Dealtracker - Grant Thornton Indiagtw3.grantthornton.in/assets/Grant_Thornton_Dealtracker_February... · Disclaimer This document captures the list of deals announced based on information

© 2015 Grant Thornton India LLP. All rights reserved.

Providing M&A and Private Equity Deal Insights

February, 2015

Volume 11.2

Dealtracker

Disclaimer

This document captures the list of deals announced based on information available in the public domain

and based on public announcements. Grant Thornton India LLP does not take any responsibility for the

information, any errors or any decision by the reader based on this information. This document should not

be relied upon as a substitute for detailed advise and hence, we do not accept responsibility for any loss as

a result of relying on the material contained herein. Further, our analysis of the deal values are based on

publicly available information and based on appropriate assumptions (wherever necessary). Hence, if

different assumptions were to be applied, the outcomes and results would be different.

Dealtracker editorial team:

Monica Kothari, Sowmya Ravikumar


30 31

73

402

794 737 2013

2014

2015

436

30

2024

66

385

5

1224

122

867

0

1554

278

Domestic InternalRestructuring

Inbound Outbound

Deal Round Up February 2015

Deal summary Volume Value (US$mn)

2013 2014 2015 2013 2014 2015

Domestic 26 21 23 436 385 867

Cross-border 12 28 17 2,090 1,346 1,832

Merger & Internal

Restructuring 7 1 0 30 5 0

Total M&A 45 50 40 2,556 1,736 2,699

Private Equity 30 31 73 402 794 737

Grand Total 75 81 113 2,958 2,530 3,436

Cross border includes

Inbound 8 18 9 2,024 1,224 1,554

Outbound 4 10 8 66 122 278

Total Deal Volume Trend – February 2015

26

7 8

4

21

1

18

10

23

0

9 8

Domestic InternalRestructuring

Inbound Outbound

PE

M

&A

↑55%

↓ 7%

↓ 20%

↑135%

Highlights

• This month witnessed 113 deals worth US$ 3.4 billion, which

was higher in terms of volume (40%) and value (36%) as

compared to the same period in 2014.

• February 2015 saw a 125% increase in domestic deal values.

Even though the volume of cross-border transaction

decreased by 65%, the value of transaction rose by 36%.

• Inbound deals continued to witness an upward trend, led by

the Mylan Inc-Famy Care deal worth US$ 750 million and 3

other deals of over US$ 100 million each.

• PE investments grew 135% in volume as compared to the

corresponding month last year, largely driven by e-commerce

deals.

• The month also saw 2 QIPs worth US$ 425 million and 1

IPO.

Total Deal Value Trend (US$ mn) – February 2015


Pharma, Healthcare & Biotech 29%

Media & Entertainment

15%

Telecom 12%

Retail & Consumer 9%

IT & ITES 9%

Others 26%

IT & ITES 25%

Retail & Consumer

17%

Manufacturing 12%

Pharma, Healthcare &

Biotech 10%

Media & Entertainment

8%

Others 28%

Top M&A Deals of the Month

Acquirer Target Sector US$ mn Deal Type %

Stake

Mylan Inc - Mylan

Laboratories Limited Famy Care Ltd

Pharma, Healthcare

& Biotech

750 Acquisition 100%

Undisclosed Bharti Airtel Ltd Telecom

310 Minority Stake 3%

Infosys

Technologies Ltd Panaya Inc IT & ITES


Sembcorp Industries

Ltd Green Infra Ltd

Energy & Natural

Resources

169 Majority Stake 60%

Balasore Alloys Ltd-

Ispat Group Rohit Ferro-Tech Ltd Manufacturing


Key Sectors Top Sectors based on Deal Value (US$ mn)

Top Sectors based on Deal Volume

Notable Sectors Volume US$ mn

IT & ITES 10 240

Retail & Consumer 7 253

Manufacturing 5 220


Biotech 4 772

Media & Entertainment 3 412

Telecom 1 310

• The IT&ITeS sector drove M&A deal

activity in terms of volumes with e-

commerce continuing to play a key role

within the sector.

• The Pharma sector saw the fourth-

biggest inbound M&A ever in the

country, with the acquisition of the

Famy Care by Mylan

M&A Round Up February 2015


IT & ITES 50%

Real Estate 26% Retail &

Consumer 7%

Pharma, Healthcare & Biotech 7%

Hospitality & Leisure 5%

Others 5%

IT & ITES 63%

Retail & Consumer

10%


Biotech 8%

Real Estate 7%

Hospitality & Leisure

4%

Others 8%

Key Sectors Top Sectors based on Deal Value (US$ mn)

Top Sectors based on Deal Volume

Notable Sectors Volume US$ mn

IT & ITES 46 367

Retail & Consumer 7 52


Biotech 6 49

Real Estate 5 195

Hospitality & Leisure 3 36

Banking & Financial Services 3 21

The month witnessed continued interest in

IT & ITES (e-commerce & software

development) contributing more than half of

total PE deal values and volumes

PE Round Up February 2015

Top PE Deals of the Month

Investor Investee Sector %

Stake US$ mn

Equis Funds Group Assetz Property Real Estate N.A.

116

Tybourne Capital, Valiant Capital

Sequoia Capital, Sofina and ru-

Net

Accelyst Solutions Pvt

Ltd- Freecharge.in IT & ITES N.A.

80

Temasek and Norwest Venture

Partners

Manthan Software

Services Pvt Ltd IT & ITES N.A.

60

Falcon Edge Capital, Matrix

Partners India, Sequoia Capital

India and Omidyar Network

Ver Se Innovation Pvt Ltd

- Newshunt IT & ITES N.A.

40

Piramal Fund Management and

Aditya Birla Real Estate Fund

Adarsh Developers-

Bangalore project Real Estate N.A.

33


Deal of the month M&A Deal of the month PE

Mylan Laboratories

acquires Famy Care's

women's healthcare

businesses for US$

750 million.

Famy Care is a specialty women's healthcare company with global leadership in generic oral contraceptive products (OCPs).

Target

Mylan Inc. is one of the leading global generics and specialty pharmaceuticals company.

Acquirer

The acquisition will build on Mylan's existing partnerships with

Famy Care in North America, Europe and Australia, and make

Mylan a hormonal contraceptives leader in high-growth emerging

markets around the world

Rationale

Sector : Pharma,

Healthcare & Biotech

Equis Funds Group

invests US$ 116 mn

in Bangalore-based

developer Assetz

Property.

Assetz Property Group (APG) is in the business of real estate development and business portfolio management with a secondary focus on infrastructure development in the Asia region.

Investee

Equis Funds Group invests across infrastructure and energy space in Asia and provides growth and expansion capital to companies.

Investor

APG has plans for mid-income housing townships spread across

20 million square feet, with amenities including schools, aged care

facilities, health centres, public amenities, localised shopping

centres and recreation facilities.

Comments

Sector : Real estate development


Deal List




Stake

Domestic/

Crossborder

Mylan Inc - Mylan Laboratories

Limited Famy Care Ltd

Pharma, Healthcare

& Biotech

750.00 Acquisition 100% Inbound

Undisclosed Bharti Airtel Ltd Telecom

310.48 Minority Stake 3% Domestic

Infosys Technologies Ltd Panaya Inc IT&ITES

200.00 Acquisition 100% Outbound

Sembcorp Industries Ltd Green Infra Ltd Energy & Natural

Resources

168.50 Majority Stake 60% Inbound

Balasore Alloys Ltd- Ispat Group Rohit Ferro-Tech Ltd Manufacturing

164.50 Acquisition 100% Domestic

ITC Ltd Blue Coast Hotels Ltd- Park Hyatt

Hotel Hospitality & Leisure

82.80 Acquisition 100% Domestic

Sundaram Finance Ltd Royal Sundaram Alliance Insurance Banking & Financial

Services

72.40

Increasing stake to

75.90% 26% Domestic

Tubacex SA Prakash Steelage Limited- seamless

stainless steel tube division Manufacturing

40.00 Majority Stake 68% Inbound

Cipla Limited Jay Precision Pharmaceuticals Pvt

Ltd

Pharma, Healthcare

& Biotech

15.40 Majority Stake 60% Domestic

Future Consumer Enterprise Ltd

(FCEL)

Aadhaar Wholesale Trading and

Distribution Limited Retail & Consumer

9.00

Increasing stake to

100% 30% Domestic

I. M&A Deals



Stake

Domestic/

Crossborder

LiveMinds Solutions Pvt Ltd-

BookMyCab.com

Eventifier IT & ITES

2.00 Majority Stake N.A. Domestic

Ipca Laboratories Ltd Krebs Biochemicals & Industries Ltd Pharma, Healthcare &

Biotech


eMedEvents Corporation OMICS International IT&ITES

1.25 Strategic Stake N.A. Inbound

Warren Tea Ltd Pressman Advertising Ltd Media &

Entertainment


Dalmia Cement (Bharat) Ltd OCL India Ltd Manufacturing N.A. Increasing stake to

74.6% 27% Domestic

Godrej Consumer Products Ltd Darling Group Holdings Retail & Consumer N.A. Increasing stake to

90% 39% Outbound

Mitsubishi Corp Indo Nissin Foods Limited Retail & Consumer N.A. Strategic Stake 34% Inbound

Quest Global Engineering EDF GmbH Automotive N.A. Acquisition 100% Outbound

Brick Eagle DBS Affordable Home Strategy

Limited Real Estate N.A. Strategic Stake 49% Domestic

Ajay Singh SpiceJet Ltd Aerospace & Defense N.A. Majority Stake 58% Domestic

I. M&A Deals



Stake

Domestic/

Crossborder

News Corporation MAA Television Network- broadcast

rights

Media &

Entertainment N.A. Acquisition 100% Inbound

ITC Ltd Johnson & Johnson- Savlon &

Shower to shower Retail & Consumer N.A. Acquisition 100% Outbound

Entertainment Network (India)

Ltd- Radio Mirchi TV Today Network Limited - Oye FM

Media &

Entertainment N.A. Acquisition 100% Domestic

Godrej- Nature’s Basket EkStop Shop Pvt Ltd IT & ITES N.A. Acquisition 100% Domestic

SILA Solutions Pvt Ltd Envocare Pest Control Services Retail & Consumer N.A. Majority Stake 51% Domestic

Exotel Techcom Pvt Ltd Croak.it IT&ITES N.A. Acquisition 100% Outbound

Foodpanda.com JustEat- India IT & ITES N.A. Acquisition 100% Outbound

Adfactors PR Yorke Communications Pvt ltd Professional /

Business Services N.A. Acquisition 100% Domestic

Mahindra Group Nest Childcare Services Pvt Ltd -

Babyoye.com IT & ITES N.A. Acquisition 100% Domestic

RJ Corp iClinic Healthcare Pvt Ltd IT&ITES N.A. Acquisition 100% Domestic

I. M&A Deals



Stake

Domestic/

Crossborder

Quadragen Vet Health Private

Limited

Karnataka Nutraceuticals India

Limited


Biotech N.A. Controlling Stake 50% Domestic

Cognizant Technology Solutions CNO Financial Group Inc.- India

operations IT & ITES N.A. Acquisition 100% Outbound

Tata Steel Group SSAB- Halmstad, Naantali and

Tynnplater Manufacturing N.A. Acquisition 100% Outbound

Thomas Cook-Quess Group Aramark- Aramark India Pvt Ltd Professional /

Business Services N.A. Acquisition 100% Domestic

Jasper Infotech Pvt Ltd-

Snapdeal.com Exclusively.in Inc IT & ITES N.A. Acquisition 100% Domestic

Tekni-Plex, Inc. Ghiya Extrusions Private Ltd. Manufacturing N.A. Acquisition 100% Inbound

MMRSS Majestic Market

Research Support Services

Limited- MRSS India

EMTEE Research and Consultants

Private Limited

Professional /

Business Services N.A. Majority Stake N.A. Domestic

WILLIS Europe B.V Almondz Insurance Brokers Pvt Ltd

(AIBPL)

Banking & Financial

Services N.A. Majority Stake 51% Inbound

Anheuser-Busch InBev

InBev India International Ltd- RJ

Corp Retail & Consumer N.A. Acquisition 100% Inbound

Future Lifestyle Fashions

Limited (FLF)

Indus Tree Crafts Pvt Ltd- Mother

Earth Retail & Consumer N.A.

Increasing stake to

72.16 9% Domestic

I. M&A Deals


Investor Investee Sector % Stake US$ mn

Equis Funds Group Assetz Property Real Estate N.A.

116.00

Tybourne Capital, Valiant Capital Sequoia

Capital, Sofina and ru-Net Accelyst Solutions Pvt Ltd- Freecharge.in IT & ITES N.A.

80.00

Temasek and Norwest Venture Partners Manthan Software Services Pvt Ltd IT & ITES N.A.

60.00

Falcon Edge Capital, Matrix Partners India,

Sequoia Capital India and Omidyar Network Ver Se Innovation Pvt Ltd - Newshunt IT & ITES N.A.

40.00

Piramal Fund Management and Aditya Birla

Real Estate Fund Adarsh Developers- Bangalore project Real Estate N.A.

33.00

Creador Ashiana Housing Ltd Real Estate 5%

32.26

Sequoia Capital and Matrix Partners Practo Technologies Pvt Ltd IT & ITES N.A.

30.00

Valiant Capital Partners,Vertex Venture

Holding, SAIF Partners, IDG Ventures Firstcry - brainBees Solutions Pvt ltd. IT & ITES N.A.

26.00

Creador Advisors PC Jeweller Ltd Retail & Consumer 3%

23.00

Lightbox Ventures & Sequoia Capital Faaso's Food Services Pvt Ltd Hospitality & Leisure N.A.

20.00

II. Private Equity



Nexus Venture Partners and Matrix

Partners. Inasra Technologies Pvt Ltd- Stayzilla.com IT & ITES N.A.

20.00

Tiger Global, Times Internet and Zodius

Capital Culture Machine Media Pvt Ltd IT & ITES N.A.

18.00

Matrix Partners,Sequoia Capital and

Nexus Venture Partners TinyOwl Technology Pvt Ltd IT & ITES N.A.

16.13

Individual investors - Nandan Nilekani

and Rakesh Jhunjhunwala Coffee Day Enterprises Ltd Hospitality & Leisure N.A.

16.00

Sequoia Capital, SAIF Partners and

Aspada Zen Lefin Pvt Ltd- Capital Float Banking & Financial Services N.A.

13.00

Fidelity Growth Partners India, Deutsche

Bank and Global Partnerships Greenlight Planet Energy & Natural Resources N.A.

10.00

Undisclosed Smart Trip Tour & Travels Private Limited-

Smartairtrip.com IT & ITES N.A.

10.00

CLSA Capital Partners Nobel Hygiene Pvt Ltd Retail & Consumer N.A.

10.00

Angel Investors Janaadhar India Pvt Ltd Real Estate N.A.

9.70

India Life Sciences Fund II Comprehensive Prosthetics and Orthotics

(CPO) Pharma, Healthcare & Biotech N.A.

9.68

II. Private Equity



Ventureast and Asian Healthcare Fund Eye Gear Optics India Pvt Ltd - Ben

Franklin Retail & Consumer N.A.

6.50

Motilal Oswal Private Equity Advisors Pvt

Ltd (MOPE) Arinna Lifesciences Pvt Ltd Pharma, Healthcare & Biotech N.A.

6.45

Gaja Capital and DSG Consumer Partners Bakers Circle (India) Pvt Ltd Retail & Consumer N.A.

6.00

India Life Sciences Fund II Relisys Medical Devices Pharma, Healthcare & Biotech N.A.

5.16

Helion Venture Partners Wooplr IT & ITES N.A.

5.00

IDFC Alternatives- India Infrastructure

Fund-II Cargo Service Centre Pvt Limited Transport & Logistics 26%

4.60

Sequoia Capital & Angel investors HomeLane.com IT & ITES N.A.

4.50

BlackSoil Realty Investment Advisors-

BlackSoil Realty Fund – I Gala & Ghosheh Group Real Estate N.A.

4.10

Canbank Venture Capital Fund ESDS Software Solution Pvt Ltd IT & ITES N.A.

4.00

Tiger Global and angel investors ADA News in Shorts Pvt Ltd- News in

shorts IT & ITES N.A.

4.00

IDG Ventures India Abhiman Technologies Pvt Ltd -

myNoticePeriod.com IT & ITES N.A.

3.00

II. Private Equity



SAIF Partners and Fulcrum Capital NoBroker Technologies Solutions Pvt Ltd IT & ITES N.A.

3.00

ChrysCapital Pratibha Industries Ltd Infrastructure Management 4%

2.45

Axilor Ventures VigyanLabs Innovation IT & ITES N.A.

2.00

SAIF Partners MTech Engineering Pvt Ltd-

industrybuying.com IT & ITES N.A.

2.00

Mumbai Angels Faaya.com IT & ITES N.A.

1.02

Orios Venture Partners Yumist Foodtech Private Limited IT & ITES N.A.

1.00

Axilor Ventures SellerworX Online Services IT & ITES N.A.

1.00

Angel Investors Outletwise Retail Private Limited-

20Dresses.com IT & ITES N.A.

1.00

ah! Ventures, Lets Venture, and Mantra

Ventures iTraveller Tours Pvt Ltd- iTraveller.com IT & ITES N.A.

1.00

InterGlobe Technology Quotient &

Lantern Capital Trip38 Technologies Pvt Ltd IT & ITES N.A.

1.00

II. Private Equity



SAIF Partners and Accion, - fund Venture

Lab Aye Finance Banking & Financial Services N.A.

1.00

Angel Investors Right Axis Eye Hospital Private Limited-

Akshara Eye Hospital Pharma, Healthcare & Biotech N.A.

0.61

India Quotient and Kae Capital Fingertip Foods Pvt Ltd - Frsh.com IT & ITES N.A.

0.51

AngelPrime Nimble Wireless Pvt. Ltd IT & ITES N.A.

0.50

Culcatta Angels, VentureNursery’s angels

and Mumbai angels Klip.in IT & ITES N.A.

0.50

Unitus Seed Fund and angel investors Caravan Craft Retail Pvt Ltd Retail & Consumer N.A.

0.48

Mumbai Angels Leaf Technology IT & ITES N.A.

0.34

Quotient Fund HolaChef Hospitality Private Limited IT & ITES N.A.

0.32

Sol Primero and angel investor Findulum Techlabs Pvt Ltd. - SmartPocket IT & ITES N.A.

0.24

Mumbai Angels Chloroplast Foods(snackexperts.com) IT & ITES N.A.

0.23

Angel Investors Retailworx Pvt Ltd- Freshworld Retail & Consumer N.A. N.A.

II. Private Equity



Mumbai Angels Dealwithus IT & ITES N.A.

0.21

Mumbai Angels CleverSharks IT & ITES N.A.

0.19

Mumbai Angels InstaBounce IT & ITES N.A.

0.16

Angel Investors TaxSutra Services Pvt Ltd IT & ITES N.A.

0.16

Angel Investors Couponmachine.in IT & ITES N.A.

0.14

Angel Investors Sattviko Hospitality & Leisure N.A.

0.11

Angel Investors Aisle Network Pvt Ltd IT & ITES N.A.

0.10

TPG Growth Sutures India Pharma, Healthcare & Biotech 25% N.A.

Carlyle Group Destimoney Enterprises Private Limited

(DEPL) Banking & Financial Services N.A. N.A.

ChrysCapital Ipca Laboratories Ltd Pharma, Healthcare & Biotech 1% N.A.

Omidyar Network, Blume Ventures,

Mumbai Angels and Hyderabad Angels NowFloats Technologies Pvt. Ltd IT & ITES N.A. N.A.

II. Private Equity



Splice Advisors Kobster Eshop Pvt Ltd - Kobster.com IT & ITES N.A. N.A.

Angel Investors Cardekho.com -GirnarSoft Automobiles Pvt.

Ltd IT & ITES N.A. N.A.

Mangrove Capital Partners LocalCube Commerce Pvt Ltd- Storeking IT & ITES N.A. N.A.

Angel Investors CarTrade.com IT & ITES N.A. N.A.

Angel Investors FindYahan India Private Limited-

Findyahan.com IT & ITES N.A. N.A.

Angel Investors Dyulok Technologies Pvt Ltd- Townscript.com IT & ITES N.A. N.A.

Upaya Social Ventures and Artha

Initiative Tamul Plates Marketing Pvt Ltd Retail & Consumer N.A. N.A.

Mumbai Angels and Angel investors NextGen PMS Pvt Ltd IT & ITES N.A. N.A.

Angel Investors SquadRun Inc IT & ITES N.A. N.A.

Sequoia Capital Nuvo Logistics Private Limited- PepperTap IT & ITES N.A. N.A.

II. Private Equity


III. IPO

Company Name Sector Issue Price Equity Offered Capital Raised

INR mn

Capital Raised

US$ mn

Akme Star Housing Finance Ltd Banking & Financial

Services 30 1,600,000 48 0.80

IV. QIP

Investee Sector % Stake US$ mn

HDFC Bank Limited Banking & Financial Services N.A. 333.3

Mold- Tek Packaging Limited Manufacturing N.A. 91.7


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Documents

Dealtracker - Grant Thornton Indiagtw3.grantthornton.in/assets/Grant_Thornton_Dealtracker_February... · Disclaimer This document captures the list of deals announced based on information