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8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 135
A MERGERMARKET REPORT ON GLOBAL MampA ACTIVITY
MONTHLY MampA INSIDERMAY 2013
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 235
Monthly MampA Insider | May
INSIDE
GLOBAL OVERVIEW
LATIN AMERICA
NORTH AMERICA
ASIAPACIFIC
EUROPE
MIDDLE EAST amp AFRICA
ABOUT MERRILL DATASITE amp MERRILL CORPORATION
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 335
GLOBAL OVERVIEW
Monthly MampA Insider | May | 01
In April 2013 dealmaking figures continued to disappoint Deal volume dropped 33 YoY to 721deals while collective value decreased by 30 to US$1357bn Across several sectors the upperend of the market was busy enough to sustain deal value as activity in the middle and lower endof the market faltered
Innovation in Pharmaceuticals Medicalamp Biotech
The Pharmaceuticals Medical amp Biotech sector saw a fall in
deal volume of 29 YoY to 53 deals while value rose 28 YoYto US$289bn in April The sector as a whole seems primed for
activity with sizeable pharmaceutical companies looking to tap
into the ingenuity and specialisation of smaller biotech firms
One blockbuster deal was behind this jump Thermo Fisher
Scientificrsquos announced US$15bn takeover of Life Technologies
Corp both based in Delaware The deal will give Thermo Fisher
Scientific a foothold in genetic sequencing a segment that has
become particularly important as the genetic factors underlying
illnesses are being identified more frequently than ever before
Expansion drives Consumer sector growth
Consumer deals similarly witnessed a spike in value ndash up26 YoY to US$344bn in the month ndash while volume dropped
31 to 99 deals over the same period The biggest deals
were generated by trade players looking to consolidate their
market positions for the long-term Joh A Benckiser the
Dutch holding company focusing on consumer goods made
public its plans to acquire a majority stake in Netherlands-
based coffee and tea company DE Master Blenders for
US$86bn For Joh A Benckiser this deal follows the
acquisitions of US-based Peets Coffee and Tea and the
Caribou Coffee Company as it attempts to become a major
player on the global coffee scene
In a more controversial move Anglo-Dutch personal care giant
Unilever has announced a US$54bn purchase of a 225 stake in
Hindustan Unilever increasing its already majority share to 75
The deal has attracted criticism from several angles as many of
Unileverrsquos shareholders believe the offer egregiously overvaluesthe Mumbai-headquartered company while Hindustan Unileverrsquos
minority stakeholders believe that the current price undervalues
the company based on its projected future earnings But the
deal seems to be more about control than earnings Indiarsquos
Companies Bill passed through the lower house of the Indian
parliament in late 2012 strengthens the hand of minority
shareholders Unilever may be trying to avoid future squabbles
by increasing its share of Hindustan Unilever now
Private equity interest in Technology businesses
Technology MampA activity has been hit harder than the
Pharmaceuticals Medical amp Biotech or Consumer sectors
While value increased by a negligible 02 YoY to US$93bn
volume nearly halved plummeting to 65 deals in April Valuersquos
ability to stay level (although uninspiring in itself) is thanks to
a handful of large-cap transactions This past month private
equity firms were particularly interested in launching large-
cap technology buyouts For instance a consortium comprised
of Bain Capital Golden Gate Capital GIC Special Investments
and Insight Venture Partners announced plans to take data
management company BMC Software private for US$67bn
The deal will help BMC enter a period of re-invention and
development particularly regarding its cloud capabilities
without being beholden to shareholder pressures
Head of Research Elias Latsis
Editor Laura Resetar
For advertising opportunities contactErik Wickman Tel + (1) 212 686 3329 erikwickmanmergermarketcom
Global overview Kristina Thompson and Fabio Lopes
Latin America Ashley Klepach and Daniel Bratkowski
North America Urna Chakraborty and Dan Kim
Asia-Pacific Samuel Wong and Brandon Taylor
Europe Alan Nasrat Lucia Costa and Alicia Molina
Middle East amp Africa Silvia Paparello and Vinjeru Mkandawire
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 435
TREND GRAPHS
GLOBAL OVERVIEW Monthly MampA Insider | May | 02
GLOBAL MampA QUARTERLY TREND GLOBAL MampA QUARTERLY PRIVATE EQUITY TREND
GLOBAL MampA ANNUAL TREND GLOBAL MampA ANNUAL PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
200
400
600
800
1000
1200
1400
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
3500
4000
4500
N u
m b er of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
N u
m b er of d e al s
0
100
200
300
400
500
600
700
800
900
YTD 2013201220112010200920082007
V a l u e
( U S $ b
n )
Buyout value Exit value Buyout volume Exit volume
0
500
1000
1500
2000
2500
3000
3500
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
300
350
400
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
100
200
300
400
500
600
700
800
900
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535
GLOBAL OVERVIEW Monthly MampA Insider | May | 03
TREND GRAPHS
253
46
79
103100
213
69
16
07 33
12
47
16 0304
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
137
112
208
96
90
83
73
42
37
33
28
2817 12
04
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
243
393
310
1540
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
268
399
267
2343
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
GLOBAL MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635
GLOBAL OVERVIEW Monthly MampA Insider | May | 04
TREND GRAPHS
GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
396420
405
274300 294
79 89 79 97 101 96
170153 165
204
191 197
230 193 205
275262 275
125 145 146 150 146 137
275
93
218
270
143
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
874
901 909893 888 890
13 09 10 11 11 11
51
46 39
4548 47
55
38 3747 48 48
07 06 05 04 05 04
900
11
41
45
03
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735
wwwdatasitecom
Close your cross border deal in confidence with the worldrsquos leading virtual data room
Cross border MampA is becoming an essential growth strategy with more and more companies
expanding their geographic scope and presence with cross border acquisitions But the successful
close of an international deal is dependent on expertise Merrill DataSite brings over a decade of
experience to your transaction with its award winning technology and systems infrastructure that
operates 247365 Stakeholders all around the world can upload and access deal information inreal time on an easy to use platform available in nine different languages Our multilingual customer
support team works around the clock speaks 27 languages and is there when you need them no
matter where you are
Choose Merrill DataSite - the smart simple secure global partner in your cross border deal
To find out more or to arrange a demonstration of our VDR solution
call +44 (0)845 602 6916 email us at infodatasitecom or visit wwwdatasitecom today
Navigate your dealwith Merrill DataSite
Lost in
Transaction
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835
A MERGERMARKET MampA REPORT ON
LATIN AMERICA
Monthly MampA Insider | May | 06
Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively
The Communications sector had the third largest deal in
April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m
acquisition of Telefonica SArsquos operations in the country All in all
the month represents a significant slowdown for MampA activity
with 30 deals totalling US$54bn which is less than half of the
65 deals that closed out the month of April in the previous year
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012 which saw 196 deals Private Equity has
seen a slowdown with six buyouts and seven exits Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits
Not surprisingly Brazil was the most productive country of
the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest
deal in the Business Services sector Kroton Educacionalrsquos
US$26bn acquisition of Anhanguera Educacional Participaccedilotildees
The deal represented a two year plan by the company for the
consolidation of educational services educational services ndash
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector
Brazil will continue to be a focal point for MampA activity in 2013
With the 2014 World Cup and the 2016 Olympic Games coming
up ahead Brazilrsquos construction sector is expecting continued
growth towards the end of the year One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country the Maracana The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistarsquos
IMX A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid As a result investors continue to
grow weary of these and other historical interventions by the
government with regards to MampA activity
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935
Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 235
Monthly MampA Insider | May
INSIDE
GLOBAL OVERVIEW
LATIN AMERICA
NORTH AMERICA
ASIAPACIFIC
EUROPE
MIDDLE EAST amp AFRICA
ABOUT MERRILL DATASITE amp MERRILL CORPORATION
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 335
GLOBAL OVERVIEW
Monthly MampA Insider | May | 01
In April 2013 dealmaking figures continued to disappoint Deal volume dropped 33 YoY to 721deals while collective value decreased by 30 to US$1357bn Across several sectors the upperend of the market was busy enough to sustain deal value as activity in the middle and lower endof the market faltered
Innovation in Pharmaceuticals Medicalamp Biotech
The Pharmaceuticals Medical amp Biotech sector saw a fall in
deal volume of 29 YoY to 53 deals while value rose 28 YoYto US$289bn in April The sector as a whole seems primed for
activity with sizeable pharmaceutical companies looking to tap
into the ingenuity and specialisation of smaller biotech firms
One blockbuster deal was behind this jump Thermo Fisher
Scientificrsquos announced US$15bn takeover of Life Technologies
Corp both based in Delaware The deal will give Thermo Fisher
Scientific a foothold in genetic sequencing a segment that has
become particularly important as the genetic factors underlying
illnesses are being identified more frequently than ever before
Expansion drives Consumer sector growth
Consumer deals similarly witnessed a spike in value ndash up26 YoY to US$344bn in the month ndash while volume dropped
31 to 99 deals over the same period The biggest deals
were generated by trade players looking to consolidate their
market positions for the long-term Joh A Benckiser the
Dutch holding company focusing on consumer goods made
public its plans to acquire a majority stake in Netherlands-
based coffee and tea company DE Master Blenders for
US$86bn For Joh A Benckiser this deal follows the
acquisitions of US-based Peets Coffee and Tea and the
Caribou Coffee Company as it attempts to become a major
player on the global coffee scene
In a more controversial move Anglo-Dutch personal care giant
Unilever has announced a US$54bn purchase of a 225 stake in
Hindustan Unilever increasing its already majority share to 75
The deal has attracted criticism from several angles as many of
Unileverrsquos shareholders believe the offer egregiously overvaluesthe Mumbai-headquartered company while Hindustan Unileverrsquos
minority stakeholders believe that the current price undervalues
the company based on its projected future earnings But the
deal seems to be more about control than earnings Indiarsquos
Companies Bill passed through the lower house of the Indian
parliament in late 2012 strengthens the hand of minority
shareholders Unilever may be trying to avoid future squabbles
by increasing its share of Hindustan Unilever now
Private equity interest in Technology businesses
Technology MampA activity has been hit harder than the
Pharmaceuticals Medical amp Biotech or Consumer sectors
While value increased by a negligible 02 YoY to US$93bn
volume nearly halved plummeting to 65 deals in April Valuersquos
ability to stay level (although uninspiring in itself) is thanks to
a handful of large-cap transactions This past month private
equity firms were particularly interested in launching large-
cap technology buyouts For instance a consortium comprised
of Bain Capital Golden Gate Capital GIC Special Investments
and Insight Venture Partners announced plans to take data
management company BMC Software private for US$67bn
The deal will help BMC enter a period of re-invention and
development particularly regarding its cloud capabilities
without being beholden to shareholder pressures
Head of Research Elias Latsis
Editor Laura Resetar
For advertising opportunities contactErik Wickman Tel + (1) 212 686 3329 erikwickmanmergermarketcom
Global overview Kristina Thompson and Fabio Lopes
Latin America Ashley Klepach and Daniel Bratkowski
North America Urna Chakraborty and Dan Kim
Asia-Pacific Samuel Wong and Brandon Taylor
Europe Alan Nasrat Lucia Costa and Alicia Molina
Middle East amp Africa Silvia Paparello and Vinjeru Mkandawire
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 435
TREND GRAPHS
GLOBAL OVERVIEW Monthly MampA Insider | May | 02
GLOBAL MampA QUARTERLY TREND GLOBAL MampA QUARTERLY PRIVATE EQUITY TREND
GLOBAL MampA ANNUAL TREND GLOBAL MampA ANNUAL PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
200
400
600
800
1000
1200
1400
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
3500
4000
4500
N u
m b er of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
N u
m b er of d e al s
0
100
200
300
400
500
600
700
800
900
YTD 2013201220112010200920082007
V a l u e
( U S $ b
n )
Buyout value Exit value Buyout volume Exit volume
0
500
1000
1500
2000
2500
3000
3500
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
300
350
400
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
100
200
300
400
500
600
700
800
900
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535
GLOBAL OVERVIEW Monthly MampA Insider | May | 03
TREND GRAPHS
253
46
79
103100
213
69
16
07 33
12
47
16 0304
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
137
112
208
96
90
83
73
42
37
33
28
2817 12
04
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
243
393
310
1540
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
268
399
267
2343
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
GLOBAL MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635
GLOBAL OVERVIEW Monthly MampA Insider | May | 04
TREND GRAPHS
GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
396420
405
274300 294
79 89 79 97 101 96
170153 165
204
191 197
230 193 205
275262 275
125 145 146 150 146 137
275
93
218
270
143
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
874
901 909893 888 890
13 09 10 11 11 11
51
46 39
4548 47
55
38 3747 48 48
07 06 05 04 05 04
900
11
41
45
03
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735
wwwdatasitecom
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Lost in
Transaction
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835
A MERGERMARKET MampA REPORT ON
LATIN AMERICA
Monthly MampA Insider | May | 06
Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively
The Communications sector had the third largest deal in
April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m
acquisition of Telefonica SArsquos operations in the country All in all
the month represents a significant slowdown for MampA activity
with 30 deals totalling US$54bn which is less than half of the
65 deals that closed out the month of April in the previous year
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012 which saw 196 deals Private Equity has
seen a slowdown with six buyouts and seven exits Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits
Not surprisingly Brazil was the most productive country of
the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest
deal in the Business Services sector Kroton Educacionalrsquos
US$26bn acquisition of Anhanguera Educacional Participaccedilotildees
The deal represented a two year plan by the company for the
consolidation of educational services educational services ndash
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector
Brazil will continue to be a focal point for MampA activity in 2013
With the 2014 World Cup and the 2016 Olympic Games coming
up ahead Brazilrsquos construction sector is expecting continued
growth towards the end of the year One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country the Maracana The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistarsquos
IMX A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid As a result investors continue to
grow weary of these and other historical interventions by the
government with regards to MampA activity
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935
Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 335
GLOBAL OVERVIEW
Monthly MampA Insider | May | 01
In April 2013 dealmaking figures continued to disappoint Deal volume dropped 33 YoY to 721deals while collective value decreased by 30 to US$1357bn Across several sectors the upperend of the market was busy enough to sustain deal value as activity in the middle and lower endof the market faltered
Innovation in Pharmaceuticals Medicalamp Biotech
The Pharmaceuticals Medical amp Biotech sector saw a fall in
deal volume of 29 YoY to 53 deals while value rose 28 YoYto US$289bn in April The sector as a whole seems primed for
activity with sizeable pharmaceutical companies looking to tap
into the ingenuity and specialisation of smaller biotech firms
One blockbuster deal was behind this jump Thermo Fisher
Scientificrsquos announced US$15bn takeover of Life Technologies
Corp both based in Delaware The deal will give Thermo Fisher
Scientific a foothold in genetic sequencing a segment that has
become particularly important as the genetic factors underlying
illnesses are being identified more frequently than ever before
Expansion drives Consumer sector growth
Consumer deals similarly witnessed a spike in value ndash up26 YoY to US$344bn in the month ndash while volume dropped
31 to 99 deals over the same period The biggest deals
were generated by trade players looking to consolidate their
market positions for the long-term Joh A Benckiser the
Dutch holding company focusing on consumer goods made
public its plans to acquire a majority stake in Netherlands-
based coffee and tea company DE Master Blenders for
US$86bn For Joh A Benckiser this deal follows the
acquisitions of US-based Peets Coffee and Tea and the
Caribou Coffee Company as it attempts to become a major
player on the global coffee scene
In a more controversial move Anglo-Dutch personal care giant
Unilever has announced a US$54bn purchase of a 225 stake in
Hindustan Unilever increasing its already majority share to 75
The deal has attracted criticism from several angles as many of
Unileverrsquos shareholders believe the offer egregiously overvaluesthe Mumbai-headquartered company while Hindustan Unileverrsquos
minority stakeholders believe that the current price undervalues
the company based on its projected future earnings But the
deal seems to be more about control than earnings Indiarsquos
Companies Bill passed through the lower house of the Indian
parliament in late 2012 strengthens the hand of minority
shareholders Unilever may be trying to avoid future squabbles
by increasing its share of Hindustan Unilever now
Private equity interest in Technology businesses
Technology MampA activity has been hit harder than the
Pharmaceuticals Medical amp Biotech or Consumer sectors
While value increased by a negligible 02 YoY to US$93bn
volume nearly halved plummeting to 65 deals in April Valuersquos
ability to stay level (although uninspiring in itself) is thanks to
a handful of large-cap transactions This past month private
equity firms were particularly interested in launching large-
cap technology buyouts For instance a consortium comprised
of Bain Capital Golden Gate Capital GIC Special Investments
and Insight Venture Partners announced plans to take data
management company BMC Software private for US$67bn
The deal will help BMC enter a period of re-invention and
development particularly regarding its cloud capabilities
without being beholden to shareholder pressures
Head of Research Elias Latsis
Editor Laura Resetar
For advertising opportunities contactErik Wickman Tel + (1) 212 686 3329 erikwickmanmergermarketcom
Global overview Kristina Thompson and Fabio Lopes
Latin America Ashley Klepach and Daniel Bratkowski
North America Urna Chakraborty and Dan Kim
Asia-Pacific Samuel Wong and Brandon Taylor
Europe Alan Nasrat Lucia Costa and Alicia Molina
Middle East amp Africa Silvia Paparello and Vinjeru Mkandawire
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 435
TREND GRAPHS
GLOBAL OVERVIEW Monthly MampA Insider | May | 02
GLOBAL MampA QUARTERLY TREND GLOBAL MampA QUARTERLY PRIVATE EQUITY TREND
GLOBAL MampA ANNUAL TREND GLOBAL MampA ANNUAL PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
200
400
600
800
1000
1200
1400
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
3500
4000
4500
N u
m b er of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
N u
m b er of d e al s
0
100
200
300
400
500
600
700
800
900
YTD 2013201220112010200920082007
V a l u e
( U S $ b
n )
Buyout value Exit value Buyout volume Exit volume
0
500
1000
1500
2000
2500
3000
3500
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
300
350
400
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
100
200
300
400
500
600
700
800
900
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535
GLOBAL OVERVIEW Monthly MampA Insider | May | 03
TREND GRAPHS
253
46
79
103100
213
69
16
07 33
12
47
16 0304
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
137
112
208
96
90
83
73
42
37
33
28
2817 12
04
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
243
393
310
1540
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
268
399
267
2343
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
GLOBAL MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635
GLOBAL OVERVIEW Monthly MampA Insider | May | 04
TREND GRAPHS
GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
396420
405
274300 294
79 89 79 97 101 96
170153 165
204
191 197
230 193 205
275262 275
125 145 146 150 146 137
275
93
218
270
143
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
874
901 909893 888 890
13 09 10 11 11 11
51
46 39
4548 47
55
38 3747 48 48
07 06 05 04 05 04
900
11
41
45
03
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735
wwwdatasitecom
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Lost in
Transaction
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835
A MERGERMARKET MampA REPORT ON
LATIN AMERICA
Monthly MampA Insider | May | 06
Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively
The Communications sector had the third largest deal in
April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m
acquisition of Telefonica SArsquos operations in the country All in all
the month represents a significant slowdown for MampA activity
with 30 deals totalling US$54bn which is less than half of the
65 deals that closed out the month of April in the previous year
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012 which saw 196 deals Private Equity has
seen a slowdown with six buyouts and seven exits Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits
Not surprisingly Brazil was the most productive country of
the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest
deal in the Business Services sector Kroton Educacionalrsquos
US$26bn acquisition of Anhanguera Educacional Participaccedilotildees
The deal represented a two year plan by the company for the
consolidation of educational services educational services ndash
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector
Brazil will continue to be a focal point for MampA activity in 2013
With the 2014 World Cup and the 2016 Olympic Games coming
up ahead Brazilrsquos construction sector is expecting continued
growth towards the end of the year One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country the Maracana The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistarsquos
IMX A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid As a result investors continue to
grow weary of these and other historical interventions by the
government with regards to MampA activity
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935
Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 435
TREND GRAPHS
GLOBAL OVERVIEW Monthly MampA Insider | May | 02
GLOBAL MampA QUARTERLY TREND GLOBAL MampA QUARTERLY PRIVATE EQUITY TREND
GLOBAL MampA ANNUAL TREND GLOBAL MampA ANNUAL PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
200
400
600
800
1000
1200
1400
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
3500
4000
4500
N u
m b er of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
N u
m b er of d e al s
0
100
200
300
400
500
600
700
800
900
YTD 2013201220112010200920082007
V a l u e
( U S $ b
n )
Buyout value Exit value Buyout volume Exit volume
0
500
1000
1500
2000
2500
3000
3500
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
300
350
400
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
100
200
300
400
500
600
700
800
900
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535
GLOBAL OVERVIEW Monthly MampA Insider | May | 03
TREND GRAPHS
253
46
79
103100
213
69
16
07 33
12
47
16 0304
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
137
112
208
96
90
83
73
42
37
33
28
2817 12
04
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
243
393
310
1540
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
268
399
267
2343
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
GLOBAL MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635
GLOBAL OVERVIEW Monthly MampA Insider | May | 04
TREND GRAPHS
GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
396420
405
274300 294
79 89 79 97 101 96
170153 165
204
191 197
230 193 205
275262 275
125 145 146 150 146 137
275
93
218
270
143
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
874
901 909893 888 890
13 09 10 11 11 11
51
46 39
4548 47
55
38 3747 48 48
07 06 05 04 05 04
900
11
41
45
03
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735
wwwdatasitecom
Close your cross border deal in confidence with the worldrsquos leading virtual data room
Cross border MampA is becoming an essential growth strategy with more and more companies
expanding their geographic scope and presence with cross border acquisitions But the successful
close of an international deal is dependent on expertise Merrill DataSite brings over a decade of
experience to your transaction with its award winning technology and systems infrastructure that
operates 247365 Stakeholders all around the world can upload and access deal information inreal time on an easy to use platform available in nine different languages Our multilingual customer
support team works around the clock speaks 27 languages and is there when you need them no
matter where you are
Choose Merrill DataSite - the smart simple secure global partner in your cross border deal
To find out more or to arrange a demonstration of our VDR solution
call +44 (0)845 602 6916 email us at infodatasitecom or visit wwwdatasitecom today
Navigate your dealwith Merrill DataSite
Lost in
Transaction
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835
A MERGERMARKET MampA REPORT ON
LATIN AMERICA
Monthly MampA Insider | May | 06
Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively
The Communications sector had the third largest deal in
April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m
acquisition of Telefonica SArsquos operations in the country All in all
the month represents a significant slowdown for MampA activity
with 30 deals totalling US$54bn which is less than half of the
65 deals that closed out the month of April in the previous year
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012 which saw 196 deals Private Equity has
seen a slowdown with six buyouts and seven exits Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits
Not surprisingly Brazil was the most productive country of
the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest
deal in the Business Services sector Kroton Educacionalrsquos
US$26bn acquisition of Anhanguera Educacional Participaccedilotildees
The deal represented a two year plan by the company for the
consolidation of educational services educational services ndash
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector
Brazil will continue to be a focal point for MampA activity in 2013
With the 2014 World Cup and the 2016 Olympic Games coming
up ahead Brazilrsquos construction sector is expecting continued
growth towards the end of the year One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country the Maracana The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistarsquos
IMX A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid As a result investors continue to
grow weary of these and other historical interventions by the
government with regards to MampA activity
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935
Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
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Unrivalled Project Management Our multilingual project
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from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
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Access and security for all participants in the VDR is controlled
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manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
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2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535
GLOBAL OVERVIEW Monthly MampA Insider | May | 03
TREND GRAPHS
253
46
79
103100
213
69
16
07 33
12
47
16 0304
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
137
112
208
96
90
83
73
42
37
33
28
2817 12
04
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Technology
Energy Mining amp Utilities
Pharma Medical amp BiotechLeisure
Construction
Transportation
Media
Real Estate
Telecommunications
Agriculture
Defence
243
393
310
1540
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
268
399
267
2343
Asia-Pacific
Europe
North America
Middle East amp Africa
Central amp South America
GLOBAL MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635
GLOBAL OVERVIEW Monthly MampA Insider | May | 04
TREND GRAPHS
GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
396420
405
274300 294
79 89 79 97 101 96
170153 165
204
191 197
230 193 205
275262 275
125 145 146 150 146 137
275
93
218
270
143
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
874
901 909893 888 890
13 09 10 11 11 11
51
46 39
4548 47
55
38 3747 48 48
07 06 05 04 05 04
900
11
41
45
03
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735
wwwdatasitecom
Close your cross border deal in confidence with the worldrsquos leading virtual data room
Cross border MampA is becoming an essential growth strategy with more and more companies
expanding their geographic scope and presence with cross border acquisitions But the successful
close of an international deal is dependent on expertise Merrill DataSite brings over a decade of
experience to your transaction with its award winning technology and systems infrastructure that
operates 247365 Stakeholders all around the world can upload and access deal information inreal time on an easy to use platform available in nine different languages Our multilingual customer
support team works around the clock speaks 27 languages and is there when you need them no
matter where you are
Choose Merrill DataSite - the smart simple secure global partner in your cross border deal
To find out more or to arrange a demonstration of our VDR solution
call +44 (0)845 602 6916 email us at infodatasitecom or visit wwwdatasitecom today
Navigate your dealwith Merrill DataSite
Lost in
Transaction
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835
A MERGERMARKET MampA REPORT ON
LATIN AMERICA
Monthly MampA Insider | May | 06
Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively
The Communications sector had the third largest deal in
April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m
acquisition of Telefonica SArsquos operations in the country All in all
the month represents a significant slowdown for MampA activity
with 30 deals totalling US$54bn which is less than half of the
65 deals that closed out the month of April in the previous year
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012 which saw 196 deals Private Equity has
seen a slowdown with six buyouts and seven exits Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits
Not surprisingly Brazil was the most productive country of
the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest
deal in the Business Services sector Kroton Educacionalrsquos
US$26bn acquisition of Anhanguera Educacional Participaccedilotildees
The deal represented a two year plan by the company for the
consolidation of educational services educational services ndash
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector
Brazil will continue to be a focal point for MampA activity in 2013
With the 2014 World Cup and the 2016 Olympic Games coming
up ahead Brazilrsquos construction sector is expecting continued
growth towards the end of the year One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country the Maracana The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistarsquos
IMX A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid As a result investors continue to
grow weary of these and other historical interventions by the
government with regards to MampA activity
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935
Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
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TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
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TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
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Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635
GLOBAL OVERVIEW Monthly MampA Insider | May | 04
TREND GRAPHS
GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
396420
405
274300 294
79 89 79 97 101 96
170153 165
204
191 197
230 193 205
275262 275
125 145 146 150 146 137
275
93
218
270
143
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
874
901 909893 888 890
13 09 10 11 11 11
51
46 39
4548 47
55
38 3747 48 48
07 06 05 04 05 04
900
11
41
45
03
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735
wwwdatasitecom
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Transaction
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835
A MERGERMARKET MampA REPORT ON
LATIN AMERICA
Monthly MampA Insider | May | 06
Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively
The Communications sector had the third largest deal in
April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m
acquisition of Telefonica SArsquos operations in the country All in all
the month represents a significant slowdown for MampA activity
with 30 deals totalling US$54bn which is less than half of the
65 deals that closed out the month of April in the previous year
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012 which saw 196 deals Private Equity has
seen a slowdown with six buyouts and seven exits Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits
Not surprisingly Brazil was the most productive country of
the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest
deal in the Business Services sector Kroton Educacionalrsquos
US$26bn acquisition of Anhanguera Educacional Participaccedilotildees
The deal represented a two year plan by the company for the
consolidation of educational services educational services ndash
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector
Brazil will continue to be a focal point for MampA activity in 2013
With the 2014 World Cup and the 2016 Olympic Games coming
up ahead Brazilrsquos construction sector is expecting continued
growth towards the end of the year One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country the Maracana The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistarsquos
IMX A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid As a result investors continue to
grow weary of these and other historical interventions by the
government with regards to MampA activity
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935
Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735
wwwdatasitecom
Close your cross border deal in confidence with the worldrsquos leading virtual data room
Cross border MampA is becoming an essential growth strategy with more and more companies
expanding their geographic scope and presence with cross border acquisitions But the successful
close of an international deal is dependent on expertise Merrill DataSite brings over a decade of
experience to your transaction with its award winning technology and systems infrastructure that
operates 247365 Stakeholders all around the world can upload and access deal information inreal time on an easy to use platform available in nine different languages Our multilingual customer
support team works around the clock speaks 27 languages and is there when you need them no
matter where you are
Choose Merrill DataSite - the smart simple secure global partner in your cross border deal
To find out more or to arrange a demonstration of our VDR solution
call +44 (0)845 602 6916 email us at infodatasitecom or visit wwwdatasitecom today
Navigate your dealwith Merrill DataSite
Lost in
Transaction
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835
A MERGERMARKET MampA REPORT ON
LATIN AMERICA
Monthly MampA Insider | May | 06
Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively
The Communications sector had the third largest deal in
April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m
acquisition of Telefonica SArsquos operations in the country All in all
the month represents a significant slowdown for MampA activity
with 30 deals totalling US$54bn which is less than half of the
65 deals that closed out the month of April in the previous year
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012 which saw 196 deals Private Equity has
seen a slowdown with six buyouts and seven exits Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits
Not surprisingly Brazil was the most productive country of
the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest
deal in the Business Services sector Kroton Educacionalrsquos
US$26bn acquisition of Anhanguera Educacional Participaccedilotildees
The deal represented a two year plan by the company for the
consolidation of educational services educational services ndash
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector
Brazil will continue to be a focal point for MampA activity in 2013
With the 2014 World Cup and the 2016 Olympic Games coming
up ahead Brazilrsquos construction sector is expecting continued
growth towards the end of the year One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country the Maracana The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistarsquos
IMX A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid As a result investors continue to
grow weary of these and other historical interventions by the
government with regards to MampA activity
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935
Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835
A MERGERMARKET MampA REPORT ON
LATIN AMERICA
Monthly MampA Insider | May | 06
Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively
The Communications sector had the third largest deal in
April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m
acquisition of Telefonica SArsquos operations in the country All in all
the month represents a significant slowdown for MampA activity
with 30 deals totalling US$54bn which is less than half of the
65 deals that closed out the month of April in the previous year
This slow start could prove to fall short for the end of the quarter
compared to Q2 2012 which saw 196 deals Private Equity has
seen a slowdown with six buyouts and seven exits Companies
are holding tightly to their portfolio companies while they wait for
better market conditions to make their exits
Not surprisingly Brazil was the most productive country of
the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest
deal in the Business Services sector Kroton Educacionalrsquos
US$26bn acquisition of Anhanguera Educacional Participaccedilotildees
The deal represented a two year plan by the company for the
consolidation of educational services educational services ndash
an increase in demand for higher education due to the growing
middle class is an expected driver for further consolidation in
the sector
Brazil will continue to be a focal point for MampA activity in 2013
With the 2014 World Cup and the 2016 Olympic Games coming
up ahead Brazilrsquos construction sector is expecting continued
growth towards the end of the year One of the bigger deals
that still remains a possibility for Brazil is the privatisation of
the largest soccer stadium in the country the Maracana The
stadium had undergone a bidding process and had been won
by a consortium which included Odebrecht and Eike Batistarsquos
IMX A judge in Rio de Janeiro put a stop to the sale after some
irregularities had been found in the bidding process suggesting
that the private consortium had some unfair advantages that
allowed them to win the bid As a result investors continue to
grow weary of these and other historical interventions by the
government with regards to MampA activity
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935
Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 07
TOP DEALS
LATIN AMERICA
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA
Business Services 21 193 333 01 2636
05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)
Consumer 29 88 112 -06 784
23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana
BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA
na na 49 -21 516
30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)
Telecommunications Telefonica SA - - - - 500
04-Apr-13 Empresa Nacional deTelecomunicaciones
Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400
29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)
Industrials ampChemicals
Meritor Inc - - - - 195
17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals
Banco Santander(Brasil) SA
- - - - 91
22-Apr-13 GAM Participacoes eEmpreendimentos
Floralco Acucar eAlcool Ltda
Consumer - - - - 75
12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55
15-Apr-13 RP Administracao eParticipacao
Frinal SA Frigorifico eIntegracao Avicola
Consumer 06 - - - 41
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being Latin American
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
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TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
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TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
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TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
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Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035
TREND GRAPHS
LATIN AMERICA Monthly MampA Insider | May | 08
LATIN AMERICAN MampA QUARTERLY TREND
LATIN AMERICAN MampA ANNUAL TREND
LATIN AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
LATIN AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
10
20
30
40
50
60
70
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
50
100
150
200
250
N u
m b er of d e al s
0
20
40
60
80
100
120
140
160
180
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b
n )
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
N u
m b er of d e al s
0
1000
2000
3000
4000
5000
6000
7000
8000
YTD 2013201220112010200920082007
V a l u e
( U S $ m
)
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
V a l u e
( U S $ m
)N um b er
of d e al s
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
2
4
6
8
10
12
14
16
18
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135
LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
60
174
491
97
167
10
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Leisure
267
233
133
100
67
33
33
33
3333 33
Industrials amp Chemicals
Consumer
Business Services
Financial Services
Telecommunications
Energy Mining amp Utilities
Leisure
Transportation
Construction
Real Estate
Agriculture
0403
04
10
315
93
571
Brazil
Costa Rica
Ecuador
El Salvador
Mexico
Peru
Argentina
100
67
33
33
33
33
100
600
Brazil
Chile
Costa Rica
Ecuador
El Salvador
Mexico
PeruArgentina
LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
LATIN AMERICA Monthly MampA Insider | May | 09
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
161
305
92
393
290215
158
100 101
75
96 133
344
245
365
248
279
335
129
203
293
190
184
161
208147 149
94 151 156
168
305
344
183
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
845 882
858820
870 858
67 47 6881
61 62
7753
5367
50 68
09 12 18 20 11 0902 06 03 12 08 03
21
860
70
49
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335
The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively
The top deal for the month was Thermo Fisher Scientificsrsquo
US$15bn acquisition of Life Technologies Corp in the
Pharma Medical amp Biotech sector a huge boost to the
sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April
2012 which saw US$124bn in deals The sector also saw
the most high value transactions with three top deals
collectively worth US$171bn taking 451 of total market
share by value
The Industrials amp Chemicals sector saw a 126 increase
in deal value from April 2012 the highest out of all
sectors due to two top deals totaling US$47bn which
includes the US$32bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacificrsquos US$15bn
acquisition of Buckeye Technologies Overall all sectors
saw a decrease in volume from the comparable period last
year except for the Telecommunications sector which saw
no change
We have been seeing activity in the Consumer sector
specifically through big businesses selling non-core assets
such as Best Buyrsquos sale of its European operations to
The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in
South Carolina to 7-Eleven Inc all occurring in April alone
Perhaps if US-based vacuum cleaner maker Oreck Corp
had started this process earlier it would not have filed for
bankruptcy this month citing increased competition as one
of the key reasons for its financial hardship The companyrsquos
founder David Oreck has plans to sell off operations to repay
debts which would be reflected in the Consumer sector
Looking forward the global private equity firm Warburg Pincus
recently made headlines as it closed its latest funding round
at US$112bn one of the biggest PE fund-raising rounds
since the end of the financial crisis It raised US$15bn in its
last round five years ago in 2008 Private equity activity ought
to be bolstered with this news in the future as we can expect
the firm to be involved in deals across a variety of industries
including energy financial services technology and media
Monthly MampA Insider | May | 11
A MERGERMARKET MampA REPORT ON
NORTH AMERICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435
Monthly MampA Insider | May | 12
TOP DEALS
NORTH AMERICA
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech
40 136 317 118 15008
08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals
25 176 361 384 3237
25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938
24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals
- - - 253 1472
29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech
78 500 1938 197 1100
08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners
05 - - - 1100
10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany
Financial Services AXA SA - - - - 1060
14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp
Financial Services - - 357 83 1011
17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc
Pharma Medicalamp Biotech
- - - - 1000
16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities
- - - - 1000
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being North American (US + Canada)
Data correct as of 08-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535
TREND GRAPHS
NORTH AMERICA Monthly MampA Insider | May | 13
NORTH AMERICAN MampA QUARTERLY TREND
NORTH AMERICAN MampA ANNUAL TREND
NORTH AMERICAN MampA QUARTERLY
PRIVATE EQUITY TREND
NORTH AMERICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
1800
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
50
100
150
200
250
300
350
400
450
500
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
200
400
600
800
1000
1200
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
100
200
300
400
500
600
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
200
400
600
800
1000
1200
1400
1600
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
50
100
150
200
250
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635
Monthly MampA Insider | May | 14NORTH AMERICA
157
134
50
451
51
65
19 17
0201
07
46
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Real Estate
204
145
140124
113
102
48
2727
22
16 16
05
11
Industrials amp Chemicals
Energy Mining amp Utilities
Technology
Pharma Medical amp Biotech
Business Services
Financial ServicesConsumer
Media
Leisure
Transportation
Telecommunications
Construction
Real Estate
Defence
NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013
VALUE VOLUME
NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
435491
587
320376
323
65 73
55
97 89 82
215 173
132
277
206 274
188140
133
180
212
215
96 123 93 126 117 106
351
81
268
194
106
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
856
905 911
875 876 868
1809 10 11 14 15
53
42 38
52 5450
62
37 34
56 4961
11 07 07 06 07 06
882
11
46
57
04
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
TREND GRAPHS
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735
Monthly MampA Insider | May | 15
A MERGERMARKET MampA REPORT ON
ASIAPACIFIC
MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month
Consumer sector shines
Aside from the traditionally deal heavy Industrials amp Chemicals
sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted
for approximately 80 of consumer sector deal value
China based Midea Group announced it would merge with GD
Midea Electric Appliances its 4117 owned listed subsidiary
for US$449bn GD Midea is a listed consumer electronics
manufacturer in China a consumer market that has seen growth
in recent years on the heels of expanding demand Similarly
Chinese government incentive programs have encouraged
residents in the countryrsquos vast rural regions to trade in outdated
home appliances and purchase new ones at hefty discounts
Unilever NV the Netherland and UK dual listed consumer
products manufacturer made a partial tender offer to acquire
a 2252 stake in Hindustan Unilever Ltd the Indian listed
subsidiary The deal is valued at US$54bn
CP All Plc the Thailand-listed convenience store operator has
agreed to acquire a stake in Siam Makro the Thailand-listed
discount store chain retailer resulting in a mandatory offer
for all remaining outstanding shares That deal was worth
US$64bn Thailand and other parts of Southeast Asia have
seen their consumer sectors blossom in tandem with growing
demand from a rising consumer class with cash to spend
Private equity slowdown
Private equity activity in Asia-Pacific dipped from March figures
(16 deals worth US$23bn) to 11 deals worth US$12bn
In Japan Tomizawa made a management buyout for Megane
TOP Co Ltd the Japan listed optical retailer for US$451m Other
activity in Japan included Polaris Capital Grouprsquos acquisition
of a majority stake in Socie World the Japan based operator of
beauty parlors and hair salons from Citigroup Capital Partners
Japan for a consideration US$32m
In China Hony Capital the China based private equity firm
has agreed to acquire a 10 stake in Shanghai Chengtou
Holding the listed China based company engaged in providing
real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company
engaged in the construction and operation of infrastructure
facilities for a consideration of US$280m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835
TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
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TOP DEALS
Monthly MampA Insider | May | 16ASIA983085PACIFIC
TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466
30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)
Consumer 442 2764 3085 98 5406
01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)
Consumer 078 799 1550 - 4923
26-Apr-13 Nippon Steel TradingCo Ltd
Sumikin Bussan Corporation(618 stake)
Consumer 018 822 523 18 1432
10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd
Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)
232 1214 2006 - 859
03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)
Energy Miningamp Utilities
- - - - 799
02-Apr-13 Industrial andCommercial Bank of
China Limited
SinoPac Financial HoldingsCompany (20 stake)
FinancialServices
na na 1016 -106 788
26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709
24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)
FinancialServices
na na 5367 - 631
29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586
na=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 02-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
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TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935
TREND GRAPHS
Monthly MampA Insider | May | 17
ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY
PRIVATE EQUITY TREND
ASIAPACIFIC
ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
160
180
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
700
800
900
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
100
200
300
400
500
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
500
1000
1500
2000
2500
3000
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
50
100
150
200
250
300
350
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
5
10
15
20
25
30
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
20
40
60
80
100
120
0
20
40
60
80
100
120
Buyout value Exit value Buyout volume Exit volume
8192019 Monthly MA Insider May 2013 Final [1]
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266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
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TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
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TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035
266
162
823457
201
39
28
45
13
17
1707
2605
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
94
236
123
94
92
78
62
48
39
39
3429
14
0316
Industrials amp Chemicals
Consumer
Financial Services
Business Services
Technology
Energy Mining amp Utilities
Pharma Medical amp Biotech
Real Estate
Transport
Construction
Leisure
Media
Agriculture
Telecommunications
Defence
123
369
78
87
71
50
65
20
16 83
39
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
273
191
95
130
14
92
42
23
29
3279
China
Japan
India
Australia
Thailand
South Korea
SingaporeHong Kong
Indonesia
Malaysia
Other
ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013
ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
VALUE VOLUME
Monthly MampA Insider | May | 18ASIAPACIFIC
TREND GRAPHS
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135
Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
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MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 19ASIAPACIFIC
ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
132
380
113
123
252
155
126
305
170
244
295
199135
245 216
120 112 111 120 114
222304
263 297 280
157
170 272
136 182
205 215 219 202 208
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
75
80
85
90
95
100
YTD 2013201220112010200920082007
P e r c e n t a g e
883 884
09 09
54 58
51 45
0403 03 0304
879 887
874 885
10 15 08 09
53 51
6054
54 44 53 47
04 04
886
05
49
57
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000mgtUS$5001m
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
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TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235
Monthly MampA Insider | May | 20
Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity
TMT gained top position by deal value accounting for 258
of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty
deal inflating the Media sector In second place with two
top deals this month Energy Mining amp Utilities recorded
99 deals valued at US$289bn although strong in 2013 the
sector has seen a significant fall from the same period last
year with a decrease of 645 in deal value Verifying growing
concerns attributable to sluggish returns and increasing risk
in the mining industry Driven by volatile commodity prices
and resource nationalism where resource rich countries are
safeguarding potential future revenue streams
Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the
decreasing trend in the overall market with US$10bn worth
of deals the industry recorded an increase of 135 (US$6bn)
compared to April 2012 With cheap money driven by low
interest rates private equity firms are operating in a market
where debt financing is inexpensive which in turn could
further drive investments
Aprilrsquos top deal saw Joh A Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market with the US$86bn acquisition of DE Master
Blenders Conditioned by a 95 acceptance trench with
no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any
significant progress has been made towards completion of
the transaction
Cyprus and the Greek banking recapitalisation
With global systemic risk taking its toll on European countries
Cyprus has become yet another European country facing a
banking crisis with large deficits in their finances as a result of
changes in government policies toward municipal bondholders
in Greece Thus there has been a sequence of deals involving
Bank of Cyprus Marfin Popular Bank and Hellenic Bank
Cyprusrsquos largest banks
A banking crisis in which the proposed solution ended up
imposing a haircut on some depositors with bank accounts
in the country forced a restructuring of its banking sector
Although the main contributor to the banking crisis in Cyprus
Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus
Bank SA of the Greek operations of Bank of Cyprus Marfin
Popular Bank and Hellenic Bank A transaction backed by the
privately run Hellenic Financial Stability Fund
The merger of National Bank of Greece with Eurobank
encouraged by the ECB last year was objected by the European
authorities due to difficulties in attracting future private funds
and the risks of creating an entity which is ldquotoo big to failrdquo
The transaction would have created an asset consolidation of
US$180bn just US$10bn less than Greecersquos GDP Instead these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal
The result of Greece and Cyprus rescue plans has dramatically
inflated MampA activity with Greece reporting 8 deals valued at
US$97bn a substantial increase of over 6000 from 2 deals
valued at US$152m the same period in 2012
A MERGERMARKET MampA REPORT ON
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335
TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
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TOP DEALS
Monthly MampA Insider | May | 21EUROPE
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)
Consumer 28 357 568 22 8623
30-Apr-13 Hellenic FinancialStability Fund
EFG Eurobank ErgasiasSA
Financial Services na na - -328 7633
18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech
96 168 - -53 6905
18-Apr-13 CVC Capital Partners
Limited
ista International GmbH Technology Charterhouse Capital
Partners LLP
44 103 - - 4055
08-Apr-13 A consortium led byPATRIZIA Immobilien AG
GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)
Real Estate Bayerische Landesbank 123 174 110 -277 3191
05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd
Total Infrastructures GazFrance SA
Energy Miningamp Utilities
Total SA - - - - 3119
01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities
Hess Corporation - - - - 2050
01-Apr-13 Global InfrastructurePartners
Terminal InvestmentLimited SA (35 stake)
Transportation MSC MediterraneanShipping Company SA
- - - - 1929
29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC
14 - - - 1106
26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD
Telecommunications HellenicTelecommunicationsOrganisation SA
19 53 - - 934
na=not applicable
Based on announced deals including lapsed and withdrawn bids
Based on dominant geography of target company being European
Data correct as of 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
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TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
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Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
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TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435
TREND GRAPHS
Monthly MampA Insider | May | 22
N um b er
of d e al s
0
100
200
300
400
500
600
700
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
V a l u e
( U S $ b n
)
0
200
400
600
800
1000
1200
1400
1600
1800
2000
V a l u e
( U S $ b n
)
N um b er
of d e al s
0
20
40
60
80
100
120
140
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
0
50
100
150
200
250
300
350
400
450
Buyout value Exit value Buyout volume Exit volume
EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY
PRIVATE EQUITY TREND
EUROPEAN MampA QUARTERLY TREND
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
200
400
600
800
1000
1200
1400
1600
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
1000
2000
3000
4000
5000
6000
7000
8000
N u
m b er of d e al s
0
50
100
150
200
250
300
350
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
V a l u e
( U S $ b
n )
0
200
400
600
800
1000
1200
1400
1600
EUROPE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535
Monthly MampA Insider | May | 23EUROPE
EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
EUROPEAN MampA SECTOR BREAKDOWN YTD 2013
170
55
132 85
53
50
258
75
120
Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
135
49
133
21312
77
111
131
139 Germany
Italy
France
UK
Republic of Ireland
Benelux
CEENorthern Europe
Other
258
38
116
148
167
83
28
63
23
06 2402
46
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
160
139
226
121
78
71
50
44
4240
17 12
03
Industrials amp Chemicals
Consumer
TMT
Business Services
Financial Services
Energy Mining amp Utilities
Pharma Medical amp Biotech
Leisure
Transportation
Construction
Agriculture
Real Estate
Defence
VALUE VOLUME
TREND GRAPHS
VALUE VOLUME
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635
Monthly MampA Insider | May | 24EUROPE
TREND GRAPHS
EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 201320122011201020092008
P e r c e n t a g e
450 443
73 83
216 192
153 152
108 130
336 286 266
341
85 90 98 97
210 292 290
257
207
186 204
179
162 146 142 126
277
79
238
277
128
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
80
82
84
86
88
90
92
94
96
98
100
YTD 2013201220112010200920082007
P e r c e n t a g e
886 907
931 919 910 915
11 09 09 07 09 08
46
42
29
3336
37
50
3727 38
41 36
07 06 04 04 04
928
11
29
31
01
US$0-US$250m
US$251m-US$500m
US$501m-US$2000m
US$2001m-US$5000m
gtUS$5001m
03
Return to contents
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735
Monthly MampA Insider | May | 25
In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m
Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket
record Forecasters expect the slump in global MampA to boost
investment flows in the region due to anticipation of robust
growth rates and potentially high commercial returns Sweden
is among the string of countries targeting Africa as Anders Borg
the Nordic nationrsquos finance minister recently voiced concerns
over Europersquos ldquotough neighbourhoodrdquo Another country following
in the footsteps of China Brazil and India of wooing the continent
is Turkey which aims to bolster its diplomatic and economic ties
with Africa particularly in the construction sector by venturing
southward from the Maghreb states
Stagnant earnings in Europe have also led multinationals
including telecommunications giant Vodafone to pursue
expansion plans in the region by picking up the pace of their
investments Vodafonersquos capital spending in the Middle East
and Africa is reported to have increased to US$11bn in 2012
up 239 from US$888m the previous year while spending
in Europe Vodafonersquos biggest market decreased Similarly
following the recent acquisition of Centrale Laitiegravere in Morocco
French food group Danone is determined to milk the regionrsquos
strong birth rates In an interview with Mergermarket the
grouprsquos CEO noted that Morocco will bring more revenues
to Danone than Italy this year
Diversification in the Middle East and Africarsquos MampA space
continues as investors increasingly seek opportunities beyond
the regionrsquos natural resources placing the spotlight on its
unsung deal drivers This monthrsquos top deal the US$625m
acquisition of Israelrsquos Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus took place in the
Industrial amp Chemicalrsquos sector
In addition to that with the region now home to the worldrsquos
fastest growing mobile phone market the TMT sector- tipped to
play a major role in the regionrsquos MampA activity this year- is ahead
of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This
represents a 57 increase on values during the same period
last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took
place in Dubai realignment and consolidation are likely to be
key themes for upcoming telecommunication MampA deals
The Energy Mining and Utilities sector came in second with
a 249 share of all transactions witnessing 15 deals worth
US$51bn The industryrsquos transportation setbacks particularly
in Africa have spurred a wave of new rail infrastructure projects
in mineral-rich areas including the billion-dollar enterprises
by Vale and Rio Tinto in Mozambique and talks over further
infrastructure ventures between Djibouti and international
investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$136bn for the Central African country between 2010 and
2012 according to a report by Kofi Annanrsquos Africa Progress Panel
Investors in the energy sector will be watching Russian oil
company Gazprom closely as it holds discussions with Eni over
a 5 stake in its Mamba Area 4 project in Mozambique Other
foreign companies actively searching for targets and partners in
the region include UK-listed Victoria Oil and Gas Indian ONGC
Videsh and the Philippines-listed Manila Electric While South
African energy company Sasol plans to sell its assets in Iran
and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are
planning on acquiring targets in the region This places South
Africa now a member of the BRICS at the forefront of intra-
regional MampA activity
Driven by food and water security concerns Middle Eastern
private sector food companies and sovereign wealth funds
are likely to make acquisitions of land food distribution and
technology assets abroad particularly in Australia Eastern
Europe and Argentina according to Mergermarket intelligence
UAE analysts also told the news service that East Africa would
become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely
to boost the intra-regional deals even further
A MERGERMARKET MampA REPORT ON
THE MIDDLE EASTamp AFRICA
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835
TOP DEALS
Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA
TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)
Announced Bidder company Target company Target dominantsector
Seller company Exit multiples (x) Bid premia1-daybefore
Dealvalue
(US$m)Revenue EBITDA PE
09-Apr-13 Kohlberg Kravis Roberts ampCo LP
Alliance Tire Group(90 stake)
Industrials ampChemicals
Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)
14 76 - - 625
24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech
- - - 301 420
15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage
SA (275 stake)
Consumer Societe NationaleDInvestissement SA
- - - 303 279
27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd
Alma Lasers Ltd Pharma Medicalamp Biotech
TA AssociatesManagement LP
26 - 108 - 240
05-Apr-13 Sekunjalo IndependentMedia Consortium
Independent Newspapers(Pty) Limited
TMT Independent News ampMedia Plc
- - - - 220
06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)
Real Estate Al Mothmera Holding - - - - 91
24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)
Leisure - - - - 68
10-Apr-13 Olatunji Olowolafe(Private Investor)
SacOil Holdings Limited(3389 stake)
Industrials ampChemicals
- - - 110 17
15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13
19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd
Torre Industrial HoldingsLtd (4123 stake)
Industrials ampChemicals
- - - -213 9
16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)
Construction - - - - 9
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 09-May-13
Source mergermarket
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935
TREND GRAPHS
Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA
QUARTERLY TREND
MIDDLE EASTERN amp AFRICAN MampA QUARTERLY
PRIVATE EQUITY TREND
MIDDLE EASTERN amp AFRICAN MampA
ANNUAL TREND
MIDDLE EASTERN amp AFRICAN MampA ANNUAL
PRIVATE EQUITY TREND
V a l u e
( U S $ m
)N um b er
of d e al s
0
5000
10000
15000
20000
25000
30000
35000
40000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Total value Mid-market value Total volume Mid-market volume
0
20
40
60
80
100
120
140
160
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
Total value Mid-market value Total volume Mid-market volume
0
100
200
300
400
500
600
V a l u e
( U S $ b
n )
N u
m b er of d e al s
0
2
4
6
8
10
12
14
YTD 2013201220112010200920082007
Buyout value Exit value Buyout volume Exit volume
0
10
20
30
40
50
60
70
V a l u e
( U S $ m
)N um b er
of d e al s
0
1000
2000
3000
4000
5000
6000
7000
Q2
13
Q1
13
Q4
12
Q3
12
Q2
12
Q1
12
Q4
11
Q3
11
Q2
11
Q1
11
Q4
10
Q3
10
Q2
10
Q1
10
Q4
09
Q3
09
Q2
09
Q1
09
Q4
08
Q3
08
Q2
08
Q1
08
Q4
07
Q3
07
Q2
07
Q1
07
Buyout value Exit value Buyout volume Exit volume
0
5
10
15
20
25
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035
Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013
MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
59
115
106
420
38
05
205
01
0512
0701 01
0126
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
247
235
111
12
25
25
25
49
49
49
62
South Africa
Israel
United Arab Emirates
Saudi Arabia
Egypt
Morocco
NigeriaOman
Kuwait
Bahrain
Mozambique
Qatar
Mauritius
Zambia
Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda
249
0103
356
21
32
02
112
52
66
04 Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
103
123
123
185
99
99
86
86
74
49
25
25
25
Energy Mining amp Utilities
Pharma Medical amp Biotech
Financial Services
TMT
Consumer
Industrials amp Chemicals
Business ServicesConstruction
Leisure
Real Estate
Agriculture
Transportation
VOLUMEVALUE
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135
Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA
MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013
VALUE VOLUME
TREND GRAPHS
Return to contents
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
671
475533
681
595667
75136 127
89 87 83
113
190132
126
135 137132
182 192
94
170104
09 16 10 13
804
39
56
94
07
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
17 09 0
10
20
30
40
50
60
70
80
90
100
YTD 2013201220112010200920082007
P e r c e n t a g e
393 427 489
444 474 455
5657 40
5762 43
154
115 130102
109 128
325363
308
337 279 294
72 38 33 60 76 80
531
62
74
247
86
US$0-US$149m
US$15m-US$100m
US$101m-US$250m
US$251m-US$500mgtUS$501m
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235
Drive Deals with Merrill DataSite
A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes
DataSitersquos Smart Simple and Secure solution drives
your deal forward with
Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than
12 hours
Unrivalled Project Management Our multilingual project
managers between them speak 27 languages and a dedicated
project management team will be assigned to your deal right
from the start ndash giving you peace of mind that the right person
is always on hand to address any issue you might have
Fair transparent pricing Our unique all-inclusive pricing
package allows you to budget with confidence All your
support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to
include more participants in your data room
Our Experience and Track Record Our award-winning
platform provides advanced technology and in-depth
functionality We are trusted by dealmakers around the
world to optimise due diligence
Ease of Use The user interface in a Merrill DataSite VDR is
completely intuitive replicating the file structure of Microsoftreg
Windowsreg Explorerreg which means that users and reviewers
can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation
The Highest Levels of Security Security lies at the heart
of everything we do We have handled over 25000 projects
supporting thousands of confidential deals so our clients have
complete trust in all aspects of our technology and processes
Access and security for all participants in the VDR is controlled
by the client administrator andor a Merrill DataSite project
manager
Your dedicated Merrill DataSite project manager will be
there to assist you 247365 no matter where in theworld you are located
To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom
2012 WINNER
AcquisitionsInternational UK VDR Provider of
the Year
2012 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2011 WINNER
MampA AdvisorInternational
ProductService ofthe Year Award
2010 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
2010 WINNER
MampA AdvisorMid-MarketFinancing
ProductServiceof the Year Award
2009 WINNER
Global MampAAdvisor MampA
ProductServiceof the Year Award
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335
About Merrill DataSite
Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms
Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the
following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration
Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos
servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense
Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly
Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our
search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making
Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the
computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage
Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process
Security is our highest priority
Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised
and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people
The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite
gives you more insight and control and dramatically reduces transactiontime and costs
As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value
wwwdatasitecom
About Merrill Corporation
Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations
Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a
registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format
Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services
Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies
Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more
wwwmerrillcorpcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435
Monthly MampA Insider | May | 32
MERRILL CORPORATION CONTACTS
Return to contents
EXECUTIVE MANAGEMENT
Ed BifulkPresidentTel +1 212 229 6563
EXECUTIVE SALES
Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02
Anna ScottRegional Director UKTel +44 (0)207 422 6263
Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110
Martin AlamriRegional Director GermanyTel +49 69 244 321 471
Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12
Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10
Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271
Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256
Adam PangRegional Director EuropeTel +44 (0)207 422 6268
Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266
Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221
Jonathan Hughes
Account Manager EuropeTel +44 (0)207 422 6267
Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272
Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148
Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353
Ari LeeRegional Director North AsiaTel +852 9855 3758
Vincent LorkRegional Director South East AsiaTel +65 6248 4602
Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064
Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237
Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858
Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429
Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572
Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085
Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360
Ryan MacMillanRegional Director CanadaTel +1 416 214 2448
Jason HedgesRegional Director CanadaTel +1 416-878-3260
Michael KennedyRegional Director New England
Tel +1 207 829 4369
Ross WhittakerRegional Director New EnglandTel +1 6175351516
Jon LenihanRegional Director BostonTel +1 617-535-1618
Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122
Forrest R DoaneRegional Director New YorkTel +1 212 229 6620
Adam Kuritzky
Regional Director New YorkTel +1 917 232 9569
John McElroneRegional Director New YorkTel +1 212 229 6656
Ken LongerneckerRegional Director New YorkTel +1 212 229 6882
Will WilkesRegional Director New YorkTel +1 212 229 6588
Joseph SolanoRegional Director New YorkTel +1 212 229 6576
Hillary PryorRegional Director New YorkTel +1 212 367 5924
Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618
Steve PicconeVice President New YorkTel +1 212 229 6883
BJ BirtzRegional Director RaleighTel +1 919 996 9117
Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251
Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274
Jessie SainiRegional Director MidwestTel +1 312-386-2293
Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375
Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511
Mark PlaehnRegional Director ChicagoTel +1 312 674 6527
Kelly-Leigh KeefeRegional Director Chicago
Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909
Nicholas RenterRegional Director TexasTel +1 214 754 2100
Bryan BrightonRegional Director AustinTel +1 512 551 2986
Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400
Erik Sandie
Regional Director Bay AreaTel +1 650 493 1400
Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663
Dan PhelanRegional Director Los AngelesTel +1 213 253 2139
Hans SchumannRegional Director San DiegoTel +1 760 635 0830
David YearyVice President DataSite Life SciencesTel +1 415 307 4414
James SnazaDirector of Life SciencesTel +1 651 632 4585
Jon BlueVice President Clean TechTel +1 206 696 9169
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom
8192019 Monthly MA Insider May 2013 Final [1]
httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535
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 thetarget is greater than or equal to US$10m
Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus
Mid-market is defined as US$10m - US$250m
Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13
For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf
Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk
Part of The Mergermarket Group
wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA
t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom
United Kingdom 80 Strand London WC2R 0RL United Kingdom
t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom
Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong
t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom