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Total value Mid-market value
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b
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0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Total volume Mid-market volume
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
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
Q4
06
Q3
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Q2
06
Q1
06
Buyout value Exit value Buyout volume Exit volume
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450
EUROPEAN M&A ANNUAL TREND EUROPEAN M&A ANNUAL PRIVATE EQUITY TREND
0
200
400
600
800
1,000
1,200
YTD 2012* 2011 2010 2009 2008 2007 2006
Total value Mid-market value
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3,000
4,000
5,000
6,000
7,000
8,000
Total volume Mid-market volume
0
50
100
150
200
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300
YTD 2012* 2011 2010 2009 2008 2007 2006
V
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Buyout value Exit value
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Buyout volume Exit volume
0
200
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800
1,000
1,200
1,400
1,600
EUROPEAN M&A QUARTERLY PRIVATE
EQUITY TREND
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Monthly M&A Insider 50
TREND GRAPHS
EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2012
VALUE VOLUME
UK
CEE
Iberia
France
Nordic
Germany
Benelux
Italy
Switzerland
Others
2.8%
5.1%
9.0%
32.5%
9.3%
6.2%
4.4%
15.1%
7.6%
8.0%
14.2%
8.2%
3.0%
8.9%
5.5%
20.7%
11.0%
11.4%
5.5%
11.6%
UK
CEE
Iberia
France
Nordic
Germany
Benelux
Italy
Switzerland
Others
EUROPEAN M&A SECTOR BREAKDOWN YTD 2012
VALUE VOLUME
42.3%
1.2%
9.0%
5.1%
0.6%
3.9%
0.3%
1.2%
9.3%
5.3%
2.1%
6.4%
11.2%
2.1%
Energy, Mining & Utilities
Construction
Media
Transportation
Leisure
Real Estate
Agriculture
Telecommunications
Industrials & Chemicals
Consumer
Business Services
Technology
Financial Services
Pharma, Medical & Biotech
3.9%
4.9%
3.8%
2.8%
2.0%
1.3%
0.9%
0.3%
6.8%
11.0%
8.5%
5.8%
5.9%
25.2%
16.9%
Energy, Mining & Utilities
Construction
Media
Transportation
Leisure
Real Estate
Agriculture
Telecommunications
Defence
Industrials & Chemicals
Consumer
Business Services
Technology
Financial Services
Pharma, Medical & Biotech
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Monthly M&A Insider 51
TREND GRAPHS
EUROPEAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
<250m or undisclosed value
251m-500m
501m-2,000m
2,001m-5,000m
>5,001m
17.6%
23.5%
8.4%
15.9%
34.6%
16.4%
22.3%
8.4%
13.7%
39.2%
14.8%
20.4%
9.1%
17.0%
38.7%
20.0%
24.1%
9.2%
20.3%
17.6%
9.4%
29.7%
20.8%
26.4%
22.5%
17.3%
21.9%
30.9%
11.2%
18.8%
40.5%
13.4%
24.7%
9.3%
12.1%
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88
90
92
94
96
98
100
YTD 2012* 2011 2010 2009 2008 2007 2006
3.8%
0.9%
3.5%
91.4%
4.0%
0.9%
3.9%
90.8%
2.7%
0.6%
3.2%
93.1%
2.1%
0.6%
2.3%
94.8%
93.1%
2.7%
3.3%
0.7% 0.7%
3.1%
2.9%
93.1%
0.4% 0.4% 0.4% 0.3% 0.2% 0.2% 0.2%
0.5%
3.0%
3.0%
93.3%
<250m or undisclosed value
251m-500m
501m-2,000m
2,001m-5,000m
>5,001m
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EUROPEAN SECTOR ANALYSIS
Sector Q1 2012 Q1 2011
% change
Value (m) Mrk share Deal count Value (m) Mrk share Deal count Value Volume
Energy, Mining & Utilities 53,599 42.3% 62 14,909 16.1% 82 260% -24%
Industrials & Chemicals 11,770 9.3% 269 11,858 12.8% 222 -1% 21%
Consumer 6,651 5.3% 180 8,581 9.3% 178 -22% 1%
Financial Services 14,179 11.2% 73 8,962 9.7% 100 58% -27%
Pharma, Medical & Biotech 2,650 2.1% 63 26,218 28.4% 86 -90% -27%
Technology 8,081 6.4% 91 1,730 1.9% 77 367% 18%
Business Services 2,654 2.1% 117 7,989 8.7% 122 -67% -4%
Media 1,540 1.2% 42 1,170 1.3% 35 32% 20%
Transportation 6,506 5.1% 41 405 0.4% 35 1506% 17%
Real Estate 4,922 3.9% 21 4,059 4.4% 26 21% -19%
Leisure 766 0.6% 30 837 0.9% 46 -8% -35%
Telecommunications 1,538 1.2% 10 1,507 1.6% 14 2% -29%
Defence 0 0.0% 3 477 0.5% 6 -100% -50%
Construction 11,405 9.0% 52 2,934 3.2% 54 289% -4%
Agriculture 342 0.3% 14 681 0.7% 9 -50% 56%
Total 126,603 1,068 92,317 1,092 37% -2%
SECTOR ANALYSIS
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THE MIDDLE EAST
& AFRICA
A MERGERMARKET M&A REPORT ON
Monthly M&A Insider
M&A activity in Q1 2012 was mainly driven by a series of
large deals in the Consumer sector which accounted for the
greatest percentage of deal value in the region with 28% of the
market share. The top announced Consumer deals include
the acquisition of Damas International Limited by Mannai
Corporation QSC for a consideration of US$991m, and the
17.7% stake acquisition of JD Group Limited by Steinhoff
International Holdings Ltd for US$487m. The Consumer
sector in Africa is predicted to expand due to a growing
middle class which ultimately should lead to more consumer
spending. The Energy, Mining & Utilities sector closely
follows with total deal value of US$2.13bn, which includes the
acquisition of First Quantum Minerals by Eurasian Natural
Resources for US$1.3bn.
Within the ME&A region, Israel saw the most M&A activity
with 20 deals worth US$27bn. South Africa closely follows with
a deal ow volume of 19 and a deal value of US$1.8bn.
Although M&A activity in the ME&A region during Q1 2012
got off to a slow start, compared to its rocketing performance
peaks in Q1 2010 (with a deal value of US$25.3bn), a gradual
increase in activity is expected throughout the rest of the year.
This is not only due to the limited opportunity for companies to
grow organically because of the unsteady economic outlook,
but also because of the potential for these companies to
exploit their value and assets under a new parent company.
Executed and Expected Acquisitions
One of the largest acquisitions in Q1 2012 within the ME&A
region was undertaken by Shlomo Eliahu, the Israel-based
private investor. He acquired a 69.14% stake in Migdal
Insurance and Financial Holdings sold by Assicurazioni
Generali SpA, the global insurance group. The value of the
transaction is US$1.1bn.
ScanGroup, the Kenyan marketing services rm, may add
to M&A activity in the region with plans to acquire majority
stakes in marketing companies located in Nigeria, Angola
and Mozambique. This would be driven by ScanGroups
client requests for expansion into other Sub-Saharan African
markets and would be valued at 8m. Israeli listed energy
companies, Delek Drilling and Avner Oil Exploration, are
expected to merge by the end of 2012 and list the merged
company on an overseas stock exchange better suited for its
gas and oil activities. This would be valued at approximately
1.5bn. Furthermore, it is rumoured that Africa Finance
Corporation is planning to make an acquisition by the end of
Q1 2012 of a company or greeneld project in Kenya, valued at
approximately US$40m.
Challenges and Opportunities for M&A activity in
the ME&A region in 2012
The current increase in oil prices means increased liquidity
for the Middle East and Africa. ME&A countries, especially
Egypt, plan to use these strong oil prices in order to help fund
M&A activity and expansion into other industries. Bankers
are saying that the post-revolution state, after revolts such as
those present in Libya last year, is also encouraging a positive
outlook and potential in the M&A industry within the ME&A
region. M&A deal ow in the ME&A region, however, is still
largely limited due to constraints and disapproval on foreign
ownership. Furthermore, families and governments who
own the majority of control in many companies do not wish
to give voting rights to shareholders or to sell their stakes.
Regardless of this, there is evidence of the African government
showing effort to open the countrys economy. Privatisation is
picking up, Ethiopia is attracting increasing investments and
sectors that were previously stagnant, such as Nigerias power
sector, are beginning to ourish.
POLITICAL INSTABILITY IN THE REGION CONTINUES TO SHAPE THE UP-AND-DOWN TREND OF M&A ACTIVITY IN
THE MIDDLE EAST AND AFRICA (ME&A). DEAL ACTIVITY IN THE ME&A REGION IN Q1 2012 TOTALLED US$8BN, A
DECREASE OF 52% COMPARED TO Q1 2011 (US$16.8BN), BUT UP 19.3% COMPARED TO Q4 2011 (US$6.7BN).
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Monthly M&A Insider
DEAL OF THE QUARTER
Golden Investments Limited (BidCo), an investment
vehicle set up by Mannai Corporation QSC and EFG Hermes
Capital Partners Management Limited, have reached
agreement on the terms of a recommended cash bid for
the entire issued and to be issued share capital of Damas
International Limited.
DEAL TERMS:
For each DIL Share, DIL Shareholders will receive
US$0.45 in cash.
The Bid values DILs entire issued share capital at
approximately US$445m.
The offer represents a premium of approximately 45%
to the Closing Price of US$0.31 on 09-Jan-12 (being the
last Business Day prior to the commencement of the
Bid Period).
The offer represents a premium of approximately 191%
to the average Closing Price of US$0.1547 in the three
month period ended on 09-Jan-12.
The offer represents a premium of approximately 10% to
the Closing Price of US$0.41 on 27-Mar-12 (being the last
Business Day prior to the date of this announcement).
FINANCING
The cash consideration payable by BidCo under the
terms of the Bid will be made available to BidCo by the
Consortium, directly or indirectly, through a series of
shareholder loans which will be fully or partly converted
to equity after the Bid becomes wholly unconditional.
Deutsche Bank AG Dubai (DIFC) branch, which has
been appointed by BidCo as cash conrmation bank in
connection with the Bid, has conrmed that resources are
available to BidCo to satisfy full acceptance of the Bid.
IRREVOCABLE UNDERTAKINGS:
BidCo has received irrevocable undertakings from DIL
Shareholders to accept the Bid in respect of 769,539,677
DIL Shares, representing approximately 77.8% of DILs
existing issued share capital.
CONDITIONS
75% acceptances.
Deal summary
Announced: 28-Mar-12 Deal Value: US$991m
Exit multiples Y/E 31-Mar-11 Premium analysis
Multiples Value (US$m) Offer price per share (US$) 0.45
Revenue 1.2x 803.8 1 day before 9.8%
EBITDA 13.9x 71.3 1 month before 18.4%
EBIT 17.7x 56.1 1 day after -
Earnings 30.6x 14.5 Pre-rumor 73.1%
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DEAL OF THE QUARTER
mergermarket/dealReporter Intelligence
05-Apr-12 Damas International announces bid document publication; shareholder acceptance deadline 10-May-12
27-Mar-12 Damas suitor Mannai to make announcement this week on stake purchase
11-Jan-12 Mannai considers making US$0.45 per share offer for Damas
Bidder
Mannai Corporation
Headquarters: Doha, Qatar
Sector: Conglomerate
Description: Qatar-based conglomerate providing trade, services and solutions to the oil and gas sector, automotive distribution, information and
communication technology, consumer products, travel services, logistics and representation
Target
Damas International Limited
Headquarters: Dubai, UAE
Sector: Consumer
Description: United Arab Emirates-based jeweler and watch retailer
Advisers
Target/Seller Bidder
Financial Nomura Holdings Inc Financial EFG Hermes Holding SAE
Legal Allen & Overy LLP;
Ahurst
Legal Clifford Chance LLP;
Freshelds Bruckhaus Deringer LLP
PR - PR Brunswick Group
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Monthly M&A Insider
TOP DEALS
TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF Q1 2012
Announced Bidder company Target company Target dominated
sector
Seller company Exit multiples (x) Bid premia
1-day
before
Deal value
(US$m)
Revenue EBITDA P/E
05-Jan-12 Eurasian Natural
Resources
Corporation Plc
First Quantum Minerals
(Kolwezi Tailings project,
Frontier and Lonshi
mines and related
exploration interests)
Energy, Mining &
Utilities
First Quantum
Minerals Limited
1,250
07-Mar-12 Shlomo Eliahu
(private investor)
Migdal Insurance and
Financial Holdings Ltd
(69.1% Stake)
Financial Services Assicurazioni Generali
SpA
n/a n/a 12.7% 1,098
28-Mar-12 Mannai Corporation
QSC
Damas International
Limited
Consumer 1.2 13.9 30.6 9.8% 991
13-Feb-12 Steinhoff International
Holdings Ltd
JD Group Limited (17.7%
Stake)
Consumer Investec Asset
Management
Holdings (Pty)
Limited; and
Public Investment
Corporation Limited
0.7 9.2 10.5 -10.0% 487
27-Mar-12 Glencore International
plc
Optimum Coal Holdings
Limited (32.23% Stake)
Energy, Mining &
Utilities
1.7 7.3 14.6 2.7% 414
12-Jan-12 Apple Inc Anobit Technologies Ltd TMT Intel Capital; Battery
Ventures; and Pitango
Venture Capital
390
10-Feb-12 Livnat Family Mashav Initiating and
Development Ltd (55%
Stake)
Construction Clal Industries and
Investments Ltd
356
02-Mar-12 AngloGold Ashanti
Limited
Mine Waste Solutions
(Proprietary) Limited
Industrials &
Chemicals
First Uranium
Corporation
335
19-Mar-12 Covidien Plc superDimension Ltd Medical, Pharma &
Biotech
10.0 300
10-Jan-12 Diageo Plc Meta Abo Brewery Consumer Government of
Ethiopia
225
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target being Middle East or Africa
Data correct as of 10-Apr-12
Source: mergermarket
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Monthly M&A Insider
TOP 20 FINANCIAL ADVISERS MIDDLE EAST & AFRICA
The nancial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12. The tables cover all sectors and are based on the
geography of either the target, bidder or seller being Middle East & Africa including Israel.
Ranking Q1 2012 Q1 2011
Q1 2012 Q1 2011 Company name Value
(US$m)
Deal count Value
(US$m)
Value change
(%)
1= - Nomura Holdings 3.3 2 - -
1= 2 Goldman Sachs 3.3 2 10.9 -70.1%
3 6 Bank of America Merrill Lynch 3.2 4 3.0 6.7%
4 25 UBS Investment Bank 2.6 3 0.2 991.2%
5 7 Rothschild 2.3 4 2.9 -21.6%
6 13 HSBC 2.3 2 2.2 3.0%
7 16 Deutsche Bank 2.3 1 2.0 14.4%
8= - Banco Itau BBA 2.0 1 - -
8= 12 Citigroup 2.0 1 2.2 -9.3%
8= 24 Credit Suisse 2.0 1 0.4 412.8%
11 26 RBC Capital Markets 1.8 3 0.2 776.7%
12 19 Jefferies & Company 1.4 2 1.3 9.9%
13= - BMO Capital Markets 1.3 1 - -
13= - Simmons & Company International 1.3 1 - -
15 - EFG-Hermes Holding 1.0 1 - -
16 11 Standard Bank Group 0.8 2 2.4 -66.2%
17 14 Investec 0.8 3 2.0 -61.4%
18 - PwC 0.7 3 - -
19 - Barclays 0.4 2 - -
20 44 Standard Chartered 0.4 1 0.0 -
Source: mergermarket
Ranking Q1 2012 Q1 2011
Q1 2012 Q1 2011 Company name Value
(US$m)
Deal count Deal count Deal count
change
1 9 Bank of America Merrill Lynch 3.2 4 3 1
2 13 Rothschild 2.3 4 2 2
3 12 Ernst & Young 0.4 4 3 1
4 17 UBS Investment Bank 2.6 3 2 1
5 28 RBC Capital Markets Inc 1.8 3 1 2
6 4 Investec 0.8 3 5 -2
7 33 PwC 0.7 3 1 2
8 - BDO 0.1 3 - -
9= - Nomura Holdings 3.3 2 - -
9= 1 Goldman Sachs 3.3 2 6 -4
11 23 HSBC 2.3 2 1 1
12 10 Jefferies & Company 1.4 2 3 -1
13 15 Standard Bank Group 0.8 2 2 0
14 - Barclays 0.4 2 - -
15 5 Deutsche Bank 2.3 1 5 -4
16= - Banco Itau BBA 2.0 1 - -
16= 22 Citigroup 2.0 1 1 0
16= 11 Credit Suisse 2.0 1 3 -2
19= - BMO Capital Markets 1.3 1 - -
19= - Simmons & Company International 1.3 1 - -
Source: mergermarket
TOP 20 FINANCIAL ADVISERS MIDDLE EAST & AFRICA
LEAGUE TABLES
VOLUME
VALUE
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Monthly M&A Insider
LEAGUE TABLES
VOLUME
TOP 20 LEGAL ADVISERS MIDDLE EAST & AFRICA
The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables
cover all sectors and are based on the geography of either the target, bidder or seller being Middle East & Africa including Israel.
Ranking Q1 2012 Q1 2011
Q1 2012 Q1 2011 Company name Value
(US$m)
Deal count Deal count Deal count
change
1 10 Allen & Overy 3.3 7 3 4
2 5 Edward Nathan Sonnenbergs 0.9 7 6 1
3 3 Herzog, Fox and Neeman 0.5 5 6 -1
4 7 Linklaters 2.5 4 4 0
5 - Dewey & LeBoeuf 2.5 3 - -
6 9 Freshelds Bruckhaus Deringer 2.2 3 3 0
7 - Fasken Martineau Dumoulin 1.8 3 - -
8 12 Clifford Chance 1.1 3 3 0
9 15 Gibson Dunn & Crutcher 0.1 3 3 0
10 64 Baker & McKenzie 0.01 3 1 2
11 89 Shearman & Sterling 2.0 2 1 1
12 92 Weil Gotshal & Manges 1.1 2 1 1
13 - Eversheds 0.6 2 - -
14 6 Webber Wentzel 0.5 2 5 -3
15 77 Mayer Brown 0.3 2 1 1
16 - Garlicke & Bouseld Inc 0.1 2 - -
17 17 King & Spalding 0.03 2 3 -1
18 86 Hogan Lovells 0.0 2 1 1
19 - Sullivan & Cromwell 2.3 1 - -
20 - Davis Polk & Wardwell 2.0 1 - -
Source: mergermarket
Ranking Q1 2012 Q1 2011
Q1 2012 Q1 2011 Company name Value
(US$m)
Deal count Value
(US$m)
Value change
(%)
1 5 Allen & Overy 3.3 7 4.6 -27.3%
2 3 Linklaters 2.5 4 8.6 -70.9%
3 - Dewey & LeBoeuf 2.5 3 - -
4 - Sullivan & Cromwell 2.3 1 - -
5 1 Freshelds Bruckhaus Deringer 2.2 3 10.5 -78.8%
6 89 Shearman & Sterling 2.0 2 0.0 -
7= - Davis Polk & Wardwell 2.0 1 - -
7= - Lefosse Advogados 2.0 1 - -
7= - Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 2.0 1 - -
7= - Souza, Cescon, Barrieu & Flesch Advogados 2.0 1 - -
11 - Fasken Martineau Dumoulin 1.8 3 - -
12 - Jones Day 1.3 1 - -
13 92 Weil Gotshal & Manges 1.1 2 0.0 -
14 18 Clifford Chance 1.1 3 1.3 -14.2%
15= - Epstein Rosenblum Maoz 1.1 1 - -
15= - Rosenram 1.1 1 - -
15= 56 Yigal Arnon & Co. 1.1 1 0.2 477.9%
18 69 Ashurst 1.0 1 0.1 1108.5%
19 - Edward Nathan Sonnenbergs 0.9 7 - -
20 - Eversheds 0.6 2 - -
Source: mergermarket
TOP 20 LEGAL ADVISERS MIDDLE EAST & AFRICA
VALUE
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Monthly M&A Insider
LEAGUE TABLES
VALUE
VALUE
VOLUME
VOLUME
Rank
Q1 2012 Company name Value
(US$m)
Deal
count
1= Battery Ventures 390 1
1= Intel Capital 390 1
1= Pitango Venture Capital 390 1
4 Citadel Capital 148 1
5= Bessemer Venture Partners 130 1
5= Shaked Ventures 130 1
5= StageOne Ventures 130 1
8 Xenia Venture Capital 15 1
9 Chayton Capital 10 1
10= BRM Group 9 1
10= Challenge Fund Etgar 9 1
10= Eurofund 9 1
10= Gemini Israel Funds 9 1
10= TL Ventures 9 1
10= Walden Israel Venture Capital 9 1
Source: mergermarket
Rank
Q1 2012 Company name Value
(US$m)
Deal
count
1 Abraaj Capital Holdings 127 1
2 Duet Group 118 1
3 Ethos Private Equity 109 1
4= Citi Venture Capital International 100 1
4= Levant Capital 100 1
6 Compass Capital 7 1
Source: mergermarket
Rank
Q1 2012 Company name Deal
count
Value
(US$m)
1 Abraaj Capital Holdings 127 1
2 Duet Group 118 1
3 Ethos Private Equity 109 1
4= Citi Venture Capital International 100 1
4= Levant Capital 100 1
6 Compass Capital 7 1
Source: mergermarket
Rank
Q1 2012 Company name Deal
count
Value
(US$m)
1= Battery Ventures 390 1
1= Intel Capital 390 1
1= Pitango Venture Capital 390 1
4 Citadel Capital 148 1
5= Bessemer Venture Partners 130 1
5= Shaked Ventures 130 1
5= StageOne Ventures 130 1
8 Xenia Venture Capital 15 1
9 Chayton Capital 10 1
10= BRM Group 9 1
10= Challenge Fund Etgar 9 1
10= Eurofund 9 1
10= Gemini Israel Funds 9 1
10= TL Ventures 9 1
10= Walden Israel Venture Capital 9 1
Source: mergermarket
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN BUYOUTS
ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN EXITS
The private equity buyout activity tables by value and volume are based on private equity rms advising the bidder on buyout deals where the dominant geography of the target company is
Middle East & Africa including Israel. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.
The private equity exit activity tables by value and volume are based on private equity rms advising the vendor on exit deals where the dominant geography of the target company is Middle East
& Africa including Israel. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.
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TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A
QUARTERLY TREND
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
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
Q4
06
Q3
06
Q2
06
Q1
06
V
a
l
u
e
(
U
S
$
m
)
Total value Mid-market value
N
u
m
b
e
r
o
f
d
e
a
l
s
0
20
40
60
80
100
120
140
160
Total volume Mid-market volume
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
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
Q4
06
Q3
06
Q2
06
Q1
06
Buyout value Exit value Buyout volume Exit volume
N
u
m
b
e
r
o
f
d
e
a
l
s
V
a
l
u
e
(
U
S
$
m
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0
5
10
15
20
25
MIDDLE EASTERN & AFRICAN M&A
ANNUAL TREND
MIDDLE EASTERN & AFRICAN M&A ANNUAL
PRIVATE EQUITY TREND
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
Total value Mid-market value
V
a
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u
e
(
U
S
$
b
n
)
N
u
m
b
e
r
o
f
d
e
a
l
s
0
50
100
150
200
250
300
350
400
450
500
Total volume Mid-market volume
0
2
4
6
8
10
12
14
YTD 2012* 2011 2010 2009 2008 2007 2006
Buyout value Exit value Buyout volume Exit volume
V
a
l
u
e
(
U
S
$
b
n
)
0
10
20
30
40
50
60
70
N
u
m
b
e
r
o
f
d
e
a
l
s
MIDDLE EASTERN & AFRICAN M&A QUARTERLY
PRIVATE EQUITY TREND
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TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012
MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2012
VALUE
VALUE
VOLUME
VOLUME
9.6%
0.8%
4.8%
4.8%
0.1%
5.0%
18.3%
1.8%
26.5%
28.2%
Industrials & Chemicals
Financial Services
Business Services
Consumer
Energy, Mining & Utilites
TMT
Transportation
Pharma, Medical & Biotech
Construction
Agriculture
27.8%
2.8%
26.4%
11.1%
2.8%
8.3%
4.2%
2.8%
1.4%
1.4%
1.4%
1.4%
1.4%
1.4% 1.4%
1.4%
2.8%
Israel
South Africa
Democratic Republic
of Congo
United Arab Emirates
Ethiopia
Saudi Arabia
Nigeria
Egypt
Iraq
Morocco
Mozambique
Mali
Tanzania
Zambia
Zimbabwe
Mauritius
Angola
5.6%
13.9%
15.3%
19.4%
15.3%
16.7%
1.4%
2.8%
2.8%
2.8%
4.2% Industrials & Chemicals
Financial Services
Business Services
Consumer
Energy, Mining & Utilites
TMT
Leisure
Transportation
Pharma, Medical & Biotech
Construction
Agriculture
33.1%
22.5%
15.7%
3.3%
2.2%
1.9%
1.7%
1.6%
0.8%
0.3%
0.2%
12.3%
4.3%
Israel
South Africa
Democratic Republic
of Congo
United Arab Emirates
Ethiopia
Saudi Arabia
Nigeria
Egypt
Iraq
Morocco
Mozambique
Mali
Tanzania
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TREND GRAPHS
MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN
VALUE VOLUME
0
10
20
30
40
50
60
70
80
90
100
YTD 2012 2011 2010 2009 2008 2007 2006
12.7%
12.8%
65.7%
13.2%
11.3%
67.0%
17.6%
19.1%
47.9%
19.2%
13.2%
53.3%
68.0%
12.6%
9.4%
19.2%
7.8% 7.5%
13.7%
12.7%
8.9%
14.8%
9.7%
54.9%
28.3%
21.1%
7.6%
41.5%
1.0% 0.9% 1.7% 1.6% 1.0% 1.4% 1.5%
<US$14.9m or undisclosed value
US$15m-US$100m
US$101m-US$250m
US$251m-US$500m
>US$501m
P
e
r
c
e
n
t
a
g
e
0
10
20
30
40
50
60
70
80
90
100
YTD 2012* 2011 2010 2009 2008 2007 2006
33.9%
14.5%
6.2%
9.1%
32.5%
15.4%
5.6%
7.2%
36.4%
11.2%
5.7%
3.8%
32.4%
13.2%
4.1%
3.4%
6.0%
5.7%
33.7%
10.2%
11.0%
6.4%
36.3%
39.3%
42.9%
47.0%
44.4%
47.9%
27.9%
6.7%
15.3%
8.3%
52.8%
19.4%
4.2%
<US$14.9m or undisclosed value
US$15m-US$100m
US$101m-US$250m
US$251m-US$500m
>US$501m
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SECTOR ANALYSIS
MIDDLE EASTERN & AFRICAN SECTOR ANALYSIS
Sector Q1 2012 Q1 2011
% change
Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume
Agriculture 10 0.1% 2 13 0.1% 1 -23% 100%
Business Services 144 1.8% 11 582 3.5% 7 -75% 57%
Construction 388 4.8% 2 41 0.2% 1 846% 100%
Consumer 2,271 28.2% 14 1,599 9.5% 12 42% 17%
Defence 0 0.0% 0 68 0.4% 2 -100% -100%
Energy, Mining & Utilities 2,130 26.4% 11 3,418 20.4% 9 -38% 22%
Financial Services 1,473 18.3% 10 837 5.0% 10 76% 0%
Industrials & Chemicals 405 5.0% 4 3,766 22.5% 13 -89% -69%
Leisure 0 0.0% 1 0 0.0% 1 - 0%
Pharma, Medical & Biotech 389 4.8% 3 1,237 7.4% 9 -69% -67%
Real Estate 0 0.0% 0 3,647 21.8% 5 -100% -100%
TMT 776 9.6% 12 1,558 9.3% 9 -50% 33%
Transportation 68 0.8% 2 0 0.0% 3 - -33%
Total 8,054 72 16,766 82 -52% -12%
Monthly M&A Insider 62
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ABOUT MERRILL CORPORATION
Merrill Transaction and Compliance Services
Through a broad range of tools and services, Merrill
Corporation streamlines document composition, ling,
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 lings. As a registered,
third-party service provider offering public companies expert
EDGARization and XBRL ling services, Merrill professionals
can compose, edit, electronically le, manage and distribute
data in printed or electronic format.
Merrill Legal Solutions provide both on-demand and on-site
litigation support, information management and electronic
and print document management services for law rms,
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Examples of our expertise include the creation of searchable
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and deposition videography services.
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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 programs supported by web-based technologies.
Merrills Translations Services provide a range of translation
options to help clients achieve the most efcient and cost
effective approach to their translation projects. Merrill Brink
offers extensive legal translation services for international
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antitrust matters, mergers and acquisitions, arbitration
and more.
www.datasite.com
About Merrill DataSite
Revolutionising the due diligence process
Merrill DataSite is designed for rapid deployment and can be
up and running within two hours of a clients need. Our team
can scan, upload and organise thousands of pages of content
from any source in 24 hours or less. Every aspect of the
process, from document scanning to VDR hosting and project
management is delivered by Merrills multilingual team,
available around the clock worldwide.
With Merrill DataSite, all documents are captured and indexed
to an online database and because all rights are designated
by the client, security and control are guaranteed. Each users
ability to view, print or access source documents is set up
by the client administrator and can be changed at any time.
Merrill DataSite provides useful tools, including full search,
viewer audit capability, Q&A, bulk uploads and detailed user
activity tracking that help clients maintain tighter control and
have greater insight into reviewer behaviour.
Merrill DataSite enhances transaction success
Merrill DataSite is the industrys acknowledged leader. More
than 61,000 different private and public companies across the
globe have leveraged Merrill DataSite to increase the value of
the following types of transactions:
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Financial restructuring transactions
Initial public offerings and dual-track processes
Asset purchases and liquidations
Post-merger integration
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, FULFILLMENT, 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.
63 Monthly M&A Insider
ABOUT MERRILL DATASITE
Merrill DataSite built with the client in mind
Merrill DataSite was created to meet its clients needs and
built to their specications. Since 2002 we have consistently
leveraged the experiences of our clients to add leading-edge
functionality to the available toolset. Merrill DataSite allows its
users and administrators to:
Examine documents immediately. Patented technology
ensures you never have to wait for a document to be
downloaded. Because 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 le. When faced with hundreds of documents to review,
this feature saves signicant time and expense.
Designate user permissions. Team administrators can control
which users will be able to view, print or download specic
documents, folders or projects simply and quickly.
Search every word in every document. With large document
collections, sophisticated search features are key to nding
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 tens if not hundreds
of thousands of pages to nd 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. nd 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 modiers, you can search and nd exact matches and
near-matches, including misspelled words. Potential buyers
will enjoy increased condence knowing theyve received and
seen all materials and documents that are relevant to their
decision-making.
Protect condential 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.
Track all activity accurately. Auditing and reporting tools
provide a veriable account of each individuals time spent
viewing both documents and specic pages information that
adds negotiating leverage.
Need to work remotely?
No problem. Whether youre working in Beijing or New York,
you can view your documents online without having to navigate
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Security is our highest priority
Merrill has been a trusted provider of secure information to
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employees execute letters of condentiality and we are audited
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infrastructure and processes remain sound.
Merrill DataSite was the rst virtual data room to receive the
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The ISO 27001 standard, developed by the International
Organisation for Standards to establish international
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assets in foreign markets, as well as across national and
regional boundaries.
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 nearly two million unique visitors to
perform electronic due diligence on thousands of transactions
totalling trillions of dollars in asset value.
NOW SMARTER, FASTER, EASIER!
PLEASE VISIT OUR WEBSITE: WWW.DATASITE.COM
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ABOUT MERRILL CORPORATION
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EXECUTIVE MANAGEMENT
Ed Bifulk
President
Tel: +1 212 229 6563
Paul Hartzell
Senior Vice President
Tel: +1 212 367 5950
EXECUTIVE SALES
Chris Beckmann
Regional Director, Germany, Switzerland and
Poland
Tel: +49 69 25617 110
Alex Gross
Regional Director, Eastern Europe & Middle
East
Tel: +49 69 7593 7148
Michael Hinchliffe
Regional Director, U. K.
Tel: +44 20 7422 6100
Jonathan Hughes
Account Manager, Northern Europe
Tel: +44 20 7422 6100
Shashank Jain
Account Manager, United Arab Emirates
Tel: +971 (0)50 252 3025
Alvaro Ortega
Regional Director, Southern Europe
Tel: +44 20 7422 6100
Adam Pang
Account Manager, Europe
Tel: +44 20 7422 6268
Merlin J. Piscitelli
Regional Director, Europe Tel: +44 20 7422
6100
Jrme Pottier
Regional Director, France
Tel: +33 (0) 1 40 06 13 12
Colin Schopbach
Regional Director, U. K.
Tel: +44 20 7422 6100
Anna Scott
Regional Director, U. K.
Tel: +44 20 7422 6100
Hakema El-Hadad
Regional Director, Northern Africa
Tel: +33 (0) 1 40 06 13 10
Mark Finnie
Regional Director, North Asia
Tel: +852 2536 2534
Ari Lee
Regional Director, North Asia
Tel: +852 9855 3758
Vincent Lork
Regional Director, South East Asia
Tel: +65 6248 4602
Chris Robilliard
Regional Director, Australia & New Zealand
Tel: +612 8667 3064
Manuel Bentosinos
Regional Director, Mexico, Columbia and
Caribbean
Tel: +52 55 9171 2237
Ana Paula Macd Tvora de Castro
Regional Director, South America
Tel: +55 11 9908 0858
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Regional Director, Brazil
Tel: +55 11 3568 2429
Carlos Nogueira
Regional Director, Brazil
Tel: +55 11-3895-8572
Brian Gilbreath
Vice President, Midwest and Latin America
Tel: +1 404 934 8085
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SVP, Western Canada & Pacic Northwest
Tel: + 604 603 4360
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Regional Director, Canada
Tel: +1 416 214 2448
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Regional Director, Canada
Tel: +1 416-878-3260
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Regional Director, New England
Tel: +1 207 829 4369
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Regional Director, New England
Tel: +1 617.535.1516
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Regional Director, Boston
Tel: +1 617-535-1618
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Regional Director, Mid Atlantic
Tel: +1 443-690-3122
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Regional Director, New York
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Regional Director, New York
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Regional Director, New York
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Regional Director, New York
Tel: +1 212 229 6656
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Regional Director, NY, NJ & PA
Tel: +1 212 229 6618
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Vice President, New York
Tel: +1 212 229 6883
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Regional Director, New York
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Regional Director, Southeast
Tel: +1 404 602 3251
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Regional Director, Ohio & Michigan
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Regional Director, Midwest
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Regional Director, Chicago
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Regional Director, Chicago
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Regional Director, Chicago
Tel: +1 312-386-2229
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Regional Director, Texas
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Regional Director, Bay Area
Tel: +1 650 493 1400
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Regional Director, Bay Area
Tel: +1 650 493 1400
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Regional Director, Bay Area
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Regional Director, Los Angeles
Tel: +1 213 253 2139
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Regional Director, San Diego
Tel: +1 760 635 0830
David Yeary
Vice President, DataSite Life Sciences
Tel: +1 415 307 4414
James Snaza
Director of Life Sciences
Tel: +1 651 632 4585
Jon Blue
Vice President, Clean Tech
Tel: +1 206-696-9169
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Disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide nancial, 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 suitably qualied professional adviser. Whilst
reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither Mergermarket nor
any of its subsidiaries nor any afliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this
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Remark, the events and publications arm of The Mergermarket Group, offers a range
of publishing, research and events services that enable clients to enhance their own
prole, and to develop new business opportunities with their target audience.
The following notes pertain to data contained in this publication:
Deals are included where the deal value is greater than or equal to 5m.
Where no deal value has been disclosed, deals are included if the turnover of the
target is greater than or equal to 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.
Q1 2012 refers to the period 01-Jan-12 to 31-Mar-12.
*YTD 2012 refers to the period 01-Jan-12 to 31-Mar-12.