the region’s two largest PE deals by value
Temasek Holdings was involved in the region’s two largest deals by value in H1 2014; it bought a quarter of AS Watson for USD 5,674 million and led the institutional buyout of a 52 per cent stake Olam International worth USD 2,787 million.
Carlyle Group and Hopu Investment Management each backed two of the half year’s top 20 deals by value. Carlyle acquired Tyco Fire & Security Services of South Korea for USD 1,930 million and a 51 per cent stake in Oyatsu Company of Japan for USD 246 million. Hopu took part in a share subscription by Iowa China Offshore Holdings valued at USD 2,104 million and, along with three partners, injected cash into Cofco Meat Investment via a funding round worth USD 270 million.
PE value at new high
The value of PE and VC investment in companies based in Asia and Asia Pacific continued to grow in H1 2014, jumping 64 per cent to USD 28,246 million from USD 17,197 million in H2 2013. The result was the highest recorded for the nine periods under review and was driven by six blockbuster PE deals each worth more than USD 1,000 million and which together accounted for 58 per cent of the region’s overall PE value for the six months.
The volume of PE investment in companies based in Asia and Asia Pacific failed to sustain growth in H2 2013 when dealmaking jumped 50 per cent to 620 deals from 413 in H1 2013. However, the 563 transactions signed off in H1 2014 still remains one of the highest recorded for the nine periods under review.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 38 © Zephyr
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 36,474 Acquisition 100% CITIC Ltd CN CITIC Pacific Ltd HK 16/04/2014
2. 12,826 Minority stake Agricultural Bank of China Ltd CN Qualified investors 08/05/2014
3. 10,605 Acquisition 100% Greenland Holding Group Co., Ltd CN Shanghai Jinfeng Investment Co., Ltd CN 18/03/2014
4. 9,633 Minority stake Bank of China Ltd CN Investors 14/05/2014
5. 8,387 Acquisition 100% Westfield Retail Trust AU Scentre Group AU 14/04/2014
6. 6,613 Acquisition 100% Queensland Motorways Pty Ltd AU Transurban Group; Tawreed Investments Ltd; AustralianSuper Pty Ltd
AU; SA; AU 24/04/2014
7. 5,800 Acquisition 100% Oriental Brewery Co., Ltd KR Anheuser-Busch InBev NV BE 20/01/2014
8. 5,674 Minority stake 25% AS Watson & Company Ltd HK Mayon Investments Pte Ltd 21/03/2014
9. 5,100 Minority stake 13% CITIC Pacific Ltd HK Temasek Holdings Pte Ltd; Tokio Marine & Nichido Fire Insurance Co., Ltd; China Life Insurance Co., Ltd; Fubon Life Assurance Co., Ltd; Bosera Asset Management Co., Ltd; Qatar Holding LLC; ICBC Credit Suisse Asset Management (International) Co., Ltd; Bosera Asset Management (International) Co., Ltd; AIA Co., Ltd; Beijing Infrastructure Investment (Hong Kong) Ltd; Mizuho Bank, Ltd; CTBC Life Insurance Co., Ltd; ICBC International Finance Ltd; SAFE Investment Co., Ltd; East Global Investments Ltd; Harmony Glory Investment Ltd; Giant Wave Investments Ltd
SG; JP; TW:TW; CN; QA; HK; HK; HK; HK; JP; TW; HK; HK; HK; HK; VG
14/05/2014
10. 4,808 Minority stake China State Construction Engineering Corporation Ltd CN 27/05/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 39 © Zephyr
Top 20 Asia and Asia Pacific deals by value (cont’d)
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
11. 4,794 Minority stake Shanghai Pudong Development Bank Co., Ltd CN 30/04/2014
12. 3,295 Acquisition 100% Cheil Industries Inc. KR Samsung SDI Co., Ltd KR 31/03/2014
13. 3,278 Acquisition 100% Kakao Corporation KR Daum Communications Corporation KR 26/05/2014
14. 3,223 Acquisition 100% Ranbaxy Laboratories Ltd IN Sun Pharmaceutical Industries Ltd IN 07/04/2014
15. 3,078 Minority stake 10% Mitsui Fudosan Co., Ltd JP 27/05/2014
16. 3,070 Minority stake 33% Bangkok Dusit Medical Services PCL TH 13/03/2014
17. 3,022 Minority stake 10% Woodside Petroleum Ltd AU Mitsui & Co., Ltd; Mitsubishi Corporation; BHP Billiton Ltd; Undisclosed bidders; Sovereign Wealth Funds
JP; JP; AU 18/06/2014
18. 2,787 IBO 52% - Acting in concert Olam International Ltd SG Breedens Investments Pte Ltd SG 04/04/2014
19. 2,613 Acquisition 100% Royal Dutch Shell Plc's refining and retail business in Australia
AU Vitol SA; Abu Dhabi Investment Council CH; AE 21/02/2014
20. 2,606 Minority stake Mitsubishi Motors Corporation JP 07/01/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 40 © Zephyr
Target country by volume - Asia and Asia Pacific deals
Target country H1 2013 H2 2013 H1 2014
China 1,987 2,533 2,044
Australia 2,530 2,484 1,494
Japan 1,442 1,608 1,396
India 753 1,146 1,290
South Korea 1,392 1,509 1,148
Malaysia 558 660 597
Taiwan 1,106 1,183 501
Vietnam 407 410 460
Singapore 368 332 289
Thailand 121 143 178
Hong Kong 156 180 168
New Zealand 180 196 168
Indonesia 321 235 161
Philippines 92 102 90
Sri Lanka 47 44 45
Kyrgyzstan 27 37 37
Kazakhstan 44 35 32
Marshall Islands 15 23 25
Samoa 7 19 22
Azerbaijan 26 27 18
Target country by value - Asia and Asia Pacific deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
China 85,913 176,799 185,949
Australia 56,191 58,015 68,407
South Korea 30,217 42,658 46,636
Japan 62,204 70,670 42,107
India 22,109 30,211 36,291
Hong Kong 6,605 12,348 25,014
Taiwan 27,382 26,930 15,399
Singapore 20,592 7,817 15,089
Malaysia 6,069 10,211 14,953
Thailand 6,283 7,075 8,714
Indonesia 12,670 13,802 8,009
New Zealand 5,595 5,381 4,693
Marshall Islands 744 2,607 3,604
Vietnam 2,798 2,122 3,002
Philippines 7,000 7,087 2,808
Papua New Guinea 329 226 1,130
Kazakhstan 3,335 4,357 901
Armenia 2 0 340
Uzbekistan 17 1 232
Sri Lanka 279 427 208
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 41 © Zephyr
Target sector by volume - Asia and Asia Pacific deals
Target sector H1 2013 H2 2013 H1 2014
Other services 3,236 3,465 2,718
Machinery, equipment, furniture, recycling 2,071 2,298 1,654
Chemicals, rubber, plastics 1,030 1,140 894
Wholesale & retail trade 931 965 784
Banks 826 1,021 758
Construction 686 807 642
Publishing, printing 410 545 498
Metals & metal products 607 586 452
Food, beverages, tobacco 321 323 309
Transport 346 381 295
Primary sector 284 279 248
Gas, water, electricity 147 257 185
Education, health 207 229 184
Hotels & restaurants 160 197 184
Textiles, wearing apparel, leather 164 190 167
Insurance companies 85 83 78
Wood, cork, paper 92 88 75
Post and telecommunications 10 6 7
Public administration and defence 5 0 1
Target sector by value - Asia and Asia Pacific deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 75,606 84,950 119,876
Banks 47,878 73,687 79,008
Machinery, equipment, furniture, recycling 49,117 88,244 54,979
Construction 26,114 44,876 42,893
Chemicals, rubber, plastics 32,859 41,577 33,493
Wholesale & retail trade 28,592 22,972 26,810
Transport 19,594 19,753 24,942
Metals & metal products 16,706 29,689 22,711
Food, beverages, tobacco 24,439 11,256 16,859
Primary sector 10,741 13,842 14,813
Gas, water, electricity 14,315 18,842 12,640
Publishing, printing 4,476 8,512 9,369
Insurance companies 6,309 9,988 6,274
Education, health 2,658 4,605 5,559
Hotels & restaurants 3,582 3,232 5,136
Wood, cork, paper 1,251 1,995 3,441
Textiles, wearing apparel, leather 2,217 5,892 2,693
Post and telecommunications 92 1,366 274
Public administration and defence 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 42 © Zephyr
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 563 28,246
H2 2013 620 17,197
H1 2013 413 12,413
H2 2012 518 13,381
H1 2012 482 14,893
H2 2011 549 17,486
H1 2011 538 24,261
H2 2010 464 14,586
H1 2010 379 9,510
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 43 © Zephyr
Asia and Asia Pacific private equity deals by volume and value
0
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H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
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l val
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SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 44 © Zephyr
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 5,674 Minority stake 25% AS Watson & Company Ltd HK Temasek Holdings Pte Ltd 21/03/2014
2. 2,787 IBO 52% - Acting in concert Olam International Ltd SG Temasek Holdings Pte Ltd 04/04/2014
3. 2,385 Acquisition increased 15% to 100% DEXUS CPA Trust AU Canada Pension Plan Investment Board 06/01/2014
4. 2,104 Minority stake 30% Iowa China Offshore Holdings (Hong Kong) Ltd HK CLH Ltd; Hopu Investment Management Co., Ltd 18/02/2014
5. 1,930 IBO 100% Tyco Fire & Security Services Korea Co., Ltd KR Carlyle Group LP 03/03/2014
6. 1,622 IBO 100% Port of Newcastle project company AU Hastings Funds Management Ltd 30/04/2014
7. 794 IBO 100% Transpacific Industries Group Ltd's New Zealand waste management business
NZ Beijing Capital Group Co., Ltd 03/03/2014
8. 681 IBO 78% NEC BIGLOBE Ltd JP Japan Industrial Partners, Inc. 30/01/2014
9. 407 IBO 100% Roland Corporation JP Taiyo Pacific Partners LP 14/05/2014
10. 406 IBO 70% Sensis Pty Ltd AU Platinum Equity LLC 13/01/2014
11. 351 IBO 100% Kreuz Holdings Ltd SG Headland Capital Partners Ltd 13/01/2014
12. 320 IBO 60% Inner Mongolia Yili Livestock Development Co., Ltd CN CITIC Private Equity Funds Management Co., Ltd; Yunfeng Capital Ltd 06/06/2014
13. 301 Minority stake 10% Shanghai Chengtou Holding Co., Ltd CN Hony Capital Co., Ltd 22/01/2014
14. 300 IBO 69% Beijing South Beauty Restaurants Co., Ltd CN CVC Capital Partners Ltd 11/01/2014
15. 270 IBO COFCO Meat Investment Co., Ltd CN Kohlberg Kravis Roberts & Company LP; Baring Private Equity Partners Asia; Hopu Investment Management Co., Ltd; Boyu Capital Consultancy Co., Ltd
05/06/2014
16. 260 IBO 100% Aditya Birla Minacs Worldwide Ltd IN CX Partners Pte Ltd; Capital Square Partners 30/01/2014
17. 256 Minority stake Nippon Renewable Energy KK JP Partners Group AG; Equis Funds Group Pte Ltd 27/01/2014
18. 250 Minority stake Campaign Monitor Pty Ltd AU Insight Venture Partners 16/04/2014
19. 250 Minority stake Shanghai Yupei Group Co., Ltd CN RRJ Management (HK) Ltd; SeaTown Holdings International Pte Ltd 10/04/2014
20. 246 IBO 51% Oyatsu Company, KK JP Carlyle Group LP 29/05/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 45 © Zephyr
Target country by volume - Asia and Asia Pacific private equity deals
Target country H1 2013 H2 2013 H1 2014
China 72 168 187
India 167 217 183
Japan 59 93 75
Singapore 26 25 32
Australia 29 50 23
South Korea 10 20 17
Hong Kong 2 6 9
Vietnam 5 5 6
New Zealand 5 7 6
Indonesia 11 8 5
Thailand 2 4 5
Malaysia 11 9 5
Philippines 3 3 4
Pakistan 0 0 2
Taiwan 5 3 2
Kazakhstan 0 1 1
Bangladesh 1 0 1
Target country by value - Asia and Asia Pacific private equity deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Hong Kong 1 6 8,003
Australia 5,741 2,046 5,249
China 556 5,091 4,032
Singapore 94 86 3,225
South Korea 691 3,410 2,402
India 1,609 2,750 2,262
Japan 1,381 2,691 1,982
New Zealand 12 638 817
Philippines 321 61 86
Malaysia 137 350 60
Taiwan 27 0 60
Indonesia 1,435 5 20
Vietnam 405 54 17
Kazakhstan 0 6 15
Thailand 0 2 11
Bangladesh 2 0 5
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014
Page 46 © Zephyr
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector H1 2013 H2 2013 H1 2014
Other services 201 318 290
Publishing, printing 53 87 86
Machinery, equipment, furniture, recycling 20 50 42
Wholesale & retail trade 39 44 35
Education, health 18 36 24
Banks 20 16 17
Hotels & restaurants 4 8 15
Food, beverages, tobacco 13 11 13
Chemicals, rubber, plastics 19 10 13
Transport 6 7 11
Primary sector 1 2 4
Construction 6 10 3
Textiles, wearing apparel, leather 3 8 3
Gas, water, electricity 6 6 3
Wood, cork, paper 2 0 1
Post and telecommunications 0 2 1
Insurance companies 0 4 0
Metals & metal products 2 4 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 5,516 4,667 7,524
Wholesale & retail trade 1,857 752 6,507
Primary sector 0 124 3,257
Banks 422 371 2,581
Transport 448 1,486 2,174
Publishing, printing 328 229 1,196
Machinery, equipment, furniture, recycling 198 971 753
Food, beverages, tobacco 1,259 323 700
Hotels & restaurants 488 32 589
Gas, water, electricity 271 459 331
Education, health 404 521 240
Chemicals, rubber, plastics 690 1,331 135
Construction 126 2,467 88
Post and telecommunications 0 1,313 16
Textiles, wearing apparel, leather 246 141 8
Wood, cork, paper 99 0 4
Insurance companies 0 1,719 0
Metals & metal products 61 269 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportMiddle East, H1 2014
Page 47 © Zephyr
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Middle Eastern M&A back to growth
The value of M&A targeting Middle Eastern companies (excluding Israel) was robust in H1 2014 in spite of rising tension in the region. After a dip in H2 2013, M&A value rebounded to USD 7,127 million although volume continued to slide from 160 deals to 136, the lowest point in the nine periods under review.
Year-on-year, both and value and volume were down compared to the 206 transactions worth a collective USD 11,741 million announced in H1 2013, but the current situation in Iraq, added to continuing political uncertainty in Syria and Egypt, could be potential factors in this decrease.
M&A results were buoyed by strong PE and VC investment in the region as value leapt to a high of USD 833 million, despite weaker volume. Almost two-thirds of this amount was attributable to a single transaction: a consortium of investors led by Fajr Capital agreed to buy Dubai-based oilfield services company National Petroleum for USD 500 million.
Middle East deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 136 7,127
H2 2013 160 3,537
H1 2013 206 11,741
H2 2012 201 16,752
H1 2012 141 9,476
H2 2011 174 4,240
H1 2011 250 11,153
H2 2010 485 8,340
H1 2010 456 9,708
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Zephyr Half Year M&A ReportMiddle East, H1 2014
Page 48 © Zephyr
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Middle East deals by volume and value
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
0
100,000
200,000
300,000
400,000
500,000
600,000
H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Dea
l val
ue (m
il U
SD)
Aggregate deal value (mil USD) Number of deals
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Zephyr Half Year M&A ReportMiddle East, H1 2014
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The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Top three M&A deals are minority stakes
The two highest-valued M&A transactions targeting Middle Eastern companies were each worth USD 1,000 million and involved minority stakes. In the first of these, the chief executive of Arabtec Holding Company, a publicly-listed real estate company based in the United Arab Emirates (UAE), increased his shareholding in the business from 8 to 22 per cent for around USD 1,000 million. This was followed at number two by Dubai-headquartered marine terminals operator DP World issuing convertible bonds worth USD 1,000 million.
The number three deal by value also involved the transfer of a minority interest. Barwa Real Estate sold its 37 per cent stake in Qatari lender Barwa Bank to Qatari Diar Real Estate Company for USD 656 million. While the majority of M&A activity was kept within the region, acquirors from the Cayman Islands, the Netherlands, the UK and South Africa were also involved in transactions targeting Middle Eastern companies.
Significant growth in construction, transport
The Arabtec Holding transaction lifted overall deal value targeting the construction sector to USD 1,345 million, more than double the USD 583 million-worth of dealmaking announced in H2 2013.
This was followed by the transport industry, which was ranked second by value with USD 1,078 million and the sector’s second-highest result of the nine periods under review (H2 2012: USD 1,477 million).
Banking, which normally takes top spot in the value table, attracted M&A investment totalling USD 1,051 million in H1 2014, but this was two-thirds higher than the USD 630 million recorded in H2 2013.
Banking maintained its leading position by volume with 37 transactions, although this represented the third decrease in a row (H1 2013: 59; H2 2013: 48). The industry was targeted in three of the top 20 deals by value, proving it is still one of the region’s key industries.
UAE leads by value, Jordan top by volume
Companies based in the UAE accounted for the highest proportion of M&A transaction value in H1 2014 with USD 4,166 million, some 58 per cent of the region’s total for the six months. This was a significant improvement on USD 1,592 million in H2 2013 and more than three-times as much as second-placed Qatar with USD 1,296 million.
Jordan was the leading country in terms of volume with 49 transactions, but these were not high-value deals, or else were deals for which the values were not disclosed. The total value of transactions with Jordanian targets was USD 212 million, equivalent to just 3 per cent of overall M&A value for the region.
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Zephyr Half Year M&A ReportMiddle East, H1 2014
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The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Top 20 Middle East deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 1,000 Minority stake increased 8% to 22% Arabtec Holding Company PJSC AE Mr Hasan Ismaik 28/05/2014
2. 1,000 Minority stake DP World Ltd AE 12/06/2014
3. 656 Minority stake 37% Barwa Bank QSC QA Qatari Diar Real Estate Investment Company QA 20/01/2014
4. 500 Acquisition 100% Palm Utilities LLC AE Emirates Central Cooling Systems Corporation AE 20/01/2014
5. 500 IBO majority stake National Petroleum Services AE Investors; Arab Petroleum Investments Corporation; Fajr Capital Ltd
SA; AE 22/04/2014
6. 446 Minority stake 20% Qatari Investors Group QSC QA Ezdan Holding Group QSC QA 13/05/2014
7. 265 Minority stake 31% Ras Al Khaimah Ceramics AE Samena Limestone Company KY 28/04/2014
8. 263 Minority stake 10% Oman Telecommunications Company SAOG OM Local investors; Omani citizens OM 17/03/2014
9. 235 Acquisition 51% General Lighting Company JSC SA Koninklijke Philips NV NL 17/03/2014
10. 213 Minority stake 18% National Petroleum Services Company KSCC KW 22/01/2014
11. 209 Minority stake 3% Arabtec Holding Company PJSC AE 08/06/2014
12. 177 Acquisition 100% Barclays Plc's retail banking operations in the UAE AE Abu Dhabi Islamic Bank PJSC AE 06/04/2014
13. 163 Acquisition 100% Byrne Investments Ltd AE Al-Tala'a International Transportation Company Ltd; Venture Capital Bank BSC
SA; BH 25/03/2014
14. 122 Acquisition 51% United Arab Can Manufacturing Company Ltd SA Rexam plc GB 13/02/2014
15. 120 Minority stake 49% Doha Insurance Company QSC QA 06/01/2014
16. 99 Minority stake 30% Noor Financial Investment Company KSCC KW Investor 05/04/2014
17. 80 Acquisition increased 20% to 80% Tamdeen Imtiaziat Holding Company KW Al-Tamdeen Investment Company KSCC KW 11/06/2014
18. 77 Minority stake 39% KGL Logistics Company KSCC KW 08/01/2014
19. 75 Minority stake Souq.com FZ LLC AE Naspers Ltd ZA 24/03/2014
20. 71 Minority stake Arab Jordan Investment Bank JO 21/01/2014
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Zephyr Half Year M&A ReportMiddle East, H1 2014
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The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Target country by volume - Middle East deals
Target country H1 2013 H2 2013 H1 2014
Jordan 97 62 49
UAE 47 45 36
Kuwait 13 9 17
Saudi Arabia 20 20 8
Qatar 8 2 8
Oman 13 9 7
Bahrain 4 6 7
Lebanon 4 1 3
Iraq 0 4 2
Syria 0 0 0
Yemen 0 0 0
Iran 0 2 0
Target country by value - Middle East deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
UAE 5,495 1,592 4,166
Qatar 2,186 0 1,296
Kuwait 1,334 392 647
Saudi Arabia 844 804 394
Oman 578 121 345
Jordan 949 121 212
Bahrain 352 290 41
Iraq 0 42 26
Yemen 0 0 0
Syria 0 0 0
Iran 0 165 0
Lebanon 1 10 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportMiddle East, H1 2014
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The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Target sector by volume - Middle East deals
Target sector H1 2013 H2 2013 H1 2014
Banks 59 48 37
Other services 35 37 24
Wholesale & retail trade 9 7 15
Construction 10 7 15
Education, health 10 2 8
Chemicals, rubber, plastics 16 12 7
Primary sector 0 5 5
Transport 9 5 4
Insurance companies 8 3 4
Machinery, equipment, furniture, recycling 0 8 4
Gas, water, electricity 0 0 3
Metals & metal products 5 4 3
Food, beverages, tobacco 5 7 3
Publishing, printing 1 1 2
Hotels & restaurants 37 5 1
Wood, cork, paper 0 2 1
Post and telecommunications 0 0 0
Public administration and defence 1 0 0
Textiles, wearing apparel, leather 0 0 0
Target sector by value - Middle East deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Construction 1,843 583 1,345
Transport 20 2 1,078
Banks 4,571 630 1,051
Primary sector 0 62 732
Chemicals, rubber, plastics 561 220 722
Other services 316 250 589
Gas, water, electricity 0 0 500
Wholesale & retail trade 1,334 42 274
Machinery, equipment, furniture, recycling 0 644 271
Education, health 24 24 203
Metals & metal products 1,974 1 123
Insurance companies 994 5 120
Food, beverages, tobacco 382 320 26
Hotels & restaurants 69 116 3
Publishing, printing 0 2 1
Wood, cork, paper 0 11 0
Post and telecommunications 0 0 0
Public administration and defence 0 0 0
Textiles, wearing apparel, leather 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportMiddle East, H1 2014
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The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Middle East private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 9 833
H2 2013 11 3
H1 2013 18 247
H2 2012 4 0
H1 2012 10 805
H2 2011 9 97
H1 2011 10 30
H2 2010 12 656
H1 2010 12 157
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Zephyr Half Year M&A ReportMiddle East, H1 2014
Page 54 © Zephyr
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Middle East private equity deals by volume and value
0
2
4
6
8
10
12
14
16
18
20
0
100
200
300
400
500
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H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Dea
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il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportMiddle East, H1 2014
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The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Middle East private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 500 IBO majority stake National Petroleum Services AE Khazanah Nasional Bhd 22/04/2014
2. 163 Acquisition 100% Byrne Investments Ltd AE Venture Capital Bank BSC 25/03/2014
3. 75 Minority stake Souq.com FZ LLC AE Naspers Ltd 24/03/2014
4. 60 Minority stake Aster DM Healthcare AE India Value Fund Advisors Pvt Ltd; Olympus Capital Asia Investments Ltd 28/05/2014
5. 34 IBO 100% Undisclosed American curriculum private school in Dubai AE GFH Capital Ltd 17/05/2014
6. 0 Minority stake FishFishMe Inc. AE 06/01/2014
7. n.a. IBO 100% CSH Investment AE Centurion Investment 07/01/2014
8. n.a. IBO majority stake Mercator AE Warburg Pincus LLC 08/04/2014
9. n.a. Minority stake Shamsuna Power; Nafith Logistics; National Bank of Iraq JO; JO; IQ Foursan Group 06/05/2014
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Zephyr Half Year M&A ReportMiddle East, H1 2014
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The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Target country by volume - Middle East private equity deals
Target country H1 2013 H2 2013 H1 2014
UAE 11 8 8
Iraq 0 0 1
Jordan 2 0 1
Oman 1 0 0
Qatar 0 1 0
Saudi Arabia 1 2 0
Bahrain 0 0 0
Kuwait 0 0 0
Lebanon 3 0 0
Target country by value - Middle East private equity deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
UAE 216 3 833
Oman 30 0 0
Qatar 0 0 0
Saudi Arabia 0 0 0
Bahrain 0 0 0
Iraq 0 0 0
Kuwait 0 0 0
Lebanon 1 0 0
Jordan 0 0 0
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Zephyr Half Year M&A ReportMiddle East, H1 2014
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The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Target sectors by volume - Middle East private equity deals
Target sector H1 2013 H2 2013 H1 2014
Other services 7 5 3
Education, health 3 0 3
Primary sector 0 0 1
Gas, water, electricity 0 0 1
Wholesale & retail trade 4 2 1
Banks 0 0 1
Transport 0 1 1
Construction 0 0 0
Food, beverages, tobacco 1 0 0
Chemicals, rubber, plastics 0 1 0
Metals & metal products 0 0 0
Machinery, equipment, furniture, recycling 0 0 0
Wood, cork, paper 0 1 0
Hotels & restaurants 4 1 0
Publishing, printing 0 0 0
Public administration and defence 0 0 0
Textiles, wearing apparel, leather 0 0 0
Wood, cork, paper 0 0 0
Post and telecommunications 0 0 0
Target sectors by value - Middle East private equity deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Primary sector 0 0 500
Other services 186 0 164
Education, health 0 0 94
Wholesale & retail trade 31 1 75
Banks 0 0 0
Transport 0 2 0
Construction 0 0 0
Food, beverages, tobacco 0 0 0
Hotels & restaurants 31 0 0
Metals & metal products 0 0 0
Chemicals, rubber, plastics 0 0 0
Publishing, printing 0 0 0
Machinery, equipment, furniture, recycling 0 0 0
Wood, cork, paper 0 0 0
Gas, water, electricity 0 0 0
Public administration and defence 0 0 0
Textiles, wearing apparel, leather 0 0 0
Wood, cork, paper 0 0 0
Post and telecommunications 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 58 © Zephyr
Russia and CEE deal value plummets, volume also down
The total value of deals with targets based in Russia and Central and Eastern Europe (CEE) declined in H1 2014, sliding 45 per cent from USD 124,102 million to USD 68,727 million. The result was also disappointing when compared to USD 122,359 million in H1 2013.
The drop in value was mirrored by declining volume, which slid over the six months to 5,375 transactions compared to 6,093 in H2 2013. However, the result is up on H1 2013, when 4,438 deals were signed off.
Russia/CEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 5,375 68,727
H2 2013 6,093 124,102
H1 2013 4,438 122,359
H2 2012 3,981 79,343
H1 2012 3,751 48,359
H2 2011 3,829 104,753
H1 2011 3,817 118,790
H2 2010 4,437 102,740
H1 2010 5,215 108,582
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportRussia/CEE, H1 2014
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Russia/CEE deals by volume and value
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
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20,000
40,000
60,000
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H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Dea
l val
ue (m
il U
SD)
Aggregate deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 60 © Zephyr
Capital increase is the region’s most valuable deal
The largest deal involving a Russian or CEE target in H1 2014 was a private placement by Moscow-based Bank VTB 24, which committed to issuing 85,547 million shares to raise USD 5,707 million. This deal alone accounted for 8 per cent of total regional value for the six months (USD 68,727 million).
That deal was closely followed by a stake purchase in Moscow-headquartered Stroigazkonsalting. Ruslan Baisarov has agreed to increase his holding in the company by 44 per cent in a transaction worth USD 5,000 million.
Russian companies dominated the region’s top 20 deals by value in H1 2014. In all, companies in the country were targeted in 14 of the top 20 transactions.
PE value also slumps, volume declines at slower rate
PE and VC investment in Russia and CEE plummeted in H1 2014 to just USD 691 million from USD 10,484 million in H2 2013. The result is lower than at any time in the entire nine half-year periods under review,.
Volume also weakened but at a slower rate of 10 per cent. There were 243 deals in the first six months of this year, compared to 270 in H2 2013. Although this represents a decrease, it is still the second highest result in the entire period under review.
The region’s largest private equity deal was a USD 100 million buyout of Moscow-headquartered fitness club operator Kompaniya Russkaya Fitnes Gruppa by VTB Kapital and Goldman Sachs. This deal alone accounted for 15 per cent of total PE investment in the region over the six months, thereby highlighting the disappointing value result.
Russia leads the way by value, Bulgaria by volume
Russian targets attracted the most investment in H1 2014, with USD 46,902 million ploughed into the country over the six months, although this is some way behind the USD 96,155 million in H2 2013 and USD 95,662 million in H1 2013.
In an unusual occurrence, Bulgaria led by volume with 1,683 deals. However, companies based in country were involved in USD 1,278 million-worth of deals, suggesting individual transactions had lower considerations. By contrast, Russia’s USD 46,902 million was invested across 1,233 deals, suggesting higher individual considerations.
Companies based in the Ukraine were the next significant targets of M&A, attracting investment of USD 6,680 million in H1 2014.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 61 © Zephyr
Top 20 Russia/CEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 5,707 Acquisition increased to 100% Bank VTB 24 ZAO RU Bank VTB OAO RU 17/06/2014
2. 5,000 Acquisition increased 30% to 74% Stroigazkonsalting OOO RU Mr Ruslan Baisarov RU 03/06/2014
3. 3,500 Acquisition Nizhegorodskaya Sotovaya Svyaz ZAO; Baikalvestkom ZAO; Skai Link ZAO; Akos ZAO; Eniseitelekom ZAO; Volgograd-GSM ZAO; RT-Mobail ZAO; Otkrytoe Aktsionernoe Obshchestvo Mezhdugorodnoi i Mezhdunarodnoi Elektricheskoi Svyazi Rostelekom's certain mobile assets; Bit ZAO
RU; RU; RU; RU; RU; RU; RU; RU; RU
T2 Rus Kholding OOO RU 28/03/2014
4. 2,366 Minority stake 18% Aktsionernaya Neftyanaya Kompaniya Bashneft OAO RU 14/05/2014
5. 1,904 Acquisition increased to 100% Natsionalna Aktsionerna Kompaniya Naftohaz Ukrayiny PAT UA Ministerstvo Vuhilnoyi Promyslovosti Ukrayiny UA 29/05/2014
6. 1,629 Acquisition 78% Pivnichnyy Hirnycho-Zbahachuvalnyy Kombinat PAT UA MetInvest BV NL 12/02/2014
7. 1,568 Acquisition increased 51% to 100% Yugragazpererabotka OOO RU Sibur Kholding OAO RU 21/02/2014
8. 1,252 Acquisition increased to 100% Mobitel OOO RU Otkrytoe Aktsionernoe Obshchestvo Mezhdugorodnoi i Mezhdunarodnoi Elektricheskoi Svyazi Rostelekom
RU 03/04/2014
9. 1,128 Acquisition increased 61% to 100% T-Mobile Czech Republic AS CZ Deutsche Telekom AG DE 10/02/2014
10. 1,050 Acquisition 82% Grazhdanskie Samolety Sukhogo ZAO RU Aviatsionnaya Kholdingovaya Kompaniya Sukhoi OAO RU 19/05/2014
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Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 62 © Zephyr
Top 20 Russia/CEE deals by value (cont’d)
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
11. 1,000 Acquisition 100% Burneftegaz OOO RU Aktsionernaya Neftyanaya Kompaniya Bashneft OAO RU 27/03/2014
12. 999 Acquisition 99% Tsentralnyy Hirnicho-Zbahachuvalnyy Kombinat PAT UA MetInvest BV NL 12/02/2014
13. 892 Acquisition 100% Stankoprom OAO RU Obyedinennaya Promyshlennaya Korporatsiya Oboronprom OAO; Rostekh
RU; RU 20/01/2014
14. 869 Acquisition 65% Grupa Zywiec SA PL Heineken CEE Beteiligungs GmbH AT 06/06/2014
15. 820 Acquisition 100% Cinema City Romania SRL RO Cineworld Group plc GB 13/01/2014
16. 788 Acquisition 100% Promobyekt OOO RU LSR Nedvizhimost-M ZAO RU 21/04/2014
17. 778 Minority stake Otkrytoe Aktsionernoe Obshchestvo Mezhdugorodnoi i Mezhdunarodnoi Elektricheskoi Svyazi Rostelekom
RU Mobitel OOO RU 03/04/2014
18. 688 Minority stake 47% Nauchno-Proizvodstvennoe Obyedinenie Saturn OAO RU Obyedinennaya Promyshlennaya Korporatsiya Oboronprom OAO; Federalnoe Agentstvo Po Upravleniyu Gosudarstvennym Imushchestvom; Upravlyayushchaya Kompaniya Obyedinennaya Dvigatelestroitelnaya Korporatsiya OAO; Rostekh
RU; RU; RU; RU
14/05/2014
19. 680 Acquisition increased to 100% Rusatom Oversiz ZAO RU Atomnyi Energopromyshlennyi Kompleks OAO RU 28/02/2014
20. 678 Acquisition 100% Territorialnaya Generiruyushchaya Kompaniya N 9 OAO RU Volzhskaya Territorialnaya Generiruyushchaya Kompaniya OAO
RU 19/05/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 63 © Zephyr
Target country by volume - Russia/CEE deals
Target country H1 2013 H2 2013 H1 2014
Bulgaria 422 1,827 1,683
Russia 1,313 1,564 1,233
Poland 777 891 667
Ukraine 784 528 565
Romania 239 204 312
Estonia 154 190 163
Belarus 152 169 121
Latvia 88 126 116
Moldova 94 91 102
Hungary 77 125 86
Serbia 79 72 77
Czech Republic 100 97 74
Lithuania 48 89 54
Bosnia And Herzegovina 35 37 46
Slovakia 24 19 31
Croatia 26 28 21
Macedonia 15 17 20
Slovenia 17 25 13
Montenegro 4 2 2
Target country by value - Russia/CEE deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Russia 95,662 96,155 46,902
Ukraine 8,074 5,910 6,680
Poland 9,296 11,078 5,323
Czech Republic 3,248 5,492 2,652
Romania 1,194 1,940 2,389
Bulgaria 1,783 1,372 1,278
Lithuania 1,204 89 935
Hungary 327 2,839 885
Croatia 89 1,541 310
Slovakia 559 184 303
Estonia 107 287 226
Latvia 70 60 210
Belarus 342 295 192
Serbia 65 428 131
Bosnia And Herzegovina 86 32 112
Moldova 37 41 102
Slovenia 391 232 67
Montenegro 18 0 42
Macedonia 12 10 24
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 64 © Zephyr
Target sector by volume - Russia/CEE deals
Target sector H1 2013 H2 2013 H1 2014
Other services 1,028 1,967 1,708
Wholesale & retail trade 466 784 638
Banks 536 562 546
Construction 303 421 393
Machinery, equipment, furniture, recycling 390 359 363
Primary sector 272 306 293
Transport 201 281 229
Chemicals, rubber, plastics 215 229 210
Food, beverages, tobacco 207 186 186
Gas, water, electricity 269 282 181
Hotels & restaurants 66 137 121
Metals & metal products 115 158 115
Insurance companies 103 99 106
Education, health 42 84 84
Textiles, wearing apparel, leather 74 83 67
Publishing, printing 73 92 65
Wood, cork, paper 46 36 44
Post and telecommunications 6 3 8
Public administration and defence 1 5 3
Target sector by value - Russia/CEE deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 9,909 22,989 15,972
Banks 16,750 15,860 11,840
Primary sector 15,869 20,695 8,526
Construction 3,581 10,359 7,706
Machinery, equipment, furniture, recycling 6,302 5,702 5,733
Metals & metal products 18,894 3,614 4,615
Gas, water, electricity 33,463 8,042 4,351
Chemicals, rubber, plastics 7,014 26,201 3,570
Wholesale & retail trade 6,027 2,077 2,460
Transport 3,024 5,437 1,648
Insurance companies 601 629 1,489
Food, beverages, tobacco 618 974 1,110
Publishing, printing 435 121 288
Education, health 591 103 238
Hotels & restaurants 121 432 104
Wood, cork, paper 287 56 65
Post and telecommunications 3 11 36
Textiles, wearing apparel, leather 126 58 22
Public administration and defence 2 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 65 © Zephyr
Russia/CEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
H1 2014 243 691
H2 2013 270 10,484
H1 2013 145 5,104
H2 2012 172 1,954
H1 2012 116 2,076
H2 2011 121 3,664
H1 2011 126 5,505
H2 2010 123 2,897
H1 2010 87 2,542
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 66 © Zephyr
Russia/CEE private equity deals by volume and value
0
50
100
150
200
250
300
0
2,000
4,000
6,000
8,000
10,000
12,000
H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Dea
l val
ue
(mil
US
D)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 67 © Zephyr
Top 20 Russia/CEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 100 IBO 50% Kompaniya Russkaya Fitnes Gruppa RU Goldman Sachs Group Inc.; VTB Kapital ZAO 03/02/2014
2. 98 IBO 75% Fashion Arena Centre Management SRO CZ Meyer Bergman Ltd 26/02/2014
3. 60 Acquisition increased to 100% Krokus Nanoelektronika OOO RU Rosnano OAO 28/04/2014
4. 54 Minority stake Kotton Vei OOO RU Upravlyayushchaya Kompaniya RFPI OOO 17/01/2014
5. 33 IBO 100% Rieber Foods Polska SA PL Innova Phoenix Sarl 23/05/2014
6. 32 Acquisition 100% Kujawskie Zaklady Poligraficzne Druk-Pak SA PL Highlander Partners LP 06/06/2014
7. 30 Minority stake 40% Santens Logistik Group OOO RU UFG Asset Management 07/04/2014
8. 26 Minority stake SocialBakers AS CZ Earlybird VC Management GmbH & Co. KG; Index Venture Management LLP 18/02/2014
9. 23 IBO 100% Ecoservice UAB LT BaltCap AS 21/02/2014
10. 16 Minority stake Softklub OOO BY Zubr Kapital OOO 06/02/2014
11. 14 Minority stake Eurakras UAB LT BaltCap AS 16/04/2014
12. 14 Minority stake 48% Primekss SIA LV Wermuth Asset Management GmbH 23/01/2014
13. 12 Minority stake Ostrovok.ru OOO RU 18/06/2014
14. 11 Acquisition increased to 100% Nueve 2 Sp zoo XXVI Sp kA PL Magna Polonia SA 03/04/2014
15. 11 Minority stake Ell Ru OOO RU Investment AB Kinnevik; Vostok Gas Ltd 18/06/2014
16. 10 IBO 100% Media Mir OOO RU EDevelopment 05/03/2014
17. 10 Minority stake Mobile Finance Management Solutions RU iTech Capital 29/04/2014
18. 10 Minority stake Mango Telekom OOO RU Intel Capital Corporation 03/02/2014
19. 10 Minority stake 30% Aviasales.ru RU iTech Capital 11/02/2014
20. 10 Minority stake Kupishuz OOO RU The International Finance Corporation 28/01/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 68 © Zephyr
Target country by volume - Russia/CEE private equity deals
Target country H1 2013 H2 2013 H1 2014
Russia 51 142 111
Bulgaria 28 51 45
Hungary 14 11 18
Ukraine 4 14 16
Poland 11 13 12
Estonia 8 8 9
Romania 3 2 9
Lithuania 11 7 9
Czech Republic 4 9 7
Latvia 4 9 3
Slovenia 1 2 2
Belarus 0 2 1
Serbia 0 0 1
Target country by value - Russia/CEE private equity deals
Target country H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Russia 2,704 4,769 356
Czech Republic 2,152 4,225 136
Poland 167 2,135 83
Lithuania 12 1 38
Hungary 4 731 23
Latvia 3 4 16
Belarus 0 1 16
Estonia 50 5 9
Romania 1 0 7
Ukraine 1 12 4
Bulgaria 10 51 2
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Half Year M&A ReportRussia/CEE, H1 2014
Page 69 © Zephyr
Target sectors by volume - Russia/CEE private equity deals
Target sector H1 2013 H2 2013 H1 2014
Other services 88 200 184
Machinery, equipment, furniture, recycling 11 7 14
Publishing, printing 12 9 10
Wholesale & retail trade 13 18 6
Education, health 2 3 5
Construction 2 3 5
Banks 3 6 3
Chemicals, rubber, plastics 3 6 3
Hotels & restaurants 1 0 2
Post and telecommunications 2 1 2
Food, beverages, tobacco 1 3 2
Primary sector 1 2 1
Metals & metal products 1 2 1
Wood, cork, paper 4 1 1
Transport 2 2 1
Textiles, wearing apparel, leather 0 2 0
Gas, water, electricity 1 2 0
Insurance companies 1 0 0
Target sectors by value - Russia/CEE private equity deals
Target sector H1 2013 (mil USD)
H2 2013 (mil USD)
H1 2014 (mil USD)
Other services 1,556 4,844 442
Machinery, equipment, furniture, recycling 4 729 91
Food, beverages, tobacco 0 175 33
Construction 248 2 33
Wood, cork, paper 3 0 32
Transport 216 0 30
Wholesale & retail trade 145 37 11
Education, health 0 1 5
Chemicals, rubber, plastics 95 4,446 2
Metals & metal products 600 30 0
Banks 71 77 0
Publishing, printing 6 7 0
Post and telecommunications 2 10 0
Textiles, wearing apparel, leather 0 0 0
Primary sector 0 0 0
Hotels & restaurants 0 0 0
Gas, water, electricity 2,114 127 0
Insurance companies 47 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Page 70 © Zephyr
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Zephyr Half Year M&A Report
Notes to editors
Activity is based on the activity of the target company.
Deal status is announced within the time period.
The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr.
The date range for 2014 is deals announced between 01/01/2014 - 22/06/2014 inclusive.
The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the UK.
The Asia and Asia Pacific region covers target companies based in the Far East, Central Asia and Oceania.
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.
Where deals have multiple targets the sector and region of each target is represented in the data.
All deal types are included except joint ventures, IPOs, planned IPOs and share buybacks.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Page 71 © Zephyr
The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.
Zephyr Half Year M&A Report
About Bureau van Dijk
Bureau van Dijk (BvD) is one of the world’s leading publishers of electronic business and company information. The company
has 33 offices worldwide. BvD is best known for its range of international company information products that combines multiple
high-quality data sources with flexible software to allow users to manipulate data for research, marketing intelligence and analysis.
Products include Fame, Orbis, Amadeus, Bankscope, Isis and Osiris. BvD also publishes the global M&A database, Zephyr.
www.bvdinfo.com
About Zephyr
Zephyr is an information solution containing M&A, IPO and venture capital deals and rumours with links to detailed financial
company information. Zephyr covers various deal types including M&A activity, IPOs, joint ventures and private equity deals. It’s
published by Bureau van Dijk (BvD). The deals on Zephyr are linked to the company financials and peer reports on BvD’s product
range, which includes Orbis, Amadeus and Fame, for company valuation and benchmarking.
Zephyr contains information on over 1 million deals. Approximately 75,000 deals are added each year depending on levels of deal
activity. Zephyr has no minimum deal value. All deal information is translated into English. Zephyr’s UK-based researchers speak
35 languages and use native language and English sources in their deal enquiries. www.zephyrdealdata.com