Monthly M&A Insider March 2015 · their M&A plans. Financial research firm Factset said that the balance of cash and short-term investments in S&P 500 companies reached a record-high

A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY

MONTHLY M&A INSIDERMARCH 2015

Monthly M&A Insider | March

INSIDE:

GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIA-PACIFIC

EUROPE

MIDDLE EAST & AFRICA

ABOUT MERRILL DATASITE

MERRILL CORPORATION CONTACTS

GLOBAL OVERVIEW

Monthly M&A Insider | March | 01

Dealmaking fell slightly in the first two months of this year after a record 2014, with year-to-date M&A notching up 1,914 deals worth US$421.2bn. By comparison, deals over the same period last year reached 1,962 deals worth US$429.2bn.

Private equity numbers also followed a similar trajectory. Global buyouts reached 260 deals worth US$24.5bn for the first two months of the year compared with 276 deals worth US$44.6bn in the first quarter of last year.

Positive outlookThe slight fall in activity is a reflection of the uncertainty currently pervading markets. Indeed, long-term macroeconomic factors such as oil price volatility and ongoing issues in the Eurozone have hampered appetite in some instances. Yet despite this, the bigger picture shows favourable environment for dealmaking, which bodes well for activity in 2015.

For one, companies are still flushed with cash to support their M&A plans. Financial research firm Factset said that the balance of cash and short-term investments in S&P 500 companies reached a record-high of US$1.4tn in the fourth quarter.

On top of this, private equity firms have a significant amount of dry powder that they still have to deploy. Dry powder levels rose last year by US$128bn and stood at US$1.2tn as of December 2014, according to alternative asset research firm Preqin.

Mega consolidationAnother good sign for the market is the continued flow of mega transactions. In fact, the first two months of 2015 has already seen 16 large-cap deals in the US$5bn and over range, increasing from 12 transactions in 2014.

The top deals in February were in the Telecommunications and Pharmaceutical sectors, continuing last year’s trend. This activity is being driven by consolidation in both industries. In telecommunications, for instance, transactions from phone and cable carriers have dominated the European and US dealmaking landscape. These firms have been trying to combine their assets to bundle television, wireless, and web services with their mobile-based offerings. Bundling helps these companies generate increased revenue and remain competitive by broadening their service and entertainment offerings. For example, the largest transaction announced during the quarter was BT Group’s US$19bn acquisition of mobile operator EE, a joint venture between Orange and Deutsche Telekom. This deal will allow BT Group to significantly expand its mobile and broadband capabilities.

For pharmaceuticals, consolidation is being typically driven by the need for companies to fill out drug pipelines. For example, by acquiring Hospira, Pfizer makes inroads into the sterile injectable pharmaceuticals and biosimilars areas.

As we enter the second quarter of 2015, therefore, dealmaking is still very much riding a wave. And while activity has dipped slightly from last year, the continued presence of key deal drivers push M&A even further.

Despite a small decrease in M&A activity so far this year, the factors that propelled 2014 to record highs are still in place.

Head of Research: Elias Latsis

Editor: Laura Resetar

For advertising opportunities contact: Erik Wickman Tel: + (1) 212 686 3329 [email protected]

Global Overview: Elizabeth Lim and Karen Sibayan

Latin America: Fabio Lopes

North America: Nicole Corazza and Urna Chakraborty

Asia-Pacific: Chris Wong and Brandon Taylor

Europe: Damien Julliard and Andrea Putaturo

Middle East & Africa: Damien Julliard

TREND GRAPHS

GLOBAL OVERVIEW Monthly M&A Insider | March | 02

GLOBAL M&A QUARTERLY TREND GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND

GLOBAL M&A ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

Valu

e (U

S$bn

)

Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Total value Mid-market value Total volume Mid-market volume

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Num

ber of deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

YTD 2015*201420132012201120102009


Valu

e (U

S$bn

)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Num

ber of deals

0

100

200

300

400

500

600

700

800

900

YTD 2015*201420132012201120102009

Valu

e (U

S$bn

)

Buyout value Exit value Buyout volume Exit volume

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

350

400

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


0

100

200

300

400

500

600

700

800

900


TREND GRAPHS

GLOBAL M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME

GLOBAL M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

13.3%

19.0%

12.9%

12.2%

8.3%

4.3%

6.7%

8.3%

3.5%4.0%

4.1%

0.8% 0.7%

0.2%1.7%

Industrials & Chemicals

Business Services

Consumer

Technology

Financial Services

Pharma, Medical & Biotech

Energy, Mining & Utilities

Media

Leisure

Transportation

Construction

Real Estate

Agriculture

Telecommunications

Defence

3.2%

19.4%

10.0%

5.9%

9.6%13.2%

11.7%

1.7%

6.4%

0.2% 7.7%

1.3%

1.8%

3.6%

4.3%


Business Services

Consumer

Technology

Financial Services



Media

Leisure

Transportation

Construction

Real Estate

Agriculture

Telecommunications

Defence

40.6%

24.0%

32.6%

2.0%0.8%

North America

Europe

Asia-Pacific

Central & South America

Middle East & Africa

34.7%

36.8%

23.7%

2.7%

2.1%

North America

Europe

Asia-Pacific

Central & South America

Middle East & Africa


TREND GRAPHS

GLOBAL M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

Return to contents

80

82

84

86

88

90

92

94

96

98

100

YTD 2015*201420132012201120102009

Perc

enta

ge

89.3% 89.0% 89.2%

1.1% 1.0% 1.0%

4.5% 4.8% 4.7%

90.9%

1.0%

3.9%

3.7% 4.7% 4.7% 4.7%

0.8%0.4% 0.4% 0.5%0.4%

89.2%

1.1%

4.7%

4.5%

89.8%

1.0%

4.3%

4.5%

89.0%

1.1%

4.6%

4.5%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

0.5% 0.5%

0

10

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009

Perc

enta

ge

27.2% 29.9% 29.1%

9.8% 10.1% 9.8%

20.2% 19.0% 19.4%

27.6% 26.1% 27.5%

40.5%

7.9%

16.5%

20.4%

14.7% 15.2% 14.9% 14.2%

44.5%

7.6%

16.5%

20.0%

11.4%

37.4%

8.9%

18.0%

22.7%

13.0%

28.1%

9.9%

18.9%

27.9%

15.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

Merrill DataSiteThe global due diligence platform for every sector in the business landscape

[email protected]

A MERGERMARKET M&A REPORT ON

LATIN AMERICA


February, traditionally a slow month for M&A in Latin America, saw even less action than usual in 2015. There were only seven deals with disclosed values, totalling US$988m in deals for the month. Year-to-date, the region had 50 deals worth US$8.2bn, a 66.9% decrease from the same period last year (148 deals, US$24.8bn).

Private equity activity has also been uninspiring, with only two buyouts worth US$300m and two exits valued at US$212m. Private equity in Latin America, and especially Brazil, should pick up in the following months with very strong fundraising taking place in 2014 compared to the two previous years. With an economic outlook of stagnation in Brazil, companies cannot depend on a strong economy to stimulate demand and instead are looking to strengthen their positions with cost control, better internal process and tighter management, making those companies ideal candidates for a private equity overhaul.

Energy, Mining & Utilities, a sector with a substantial market share in the region and, on average, accounting for 31% of the total activity in Q1 for the past six years, saw its presence decrease to a mere 9% in this quarter, explaining in part, the overall lacklustre performance for the region. The largest deal in the sector in February was Statkraft AS’, the Norway-based state owned generator of renewable energy, acquisition of Empresa Electrica Pilmaiquen, a listed Chile-based hydroelectric power plant company, for a consideration of US$416m. The transaction strengthened Statkraft’s position in Chile and will enable the company to further grow its expanded international hydropower project portfolio.

Currency volatility, falling commodity prices and corruption scandals have made investors somewhat wary of investing in the Energy, Mining & Utilities sector. However, there is still plenty of light at the end of the tunnel. Petrobras, Brazil’s biggest and, until very recently, most prestigious company, recently announced its divestment plan for 2015 and 2016. The company, which had a fall from grace due to a bribery scandal followed by a shocking downgrade of its debt to junk status at the end of February, plans to sell as much as US$13.7bn of its assets by the end of 2016. The new divestment strategy plan hopes to restore market confidence. The company wasn’t very active in 2014, accounting for an aggregate of only US$578m in between acquisitions and divestments in the year- a substantial decrease from 2013 when it participated in over US$9.3bn in transactions, most of which were divestments.


TOP DEALS

LATIN AMERICA

TOP SEVEN* LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (FEB-15)Announced Bidder company Target company Target dominant

sectorSeller company Exit multiples (x) Bid premia

1-day before

Deal value

(US$m) Revenue EBITDA P/E

25-Feb-15 Statkraft AS Empresa Electrica Pilmaiquen SA


- - - - -0.9% 416

09-Feb-15 Tarpon Investimentos SA Abril Educacao SA (20.73% stake)

Business Services

Civita Family - - - 18.6% 240

17-Feb-15 Hamburg Suedamerikanische Dampfschifffahrts-Gesellschaft KG

Compania Chilena Naviera Interoceanica SA (container liner business)

Transportation Compania Chilena Naviera Interoceanica SA

- - - - 160

24-Feb-15 Werthein Group QBE Insurance Group Limited (workers’ compensation business)

Financial Services

QBE Insurance Group Limited

n/a n/a - - 95

02-Feb-15 NH Hotel Group SA Hoteles Royal (80.77% stake) Leisure - - - - - 53

06-Feb-15 Inception Mining Inc Clavo Rico Ltd Energy, Mining & Utilities

- - - - - 17

16-Feb-15 ABS Global Inc In Vitro Brasil SA (51% stake)


- 2.3 - - - 7

*There were only seven deals with a deal value disclosed in Feb-15Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin American/a=not applicable Data correct as of 06-Mar-15

Source: Mergermarket

TREND GRAPHS

LATIN AMERICA Monthly M&A Insider | March | 08

LATIN AMERICAN M&A QUARTERLY TREND

LATIN AMERICAN M&A ANNUAL TREND

LATIN AMERICAN M&A QUARTERLY PRIVATE EQUITY TREND

LATIN AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

Num

ber of deals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

YTD 2015*201420132012201120102009

Valu

e (U

S$m

)


0

10

20

30

40

50

60

70

Num

ber of deals

0

20

40

60

80

100

120

140

160

180

YTD 2015*201420132012201120102009


Valu

e (U

S$bn

)

0

100

200

300

400

500

600

700

800

Valu

e (U

S$m

)

Num

ber of deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


0

5

10

15

20

25

30

Valu

e (U

S$bn

)

Num

ber of deals

0

10

20

30

40

50

60

70

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


0

50

100

150

200

250

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2015

LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

LATIN AMERICA Monthly M&A Insider | March | 09

TREND GRAPHS

VALUE VOLUME

0.1%

1.9%1.2%

22.8%

0.6%

1.2%

10.1%

8.2%7.1%

8.3%

3.8%

1.0%

33.7%


Business Services

Consumer

Technology


Transportation


Construction

Financial Services

Telecommunications

Leisure

Media

Real Estate

10.0%

14.0%

18.0%

4.0%

6.0%

6.0%

8.0% 10.0%

8.0%

4.0%4.0%

4.0%

2.0%2.0%


Business Services

Consumer

Technology


Transportation


Construction

Financial Services

Telecommunications

Leisure

Agriculture

Media

Real Estate

10.0%

42.0%

8.0%

18.0%

4.0%

2.0%

12.0%

2.0%

2.0%Brazil

Chile

Colombia

Ecuador

Honduras

Mexico

Peru

Venezuela

Argentina

7.0%

1.5%2.8%

1.2%1.2%

72.4%

13.9% Brazil

Chile

Colombia

Ecuador

Mexico

Peru

Argentina

LATIN AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly M&A Insider | March | 10

TREND GRAPHS

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009

Perc

enta

ge

85.8% 86.5% 86.7%

6.8% 8.0%6.1% 5.7%

5.3%6.6%

5.5% 6.6%

2.0%0.3% 1.2% 0.9%0.8% 0.3%

86.6%

5.7%

6.8%

88.0%

4.0%

6.0%

85.1%

6.4%

6.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

82.2%

2.0%1.8% 1.1% 0.7% 1.5%

0.8%

0

10

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009

Perc

enta

ge

9.2%

39.2%28.6%

21.7%

10.1%

7.5%

9.6%

10.3%13.8%

36.6%

24.7%

28.5%

33.4%

29.3%

19.0%

18.2%

14.3%

14.8% 14.4% 16.8%

15.8%

45.5%

17.3%

21.4%

8.7%

38.4%

32.5%

20.4%

10.6%

23.0%

32.0%

22.2%

12.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m



NORTH AMERICA

Coming off of a record year for M&A in terms of value, 2015 started off with the US dollar getting stronger and 654 deals worth US$160.7bn in the year-to-date. Private equity deals constituted a third of total deal volume, with 116 exits worth US$21.3bn and 101 buyouts worth US$6.5bn.

The Pharma, Medical & Biotech sector saw the highest deal value so far with 72 deals worth US$46bn. The top deal for February was Pfizer’s US$16.4bn acquisition of Hospira, with Valeant Pharmaceuticals’ acquisition of Salix Pharmaceuticals for US$14.5bn came in as the second largest deal. Rite Aid’s US$2bn acquisition of Envision Pharmaceutical Services rounded out the top ten deals and contributed to the Pharma, Medical & Biotech sector’s market share of 28.7% by deal value for the month. After the trend of tax inversion transactions from last year, this year will reportedly bring more deals where bigger firms shed non-core assets to streamline business. Additionally, the industry will undoubtedly be responding to the Affordable Care Act as physician groups consolidate.

Staples’ US$6.7bn acquisition of Office Depot and JM Smucker Company’s US$5.8bn acquisition of Big Heart Pet Brands in the Consumer sector brought the collective total for the sector in the year to date to 72 deals worth US$17.1bn, a 10.6% market share by value. The Consumer sector will be seeing more deals between strategics since companies with more cash on hand will be looking to acquire companies with which they share synergies. Conversely, continued consolidation in the space could also bring about divestitures of units that offer no synergies.

Low oil prices may have a positive effect on operating costs at mines, especially those which rely on oil fuelled generators. This may be reflected in the Energy, Mining & Utilities sector in the coming months, since decreases in mining costs will allow mining companies to have more cash on hand for acquisitions and consolidation. So far the sector saw 57 deals worth US$32.7bn, with Iberdrola USA’s US$4.7bn acquisition of UIL Holdings breaking into the top deals for the month.

The growing strength of the dollar coupled with corporations and private equity funds’ record amounts of cash on hand are just some of the reasons that the mega deal trend can be expected to continue in North America for 2015. The Pharma, Medical & Biotech sector will be one to watch given the transformation happening in the space, along with the oil and gas industry. While 2014 ended as the strongest year for M&A since the financial crisis, it remains to be seen whether 2015 can sustain these record levels of growth along with stabilised markets and continued confidence in the economy.


TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (FEB-15)Announced Bidder company Target company Target dominant


1-day before

Deal value

(US$m) Revenue EBITDA P/E

05-Feb-15 Pfizer Inc Hospira Inc Pharma, Medical & Biotech

- 3.7 22.7 46.2 38.9% 16,449

22-Feb-15 Valeant Pharmaceuticals International Inc

Salix Pharmaceuticals Ltd Pharma, Medical & Biotech

- 12.8 (negative) (negative) 0.1% 14,500

05-Feb-15 Frontier Communications GTE Southwest Incorporated; Verizon Florida LLC; and Verizon California Inc

Telecommunications Verizon Communications Inc

1.8 6.6 - - 10,540

04-Feb-15 Staples Incorporated Office Depot Inc Consumer 0.4 177.2 (negative) 22.9% 6,734

03-Feb-15 The JM Smucker Company Big Heart Pet Brands Consumer Kohlberg Kravis Roberts & Co LP; Vestar Capital Partners; AlpInvest Partners BV; and Centerview Capital Holdings LLC

- - - - 5,800

26-Feb-15 Iberdrola USA Inc UIL Holdings Corporation Energy, Mining & Utilities

- 2.9 11.7 27.5 24.8% 4,678

06-Feb-15 Harris Corporation Exelis Inc Defense - 1.4 9.3 20.0 34.1% 4,667

23-Feb-15 Asahi Kasei Corporation Polypore International Inc Energy, Mining & Utilities

- 4.1 19.1 79.6 14.3% 2,714

02-Feb-15 SS&C Technologies Holdings Inc

Advent Software Inc Business Services - 6.2 28.4 47.1 5.7% 2,472

11-Feb-15 Rite Aid Corporation Envision Pharmaceutical Services Inc


TPG Capital LP 0.5 - - - 2,000

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being North America (US + Canada) Data correct as of 06-Mar-15


TREND GRAPHS

NORTH AMERICA Monthly M&A Insider | March | 13

NORTH AMERICAN M&A QUARTERLY TREND

NORTH AMERICAN M&A ANNUAL TREND

NORTH AMERICAN M&A QUARTERLY PRIVATE EQUITY TREND

NORTH AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

500

YTD 2015*201420132012201120102009


0

200

400

600

800

1,000

1,200

Valu

e (U

S$bn

)

Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

YTD 2015*201420132012201120102009


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


0

50

100

150

200

250

300

350

Valu

e (U

S$bn

)

Num

ber of deals

0

100

200

300

400

500

600

700

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


0

200

400

600

800

1,000

1,200

1,400

1,600

Monthly M&A Insider | March | 14NORTH AMERICA

NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2015

VALUE VOLUME

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

TREND GRAPHS

Return to contents

75

80

85

90

95

100

YTD 2015*201420132012201120102009

Perc

enta

ge

91.1%

87.6% 87.6% 87.2%

1.0% 1.1% 1.4% 1.4%

3.8%

5.2% 5.4%5.0%

3.4%5.5% 4.9% 5.9%

0.7% 0.6% 0.6%

1.2%

0.5%

90.0%

1.2%

4.1%

3.5%

0.9%

87.4%

1.4%

5.0%

5.3%

0.7%

88.6%

1.1%

4.4%

5.3%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

0

10

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009

Perc

enta

ge

58.7%

5.4%

13.2%

13.2%

9.5%

31.7%

9.9%

27.6%

17.8%

13.0%

37.2%

9.0%

20.8%

20.9%

12.1%

32.1%

8.2%

27.4%

21.2%

11.1%

47.7%

16.6%

9.1%

6.7%

19.9%

53.6%

17.0%

9.8%

6.0%

13.6%

41.3%

7.4%

24.2%

15.9%

11.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

16.2%

15.9%

12.4%

11.0%

11.0%

10.1%

8.7%

4.7%

2.9%

2.3%

0.5%0.6% 0.3%

0.3%

3.1% Industrials & Chemicals

Business Services

Technology

Consumer


Financial Services


Media

Transportation

Leisure

Construction

Real Estate

Telecommunications

Agriculture

Defence

13.2%

4.8%

2.4%

10.6%

28.6%

4.9%

20.3%

2.9%0.1%

0.1% 1.5%6.6%

1.3%

1.3%

1.4%Industrials & Chemicals

Business Services

Technology

Consumer


Financial Services


Media

Transportation

Leisure

Construction

Real Estate

Telecommunications

Agriculture

Defence



ASIA-PACIFIC

Despite the announcement by Chinese Premiere Li Keqiang that the Chinese government had revised its growth target down to around 7%, the largest economy in Asia still led the way for February deal volume. The 73 deals represented 34.3% of the overall M&A market at a value of US$13.9bn. The largest deal to take place was the Sunac China Holdings Ltd US$3.9bn bid for a 70.1% stake in Kaisa Group Holdings Ltd in the real estate sector.

February was also a good month for Australian M&A with 29 deals worth US$15.5bn, the largest value share at 33.8%. This was, in part, driven by the two largest M&A deals of February: Federation Centers’ US$8.2bn deal for real estate company Novian Property Group; and Japan Post Holdings’ US$6.3bn deal for Toll Holdings Ltd in the transportation sector. Inbound activity could see an uptick in the coming months following the establishment of several free trade agreements between Australia and its regional neighbours.

Japan had the second largest number of deals with 33 transactions (15.5% of regional deal volume) worth US$1.9bn (4.1% of value). While inbound investment continues to be lacklustre, Japan’s outbound story is one of interest. Acquisitive Japanese companies continue to make ambitious forays into foreign markets, and outbound deal values were up 9% to reach US$53.2bn in 2014 compared to the previous year. Industry experts remain positive on this trend as 2015 unfolds. Outbound deals are being driven by the appeal of strong consumer segments in Indonesia, India, Myanmar, Thailand and Singapore.

Two mega deals involving Sunac China Holdings Ltd in China and Federations Centers in Australia ensured that the real estate sector saw the highest value activity at US$13.8bn (30% of regional activity). The transportation sector, also aided by high-value transactions in Australia, accounted for 21.2% of regional activity at a total value of US$9.7bn.

Private equity buyouts continue to paint a solid picture for investors across Asia-Pacific after a record breaking year in 2014. Last year, there were 564 PE-backed deals valued at US$108bn compared to 454 deals valued at US$76bn the year prior. So far in 2015, YTD figures underline a more tentative start to the year. The total buyout value is US$7.5bn from 38 buyouts. This appears to be a solid return compared to the quarterly totals for Q1 2014, where buyout values totalled US$19.7bn from 88 deals across the region.

The wave of acquisitions across Asia-Pacific from 2014 is showing no signs of slowing down anytime soon. At the close of February, M&A across the region hit 213 deals worth US$45.9bn. Year-to-date (YTD) figures show that Q1 has already surpassed figures for the full first quarter in 2014, exhibited by the US$137.2bn in transactions against US$123.6bn in Q1 2014.

TOP DEALS

Monthly M&A Insider | March | 16ASIA-PACIFIC

TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF THE MONTH (FEB-15)Announced Bidder company Target company Target dominant


1-day before

Deal value

(US$m)Revenue EBITDA P/E

03-Feb-15 Federation Centres Novion Property Group Real Estate - 13.98 19.93 18.75 9.9% 8,184

18-Feb-15 Japan Post Holdings Co Ltd Toll Holdings Limited Transportation - 0.91 11.30 22.00 48.7% 6,283

06-Feb-15 Sunac China Holdings Limited

Kaisa Group Holdings Ltd (70.06% stake)

Real Estate - n/a n/a n/a 13.2% 3,870

14-Feb-15 Consortium led by Mr Dilip Shanghvi

Suzlon Energy Limited Energy - 1.28 n/a n/a -2.4% 2,847

12-Feb-15 Harim Holdings Co Ltd; and JKL Partners

Pan Ocean Co Ltd (59.88% stake)

Transportation - n/a n/a n/a -3.7% 2,169

17-Feb-15 Kintetsu World Express Inc APL Logistics Limited Transportation Neptune Orient Lines Limited

- - - - 1,200

17-Feb-15 Anbang Insurance Group Co Ltd

Tong Yang Life Insurance Co Ltd (63.05% stake)

Financial Services

Yuanta Securities Korea Co Ltd; and Vogo Investment

n/a n/a n/a 45.3% 1,032

13-Feb-15 China Orient Asset Management Corporation

Shanghai Zendai Property Limited

Real Estate - n/a n/a n/a 9.3% 983

13-Feb-15 China Steel Corporation Formosa Ha Tinh Steel Corp (20% stake)

Industrial products and services

- - - - - 939

02-Feb-15 Mylan Inc Famy Care Ltd (certain female healthcare businesses)


Famy Care Ltd - - - - 750

n/a=not applicable Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Asia-Pacific Data correct as of 09-Mar-15


TREND GRAPHS


ASIA-PACIFIC M&A QUARTERLY TREND

ASIA-PACIFIC M&A ANNUAL TREND

ASIA-PACIFIC M&A QUARTERLY PRIVATE EQUITY TREND

ASIA-PACIFIC M&A ANNUAL PRIVATE EQUITY TREND

ASIA-PACIFIC

Valu

e (U

S$bn

)

Num

ber of deals

0

100

200

300

400

500

600

700

YTD 2015*201420132012201120102009


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Valu

e (U

S$bn

)

Num

ber of deals

0

10

20

30

40

50

60

70

80

YTD 2015*201420132012201120102009


0

50

100

150

200

250

300

350

400

450

Valu

e (U

S$bn

)

Num

ber of deals

0

5

10

15

20

25

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

0

20

40

60

80

100

120

0

20

40

60

80

100

120


Valu

e (U

S$bn

)

Num

ber of deals

0

20

40

60

80

100

120

140

160

180

200

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

ASIA-PACIFIC M&A SECTOR BREAKDOWN YTD 2015

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME

VALUE VOLUME


TREND GRAPHS


Technology

Business Services

Consumer



Financial Services

Transportation

Media

Real Estate

Construction

Leisure

Agriculture

Other

12.5%

33.8%

8.1%7.7%

7.5%

6.4%

6.1%

3.2%

5.9%

3.4%

2.5%1.4%

0.4%

1.1%

14.2%

19.6%

10.6%

10.0%7.7%

7.1%

6.2%

5.3%

5.1%

3.8%

3.8%3.8%

2.0%0.4%

0.4%


Technology

Business Services

Consumer



Financial Services

Transportation

Media

Real Estate

Construction

Leisure

Agriculture

Telecommunications

Other

41.9%

9.1%

9.7%

6.0%

2.4%

3.3%

1.1%

11.3%

1.5% 8.8% 4.9%Hong Kong

China

Australia

India

South Korea

Singapore

Thailand

Japan

Vietnam

Indonesia

Other

39.5%

29.0%

11.7%

7.1%

3.1%3.5%

1.6%1.8%

0.7%0.6%

1.4%

Hong Kong

China

Australia

India

South Korea

Singapore

Thailand

Japan

Vietnam

Indonesia

Other


ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009

Perc

enta

ge

13.7%

34.5%

13.3%

15.2%

23.3%9.2%

18.1%

44.5%

15.2%

13.0%

12.8%

27.6%

22.1%

14.8%

22.7%

19.9%13.5%

24.0% 20.5%

11.3% 11.3% 12.1% 12.3%

30.3% 26.6% 29.7% 28.8%

17.0% 26.6%13.6% 16.5%

22.0% 20.6% 21.9%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

21.5%

75

80

85

90

95

100

YTD 2015*201420132012201120102009

Perc

enta

ge

0.3%0.4%

87.8% 88.7% 87.7% 88.5%

1.0% 1.4% 0.8% 0.9%

5.4%5.2%

5.9%5.6%

5.4% 4.4% 5.2% 4.7%

0.4% 0.3%0.9%

0.3%

87.9%

5.7%

0.7%

5.4%

83.7%

7.7%

1.5%

6.2%

0.3%

87.8%

6.0%

0.8%

5.1%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m



EUROPE

Europe’s M&A activity in the first two months of 2015 was 16% down on the same period last year – US$100.9bn worth of deals targeting Europe-based companies were agreed during January and February 2015, against US$120.2bn the year before. Volume too declined year-on-year, from 1,078 transactions in 2014 to 705 so far this year, a 34.6% contraction. On a monthly basis, January saw a substantial 41.3% drop, whilst February was 11.75% higher.

Coincidentally, 24 transactions above 1bn were signed by the end of February in both 2014 and 2015. The largest transaction year-to-date (YTD) was BT group’s US$19bn acquisition of mobile carrier EE’s, which enables the UK telecoms player to re-enter the mobile segment while taking another step towards the developing of its bundle ‘quad’ offer of phone, internet and TV services. The deal also propelled the Telecommunications sector to the top spot value-wise at US$19.1bn (18.9% of the total sectors pie), although with as few as four transactions.

Ball Corporation’s tender offer for UK-listed Rexam was the second largest deal at nearly US$8.6bn. The combination of the US-listed packaging products specialist with its UK counterpart will create a global leader in metal beverage packaging, the company said in a press release. On the back of this transaction, the consumer sector came in second YTD, with a total of 118 deals valued at US$13.3bn (13.1% of the total).

Financial Services was the third most active sector YTD (US$11.7bn on 53 deals), followed by Industrials & Chemicals (US$11.6bn; 159), and Construction (US$9.2bn; 28).

Being the target geography of the two largest deals listed above, the UK was also the dominant country by value – US$50.8bn of deals were announced YTD, of which the two transactions accounted for more than half. The country covered 50.3% of total European M&A activity by value, against 22.6% by volume (159 transactions). Germany, Italy, and France were also among the top-four geographies by value, with US$8.4bn, US$7.4bn, and US$6bn worth of deals respectively.

Italy was the country with the least number of transactions among the top four (58, against 104 for Germany and 87 for France). Its position so high in the list is due mainly to the presence of three operations above the 1bn threshold – listed EI Tower’s US$1.5bn bid for peer Rai Way; US-based Cyberonics’s US$1.5bn merger with Sorin Group; and Hitachi’s acquisition of Ansaldo’s rail equipment business for US$1.9bn.

Private equity buyouts activity was rather subdued so far in 2015, with only 115 transactions worth US$9.8bn. Exits stood at US$17.6bn and 122 deals.

TOP DEALS

Monthly M&A Insider | March | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (FEB-15)Announced Bidder company Target company Target dominant


1-day before

Deal value


05-Feb-15 BT Group plc EE Limited Telecommunications Orange SA; and Deutsche Telekom AG

2.0 12.1 - - 19,048

19-Feb-15 Ball Corporation Rexam Plc Consumer 1.4 10.2 12.4 16.9% 8,547

02-Feb-15 CRH Plc Holcim Ltd and Lafarge SA (certain assets)

Construction Lafarge SA; and Holcim Ltd

1.3 8.7 - - 7,359

16-Feb-15 Deutsche Wohnen AG Conwert Immobilien Invest SE

Real Estate - - - - 4.8% 3,095

10-Feb-15 Canon Inc Axis AB Technology - 4.2 29.2 43.4 49.8% 2,757

20-Feb-15 Fonciere des Regions SA Fonciere des Murs SCA (23.8% stake)

Real Estate Assicurazioni Generali SpA; and Credit Mutuel

- - - -7.6% 2,018

03-Feb-15 Arkema Group SA Bostik SA Industrials & Chemicals

Total SA 1.1 - - - 1,980

23-Feb-15 Globe Specialty Metals Inc Grupo Ferroatlantica SL Industrials & Chemicals

Grupo Villar Mir SL 1.6 11.9 - 1,953

17-Feb-15 Fairfax Financial Holdings Limited

Brit PLC Financial Services - - - - 11.2% 1,879

24-Feb-15 Hitachi Ltd Ansaldo STS SpA Transportation Finmeccanica SpA 1.3 - - 9.2% 1,854

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Europe Data correct as of 06-Mar-15


TREND GRAPHS


EUROPEAN M&A ANNUAL TREND EUROPEAN M&A ANNUAL PRIVATE EQUITY TREND

EUROPEAN M&A QUARTERLY PRIVATE EQUITY TREND

EUROPEAN M&A QUARTERLY TREND

EUROPE

Valu

e (U

S$bn

)

Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600

YTD 2015*201420132012201120102009


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Num

ber of deals

0

50

100

150

200

250

300

YTD 2015*201420132012201120102009


Valu

e (U

S$bn

)

0

200

400

600

800

1,000

1,200

1,400

1,600

Valu

e (U

S$bn

)

Num

ber of deals

0

20

40

60

80

100

120

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

0

50

100

150

200

250

300

350

400

450


Num

ber of deals

0

100

200

300

400

500

600

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


Valu

e (U

S$bn

)

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000


EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

EUROPE

EUROPEAN M&A SECTOR BREAKDOWN YTD 2015

12.8%10.9%

16.7%

7.5%

7.1%

5.5%

3.7%

4.0%

3.5%3.3%

1.4%0.6% 0.3%

0.1%


Consumer

Business Services

Technology

Financial Services


Leisure

Construction

Transportation

Media


Real Estate

Telecommunications

Agriculture

Defence

1.8%

8.3%

13.1%

11.5%3.9%3.3%

3.5%

9.1%

2.9%

4.9%

19.1%

6.5%

0.7%


Consumer

Business Services

Technology

Financial Services


Leisure

Construction

Transportation

Media


Real Estate

Telecommunications

Defence

14.8%

22.6%

8.2%12.3%

1.6%

4.7%

2.1%

2.4%

4.7%

2.4%

0.6%

1.4%2.1%

13.0%

4.0%

3.1%

UK

Germany

Italy

France

Switzerland

Spain

Austria

Sweden

Belgium

Russia

Czech Republic

Portugal

Republic of Ireland

Netherlands

Turkey

Other

50.4%

7.3%

8.3%

5.3%

5.9%

4.2%

3.2%

1.8%1.5%

2.4%

1.2%1.3%

3.5%

1.0%0.7%

2.0%

UK

Germany

Italy

France

Switzerland

Spain

Austria

Sweden

Belgium

Russia

Czech Republic

Portugal

Republic of Ireland

Netherlands

Turkey

Other

Monthly M&A Insider | March | 24EUROPE

TREND GRAPHS

EUROPEAN M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009

Perc

enta

ge

33.6%28.5% 26.6%

33.9%

8.4% 9.0% 9.8% 9.5%

21.0%29.3% 28.8%

25.3%

20.7%18.6% 20.4%

18.6%

16.3% 14.6% 14.4% 12.7%

22.0%

10.3%

27.3%

25.7%

14.7%

34.7%

8.8%

31.7%

14.5%

10.3%

33.8%

9.1%

23.4%

21.6%

12.1%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2015*201420132012201120102009

Perc

enta

ge

93.1% 91.9%91.1% 91.7%

0.9% 0.7% 0.9% 0.8%

2.9%3.3%

3.6%3.7%

2.7% 3.8% 4.0%3.5%

91.2%

0.7%

3.4%

4.3%

0.4% 0.4%

91.7%

1.0%

3.5%

3.4%

0.4%0.4%

92.5%

0.9%

3.2%

3.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

0.3% 0.3% 0.2%



THE MIDDLE EAST & AFRICAOverall, February has seen an increase in the number of deals announced. There were 22 deals announced in February with a deal value worth US$1.4bn in comparison to the 18 deals announced in January worth US$1.9bn. Although February has seen a decrease of 27.6% in the total deal value of announced deals, it is worth paying attention to the 22.2% rise in the number of deals which perhaps reflects investor confidence slowly returning to the region.

The sector with both the highest volume and value of deals for February came from the Energy, Mining & Utilities sector, with five deals valued at US$665.7m – a trend which keeps the sector as the regions ongoing top performer in terms of deal value since 2011. Technology, a sector which has previously been quite subdued within the region, came second in terms of deal value with three deals totalling US$449.7m for February.

In correlation with February’s top sector, the largest two deals of the month came from the Energy, Mining & Utilities sector. The top deal came from Seplat Petroleum Development Company, the listed Nigeria-based company engaged in providing oil and gas exploration and production services that acquired a 40% working interest in OML 53 for a consideration of US$259.4m. OML 53 is a Nigeria-based oil field located onshore in north eastern Niger Delta from Chevron Nigeria Limited – who will still hold the remaining 60% interest in OML 53. The deal comes as part of Seplat’s strategy of “supplying the rapidly growing and evolving domestic market” as stated by their CEO, Austin Avuru.

The second largest deal came from Norfund and CDC’s formed partnership to take direct ownership and control of Globeleq Africa, a South African energy production company. Through the partnership, Norfund, the Norway-based private equity and venture capital firm, will acquire a significant minority stake (30%) in Globeleq Africa from the Actis Infrastructure 2 Fund for a cash consideration of approximately US$225m. CDC Group Plc, the UK-based investment firm headquartered in London, already holds a major indirect investment in Globeleq Africa via the Actis fund, which will concurrently sell a small part of its holding to Norfund and transfer its remaining 70% stake into the new venture. The result of this agreement is a direct ownership of Globeleq Africa by Norfund and CDC at 30% and 70% shareholdings respectively.

The transaction will enable CDC and Norfund to focus their activities in sub-Saharan Africa, and help to develop more power plants in Africa in order to alleviate the critical shortage of reliable electricity. Norfund Chief Executive, Kjell Roland is quoted as saying “inadequate and unreliable power supply is a major constraint on economic and social development in sub-Saharan Africa” and that “this investment will expand Norfund’s presence in African power markets and widen our technology choice.”

According to the February data on private equity buyouts, this month’s volume has increased considerably compared to January which had only one transaction compared to the five buyouts for February worth US$264m. The private equity exits were worth US$425m in February, which is a significant increase relative to the US$176m for January considering each month had three exits.

In continuation with January, Israel maintains its position in the region at the top in terms of deal value at US$489.1m, although noticeably losing ground with its share of total value reducing from January’s 74.1% to 35.7% in February. Nigeria closely followed with a total value share of 28.6%, noting however that this came from only two deals, in comparison with Israel’s six. Together the two countries accounted for over half of the regions deal value.

According to a report published at the end of February by The African Private Equity and Venture Capital Association, the outlook for private equity in Africa looks extremely positive for 2015. Private Equity investment is forecasted to grow towards the consumer sector as well as infrastructure, real estate and energy. Within the Middle East, Israel stands out with two thirds of the exits listed this month attributed to them.

TOP DEALS

Monthly M&A Insider | March | 26MIDDLE EAST & AFRICA

TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF THE MONTH (FEB-15)Announced Bidder company Target company Target

dominant sector

Seller company Exit multiples (x) Bid premia 1-day before

Deal value


05-Feb-15 Seplat Petroleum Development Company Plc

OML 53 (40% stake) Energy, Mining & Utilities

Chevron Nigeria Limited - - - - 259

03-Feb-15 Norfund AS Globeleq South Africa Management Services Pty Ltd (30% stake)


Actis LLP - - - - 225

16-Feb-15 Infosys Limited Panaya Ltd Technology Benchmark Capital; Battery Ventures; and Hasso Plattner Ventures Management GmbH

- - - - 200

11-Feb-15 Bezeq The Israeli Telecom Corp Ltd

DBS Satellite Services (1998) Ltd (50.2% stake)

Media Eurocom Communications Ltd

- - - - 175

11-Feb-15 Rocket Internet AG Talabat Technology - - - - - 170

05-Feb-15 Seplat Petroleum Development Company Plc

OML 55 (22.5% stake) Energy, Mining & Utilities

Chevron Nigeria Limited - - - - 132

18-Feb-15 Check Point Software Technologies Ltd

Hyperwise Technology - - - - - 80

04-Feb-15 Heaven-Sent Capital Management Group Co Ltd

Village Main Reef Limited Energy, Mining & Utilities

- 0.3 1.3 62.2 14.9% 39

09-Feb-15 JamesAllen.com Segoma Consumer - - - - - 18

23-Feb-15 Global EcoPower SA Nova Power Group Construction - - - - - 15

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Middle East or Africa Data correct as of 06-Mar-15


TREND GRAPHS


MIDDLE EASTERN & AFRICAN M&A QUARTERLY TREND

MIDDLE EASTERN & AFRICAN M&A QUARTERLY PRIVATE EQUITY TREND

MIDDLE EASTERN & AFRICAN M&A ANNUAL TREND

MIDDLE EASTERN & AFRICAN M&A ANNUAL PRIVATE EQUITY TREND

Valu

e (U

S$bn

)

Num

ber of deals

0

10

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009


0

100

200

300

400

500

600

Valu

e (U

S$bn

)

Num

ber of deals

0

2

4

6

8

10

12

14

YTD 2015*201420132012201120102009


0

10

20

30

40

50

60

70

Valu

e (U

S$m

)

Num

ber of deals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


0

5

10

15

20

25

Valu

e (U

S$m

)

Num

ber of deals

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q115*

Q414

Q314

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109


0

20

40

60

80

100

120

140

160


MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2015

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2015

VALUE VOLUME

VALUE VOLUME

TREND GRAPHS

6.4%

1.2%

1.8%

57.6%

21.6%

5.9%

5.5%Energy, Mining & Utilities

Consumer

Technology

Financial Services

Transportation

Media

Other15.0%

15.0%

20.0%

5.0%

10.0%

7.5%

27.5%


Consumer

Technology

Financial Services

Transportation

Media

Other

27.5%

5.0%

5.0%

5.0%

2.5%

22.5%

32.5%

Israel

South Africa

Nigeria

Kenya

Saudi Arabia

Kuwait

Other

58.0%

16.3%

5.2%

2.1%

1.5%

12.0%

4.9%Israel

South Africa

Nigeria

Kenya

Saudi Arabia

Kuwait

Other


MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN YTD 2015

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009

Perc

enta

ge

47.3% 45.1% 46.4% 44.0%

4.0%5.6% 6.1% 4.8%

13.0%10.3% 11.3% 12.5%

32.4% 33.1% 29.0% 31.0%

3.3% 5.9% 7.2% 7.7%

55.0%

4.3%

9.2%

25.8%

5.7%

50.0%

22.5%

22.5%

2.5%

2.5%

49.8%

11.8%

27.7%

4.8%5.9%

US$0-US$14.9m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2015*201420132012201120102009

Perc

enta

ge

53.1%

68.0%58.3%

64.8%

12.9% 9.0% 9.2% 8.3%

13.2%

12.6%

14.1% 13.7%

29.6%

11.2%

7.9%

49.0%

58.9%

8.7%

16.2%

15.1%

19.2%

9.4%

17.1%12.3%

1.0% 1.3% 0.9%

72.2%

6.5%

10.0%

10.3%

US$0-US$14.9m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

1.6% 1.0% 1.1% 2.3%

THE GLOBAL DUE DILIGENCE PLATFORM

anywhere in the world

Languages spoken by project managers

PROJECT

MANAGEMENT

SUPPORT

More than 825 millionpages loaded

= 1m pages

825

million4446Virtual data rooms opened worldwidelast year

= 25 VDRs

PROVIDED

FROM

GLOBAL

LOCATIONS

LOCAL

SUPPORT

[email protected]

www.datasite.com

continentsmillion

unique visitors

OFFICES IN

Supporting deals in the top sectors


MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENTEd BifulkPresident Tel: +1 212 229 6563

EXECUTIVE SALESAnna ScottRegional Director, UK Tel: +44 (0) 207 422 6263

Chris BeckmannRegional Director, Germany, Switzerland & Poland Tel: +49 69 244 321 480

Martin AlamriRegional Director, Germany Tel: +49 69 244 321 471

Jérôme PottierRegional Director, France, Luxembourg & Switzerland Tel: +33 1 40 06 13 12

Paul VictoorRegional Director, France Tel: +33 1 40 06 13 02

Hakema El-HadadRegional Director, France & Northern Africa Tel: +33 1 40 06 13 10

Sean DaintyRegional Director, UK Tel: +44 (0) 787157 61142

Mike HinchliffeRegional Director, Europe Tel: +44 (0) 207 422 6256

Bryan BrightonRegional Director, Europe Tel: +44 (0) 207 422 6212

Adam PangRegional Director, Europe Tel: +44 (0) 207 422 6268

Merlin J. PiscitelliRegional Director, Europe Tel: +44 (0) 207 422 6266

Mary WalshRegional Director, Europe Tel: +44 (0) 207 422 6270

Jonathan HughesRegional Director, Europe Tel: +44 (0) 207 422 6267

Laura SmithAccount Manager, Nordics & UK Tel: +44 (0) 207 422 6271

Nertila AsaniAccount Manager, UK & Africa Tel: +44 (0) 207 422 6272

Alex GrossRegional Director, Eastern Europe & Middle East Tel: +49 69 7593 7148

Alvaro OrtegaRegional Director, Southern Europe Tel: +39 27 6362314 Tel: +34 91 7691022

David HaynesRegional Director, Asia-Pacific Tel: +852 2536 2288

Desmond ChuaRegional Director, South East Asia Tel: +65 6653 1666

Chhin LeeRegional Director, Asia-Pacific Tel: +852 5686 5803

Harry PolousCovering Director, Australia & New Zealand Tel: +1 212 229 6607

Manuel BentosinosRegional Director, Mexico, Columbia & Caribbean Tel: +52 55 9171 2237

Ana Paula Macêdo Távora de CastroVice President, South America Tel: +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director, Brazil Tel: +55 11 3568 2429

Brian GilbreathVice President, Midwest & Latin America Tel: +1 404 934 8085

Hank GregorySVP, Western Canada & Pacific Northwest Tel: + 604 603 4360

Todd CaveNorthern California, Pacific Northwest & Western Canada Tel: +1 651 632 4369

Ryan MacMillanRegional Director, Canada Tel: +1 416 214 2448

Michael KennedyRegional Director, New England Tel: +1 207 829 4369

Carla RainhoRegional Director, Boston Tel: +1 617 535 1647

Ross WhittakerRegional Director, New England Tel: +1 617.535.1516

Scott RedikerRegional Director, Mid Atlantic Tel: +1 443 690 3122

Forrest R. DoaneRegional Director, New York Tel: +1 212 229 6620

Bill PoleseRegional Director, New York +1 212 229 6612

John McElroneRegional Director, New York Tel: +1 212 229 6656

Joseph SolanoRegional Director, New York Tel: +1 212 229 6576

Meiken CastilloRegional Director, New York Tel: +1 212 229 6879

Dana FennesseyRegional Director, New York Tel: +1 212 229 6681

Steve PicconeVice President, New York Tel: +1 212 229 6883

Hillary PryorRegional Director, Mid Atlantic Tel: +1 212 367 5924

Paul KleinkaufRegional Director, Southeast Tel: +1 404 602 3251

Colin SchopbachRegional Director, Southeast Tel: +1 404 796 1478

Michail SidorovRegional Director, Ohio & Michigan Tel: +1 216 333 1274

Scott HaugenRegional Director, Minnesota & Wisconsin Tel: +1 651 632 4375

Anthony CrosbyRegional Director, Chicago Tel: +1 312 674 6511

Mark PlaehnRegional Director, Chicago Tel: +1 312 674 6527

Kelly-Leigh KeefeRegional Director, Chicago Tel: +1 312 386 2229

Ted SengpielRegional Director, Missouri, Kansas, Nebraska & Iowa Tel: +1 314 315 2909

Nicholas RenterRegional Director, Texas Tel: +1 214 754 2100

Angela PedersenAccount Executive, Greater Texas Region Tel: + 651 632 4394

Andrew BuonincontroRegional Director, Bay Area Tel: +1 650 493 1400

Erik SandieRegional Director, Bay Area Tel: +1 650 493 1400

Jay LoyolaRegional Director, Bay Area Tel: +1 949 622 0663

Dan PhelanRegional Director, Los Angeles Tel: +1 213 253 2139

Aleshia HlivkaAccount Executive, California Tel: +1 651 632 4967

The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.

Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.

Deals are included in the graphs and Top Deals in each section based on the dominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

Mid-market is defined as US$10m - US$250m.

*Q1 2015 refers to the period 01-Jan-15 to 28-Feb-15. *YTD 2015 refers to the period 01-Jan-15 to 28-Feb-15.

For a full version of the mergermarket M&A deal database inclusion and league table criteria, go to http://www.mergermarket.com/pdf/deal_criteria.pdf.

Remark, the events and publications arm of The Mergermarket group, offers a range of publishing, research and events services that enable clients to enhance their own profile, and to develop new business opportunities with their target audience.

Part of The Mergermarket Group

www.mergermarket.comUSA: 330 Hudson Street, 4th Floor, New York, NY 10013, USA

t: +1 212 686-3329 f: +1 212 686-2664 [email protected]

United Kingdom: 80 Strand, London WC2R 0RL, United Kingdom

t: +44 (0)20 7059 6100 f: +44 (0)20 7059 6101 [email protected]

Hong Kong: Suite 2401-3, Grand Millennium Plaza, 181 Queen’s Road, Central, Hong Kong

t: +852 2158 9700 f: +852 2158 9701 [email protected]

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financial, investment, legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any investment or other decision or action that may affect you or your business. Before taking any such decision, you should consult a qualified professional adviser. While reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither Merrill DataSite nor Mergermarket nor any of its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at the user’s risk.

Documents

Monthly M&A Insider March 2015 · their M&A plans. Financial research firm Factset said that the balance of cash and short-term investments in S&P 500 companies reached a record-high