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A mergermarket report on global M&a activity

MONTHLY M&A INSIDER


May 2013

INSIDE:

GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIA-PACIFIC

EUROPE

MIDDLE EAST & AFRICA

ABOUT MERRILL DATASITE & MERRILL CORPORATION

Monthly M&A Insider | May

global overview
In April 2013, dealmaking figures continued to disappoint. Deal volume dropped 33% YoY to 721
deals, while collective value decreased by 30% to US$135.7bn. Across several sectors, the upper
end of the market was busy enough to sustain deal value as activity in the middle and lower end
of the market faltered.
Innovation in Pharmaceuticals, Medical
& Biotech
The Pharmaceuticals, Medical & Biotech sector saw a fall in
deal volume of 29% YoY to 53 deals, while value rose 28% YoY
to US$28.9bn 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
Scientifics 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

In a more controversial move, Anglo-Dutch personal care giant


Unilever has announced a US$5.4bn purchase of a 22.5% stake in
Hindustan Unilever, increasing its already majority share to 75%.
The deal has attracted criticism from several angles, as many of
Unilevers shareholders believe the offer egregiously overvalues
the Mumbai-headquartered company, while Hindustan Unilevers
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. Indias
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

Consumer deals similarly witnessed a spike in value up


26% YoY to US$34.4bn in the month 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 Netherlandsbased coffee and tea company DE Master Blenders for
US$8.6bn. 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.

Technology M&A activity has been hit harder than the


Pharmaceuticals, Medical & Biotech or Consumer sectors.
While value increased by a negligible 0.2% YoY to US$9.3bn,
volume nearly halved, plummeting to 65 deals in April. Values
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 largecap 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$6.7bn.
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

Global overview: Kristina Thompson and Fabio Lopes

Editor: Laura Resetar

Latin America: Ashley Klepach and Daniel Bratkowski

For advertising opportunities contact:


Erik Wickman
Tel: + (1) 212 686 3329
erik.wickman@mergermarket.com

North America: Urna Chakraborty and Dan Kim


Asia-Pacic: Samuel Wong and Brandon Taylor
Europe: Alan Nasrat, Lucia Costa and Alicia Molina
Middle East & Africa: Silvia Paparello and Vinjeru Mkandawire

Monthly M&A Insider | May | 01

TREND GRAPHS
GLOBAL M&A QUARTERLY TREND

GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND

1,400
1,200

4,500

400

900

4,000

350

800

3,500

2,000

600

Value (US$bn)

Value (US$bn)

2,500

1,500
400

Total value

Mid-market value

Total volume

200
100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Buyout value

Exit value

Buyout volume

Exit volume

GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

4,000

18,000

900

3,500

16,000

800

14,000

700

12,000

600

3,000

3,500
3,000

500

2,000

400

1,500

6,000

300

4,000

200

2,000

100

Number of deals

8,000
1,500

Number of deals

10,000
2,000

Value (US$bn)

2,500

2,500

1,000

1,000
500
0

300

Mid-market volume

GLOBAL M&A ANNUAL TREND

Value (US$bn)

400
150

50

500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*

500
200

100

1,000
200

600

250

Number of deals

800

Number of deals

3,000

700

300

1,000

2007

2008
Total value

2009

2010

Mid-market value

GLOBAL OVERVIEW

2011
Total volume

2012

YTD 2013*

Mid-market volume

500

2007

2008

2009

Buyout value

2010

2011

Exit value

2012

Buyout volume

YTD 2013*

Exit volume

Monthly M&A Insider | May | 02

TREND GRAPHS

GLOBAL M&A GEOGRAPHIC BREAKDOWN YTD 2013


VALUE

VOLUME
1.5%

4.0%

2.3%

Asia-Pacific
24.3%

4.3%
Asia-Pacific
26.8%

Europe

Europe

North America
Middle East & Africa

North America
Middle East & Africa

26.7%

Central & South America

31.0%

Central & South America

39.3%

39.9%

GLOBAL M&A SECTOR BREAKDOWN YTD 2013


VALUE

VOLUME
1.2%

0.7% 3.3%

1.6% 0.3%
4.7%

0.4%
7.9%

2.8%
2.8%

Industrials & Chemicals

25.3%

Business Services
Financial Services

4.2%

Technology

Technology
Energy, Mining & Utilities

21.3%

Pharma, Medical & Biotech

Energy, Mining & Utilities

7.3%

Pharma, Medical & Biotech


13.7%

Leisure
Transportation

10.0%
6.9%

10.3%

Telecommunications
Agriculture
Defence

GLOBAL OVERVIEW

8.3%

Transportation
Media

Media
Real Estate

Leisure
Construction

Construction
4.6%

Consumer

3.7%

Business Services
Financial Services

Industrials & Chemicals

20.8%

3.3%

Consumer

1.6%

1.7% 1.2%
0.4%

9.0%

11.2%
9.6%

Real Estate
Telecommunications
Agriculture
Defence

Monthly M&A Insider | May | 03

TREND GRAPHS

GLOBAL M&A DEAL SIZE BREAKDOWN YTD 2013


VALUE

VOLUME

100

100

90

98

80

27.4%
39.6%

42.0%

40.5%

30.0%

29.4%

27.5%

96

50

20
10
0

19.1%

19.7%

21.8%

17.0%

15.3%

16.5%

23.0%

19.3%

20.5%

8.9%

7.9%

9.7%

10.1%

9.6%

9.3%

12.5%

14.5%

14.6%

15.0%

14.6%

13.7%

14.3%

2007

2008

2009

2010

2011

2012

YTD 2013*

40
30

0.6%

0.5%

0.4%

0.5%

0.4%

0.3%

1.3%

0.9%

1.0%

1.1%

1.1%

1.1%

1.1%

3.8%

3.7%

4.7%

4.8%

4.8%

4.5%

4.8%

4.7%

89.3%

88.8%

89.0%

2010

2011

2012

5.5%

94
20.4%

60

27.5%

7.9%

GLOBAL OVERVIEW

26.2%

27.5%

27.0%

Percentage

Percentage

70

0.7%

4.6%

92
90

3.9%
4.5%

4.1%

5.1%

88
86
84

90.1%

90.9%

2008

2009

87.4%

90.0%

82
80

2007

YTD 2013*

US$0-US$250m

US$0-US$250m

US$251m-US$500m

US$251m-US$500m

US$501m-US$2,000m

US$501m-US$2,000m

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

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

>US$5,001m

>US$5,001m

Return to contents

Monthly M&A Insider | May | 04

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a mergermarket M&A report on

Latin america
Latin America had 30 deals in the month of April with an overall value of US$5.4bn. The surprise
for this month was Peru, which was the second most active country by deal value. This is due
in large part to one of the biggest deals of the month, Cermaq ASAs 82.12% stake acquisition
of Peru-based Copeinca ASA worth US$784m. This deal fell in the Consumer sector, which had
the highest deal volume with seven deals totalling US$938m. The Automotive and Financial
Services sectors were tied second by volume with three deals each, coming in at US$103m and
US$174m, respectively.
The Communications sector had the third largest deal in
April: Guatemalas Corporacion Multi Inversiones US$500m
acquisition of Telefonica SAs operations in the country. All in all,
the month represents a significant slowdown for M&A activity
with 30 deals totalling US$5.4bn, 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 averaging
US$171m per deal. The country was also host to the largest
deal in the Business Services sector, Kroton Educacionals
US$2.6bn acquisition of Anhanguera Educacional Participaes.
The deal represented a two year plan by the company for the
consolidation of educational services. educational services
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 M&A activity in 2013.


With the 2014 World Cup and the 2016 Olympic Games coming
up ahead, Brazils 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 Batistas
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 M&A activity.

Monthly M&A Insider | May | 06

TOP DEALS
TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company

Target company

Target dominant
sector

Seller company

Exit multiples (x)


Revenue EBITDA

P/E

Bid premia
Deal
1-day
value
before
(US$m)

22-Apr-13

Kroton Educacional SA

Anhanguera Educacional
Participacoes SA

Business Services

2.1

19.3

33.3

0.1%

2,636

05-Apr-13

Cermaq ASA

Copeinca ASA
(82.12% stake)

Consumer

2.9

8.8

11.2

-0.6%

784

23-Apr-13

The Bank of Nova


BBVA Horizonte AFP
Scotia; and SURA Asset
Management Espana

Financial Services

n/a

n/a

4.9

-2.1%

516

30-Apr-13

Corporacion Multi
Inversiones

Telefonica SA (Operating
assets in Guatemala,
El Salvador, Nicaragua
and Panama) (40% stake)

Telecommunications Telefonica SA

500

04-Apr-13

Empresa Nacional de
Telecomunicaciones

Nextel Del Peru SA

Telecommunications NII Holdings Inc

400

29-Apr-13

Randon SA

Suspensys Sistemas
Automotivos Ltda
(50% stake)

Industrials &
Chemicals

Meritor Inc

195

17-Apr-13

Carsales.com Limited

WebMotors SA (30% stake)

Industrials &
Chemicals

Banco Santander
(Brasil) SA

91

22-Apr-13

GAM Participacoes e
Empreendimentos

Floralco Acucar e
Alcool Ltda

Consumer

75

12-Apr-13

Grupo Sutton

Plaza Hotel

Leisure

55

15-Apr-13

RP Administracao e
Participacao

Frinal S/A Frigorifico e


Integracao Avicola

Consumer

0.6

41

n/a=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

LATIN AMERICA

Banco Bilbao Vizcaya


Argentaria SA

Source: mergermarket

Monthly M&A Insider | May | 07

TREND GRAPHS
LATIN AMERICAN M&A QUARTERLY TREND

70

LATIN AMERICAN M&A QUARTERLY


PRIVATE EQUITY TREND
250

60
200

4,500

18

4,000

16

3,500

14

3,000

12

2,500

10

2,000

1,500

1,000

500

30

100

Value (US$m)

40

Number of deals

150

Number of deals

Value (US$bn)

50

20
50
10
0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value

Mid-market value

Total volume

Mid-market volume

Buyout value

LATIN AMERICAN M&A ANNUAL TREND

160

700

8,000

600

7,000

140

300

60
200
40
100

20

Total value

LATIN AMERICA

2010

Mid-market value

2011
Total volume

2012

YTD 2013*

Mid-market volume

Value (US$m)

Value (US$bn)

80

2009

Exit volume

60

50

40

5,000
4,000

30

3,000

Number of deals

400

Number of deals

100

2008

Buyout volume

6,000

500
120

2007

Exit value

LATIN AMERICAN M&A ANNUAL


PRIVATE EQUITY TREND

180

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*

20

2,000
10

1,000
0

2007

2008

2009

Buyout value

2010

2011

Exit value

2012

Buyout volume

YTD 2013*

Exit volume

Monthly M&A Insider | May | 08

TREND GRAPHS

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2013


VALUE

VOLUME
1.0%

3.3%
Brazil

10.0%

Brazil

Costa Rica
31.5%

Chile
3.3%

Ecuador
El Salvador
Mexico
Peru
Argentina

Costa Rica
Ecuador

3.3%

El Salvador

3.3%

Mexico
Peru

6.7%

Argentina

57.1%
60.0%

0.4%

10.0%
9.3%
0.3%

0.4%

LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2013


VALUE

VOLUME
1.0%
6.0%
Industrials & Chemicals

16.7%

3.3%
3.3%

Consumer
17.4%

Business Services
Financial Services

3.3% 3.3%

Industrials & Chemicals


26.7%

3.3%

Leisure

Business Services
Financial Services

3.3%

Telecommunications
9.7%

Consumer

Telecommunications
Energy, Mining & Utilities

6.7%

Leisure
Transportation
Construction

10.0%

Real Estate
Agriculture
23.3%

49.1%

LATIN AMERICA

13.3%

Monthly M&A Insider | May | 09

TREND GRAPHS

LATIN AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2013


VALUE

VOLUME
0.2%

100

80

9.2%

16.1%

29.0%

30.5%
12.9%

29.3%

Percentage

34.4%

27.9%

2007

10.0%

10.1%

14.7%

14.9%

2008

2009

9.6%

13.3%

7.5%

LATIN AMERICA

9.4%
2010

15.1%

15.6%

2011

2012

6.7%
7.7%

0.6%

1.2%

4.7%
5.3%

0.3%

1.8%

6.8%
5.3%

1.2%

2.0%

8.1%

0.8%

1.1%

0.3%

0.9% 2.1%

6.1%

6.2%

4.9%

5.0%

6.8%

7.0%

87.0%

85.8%

86.0%

2011

2012

YTD 2013*

6.7%

70
60
50

24.8%

15.8%

20.8%

30.5%
33.5%

24.5%

20

19.0%
36.5%

40

10

18.4%

20.3%

0.9%

80

16.1%

60

30

90

34.4%

39.3%

70

50

21.5%

Percentage

90

100

16.8%

18.3%
YTD 2013*

84.5%

88.2%

85.8%

82.0%

40
30
20

2007

2008

2009

2010

US$0-US$250m

US$0-US$250m

US$251m-US$500m

US$251m-US$500m

US$501m-US$2,000m

US$501m-US$2,000m

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

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

>US$5,001m

>US$5,001m

Return to contents

Monthly M&A Insider | May | 10

a mergermarket M&A report on

north america
The second quarter of the year started off with 186 deals worth US$42bn, a 46.4% decrease
by volume and a 51.3% decrease by value when compared to April 2012 (347 deals worth
US$86.2bn). Private Equity activity also slowed significantly from last year, with 26 buyouts
worth US$3.8bn and 29 exits worth US$4bn compared to last years 72 buyouts and 59 exits
valued at US$9.9bn and US$12.5bn respectively.
The top deal for the month was Thermo Fisher Scientifics
US$15bn acquisition of Life Technologies Corp in the
Pharma, Medical & Biotech sector, a huge boost to the
sectors total value, bringing it to US$18.9bn in April
alone. This represents a 52% increase in value from April
2012, which saw US$12.4bn in deals. The sector also saw
the most high value transactions, with three top deals
collectively worth US$17.1bn, taking 45.1% of total market
share by value.
The Industrials & 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$4.7bn which
includes the US$3.2bn acquisition of Lufkin Industries by
General Electric Company and Georgia-Pacifics US$1.5bn
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 Buys sale of its European operations to
The Carphone Warehouse Group, Raisio Groups sale of its
US plant to Avoca Inc., and CB Marts 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 companys
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$11.2bn, 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 M&A Insider | May | 11

TOP DEALS
TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company

Target company

Target dominant
sector

Seller company

Exit multiples (x)


Revenue

EBITDA

P/E

Bid premia
Deal
1-day
value
before
(US$m)

15-Apr-13 Thermo Fisher Scientific Inc

Life Technologies Corp

Pharma, Medical
& Biotech

4.0

13.6

31.7

11.8%

15,008

08-Apr-13 General Electric Company

Lufkin Industries Inc

Industrials &
Chemicals

2.5

17.6

36.1

38.4%

3,237

25-Apr-13 DTLA Holdings

MPG Office Trust Inc

Real Estate

8.4

28.6

45.6

21.2%

1,938

24-Apr-13 Georgia-Pacific LLC

Buckeye Technologies Inc

Industrials &
Chemicals

25.3%

1,472

29-Apr-13 Bayer HealthCare LLC

Conceptus Inc

Pharma, Medical
& Biotech

7.8

50.0

193.8

19.7%

1,100

08-Apr-13 Thomas H Lee Partners LP

CompuCom Systems Inc

Business Services

Court Square
Capital Partners

0.5

1,100

10-Apr-13 Protective Life Corporation

MONY Life Insurance


Company

Financial Services

AXA SA

1,060

14-Apr-13 Madison Dearborn Partners LLC National Financial


Partners Corp

Financial Services

35.7

8.3%

1,011

17-Apr-13 Roper Industries Inc

Managed Health Care


Associates Inc

Pharma, Medical
& Biotech

1,000

16-Apr-13 Atlas Pipeline Partners LP

TEAK Midstream LLC

Energy, Mining
& Utilities

1,000

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

NORTH AMERICA

Source: mergermarket

Monthly M&A Insider | May | 12

TREND GRAPHS
NORTH AMERICAN M&A QUARTERLY TREND

NORTH AMERICAN M&A QUARTERLY


PRIVATE EQUITY TREND
1,600

600

250

350

1,400

500

300
200

1,200

600

200

Value (US$bn)

Value (US$bn)

800

300

150

200
150

100

100

400
50

100

50

200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value

Mid-market value

Total volume

1,800

Buyout value

Exit value

Buyout volume

Exit volume

NORTH AMERICAN M&A ANNUAL


PRIVATE EQUITY TREND
6,000

1,200

500
450

1,600
5,000

3,000
800
600

2,000

400
1,000
200

Value (US$bn)

1,000

350

800

300
600

250
200

Number of deals

4,000

Number of deals

1,200

1,000

400

1,400

Value (US$bn)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*

Mid-market volume

NORTH AMERICAN M&A ANNUAL TREND

Number of deals

1,000

250
Number of deals

400

400

150
100

200

50
2007

2008
Total value

NORTH AMERICA

2009

2010

Mid-market value

2011
Total volume

2012

YTD 2013*

Mid-market volume

2007

2008

2009

Buyout value

2010

2011

Exit value

2012

Buyout volume

YTD 2013*

Exit volume

Monthly M&A Insider | May | 13

TREND GRAPHS

NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2013


VALUE

VOLUME

0.7%
0.1%
0.2%
4.6%
1.7%
1.9%

1.6% 1.6%
2.2%
15.7%

Industrials & Chemicals

0.5%

2.7%
2.7%

Energy, Mining & Utilities

6.5%

1.1%

Industrials & Chemicals

20.4%

Energy, Mining & Utilities

4.8%

Technology

Technology
Pharma, Medical & Biotech

Pharma, Medical & Biotech

5.1%
13.4%

Business Services
Financial Services

Business Services

10.2%

Financial Services
Consumer

Consumer
14.5%

Media
5.0%

Media
Leisure

Leisure
Transportation

Transportation

11.3%

Telecommunications

Telecommunications

Construction

Real Estate
45.1%

14.0%

12.4%

Real Estate
Defence

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2013


VALUE

VOLUME
1.1%
100

100

1.8%

90
32.0%
43.5%

Percentage

21.5%

19.4%

27.4%

26.8%

21.2%
18.8%

14.0%
13.3%

21.5%
6.5%

27.7%

17.3%
13.2%

20

95

7.3%

20.6%

0.6%

0.7%

0.6%

0.4%

1.0%

1.1%

1.4%

1.5%

1.1%

3.7%

3.4%

5.6%

4.9%

6.1%

5.2%

5.4%

87.5%

87.6%

86.8%

2010

2011

2012

6.2%

8.9%

8.2%

8.1%

5.5%

12.3%

9.3%

12.6%

11.7%

10.6%

10.6%

2007

2008

2009

2010

2011

2012

YTD 2013*

5.7%

3.8%

90
5.3%

4.6%
5.0%

85
90.5%
80

9.7%

9.6%

NORTH AMERICA

0.7%

0.9%

4.2%
18.0%

40

10

35.1%

58.7%

60

30

32.3%

49.1%

70

50

37.6%

Percentage

80

0.7%

91.1%

85.6%

75

2007

2008

2009

88.2%

YTD 2013*

US$0-US$250m

US$0-US$250m

US$251m-US$500m

US$251m-US$500m

US$501m-US$2,000m

US$501m-US$2,000m

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

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

>US$5,001m

>US$5,001m

Return to contents

Monthly M&A Insider | May | 14

A MERGERMARKET M&A REPORT ON

ASIA-PACIFIC
M&A activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 deals
worth US$33.5bn in 2012 to 194 worth US$32.9bn in 2013, a 15% decrease in volume and a 2%
decrease in value. Volume remained on par with March figures, which saw 195 deals come to
market, while value increased 19% from US$26.6bn that month.

Consumer sector shines

Private equity slowdown

Aside from the traditionally deal heavy Industrials & Chemicals


sector (46 deals worth US$1.5bn), the Consumer sector stood
out with 29 deals worth close to US$20bn. Three deals accounted
for approximately 80% of consumer sector deal value.

Private equity activity in Asia-Pacific dipped from March figures


(16 deals worth US$2.3bn) to 11 deals worth US$1.2bn.

China based Midea Group announced it would merge with GD


Midea Electric Appliances, its 41.17% owned listed subsidiary,
for US$4.49bn. 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 countrys 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 22.52% stake in Hindustan Unilever Ltd, the Indian listed
subsidiary. The deal is valued at US$5.4bn.

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 Groups 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, from
Shanghai Chengtou Corporation, the China based company
engaged in the construction and operation of infrastructure
facilities, for a consideration of US$280m.

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$6.4bn. 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.

Monthly M&A Insider | May | 15

top deals
TOP 10 asia-pacific ANNOUNCED DEALS OF the month (APR-13)
Announced Bidder company

Target company

Target dominant Seller company


sector

Exit multiples (x)


Revenue

EBITDA

P/E

Bid premia
Deal
1-day
value
before
(US$m)

23-Apr-13 CP ALL Plc

Siam Makro Public Co Ltd

Consumer

1.72

33.26

56.65

16.7%

6,466

30-Apr-13 Unilever NV

Hindustan Unilever Limited


(22.52% stake)

Consumer

4.42

27.64

30.85

9.8%

5,406

01-Apr-13 Midea Group Co Ltd

GD Midea Holding Co Ltd


(58.83% stake)

Consumer

0.78

7.99

15.50

4,923

26-Apr-13 Nippon Steel Trading


Co Ltd

Sumikin Bussan Corporation


(61.8% stake)

Consumer

0.18

8.22

5.23

1.8%

1,432

10-Apr-13 Guangxi Beisheng


Pharmaceutical Co Ltd

Deqin Group Co Ltd

Transportation

2.32

12.14

20.06

859

03-Apr-13 Wintime Energy Co Ltd

Shanxi Lingshi Huaying Tianxing Energy, Mining


Jiguang Coal Co Ltd (49% stake); & Utilities
Shanxi Lingshi Huaying Tianxing
Baigou Coal Co Ltd (49% stake);
Shanxi Lingshi Yinyuan Xinanfa
Coal Co Ltd (49% stake); Shanxi
Lingshi Yinyuan Huaqiang Coal
Co Ltd (49% stake); Shanxi
Lingshi Yinyuan Xingqing Coal
Co Ltd (44% stake); and Shanxi
Qinyuan Kang Wei Sen Da Yuan
Coal Co Ltd (49% stake)

799

02-Apr-13 Industrial and


Commercial Bank of
China Limited

SinoPac Financial Holdings


Company (20% stake)

Financial
Services

n/a

n/a

10.16

-10.6%

788

26-Apr-13 Marubeni Corporation

NEC Mobiling Ltd

Technology

0.50

6.48

13.60

1.8%

709

24-Apr-13 AXA SA

Tianping Auto Insurance Co Ltd


(50% stake)

Financial
Services

n/a

n/a

53.67

631

29-Apr-13 Alibaba Group

Weibo Corporation (18% stake)

Technology

586

n/a=not applicable
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target company being Asia-Pacific
Data correct as of 02-May-13

asia-pacific

Deqin Group Co Ltd


(31 shareholders)

SINA Corporation

Source: mergermarket

Monthly M&A Insider | May | 16

TREND GRAPHS

900

160

800

140

700

120

600

100

500

80

400

60

300

40

200

20

100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value

Mid-market value

Total volume

25

100

20

80

15

60

10

40

20

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*

Mid-market volume

Buyout value

ASIA-PACIFIC M&A ANNUAL TREND

Exit value

Buyout volume

Exit volume

ASIA-PACIFIC M&A ANNUAL


PRIVATE EQUITY TREND
3,000

500

2,500

400

1,500
200

70

350

60

300

50

250

40

200

30

150

20

100

10

50

Number of deals

300

Number of deals

2,000
Value (US$bn)

120

Value (US$bn)

30

Number of deals

180

Value (US$bn)

ASIA-PACIFIC M&A QUARTERLY


PRIVATE EQUITY TREND

Number of deals

Value (US$bn)

ASIA-PACIFIC M&A QUARTERLY TREND

1,000
100

500

2007

2008
Total value

ASIA-PACIFIC

2009

2010

Mid-market value

2011
Total volume

2012

YTD 2013*

Mid-market volume

2007

2008

2009

Buyout value

2010

2011

Exit value

2012

Buyout volume

YTD 2013*

Exit volume

Monthly M&A Insider | May | 17

TREND GRAPHS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2013


VALUE

VOLUME

1.6%

8.3%

3.2%

China

2.0%
3.9%

Japan
India
36.9%

5.0%

Australia
Thailand

7.9%

China

2.9%

Japan

27.3%

India

4.2%

Australia

2.3%

Thailand
South Korea

South Korea

6.5%

Singapore

9.2%

Singapore
Hong Kong

Hong Kong
Indonesia

7.1%

Malaysia

Indonesia

1.4%

Malaysia

Other
12.3%

8.7%

Other

19.1%

13.0%

7.8%

9.5%

ASIA-PACIFIC M&A SECTOR BREAKDOWN YTD 2013


VALUE

VOLUME

1.7%
1.7%
1.3%

0.7%

2.6%

1.6%

0.5%
16.2%

3.4%

Industrials & Chemicals

4.5%

Financial Services

3.9%

0.3%

2.9%

Industrials & Chemicals

23.6%

3.9%

Consumer

2.8%

1.4%

Consumer
Financial Services

3.9%

Business Services
Technology

Business Services
4.8%

Technology

Energy, Mining & Utilities


Pharma, Medical & Biotech

Energy, Mining & Utilities


Pharma, Medical & Biotech

6.2%

Real Estate
20.1%

26.6%

Real Estate
12.3%

Transport
Construction
Leisure

Leisure

Media
5.7%

3.4%

8.2%

Agriculture
Telecommunications
Defence

ASIA-PACIFIC

Transport
Construction

7.8%

9.4%

9.2%
9.4%

Media
Agriculture
Telecommunications
Defence

Monthly M&A Insider | May | 18

TREND GRAPHS

ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN YTD 2013


VALUE

VOLUME

100

80

19.9%

17.0%

Percentage

27.2%
13.6%

22.2%
12.6%

12.0%

30.4%

11.2%

26.3%

11.1%

29.7%

28.0%

0.4%

0.3%

0.4%

0.4%

0.9%

1.0%

1.5%

0.8%

0.9%

5.1%

4.5%

5.4%

4.4%

5.3%

4.7%

5.7%

5.4%

5.8%

5.4%

4.9%

88.3%

88.4%

87.4%

88.5%

88.6%

2007

2008

2011

2012

YTD 2013*

90

12.0%

11.4%

20.5%

21.5%

21.9%

20.2%

20.8%

2008

2009

2010

2011

2012

2007

ASIA-PACIFIC

5.1%

6.0%

0.5%

85

80
24.4%

5.3%

0.3%

13.2%

20
10

0.4%

0.9%

18.2%
38.0%

30.5%

0.3%

95

15.7%

40
30

21.6%
12.3%

17.0%

60
50

24.5%

29.5%

70

11.3%

13.5%

Percentage

90

15.5%

100

87.9%

88.7%

25.2%

YTD 2013*

75

2009

2010

US$0-US$250m

US$0-US$250m

US$251m-US$500m

US$251m-US$500m

US$501m-US$2,000m

US$501m-US$2,000m

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

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

>US$5,001m

>US$5,001m

Return to contents

Monthly M&A Insider | May | 19

A MERGERMARKET M&A REPORT ON

EUROPE

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since the
beginning of the year. Value of deals registered in April 2013 (US$53.3bn) represents a fall of
10.6% compared to April 2012 (US$59.6bn). Deal activity followed the same decreasing pattern
accounting for a drop of 30.1% (123 deals) compared to the same period last year. This marks a
worsening of general trend in 2013 so far, in which continuing concerns over the sovereign debt
crisis have slowed M&A activity.

TMT gained top position by deal value accounting for 25.8%


of total M&A activity in 2013. The 193 deals of this sector
were valued at US$44.7bn, much due to the Virgin and Liberty
deal inflating the Media sector. In second place with two
top deals this month, Energy, Mining & Utilities recorded
99 deals valued at US$28.9bn; although strong in 2013, the
sector has seen a significant fall from the same period last
year with a decrease of 64.5% 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 for
Private 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.
Aprils top deal saw Joh. A. Benckiser implementing
their growth strategy to gain from the growing coffee and
tea market, with the US$8.6bn acquisition of DE Master
Blenders. Conditioned by a 95% acceptance trench with
no significant undertakings by major shareholders could
result 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,
Cypruss 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 their
neighbouring 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 too big to fail.
The transaction would have created an asset consolidation of
US$180bn, just US$10bn less than Greeces GDP. Instead, these
two banks have been nationalised by The Hellenic Financial
Stability Fund (HFSF). Of which, the nationalisation of Eurobank
is valued at US$7.6bn, making up Aprils second largest deal.
The result of Greece and Cyprus rescue plans has dramatically
inflated M&A activity with Greece reporting 8 deals valued at
US$9.7bn, a substantial increase of over 6,000% from 2 deals
valued at US$152m the same period in 2012.

Monthly M&A Insider | May | 20

TOP DEALS
TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company

Target company

Target dominant
sector

Seller company

Exit multiples (x)


Revenue

EBITDA

P/E

Bid premia
Deal
1-day
value
before
(US$m)

12-Apr-13

Joh. A. Benckiser SE

DE Master Blenders 1753 Consumer


BV (84.95% stake)

2.8

35.7

56.8

2.2%

8,623

30-Apr-13

Hellenic Financial
Stability Fund

EFG Eurobank Ergasias


SA

Financial Services

n/a

n/a

-32.8%

7,633

18-Apr-13

Royalty Pharma

Elan Corporation Plc

Pharma, Medical
& Biotech

9.6

16.8

-5.3%

6,905

18-Apr-13

CVC Capital Partners


Limited

ista International GmbH

Technology

Charterhouse Capital
Partners LLP

4.4

10.3

4,055

08-Apr-13

A consortium led by
GBWAG Bayerische
PATRIZIA Immobilien AG Wohnungs
Aktiengesellschaft
(91.92% stake)

Real Estate

Bayerische Landesbank

12.3

17.4

11.0

-27.7%

3,191

05-Apr-13

Electricite de France
SA; Snam SpA;
and Government of
Singapore Investment
Corporation Pte Ltd

Total Infrastructures Gaz


France SA

Energy, Mining
& Utilities

Total SA

3,119

01-Apr-13

Lukoil OAO

ZAO Samara Nafta

Energy, Mining
& Utilities

Hess Corporation

2,050

01-Apr-13

Global Infrastructure
Partners

Terminal Investment
Limited SA (35% stake)

Transportation

MSC Mediterranean
Shipping Company SA

1,929

29-Apr-13

PAI Partners

R&R Ice Cream Plc

Consumer

Oaktree Capital Group


LLC

1.4

1,106

26-Apr-13

Telenor ASA

Cosmo Bulgaria Mobile


EAD

Telecommunications Hellenic
Telecommunications
Organisation SA

1.9

5.3

934

n/a=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

EUROPE

Source: mergermarket

Monthly M&A Insider | May | 21

TREND GRAPHS
EUROPEAN M&A QUARTERLY TREND

EUROPEAN M&A QUARTERLY


PRIVATE EQUITY TREND

700

2,000
1,800

600

450

140

400

120

1,600

350
100

1,400

1,000
300

800

Value (US$bn)

400

300
250

60

200
150

600

200

80

40
100

400
100
0

20

200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value

Mid-market value

Total volume

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Buyout value

Exit value

Buyout volume

Exit volume

EUROPEAN M&A ANNUAL


PRIVATE EQUITY TREND

1,600

8,000

350

1,600

1,400

7,000

300

1,400

1,200

6,000

1,000

5,000

600

3,000

400

2,000

200

1,000

2007

2008
Total value

EUROPE

2009

2010

Mid-market value

2011
Total volume

2012

YTD 2013*

Mid-market volume

Value (US$bn)

4,000

1,000
200
800
150
600
100

400

50
0

Number of deals

800

1,200

250
Number of deals

Value (US$bn)

50

Mid-market volume

EUROPEAN M&A ANNUAL TREND

Number of deals

1,200

Number of deals

Value (US$bn)

500

200

2007

2008

2009

Buyout value

2010

2011

Exit value

2012

Buyout volume

YTD 2013*

Exit volume

Monthly M&A Insider | May | 22

TREND GRAPHS

EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2013


VALUE

VOLUME
8.5%

13.2%

5.5%

13.5%

13.9%

Germany

5.3%

Germany
Italy

Italy
5.0%

France

4.9%

Republic of Ireland

13.1%

Republic of Ireland

Benelux

13.3%

CEE

17.0%

Benelux
CEE
Northern Europe

Northern Europe

Other

Other
25.8%

France
UK

UK

11.1%

12.0%

7.7%

21.3%

1.2%

7.5%

EUROPEAN M&A SECTOR BREAKDOWN YTD 2013


VALUE

VOLUME
0.6% 2.4% 0.2%
2.3%
4.6%
6.3%

1.7% 1.2%
Industrials & Chemicals

11.6%

4.2%

Consumer

2.8%

Business Services

0.3%
Consumer
TMT
Business Services

5.0%

Financial Services
Energy, Mining & Utilities
Pharma, Medical & Biotech
25.8%

16.7%

Financial Services
Energy, Mining & Utilities

7.1%

Pharma, Medical & Biotech

Leisure

Leisure

Transportation
Construction

16.0%

7.8%

Agriculture

14.8%

3.8%

Defence

Transportation
Construction
Agriculture

Real Estate

EUROPE

Industrials & Chemicals

22.6%

4.4%

TMT

8.3%

4.0%

Real Estate
12.1%
13.9%

Defence

Monthly M&A Insider | May | 23

TREND GRAPHS

EUROPEAN M&A DEAL SIZE BREAKDOWN YTD 2013


VALUE

VOLUME

100

100

90

98

80

33.6%
45.0%

28.6%

26.6%

34.1%

27.7%

20.4%
17.9%

20.7%
15.3%

21.6%

20
7.3%
10.8%

EUROPE

27.7%

15.2%

19.2%

21.0%

29.2%

29.0%

25.7%

23.8%

8.5%

9.0%

9.8%

9.7%

7.9%

13.0%

16.2%

14.6%

14.2%

12.6%

12.8%

2008

2009

2010

2011

2012

YTD 2013*

8.3%

Percentage

Percentage

18.6%

40

10

0.4%

0.3%

0.4%

0.4%

0.1%

1.1%

0.9%

0.9%

0.7%

0.9%

0.8%

1.1%

2.7%

3.8%

3.6%

3.1%

92

4.1%

5.0%
2.9%

94

60

30

0.6%

3.7%
96

44.3%

70

50

0.7%

3.3%
4.2%

3.6%

3.7%

2.9%

4.6%

90
88
86
84

88.6%

93.1%

91.9%

91.0%

91.5%

2009

2010

2011

2012

90.7%

92.8%

82
80

2007

2008

YTD 2013*

US$0-US$250m

US$0-US$250m

US$251m-US$500m

US$251m-US$500m

US$501m-US$2,000m

US$501m-US$2,000m

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

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

>US$5,001m

>US$5,001m

Return to contents

Monthly M&A Insider | May | 24

a mergermarket M&A report on

the middle east


& africa
In figures reflective of a sluggish global economy, deals this month showed signs of a slowdown
but were largely sustained by the improved buyout and exit performance. Recording 17 deals in
total worth US$1.9bn, values were down 68% from the same month last year (US$6.2bn, 24 deals)
and represented the lowest number of deals in over a decade. This is, however, consistent with the
global decline in M&A deal volumes across every major region. Private equity deals, on the other
hand, are an improvement on the previous quarters figures, with buyouts increasing by 69.6% to
US$865m and exits increasing by 23.4% 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 M&A 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 nations finance minister, recently voiced concerns
over Europes tough neighbourhood. 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. Vodafones capital spending in the Middle East
and Africa is reported to have increased to US$1.1bn in 2012,
up 23.9% from US$888m the previous year, while spending
in Europe, Vodafones biggest market, decreased. Similarly,
following the recent acquisition of Centrale Laitire in Morocco,
French food group, Danone, is determined to milk the regions
strong birth rates. In an interview with Mergermarket, the
groups CEO noted that Morocco will bring more revenues
to Danone than Italy this year.
Diversification in the Middle East and Africas M&A space
continues as investors increasingly seek opportunities beyond
the regions natural resources, placing the spotlight on its
unsung deal drivers. This months top deal, the US$625m
acquisition of Israels Alliance Tire Group (ATG) by US private
equity firm KKR from Warburg Pincus, took place in the
Industrial & Chemicals sector.
In addition to that, with the region now home to the worlds
fastest growing mobile phone market, the TMT sector- tipped to
play a major role in the regions M&A activity this year- is ahead
of the pack with a 35.6% share of the regions total M&A activity
so far this quarter, recording 8 deals worth US$7.3bn. This
represents a 57% increase on values during the same period

last year. According to M&A professionals at this years annual


TMT Finance Middle East North Africa conference which took
place in Dubai, realignment and consolidation are likely to be
key themes for upcoming telecommunication M&A deals.
The Energy, Mining and Utilities sector came in second with
a 24.9% share of all transactions, witnessing 15 deals worth
US$5.1bn. The industrys 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 sectors woes are the set of fresh fraud
allegations at FTSE 100 miner, ENRC, due to its deals in the
Democratic Republic of Congo which reportedly led to losses
of US$1.36bn for the Central African country between 2010 and
2012, according to a report by Kofi Annans 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, and
energy 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 intraregional M&A 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 to
ten years as a result of its proximity to the region, which is likely
to boost the intra-regional deals even further.

Monthly M&A Insider | May | 25

TOP DEALS
TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF THE MONTH (APR-13)
Announced Bidder company

Target company

Target dominant
sector

Seller company

Warburg Pincus LLC;


and Yogesh Kumar
Mahansaria (Private
Investor)

09-Apr-13 Kohlberg Kravis Roberts &


Co LP

Alliance Tire Group


(90% stake)

Industrials &
Chemicals

24-Apr-13 OPKO Health Inc

Prolor Biotech

Pharma, Medical
& Biotech

15-Apr-13 Wilmar International Limited

Compagnie Sucriere
Marocaine De Raffinage
SA (27.5% stake)

Consumer

Societe Nationale
D'Investissement SA

Pharma, Medical
& Biotech

TA Associates
Management LP

27-Apr-13 Shanghai Fosun


Alma Lasers Ltd
Pharmaceutical (Group)
Co Ltd; Chindex Medical
Limited; and Shanghai Fosun
Pharmaceutical (Group) Co Ltd

Exit multiples (x)

Bid premia Deal


1-day
value
before
(US$m)

Revenue

EBITDA

P/E

1.4

7.6

625

30.1%

420

30.3%

279

2.6

10.8

240

05-Apr-13 Sekunjalo Independent


Media Consortium

Independent Newspapers TMT


(Pty) Limited

Independent News &


Media Plc

220

06-Apr-13 Al Tayyar Travel Group

Al Mothmera Real Estate Real Estate


Investment (39% stake)

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


(33.89% stake)

Industrials &
Chemicals

11.0%

17

15-Apr-13 Raubex Group Ltd

Tosas (Pty) Ltd

Construction

19-Apr-13 A consortium led by


Momentum Collective
Investments Ltd

Torre Industrial Holdings Industrials &


Ltd (41.23% stake)
Chemicals

-21.3%

16-Apr-13 ACICO Industries

Saudi Aerated Concrete


Industries Company
(55% stake)

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

MIDDLE EAST & AFRICA

Construction

Sasol Oil (Pty) Limited

13

Source: mergermarket

Monthly M&A Insider | May | 26

TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A
QUARTERLY TREND

MIDDLE EASTERN & AFRICAN M&A QUARTERLY


PRIVATE EQUITY TREND

40,000

160

7,000

35,000

140

6,000

30,000

120

25,000

100

25

15,000

60

10,000

40

5,000

20

Value (US$m)

80

15

4,000
3,000

10

Number of deals

20,000

Number of deals

Value (US$m)

20
5,000

2,000
5

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*
Total value

Mid-market value

Total volume

1,000

Mid-market volume

Buyout value

MIDDLE EASTERN & AFRICAN M&A


ANNUAL TREND
600

90

70

Buyout volume

Exit volume

300

50
40

14

70

12

60

10

50

40

30

20

10

Number of deals

60

Number of deals

400

Value (US$bn)

500

80

Value (US$bn)

Exit value

MIDDLE EASTERN & AFRICAN M&A ANNUAL


PRIVATE EQUITY TREND

100

200

30
20

100

10
0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13*

2007

2008
Total value

2009

2010

Mid-market value

MIDDLE EAST & AFRICA

2011
Total volume

2012

YTD 2013*

Mid-market volume

2007

2008

2009

Buyout value

2010

2011

Exit value

2012

Buyout volume

YTD 2013*

Exit volume

Monthly M&A Insider | May | 27

TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2013


VALUE
0.7%
2.6%

VOLUME

0.1% 0.1%
0.1%
5.9%

1.2%
South Africa
11.5%

Israel

20.5%

United Arab Emirates


Saudi Arabia
Egypt

0.1%
0.5%
1.2%

10.6%

Morocco
Nigeria

0.5%

3.8%

Oman

South Africa
Israel

24.7%

2.5%
2.5%

United Arab Emirates


Saudi Arabia

2.5%

Egypt

4.9%

Morocco
Nigeria

4.9%

Oman

Kuwait
Mozambique

Kuwait
4.9%

Bahrain

Qatar

Mozambique
6.2%

Mauritius

23.5%

Zambia
42.0%

Qatar
Mauritius

11.1%

Jordan

Zambia

Madagascar

Jordan
Madagascar
Botswana
Congo
Tanzania
Uganda

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2013


VALUE

VOLUME
0.3%

0.1%

2.5%

10.3%

Energy, Mining & Utilities

0.4%

Financial Services

11.2%

0.2%
3.2%

Energy, Mining & Utilities

18.5%

Pharma, Medical & Biotech


Financial Services

7.4%

TMT

TMT

Consumer

Consumer

Industrials & Chemicals


Business Services
6.6%

2.5%

4.9%

Pharma, Medical & Biotech

24.9%

2.1%

2.5%

8.6%

12.3%

Leisure

Leisure
5.2%

Real Estate

8.6%

Agriculture

12.3%

Transportation
35.6%

MIDDLE EAST & AFRICA

Business Services
Construction

Construction
Real Estate

Industrials & Chemicals

Agriculture
Transportation

9.9%
9.9%

Monthly M&A Insider | May | 28

TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN YTD 2013
VALUE

VOLUME

100

100

90
47.5%

70

53.3%

Percentage

67.1%

59.5%
68.1%

60

80.4%

50
19.0%

40
30
20
10
0

11.3%

13.2%
17.0%

18.2%

19.2%

13.2%

12.6%
9.4%

13.6%

12.7%

13.5%

9.4%

5.6%
3.9%
1.7%
0.9%
0.7%
0.9%
1.6%
1.0%
1.3%
2007
2008
2009
2010
2011
2012
YTD 2013*

7.5%

MIDDLE EAST & AFRICA

8.9%

8.7%

80

15.4%

3.8%
5.7%

3.3%
4.0%

11.5%

13.0%

6.0%
5.7%

7.6%

8.0%

8.6%

6.2%

4.3%

6.2%

10.9%

12.8%

7.4%

33.7%

27.9%

29.4%

44.4%

47.4%

45.5%

2010

2011

10.2%

60

36.3%

30.8%

24.7%

32.5%

50
40
30

10.4%
13.7%

90

5.6%

70

66.7%
Percentage

80

7.2%

8.3%

20

39.3%

42.7%

2007

2008

48.9%

53.1%

10
0
2009

2012

YTD 2013*

US$0-US$14.9m

US$0-US$14.9m

US$15m-US$100m

US$15m-US$100m

US$101m-US$250m

US$101m-US$250m

US$251m-US$500m

US$251m-US$500m

>US$501m

>US$501m

Return to contents

Monthly M&A Insider | May | 29

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 across
the world. As first to market, we have many years of experience to bring to your transaction and have
had time to develop and refine our technology, leading to a peerless Project Management and systems
infrastructure that operates 24/7/365. This is why many thousands of companies trust us to manage their
online due diligence processes.

DataSites Smart, Simple and Secure solution drives


your deal forward with:
Speed: Your data room can be live in 15 minutes and an
average sized project can be up and running in less than
12 hours.

Ease of Use: The user interface in a Merrill DataSite VDR is


completely intuitive, replicating the file structure of Microsoft
Windows Explorer, which means that users and reviewers
can work on their deal without having to learn how to use new
software or struggling to get to grips with complex navigation.

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 giving you peace of mind that the right person
is always on hand to address any issue you might have.

The Highest Levels of Security: Security lies at the heart


of everything we do. We have handled over 25,000 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 and/or a Merrill DataSite project
manager.

Fair, transparent pricing: Our unique all-inclusive pricing


package allows you to budget with confidence. All your
support and training is included; you wont need to acquire
any third-party software and you wont have to pay extra to
include more participants in your data room.

Your dedicated Merrill DataSite project manager will be


there to assist you 24/7/365, no matter where in the
world you are located.

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.

2012 WINNER
Acquisitions
International UK
VDR Provider of
the Year

2012 WINNER

Global M&A
Advisor M&A
Product/Service
of the Year Award

2011 WINNER

M&A Advisor
International
Product/Service of
the Year Award

To find out why many thousands of companies


trust us to manage their online due diligence, call
+44 (0)845 602 6916, email info@datasite.com,
or visit www.datasite.com

2010 WINNER

Global M&A
Advisor M&A
Product/Service
of the Year Award

2010 WINNER

M&A Advisor
Mid-Market
Financing
Product/Service
of the Year Award

2009 WINNER

Global M&A
Advisor M&A
Product/Service
of the Year Award

About Merrill DataSite


Merrill DataSite was created to meet our clients needs. Since 2002,
we have consistently leveraged the experiences of our clients to add
value and leading-edge functionality to the toolset available within
our virtual data rooms.
Merrill DataSite enhances transaction success
Merrill DataSite is the industrys acknowledged leader with more than
25,000 projects completed. Private and public companies across the
globe 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 immediately
Patented technology ensures that you never have to wait for a
document to be downloaded. Since the data resides on Merrills
servers, you can simultaneously view an unlimited number of
documents in multiple windows without having to close out or save to
your temp file. When faced with hundreds of documents to review,
this feature saves significant time and expense.
Designate user permissions
Team administrators can control which users will be able to view, print or
download specific documents, folders or projects simply and quickly.
Search every word in every document
With large document collections, sophisticated search features are
key to finding critical information and accelerating the due diligence
process. 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 of
thousands of pages to find whats relevant to them. Merrill DataSites
search capabilities ensure nothing is missed in any of the posted
documents - regardless of where they may be organised within the
index (e.g. find every instance of contract and termination within
5 words of each other, etc.). Search results are returned much faster
and are unlimited in terms of document results and hits within a
document. Using wildcard, fuzzy, proximity, boosting, Boolean and
grouping modifiers, you can search and find exact matches and
near-matches, including misspelled words. Potential buyers will enjoy
increased confidence knowing theyve received and seen all materials
and documents that are relevant to their decision-making.
Protect confidential information
View-only documents are never downloaded. Merrill DataSite, not the
computers browser, controls the caching process providing unmatched
security levels. Unlike other VDR providers, images are never viewable
on the PCs cache after the conclusion of a session. All activity can be
tracked accurately. Auditing and reporting tools provide a verifiable
account of each individuals time spent viewing both documents and
specific pages information that adds negotiating leverage.
Need to work remotely?
No problem. Whether youre working in Beijing or Berlin, you can
view your documents online without having to navigate through
internal firewalls and email restrictions that often exist for outside
company connections and which delay the due diligence process.
Security is our highest priority
Merrill has been a trusted provider of secure information to the
financial and legal industries for more than 40 years. Our employees
execute letters of confidentiality and we are audited annually (internal
and third-party) to make certain our IT infrastructure and processes
remain sound. Merrill DataSite was the first VDR provider to be
fully accredited with ISO 27001:5000, the industry gold-standard
for security certification. In addition, documents are 256-bit SSL
encrypted, watermarks are tamperproof and can be customised,

and data can be viewed, printed and downloaded only by the


users you designate. Your information is only ever shared with the
right people.
The best tool in the industry
Merrill DataSite technology allows for the fastest conversion of soft and
hard copy documents to the electronic viewing platform. As a result,
designated administrators are able to review documents the moment
they are available. Through secure, simultaneous access, full text search
capabilities and robust reporting tools, both archival and transactional
due diligence processes are streamlined. As a result, Merrill DataSite
gives you more insight and control, and dramatically reduces transaction
time and costs.
As a leading provider of VDR solutions worldwide, Merrill DataSite has
empowered over two million unique visitors to perform electronic due
diligence on thousands of transactions totalling trillions of dollars in
asset value.
www.datasite.com

About Merrill Corporation


Founded in 1968 and headquartered in St. Paul, Minnesota, Merrill
Corporation is a leading provider of outsourced solutions for complex
business communication and information management. Merrills
services include document and data management, litigation support,
language translation services, fulfilment, imaging and printing. Merrill
serves the corporate, legal, financial services, insurance and real estate
markets. With more than 5,000 people in over 40 domestic and 22
international locations, Merrill empowers the communications of the
worlds leading organisations.
Merrill Transaction and Compliance Services
Through a broad range of tools and services, Merrill Corporation
streamlines document composition, filing, printing, distribution
and electronic access to the transaction and regulatory compliance
activities of its clients engaged in securities offerings, reorganisations,
mergers and acquisitions, SEC and other regulatory filings. As a
registered, third-party service provider offering public companies
expert EDGARization and XBRL filing services, Merrill professionals
can compose, edit, electronically file, manage and distribute data in
printed or electronic format.
Merrill Legal Solutions
Legal Solutions provide both on-demand and on-site litigation
support, information management and electronic and print document
management services for law firms, corporate legal departments and
professional services firms. Examples of our expertise include the
creation of searchable litigation document repositories, management
of electronic data discovery and the delivery of real-time court
reporting and deposition videography services.
Merrills Marketing and Communication Solutions
MCS supply brand identity management, customer communication
and packaged direct marketing programmes for sales professionals in
industries, such as real estate, mutual funds and insurance. Examples of
our services include customisable corporate identity materials, direct
mail marketing pieces and promotional programmes supported by
web-based technologies.
Merrills Translations Services (Merrill Brink)
Merrill Brink provides a range of translation options to help clients
achieve the most efficient and cost effective approach to their translation
projects. We offer extensive legal translation services for international
litigation, intellectual property, patents, contractual matters, antitrust
matters, mergers and acquisitions, arbitration and more.
www.merrillcorp.com

MERRILL CORPORATION contacts


EXECUTIVE MANAGEMENT
Ed Bifulk
President
Tel: +1 212 229 6563

EXECUTIVE SALES
Will Brown
Regional Director, Life Science
Tel: +33 1 40 06 13 02
Anna Scott
Regional Director, UK
Tel: +44 (0)207 422 6263
Chris Beckmann
Regional Director, Germany, Switzerland
& Poland
Tel: +49 69 25617 110

Manuel Bentosinos
Regional Director, Mexico, Columbia
& Caribbean
Tel: +52 55 9171 2237
Ana Paula Macd Tvora de Castro
Regional Director, South America
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Regional Director, Brazil
Tel: +55 11 3568 2429
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Regional Director, Brazil
Tel: +55 11-3895-8572
Brian Gilbreath
Vice President, Midwest & Latin America
Tel: +1 404 934 8085

Steve Piccone
Vice President, New York
Tel: +1 212 229 6883
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Regional Director, Raleigh
Tel: +1 919 996 9117
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Tel: +1 404 602 3251
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Tel: +33 (0) 1 40 06 13 12

Ryan MacMillan
Regional Director, Canada
Tel: +1 416 214 2448

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Regional Director, France & Northern Africa
Tel: +33 (0) 1 40 06 13 10

Jason Hedges
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Tel: +1 416-878-3260

Manuel Bianchi
Regional Director, Europe
Tel: +44 (0)207 422 6271

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Tel: +44 (0)207 422 6256

Ross Whittaker
Regional Director, New England
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Adam Pang
Regional Director, Europe
Tel: +44 (0)207 422 6268

Jon Lenihan
Regional Director, Boston
Tel: +1 617-535-1618

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Regional Director, Europe
Tel: +44 (0)207 422 6266

Scott Rediker
Regional Director, Mid Atlantic
Tel: +1 443-690-3122

Colin Schopbach
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Tel: +44 (0)207 422 6221

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

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

Jonathan Hughes
Account Manager, Europe
Tel: +44 (0)207 422 6267

Adam Kuritzky
Regional Director, New York
Tel: +1 917 232 9569

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

Malcolm Neate
Account Manager, Europe
Tel: +44 (0)207 422 6272

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

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Tel: +1 949 622 0663

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

Ken Longernecker
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Tel: +1 212 229 6882

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Regional Director, Los Angeles
Tel: +1 213 253 2139

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Regional Director, Southern Europe
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Tel: +1 212 229 6588

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Ari Lee
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Tel: +852 9855 3758

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

David Yeary
Vice President, DataSite Life Sciences
Tel: +1 415 307 4414

Vincent Lork
Regional Director, South East Asia
Tel: +65 6248 4602

Hillary Pryor
Regional Director, New York
Tel: +1 212 367 5924

James Snaza
Director of Life Sciences
Tel: +1 651 632 4585

Chris Robilliard
Regional Director, Australia & New Zealand
Tel: +612 8667 3064

Matthew Mezzancello
Regional Director, NY, NJ & PA
Tel: +1 212 229 6618

Jon Blue
Vice President, Clean Tech
Tel: +1 206 696 9169

Return to contents

Anthony Crosby
Regional Director, Chicago
Tel: +1 312 674 6511
Mark Plaehn
Regional Director, Chicago
Tel: +1 312 674 6527
Kelly-Leigh Keefe
Regional Director, Chicago
Tel: +1 312 386 2229
Ted Sengpiel
Regional Director, Missouri, Kansas, Nebraska & Iowa
Tel: +1 314 315 2909
Nicholas Renter
Regional Director, Texas
Tel: +1 214 754 2100
Bryan Brighton
Regional Director, Austin
Tel: +1 512 551 2986

Monthly M&A Insider | May | 32

The following notes pertain to data contained in this publication:


Deals are included where the deal value is greater than or equal to US$5m.
Where no deal value has been disclosed, deals are included if the turnover of the
target is greater than or equal to US$10m.
Deals are included in the graphs and Top Deals in each section based on the
dominant geography and dominant sector of the target company. Data underlying
the League Tables are based on deals where the bidder, target or parent geography
of either is that of the geography in focus.
Mid-market is defined as US$10m-US$250m.
Q2 2013* refers to the period 01-Apr-13 to 30-Apr-13.
YTD 2013* refers to the period 01-Jan-13 to 30-Apr-13.
For a full version of the mergermarket M&A deal database inclusion and league
table criteria, go to http://www.mergermarket.com/pdf/deal_criteria.pdf.

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

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