QUARTERLY REVIEW Q1 2018

INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A

GLOBAL M&A VOLUME:
Q1 SNAPSHOT
Global M&A is off to a fast start in 2018,
as global deal volume in Q1 was the strongest
of any first quarter, and the third strongest
quarter overall, since the beginning of the
post-crisis recovery.
A strong global M&A environment in the
latter part of 2017 carried into 2018, as the
Global M&A Volume: Q1
pace of deal activity, which grew during each
Snapshot
quarter of 2017, continued to accelerate. The
value of transactions in Q1 2018 exceeded
that of any quarter in 2017.
DEAL VOLUME BY QUARTER
The quarter was highlighted by several 4,937
5,000
mega-deals, including Cigna’s approximately 4,459
4,500 1,045
US$70 billion acquisition of Express Scripts, 4,000 3,778

and JAB Holdings’ US$23 billion cross-border 3,500 3,313

3,517 1,378 3,534
1,059

deal for Dr Pepper Snapple Group. 2,855 1,310

US$ BILLIONS

3,000 582 2,809 922 1,029

2,754
2,535
2,307 622 1,039
2,500
792 921
918
704 908
834 880
2,000 1,706 705 632

756 625
1,500 728 1,172 1,223
1,037 520
771 1,044 909 833
1,000
620 720
512 568
1,127 1,223
500 830 870
776 726 791
570 586 543 643
535
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS. DATA IN THIS REPORT DOES NOT
INCLUDE SPIN-OFFS ANNOUNCED IN 2018 THAT HAVE NOT BEEN COMPLETED.
SOURCE: THOMSON 2
GLOBAL M&A VOLUME:
2000-2018
At its current rate, global M&A volume
in 2018 is on pace to approach US$5 trillion
for the full year, which would be the largest
volume since the financial crisis.
M&A activity in 2018 to date has been
facilitated by optimism about synchronized
global growth as well as record amounts of
private equity “dry powder.” Transformational
Global M&A Volume: 1999-2018
changes in the healthcare industry and
tax reform in the United States have also
contributed to the boom.
GLOBAL M&A VOLUME
Though it is still early in 2018,
6.0
dealmaking appears unrestrained by the 5.5

return of volatility to capital markets, 5.0

tightening monetary policy, and anxiety 4.5

4.0
about a trade war between the United States
US$ TRILLIONS

3.5
and China. 3.0

2.5

2.0

1.5

1.0

0.5

0.0
ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS. 2018 DATA IS ANNUALIZED IN GRAY.
DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2018 THAT HAVE NOT
BEEN COMPLETED.
SOURCE: THOMSON 3
CROSS-BORDER M&A
VOLUME: 2007-2018
Cross-border M&A activity exceeded
US$500 million in Q1 2018, which at the
current pace would exceed US$2 trillion for
the full year.
Robust cross-border M&A was an
important driver of the global M&A boom,
as cross-border M&A accounted for
Cross-Border
approximately 43% of global M&A volume in M&A Volume: 2007-2018
Q1, exceeding the recent historical proportion
of approximately 36%.
In Q1, deal activity was concentrated
DEAL VOLUME
in developed economy targets while deals 4.94 4.88
5.0
involving emerging economy targets slowed. 4.46

Deal volume involving a developed economy 4.0 3.78

2.20
acquirer and an emerging economy target 3.31
3.52 1.57 3.53

declined significantly in Q1 relative to Q4 2017

US$ TRILLIONS

3.0 2.80 2.85 2.90 1.47

1.33 1.27
2.54
(an approximately 50% decline quarter-over- 1.28
2.31
1.01 1.02
1.06
quarter) and relative to Q1 2017 (a nearly 2.0 0.63
0.77

40% decline). 2.73 2.89

2.19 2.31 2.27

1.0 2.04
1.74 1.85 1.87 1.77 0.52
1.68

0.70

0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE
HEADQUARTERED OR BASED IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-
ADJUSTED TO 2018 DOLLARS. 2018 DATA IS ANNUALIZED IN GRAY.
SOURCE: THOMSON DOMESTIC M&A CROSS-BORDER M&A
4
MEDIUM & LARGE M&A
DEALS: 2007–2018
Q1 was another strong quarter for
big-ticket M&A, with over 275 total deals
in excess of US$500 million.
The number of deals greater than
US$500 million are on pace to exceed
1,100 for the full year 2018, which would
make 2018 one of the three most prolific
years for medium and large deals since
the financial crisis. Medium and Large M&A Deals: 2007 – 2018
updated
Cross-border M&A accounted for more
than a third of such deals, consistent with its
NUMBER OF DEALS (> US$500 MILLION)
recent historical proportion.
1500
1401

1250 1171
1138
1108
1069
642 1041
1000
NUMBER OF DEALS

899 423
866 881 875 862 428
436 415
750
364 368 358 312
377
583

500 197
759 748 710
633 626
535 550
250 489 513 517
96
386
181

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS. 2018 DATA IS ANNUALIZED IN
GRAY.
SOURCE: THOMSON DOMESTIC M&A CROSS-BORDER M&A
5
M&A VOLUME BY M&A VOLUME BY TARGET REGION: Q1 2018

TARGET REGION
Canada 1.8%

Europe, rather than the United States,

claimed the largest share of global deal Japan 3.0%
Europe
39.3%
volume in Q1 2018. Over 39% of global
M&A volume (almost US$500 billion) in Q1
consisted of deals involving European targets. United States
37.1%
China
9.5%
Deals for U.S. targets, typically the most
active region, accounted for 37% of global Central
Asia 3.5%

M&A volume (just under US$450 billion). India 1.5%

Africa/Middle East 1.5%

China continued to claim the third Mexico 0.1% Australia/NZ 1.0%

largest share of global M&A volume by Central America 0.01%

South America 1.7%

region, contributing approximately 10% of

deal volume in Q1 2018 (but below the recent M&A VOLUME BY TARGET REGION: 2012-2018
historical average of approximately 15%).
Canada 3.1%

Europe Japan 2.5%

24.4%

United States China

42.2% 14.7%

Central
Asia 4.4%

India 1.1%

Africa/Middle East 2.0%

Mexico 0.5%
Australia/NZ 2.5%
REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGET’S HEADQUARTERS. ALL Central America 0.1%
FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS. South America 2.5%
SOURCE: THOMSON 6
REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGET’S HEADQUARTERS.
ALL FIGURES ARE INFLATION-ADJUSTED TO 2017 DOLLARS. SOURCE: THOMSON
TRENDS IN M&A
VOLUME BY TARGET
REGION: 2013–2018
The momentum from a strong Q4 2017 in
global M&A carried into Q1 2018. Q1 saw more
than US$1.2 trillion in deals for the quarter
on the back of a robust M&A environment in
Europe and North America, which together
contributed almost US$950 billion in
transaction volume for the quarter.
European deal volume reached a recent
peak, while North American deal volume
increased more modestly.
1,400
Deal volume attributed to the Asia-
Pacific (ex-Japan) region returned to its recent 1,200

historical levels around approximately US$200

1,000
billion after a strong finish to 2017 in which
US$ BILLIONS
US$ BILLIONS

the Asia-Pacific (ex-Japan) region contributed 800

almost US$300 billion in transaction volume 600

during each of the third and fourth quarters

400
of 2017.
200

2013 2014 2015 2016 2017 2018

ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS.

SOURCE: THOMSON 7
M&A IN BRIC 2013-2018 INBOUND M&A TO BRIC COUNTRIES
25

COUNTRIES: 2018
20

The pace of inbound M&A activity

slowed during Q1 in Brazil, India, and China,

US$ BILLIONS
15

which experienced declines in deal volume

versus Q4 2017 and versus Q1 2017. 10

However, domestic M&A volume was

relatively strong in Brazil and India during Q1 5

2018, although Chinese volume was slightly

below its recent historical average.
2013 2014 2015 2016 2017 2018

2013-2018 DOMESTIC M&A IN BRIC COUNTRIES

300

250

200
US$ BILLIONS

150

100

50

2013 2014 2015 2016 2017 2018

ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS.

SOURCE: THOMSON 8
DISTRESSED DEALS:
2000–2018
As global M&A boomed generally,
distressed deal activity slowed, amounting
to approximately US$5 billion in Q1, on pace
for less than US$25 billion for the year, which
would be the post-crisis low.
At the current pace, distressed deals
will account for less than US$25 billion
in transaction volume and only 0.4% of
Distressed Deals: 1990 – 2017
global M&A volume in 2018, compared toupdated
approximately 1.5% in 2017.
Distressed deal volume as a percentage
VOLUME OF DISTRESSED DEALS
of overall M&A volume has fallen below 1.0%
150
eight times since 2000, and most recently
in 2014. 125

100
US$ BILLIONS

75

50

ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS. 2018 DATA IS ANNUALIZED

IN GRAY. DISTRESSED TRANSACTIONS INCLUDE THOSE IN WHICH THE TARGET ENTITY 25
IS UNDERGOING RESTRUCTURING OR HAS REDUCED THE DEBT ON ITS BALANCE SHEET
THROUGH A BANKRUPTCY SALE, A TENDER OFFER OR AN EXCHANGE OFFER FOR EXISTING
DEBT SECURITIES, OR A LOAN MODIFICATION. AN ENTITY IS CONSIDERED TO BE UNDERGOING
RESTRUCTURING IF IT HAS PUBLICLY CONFIRMED RETENTION OF A RESTRUCTURING ADVISOR, 0
PLANS TO RESTRUCTURE ITS DEBT, HAS FILED FOR BANKRUPTCY OR HAS DEFAULTED ON ITS
DEBT, HAS RECEIVED AN S&P OR MOODY’S RATING OF CCC+/CAA1 OR BELOW BEFORE OR IN
REACTION TO THE ANNOUNCEMENT OF A TRANSACTION, OR ITS CREDIT FACILITY OR DEBT
SECURITIES CARRY A YIELD OF 1,000 BPS ABOVE THAT OF U.S. TREASURIES.
SOURCE: THOMSON 9
GLOBAL M&A
BY SECTOR:
LAST 12 MONTHS
Real Estate M&A activity has been especially
robust over the past twelve months, in part due to a
strong fourth quarter of 2017.
Along with Real Estate, the Energy & Power,
and Industrials sectors also experienced significant
M&A activity over the past twelve months. Those three
sectors in aggregate contributed approximately US$1.5
trillion to global M&A volume over the past twelve Global M&A by Sector: Last 12 Months
months, equivalent to nearly 40% of global M&A updated
volume across all sectors.
M&A VOLUME BY SECTOR
Cross-border transactions comprise a
700
significant portion of the M&A activity in the
Consumer Staples, and Telecommunications sectors, 600

and have been less prevalent in the Healthcare, Energy

500

& Power, and Retail sectors.

US$ BILLIONS

400
Over the last four quarters, the Real Estate and
Industrials sectors have been the most active sectors 300

in cross-border M&A, generating nearly US$400 billion 200

of cross-border deal volume in aggregate (or more

100
than a quarter of cross-border deal volume across
all sectors). 0

ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS.

SOURCE: THOMSON GLOBAL M&A* CROSS-BORDER M&A
10
*INCLUDES BOTH DOMESTIC AND CROSS-BORDER TRANSACTIONS.
 Trends in Global M&A by Sector: Last Four Quarters
Domestic and Cross-Boarder M&A - updated
TRENDS IN GLOBAL DOMESTIC AND CROSS-BORDER M&A
250

M&A BY SECTOR: LAST

FOUR QUARTERS
200

US$ BILLIONS
150
The Energy & Power, Industrials, and
Healthcare sectors were the most active
100
sectors of global M&A in Q1, each accounting
for more than US$140 billion in domestic and 50

cross-border deal volume.

Q1 was the most active of the prior 0

four quarters in each of those sectors, and

approximately one third of their prior twelve
Trends in Global M&A by Sector: Last Four Quarters
months’ deal volume was generated in Q1. Cross-Boarder M&A - updated
Q2 2017 Q3 2017 Q4 2017 Q1 2018

The Consumer Staples, Industrials, and CROSS-BORDER M&A

140
Media/Entertainment sectors all experienced
high volumes of cross-border M&A in Q1, 120

contributing a combined approximately 100

US$275 billion in transaction volume in Q1

US$ BILLIONS

80
(though transaction volume in the Consumer
Staples sector is skewed by Unilever’s cross- 60

border reorganization to consolidate its legal 40

headquarters in Rotterdam rather

20
than London).
0

ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS.

SOURCE: THOMSON Q2 2017 Q3 2017 Q4 2017 Q1 2018 11
AGGREGATE VALUE OF DEALS

FROM DEVELOPED INTO EMERGING ECONOMIES FROM EMERGING INTO DEVELOPED ECONOMIES

250 250

200 200
US$ BILLIONS

US$ BILLIONS
150 150

100 100

50 50

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

INBOUND CHINESE DEALS OUTBOUND CHINESE DEALS

50 250

40 200

US$ BILLIONS
US$ BILLIONS

30 150

20 100

10 50

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

INBOUND INDIAN DEALS OUTBOUND INDIAN DEALS

40 40

30 30
US$ BILLIONS

US$ BILLIONS

20 20

10 10

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4

ALL FIGURES ARE INFLATION-ADJUSTED TO 2018 DOLLARS. 12

TOP 10 GLOBAL DEALS ANNOUNCED IN Q1 2018

ACQUIRER* TARGET* TARGET DEAL

INDUSTRY VALUE**
Cigna Corporation Express Scripts Holding Company Healthcare 68,524
United States United States

E.ON SE Innogy SE Energy and Power 44,331

Germany Germany

Atlantia S.p.A., Actividades de Abertis Infraestructuras, S.A. Industrials 41,526

Construcción y Servicios, S.A. Spain
Italy/Spain

JAB Holding Company S.à r.l. Dr Pepper Snapple Group, Inc. Consumer Staples 23,045
Luxembourg United States

The Blackstone Group L.P. Thomson Reuters Corporation High Technology 17,025
United States Financial & Risk Unit SPV
United States

AXA SA XL Group Ltd. Financials 15,129

France Bermuda

Suzano Papel e Celulose S.A. Fibria Celulose S.A. Materials 14,393

Brazil Brazil

Dominion Energy, Inc. SVANA Corporation Energy and Power 14,204

United States United States

GlaxoSmithKline plc GlaxoSmithKline Consumer Healthcare Ltd. Healthcare 13,000

United Kingdom United Kingdom

The Carlyle Group/GIC Private Limited Akzo Nobel N.V. Materials 12,566
United States/Singapore Specialty Chemicals Business SPV
Netherlands

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 13

TOP 10 DEALS FROM DEVELOPED INTO EMERGING ECONOMIES*
ANNOUNCED IN Q1 2018
ACQUIRER** TARGET** TARGET DEAL
INDUSTRY VALUE***
PPF Group N.V. Telenor ASA — Central & Eastern Europe Telecommunications 3,427
Netherlands Hungary

Japan Tobacco Inc. Donskoy Tabak, CJSC Consumer Staples 1,600

Japan Russian Federation

Total SA Abu Dhabi National Oil Company — Assets Energy and Power 1,144
France United Arab Emirates

Milost Global Inc. Primewaterview Holdings Nigeria Limited Real Estate 1,100
United States Nigeria

Pamplona Capital Management Dalma Energy & Co LLC, Oman Energy and Power 660
United Kingdom & Saudi Arabia
Oman/ Saudi Arabia

Huan Hsin Holdings Ltd. Huangshan Zhongtian Weiliang Mining Co. Materials 643
Singapore China

Vinci SA Nikola Tesla Airport Concession Industrials 603

France Serbia

ITOCHU Corporation Shell Iraq B.V. Energy and Power 550

Japan Iraq

Incline B Irishco One Ltd. Red Aircraft Holding 2 Company Ltd. Industrials 549
Republic of Ireland Malaysia

Total SA Marathon Oil Libya Ltd. Energy and Power 450

France Libya

*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM.

**COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. ***US$MILLIONS 14
TOP 10 DEALS FROM EMERGING INTO DEVELOPED ECONOMIES*
ANNOUNCED IN Q1 2018
ACQUIRER** TARGET** TARGET DEAL
INDUSTRY VALUE***
Alibaba Group Holding Limited Lazada South East Asia Pte. Ltd. High Technology 2,000
China Singapore

Investor Group Ubisoft Entertainment SA High Technology 763

China France

Investor Group Life-Space Group Pty Ltd. Consumer Products 558

China Australia and Services

Vista Oil & Gas SAB de CV APCO Oil & Gas International Inc. Energy and Power 315
Mexico United States

Harbin Pharmaceutical Group Retail 300

Holding Co., Ltd. GNC Holdings Inc.
United States
China

Tenaga Nasional Berhad Bluemerang Capital Limited Consumer Products 235

Malaysia United Kingdom and Services

QIPCO Holding RealDolmen NV High Technology 206

Qatar Belgium

Investor Group Saturas Ltd. High Technology 151

China Israel

Lulu Group International Waldorf Astoria Edinburgh Media and 120

United Arab Emirates United Kingdom Entertainment

Investor Group Honma Golf Ltd. Consumer Products 107

Thailand Japan and Services

*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM.

**COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. ***US$MILLIONS 15
TOP 10 NORTH AMERICAN DEALS ANNOUNCED IN Q1 2018

ACQUIRER* TARGET* TARGET DEAL

INDUSTRY VALUE**
Cigna Corporation Express Scripts Holding Company Healthcare 68,524
United States United States

JAB Holding Company S.à r.l. Dr Pepper Snapple Group, Inc. Consumer Staples 23,045
Luxembourg United States

The Blackstone Group L.P. Thomson Reuters Corporation High Technology 17,025
United States Financial & Risk Unit SPV
United States

Dominion Energy, Inc. SVANA Corporation Energy and Power 14,204

United States United States

Sanofi S.A. Bioverativ Inc. Healthcare 10,887

France United States

Microchip Technology Inc. Microsemi Corporation High Technology 9,851

United States United States

General Dynamics Corporation CSRA Inc. High Technology 9,708

United States United States

Concho Resources Inc. RSP Permian, Inc. Energy and Power 9,481
United States United States

Celgene Corporation Juno Therapeutics, Inc. Healthcare 8,933

United States United States

General Mills, Inc. Blue Buffalo Pet Products, Inc. Consumer Products 8,039
United States United States and Services

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 16

TOP 10 ASIAN-PACIFIC DEALS ANNOUNCED IN Q1 2018

ACQUIRER* TARGET* TARGET DEAL

INDUSTRY VALUE**
TEPCO Fuel & Power, Inc., Chubu Electric Power Co., Inc.
JERA Co., Inc. Existing Thermal Power Generation Businesses Energy and Power 11,442
Japan Japan

Investor Group Dalian Wanda Commercial Real Estate 5,000

China Properties, Co., Ltd.
China

Chengdu Qian Feng Electronics Co., Ltd. Beijing Electric Vehicle Co., Ltd. Industrials 4,508
China China

Investor Group HNA Group Finance Co., Ltd. Financials 4,181

China China

Aluminum Corporation of China Limited Baotou Aluminum Co., Ltd. Materials 2,710
China China

China Evergrande Group Hangfa Investment Management Co., Ltd. Financials 2,704
China China

Shanghai RAAS Blood Products Co., Ltd. Tiancheng International Investment Limited Financials 2,520
China Hong Kong

Investor Group Beijing Jingbangda Trade Co., Ltd. Industrials 2,500

China China

Investor Group Beijing Easyhome Investment Holding Group High Technology 2,065
China China

Alibaba Group Holding Limited Lazada South East Asia Pte. Ltd. High Technology 2,000
China Singapore

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 17

TOP 10 EUROPEAN DEALS ANNOUNCED IN Q1 2018

ACQUIRER* TARGET* TARGET DEAL

INDUSTRY VALUE**
E.ON SE Innogy SE Energy and Power 44,331
Germany Germany

Atlantia S.p.A., Actividades de Abertis Infraestructuras, S.A. Industrials 41,526

Construcción y Servicios, S.A. Spain
Italy/Spain

GlaxoSmithKline plc GlaxoSmithKline Consumer Healthcare Ltd. Healthcare 13,000

United Kingdom United Kingdom

The Carlyle Group/GIC Private Limited Akzo Nobel N.V. Materials 12,566
United States/Singapore Specialty Chemicals Business SPV
Netherlands

Melrose Industries plc GKN plc Industrials 11,999

United Kingdom United Kingdom

Macquarie Group Ltd. TDC A/S Telecommunications 10,781

Australia Denmark

Dana Inc. GKN plc — Driveline Division Industrials 6,347

United States United Kingdom

Informa plc UBM plc Media and 5,994

United Kingdom United Kingdom Entertainment

CME Group Inc. NEX Group plc Financials 5,463

United States United Kingdom

Investor Group Accorinvest SAS Media and 5,419

Saudi Arabia France Entertainment

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 18

TOP 10 INBOUND CHINESE DEALS ANNOUNCED IN Q1 2018

ACQUIRER* TARGET* TARGET DEAL

INDUSTRY VALUE**
Huan Hsin Holdings Ltd. Huangshan Zhongtian Weiliang Mining Co. Materials 643
Singapore China

Yellowbird Special Opportunities Fund LP Tai He Financial Group Ltd., Financials 618
Singapore Tai United Holdings Ltd.
Hong Kong

Transcontinental Gold Corp. Marvel Dragon Holdings Ltd. Financials 431

Canada Hong Kong

BP plc BP Zhuhai Chemical Co. Ltd. Energy and Power 416

United Kingdom China

John Swire & Sons Limited Shanghai Qianxiu Company Limited Real Estate 214
United Kingdom China

Investor Group Ascendas Hospitality Trust Media and 187

Singapore China Entertainment

BlackRock, Inc. PGIM Real Estate - Assets Real Estate 184

United States China

St-Georges Eco-Mining Corp. Qingdao Tiande Technologies Limited High Technology 120
Canada China

Investor Group Hua Medicine (Shanghai) Ltd. Healthcare 117

Singapore China

Macquarie Group Ltd. China LNG Group Limited Energy and Power 102
Australia China

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 19

TOP 10 OUTBOUND CHINESE DEALS ANNOUNCED IN Q1 2018

ACQUIRER* TARGET* TARGET DEAL

INDUSTRY VALUE**
Alibaba Group Holding Limited Lazada South East Asia Pte. Ltd. Retail 2,000
China Singapore

China National Petroleum Corporation Abu Dhabi National Oil Company — Lower Energy and Power 1,171
China Zakum, Umm Shaif and Nasr Concessions
United Arab Emirates

Investor Group Ubisoft Entertainment SA High Technology 763

China France

Investor Group Life-Space Group Pty Ltd. Consumer Products 558

China Australia and Services

Harbin Pharmaceutical Group Retail 300

Holding Co., Ltd. GNC Holdings Inc.
United States
China

Sinomine Resource Exploration Co. Ltd. Tiger Resources Ltd. — Assets Materials 260
China Democratic Republic of Congo

Ant Financial Services Group Zomato Media Private Limited Media and 200
China India Entertainment

Shanghai Stock Exchange, Dhaka Stock Exchange Ltd. Financials 119

Shenzhen Stock Exchange India
China

Tencent Holdings Limited Gamma Gaana Ltd. High Technology 115

China India

Xiamen Hexing Packaging Print Co., Ltd. United Creation Packing Solutions Financials 115
China (Asia) Pte. Ltd.
Singapore

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 20

TOP 10 INBOUND INDIA DEALS ANNOUNCED IN Q1 2018

ACQUIRER* TARGET* TARGET DEAL

INDUSTRY VALUE**
GIC (Realty) Private Limited Prestige Exora Business Parks Limited Real Estate 401
Singapore India

Investor Group Supermarket Grocery Supplies Retail 300

Singapore Private Limited
India

Ant Financial Services Group Zomato Media Private Limited Media and 200
China India Entertainment

Tencent Holdings Limited Gamma Gaana Ltd. High Technology 115

China India

ADV Partners Limited Feedback Infra Private Limited Industrials 105

China India

Investor Group Bundl Technologies Private Limited Retail 100

South Africa India

Hon Hai Precision Industry Co. Ltd. Rising Stars Mobile India Private Limited Industrials 100
China India

Investor Group Pine Labs Pvt. Ltd. Financials 82

United Kingdom India

Angelica Investments Pte. Ltd. Lendingkart Technologies Private Limited Financials 76

Singapore India

Fairfax Financial Holdings Limited Bangalore International Airport Limited Industrials 67

Canada India

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 21

TOP 10 OUTBOUND INDIA DEALS ANNOUNCED IN Q1 2018

ACQUIRER* TARGET* TARGET DEAL

INDUSTRY VALUE**
Investor Group Abu Dhabi National Oil Company Energy and Power 600
India Lower Zakum Concession
United Arab Emirates

Shree Cements Ltd. Union Cement Company (PSC) Materials 337

India United Arab Emirates

JSW Steel Ltd. Acero Junction, Inc. Industrials 81

India United States

Investor Group ZoomCar, Inc. Consumer Products 40

India United States and Services

Tech Mahindra Limited Altiostar Networks, Inc. High Technology 15

India United States

Kelkar Group Creative Flavours & Fragrances S.p.A. Consumer Products 15

India Italy and Services

Hero MotoCorp Ltd. HMCL Columbia SaS Industrials 10

India Colombia

Wipro Limited Harte-Hanks, Inc. Media and 10

India United States Entertainment

IPCA Laboratories Ltd. Pisgah Labs, Inc. Healthcare 10

India United States

NIIT Limited Eagle International Institute, Inc. Consumer Products 8

India United States and Services

*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS 22

 QUARTERLY REVIEW Q1 2018

The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of XBMA’s founders, academic partners, advisory board members, or others.
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