A mergermArket report on globAl m&A ctivityA Monthly M&A ...US$284m to its renewable energy...

Monthly M&A InsIderA mergermArket report on globAl m&A Activity

mAy 2011

Monthly M&A InsIdermergermarket

GlobAl overvIew 01

AmericAs: lAtin AmericA 06

north AmericA 11

AsiA-pAcific 16

europe 22

middle eAst & AfricA 28

About MerrIll corporAtIon 33

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CONTENTS

Monthly M&A Insider

globAl overvieW

01

In one of 2011’s largest strategic M&A deals so far, for example, Exelon Corporation (EXC), a leading electricity provider in the US, announced its US$10.4bn acquisition of Constellation Energy Group, a multi-faceted energy business with a growing clean energy portfolio. Two prime examples can also be found in France, where Total SA this month agreed to acquire up to 60% of SunPower Corporation, a silicon solar cell and solar panel manufacturer based in the US, and EDF announced its acquisition of a 50% stake in EDF Energies Nouvelles SA, a French renewable energy specialist.

Private equity deal flow is also picking up pace. UK-based Terra Firma has been especially active in this respect, most recently in May making a €98m investment in 13 photovaltaic plants owned by Spain’s Sorgenia Solar. Terra Firma had previously added a group of UK wind farms valued at US$284m to its renewable energy portfolio company Infinis plc. Smaller windfarm deals are also cropping up: Irish private equity group ESB Novusmodus, which focuses on early stage cleantech and renewable investments of €5m to €20m, invested €20m in Wind Energy Direct Limited, a UK-based company that installs and operates wind turbines at business and industrial sites. Other deals include US-based private equity firm Alinda Captial Partners’ investment in agri.capital, announced this past March.

At the same time, mergermarket intelligence has shown some of the world’s larger corporate and financial buyers preparing to scout out new alternative energy opportunities, including Japan-based conglomerate Misubishi and Canadian infrastructure investor Brookfield Asset Management of Canada. Following the creation of its Global Environment Business Development Group in 2010, Misubishi is reportedly considering wind, geothermal and other renewable investments in the near-term. Brookfield, meanwhile, is expected to bolster its portfolios for Brookfield Renewable Power Fund and Brookfield Infrastructure Partners. As for the more cutting-edge renewable areas, Gamesa Corporacion Tecnologica, the Spanish wind turbine manufacturer, launched Gamesa Venture Capital (GVC) to invest in technology developers focused on converting tidal power into electricity.

Energy sector M&A is still dominated by fossil fuels. For example, the €3.5bn acquisition of Frac Tech Services led by Singapore’s Temasek Holdings and US-based Chesapeake Energy, currently stands as one of the 2011’s largest buyouts. However, the clearly outlined initiatives in renewable energy suggests the space is one worth watching for the remainder of 2011.

GLOBAL OVERVIEW

head of research – Elias Latsis

editor – Rory McNeil

For advertising opportunities contact:

erik wickman

tel: + (1) 212 6863329 [email protected]

Global overview: Elizabeth Castro

latin America: Urna Chakraborty

north America: Jason Cozza

Asia-pacific: Rus Beasley

europe: Samuel Tedjasukmana and Damien Julliard

Middle east & Africa: Yannis Papacostas and Marie-Laure Keyrouz

GlobAl overvIew

THE END OF APRIL BROUGHT 2011 DEAL VOLUME TO 3,593 TRANSACTIONS WORTH US$817.4BN, REPRESENTING AN 8.2% DECREASE IN VOLUME BUT A CONSIDERABLE 26.5% SPIKE IN DEAL VALUE AGAINST THE SAME PERIOD LAST YEAR. THIS JUMP IN VALUE HAS BEEN FUELLED LARGELY BY STRATEGIC M&A IN THE ENERGY SECTOR, WHICH, ON THE WHOLE, ACCOUNTS FOR ONE qUARTER OF GLOBAL DEAL VALUE, AND A FAIR SHARE OF THIS ACTIVITY IS LEANING MORE TOWARD ALTERNATIVE THAN CONVENTIONAL ENERGY SOURCES. WHEREAS LAST YEAR THE MOST HIGH-PROFILE DEALS WERE LED BY OILFIELD SERVICES GIANTS SCHLUMBERGER AND SMITH INTERNATIONAL, OR OIL PRODUCERS, INCLUDING RUSSIA’S OAO RUSSNEFT AND CANADA’S SYNCRUDE, THIS YEAR IS SEEING CORPORATES AND BUYOUT GROUPS EXPAND MORE AGGRESSIVELY INTO WIND, HYDRO AND RENEWABLES AREAS BY WAY OF M&A.

Monthly M&A Insider 02

globAl overvieW

TREND GRAPHS

GlobAl M&A quArterly trend

0

200

400

600

800

1,000

1,200

1,400

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$bn

)

Total value Mid-market value

Num

ber of deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Total volume Mid-market volume

0

50

100

150

200

250

300

350

400

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$bn

)

Buyout value Exit value

Num

ber of deals

Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

GlobAl M&A AnnuAl trend GlobAl M&A AnnuAl prIvAte equIty trend

0

500

1,000

1,500

2000

2,,500

3,000

3,500

4,000

YTD 2011*2010200920082007200620052004

Valu

e (U

S$bn

)


Num

ber of deals

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


0

100

200

300

400

500

600

700

800

900

YTD 2011*2010200920082007200620052004

Valu

e (U

S$bn

)


Num

ber of deals


0

500

1,000

1,500

2,000

2,500

3,000

3,500

GlobAl M&A quArterly prIvAte equIty trend


globAl overvieW

TREND GRAPHS

GlobAl M&A sector breAkdown ytd 2011

GlobAl GeoGrAphIc breAkdown ytd 2011

VALUE

VALUE

VOLUME

VOLUME

25.0%

11.5%

1.0%0.5%

6.5%

0.3%

4.0%

17.5%

16.4%5.5%

1.7%

7.6%

2.6% Industrials & Chemicals

TMT

Business Services

Consumer

Energy, Mining & Utilities

Financial Services

Pharma, Medical & Biotech

Construction

Leisure

Transportation

Real Estate

Agriculture

Defence

5.3%1.8%

46.6% 31.3%

15.0%Asia-Pacific

Europe

North America

Middle East & Africa

Latin America

9.6%

12.7%

1.0%0.4%

3.1%3.4%

1.5%

8.1%

3.7%

8.5%

19.3%

14.8%

13.9%

Industrials & Chemicals

TMT

Business Services

Consumer


Financial Services


Construction

Leisure

Transportation

Real Estate

Agriculture

Defence

4.5%2.2%

33.8%

39.6%

19.8% Asia-Pacific

Europe

North America

Middle East & Africa

Latin America


globAl overvieW

TREND GRAPHS

GlobAl M&A deAl sIze breAkdown

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

28.9%

18.6%

24.5%

9.9%

18.2%

38.8%

15.5%

22.1%

8.5%

15.1%

43.9%

16.3%

20.4%

7.3%

12.3%

39.8%

16.9%

23.0%

7.9%

12.5%

42.7%

15.0%

19.1%

8.8%

14.3%

40.7%

16.4%

20.5%

7.9%

14.6%

27.8%

20.8%

27.5%

9.3%

14.5%

37.5%

20.4%

23.7%

7.4%

10.9%

<US$250m or undisclosed value

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

Per

cent

age

80

82

84

86

88

90

92

94

96

98

100

YTD 2011*2010200920082007200620052004


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

0.3%

1.0%

4.2%

4.5%

90.0%

0.7%

1.0%

4.5%

4.7%

89.2%

0.7%

1.2%

5.0%

4.7%

88.2%

0.7%

1.3%

5.5%

5.1%

87.4%

0.6%

0.9%

3.9%

4.6%

90.1%

0.5%

0.9%

3.7%

3.9%

91.0%

89.0%

4.5%

4.8%

1.2%

0.4% 0.8%

1.4%

5.8%

4.7%

87.3%

Per

cent

age

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M E R R I L L D A T A S I T E ®

LATIN AM

ERICA

LATIN AMERICAA MERgERMARkET M&A REpoRT oN


Brazil and Mexico have seen the most dealmaking activity in the year-to-date by value. Brazil-based deals amounted to US$33.7bn, which represents 78% of the total value, and Mexico-based deals amounted US$2.9bn, or 7% by value. With predictions of Latin American growth pegged at 4.7% for this year, M&A is expected to grow considerably.

The Financial Services sector has been gaining market share, currently at 5.9% by value and 7.6% by volume through the course of 2011, up from 2.2% by value and 6.8% by volume in the first half of the first quarter. Canada’s Scotiabank will likely add to this growth in the coming months as it is looking to continue its expansion in the Latin American market. After an active growth period last year – the acquisition of Royal Bank of Scotland’s corporate and commercial banking operations in Chile and Colombia and BNp paribas’ panamanian wealth management business, to name a few – the possibility of future acquisitions is high due to the sizeable returns Scotiabank experienced from their Latin American division.

India is another Asian country interested in the rapidly growing Latin American market, with reports that the IT giant Mahindra Satyam is currently negotiating a Brazilian acquisition. With a focused interest in the banking and insurance industries, as well as in telecommunications, the company is looking for a target that also has a large presence

in the countries surrounding Brazil. South korean tire manufacturers could also be looking to form a joint venture with an Ecuadorian partner to take advantage of new South American markets. The tire manufacturing industry is up and coming and could be attracting new interest from overseas. korea would provide the technology, and Ecuador would help market the products domestically and export to the Andean states. While this is a rare move, due to complicating issues such as technology transfers or exchange, if successful, it could prove to be a lucrative move for South korean tire manufacturers and contribute to growth in the Latin American market.

In other news, general Electric is setting up a small team of analysts in Sao paulo, Brazil to analyze possible acquisition targets in Latin America. The US-based technology and power generation conglomerate has experienced a 30% growth in orders in the region and expects to seriously look into possible technologies that would complement gE’s business. In November, gE revealed an expansion expenditure of US$500m to increase energy, transportation and healthcare manufacturing in Brazil; and with gE’s 2011 Q1 revenue in its Brazilian venture up by 80%, it’s not going to be stopping anytime soon.

LATIN AMERICAN M&A SAW A LARgE NUMBER oF dEALS CoMpLETEd dURINg ApRIL, BUT WITh A LoW ovERALL vALUE: 35 dEALS CoLLECTIvELy vALUEd AT oNLy US$5.7BN. IN ThE yEAR-To-dATE, ThE ENERgy, MININg & UTILITIES SECToR hAS LEd IN TERMS oF BoTh vALUE ANd voLUME WITh 30 dEALS WoRTh US$12BN ANd IT WAS AgAIN A doMINANT SECToR IN ApRIL WITh FIvE dEALS ANNoUNCEd WoRTh AppRoxIMATELy US$1.5BN; ThIS CoMpRISEd 28% oF ToTAL dEAL vALUE ANd 19% oF ToTAL yEAR-To-dATE voLUME. ApRIL’S Top dEAL WAS ThE BRAzIL-BASEd INvESTMENT hoLdINg CoMpANy CIdAdE dE dEUS’ ACQUISITIoN oF A 4.10% STAkE IN BANCo BRAdESCo FRoM BANCo ESpIRITo SANTo FoR AppRoxIMATELy US$1.3BN.

07

LATIN AM

ERICA

Monthly M&A Insider

Top 10 LATIN AMERICAN ANNouNCEd dEALs of ThE MoNTh (ApR-11)Announced Bidder company Target company Target dominant

sectorseller company Exit multiples (x) Bid premia

1-day before

deal value

(us$m)Revenue EBITdA p/E

28-Apr-11 Cidade de deus - Companhia Comercial de participacoes

Banco Bradesco (4.10% stake)

Financial Services Banco Espirito Santo n/a n/a 10.7 -4.0% 1,276

19-Apr-11 CpFL Energia Energias Renovaveis Energy, Mining & Utilities

- 1,034

01-Apr-11 Quinenco Shell (most of its downstream business in Chile)


Royal dutch Shell - 614

14-Apr-11 Itau Unibanco holding Banco CSF (49.00% stake)

Financial Services Carrefour n/a n/a 11.6 - 459

18-Apr-11 Atlantia Sociedad Concesionaria Autopista vespucio Sur (50.00% stake); Sociedad Concesionaria Litoral Central (50.00% stake); operacion y Logistica de Infraestructuras (50.00% stake)

Construction Acciona - 401

01-Apr-11 grupo Televisa Cablemas (41.70% stake)

TMT - 394

20-Apr-11 parex Resources Remora Energy International (four Llanos Basin blocks) (50.00% stake)


Remora Energy International

- 255

08-Apr-11 Amgen Laboratorio Quimico Farmaceutico Bergamo Ltda

pharma, Medical & Biotech

2.7 - 215

11-Apr-11 principal Financial group

hSBC AFoRE Financial Services grupo Financiero hSBC n/a n/a - 200

16-Apr-11 Abril Educacao Colegio ph e Curso ph and Escolas Tecnicas do Brasil (53.00% stake)

Business Services paulo henrique (private investor); Leonardo henrique (private investor); Alessandra henrique (private investor)

- 189

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin Americadata correct as of 13-May-11

Source: mergermarket

Top dEALS

LATIN AM

ERICA

Monthly M&A Insider

TRENd gRAphS

LATIN AMERICAN M&A quARTERLy TRENd

0

10

20

30

40

50

60

70

Q211*

Q1 11

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104


Num

ber of dealsValu

e (U

S$bn

)

0

20

40

60

80

100

120

140

160

180


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$m

)


Num

ber of deals


0

2

4

6

8

10

12

14

16

LATIN AMERICAN M&A ANNuAL TRENd LATIN AMERICAN M&A ANNuAL pRIvATE EquITy TRENd

0

20

40

60

80

100

120

140

160

180

YTD 2011*2010200920082007200620052004


Num

ber of dealsValu

e (U

S$bn

)

0

100

200

300

400

500

600


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

YTD 2011*2010200920082007200620052004

Valu

e (U

S$m

)


Num

ber of deals


0

5

10

15

20

25

30

35

40

45

50

LATIN AMERICAN M&A quARTERLy pRIvATE EquITy TRENd

08

LATIN AM

ERICA

Monthly M&A Insider

TRENd gRAphS

LATIN AMERICAN M&A gEogRAphIC BREAkdowN yTd 2011

vALUE voLUME

72.7%

4.9%

0.2%

2.7% 3.4%

7.0%0.5%

3.0%0.1%

Brazil

Chile

Colombia

Dominican Republic

Ecuador

El Salvador

Mexico

Peru

Argentina

10.0%

6.9%

1.3%

6.3%

1.3%10.6%

52.5%

0.6%

8.1%

1.3%1.3%

Brazil

Chile

Colombia

Dominican Republic

Ecuador

El Salvador

Mexico

Panama

Peru

Venezuela

Argentina

LATIN AMERICAN M&A sECToR BREAkdowN yTd 2011

vALUE voLUME

1.0%

28.0%

2.9%

18.9%

0.7%1.2%

27.2%

5.9%

9.8%

4.1%


Consumer


Business Services

Financial Services

TMT

Transportation

Construction


Agriculture

18.8%

16.9%

11.9%

7.5%

5.0%3.1%

1.3% 1.3%1.3%

5.0%

5.6%

6.9%

15.6%


Consumer


Business Services

Financial Services

TMT

Transportation

Construction


Agriculture

Leisure

Defense

Real Estate

09

10

LATIN AM

ERICA

Monthly M&A Insider

LATIN AMERICAN M&A dEAL sIzE BREAkdowN

vALUE voLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

38.5%

21.9%

14.7%

9.6%

15.4%

17.9%

7.2%

25.8%

21.3%

27.8%

46.9%

8.3%

21.8%

10.3%

12.7%

16.2%

10.8%

31.3%

16.2%

25.5%

30.5%

20.3%

24.5%

10.0%

14.7%

9.2%

29.5%

36.8%

9.6%

14.8%9.1%

6.6%

24.2%

18.3%

41.8%

31.3%

23.2%

24.2%

9.9%

11.3%

Per

cent

age

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

3.3%

6.1%

88.6%

4.1%

7.1%

88.1%

1.0%

5.4%

7.4%

85.1%

0.2%

5.3%

6.4%

87.4%

4.7%

5.3%

88.2%

7.0%

5.2%

85.8%81.8%

6.4%

8.3%

1.2% 0.3% 1.0% 0.7% 1.2% 1.8% 2.1%

6.9%

6.9%

83.1%

0.8% 0.3% 0.6% 0.3% 1.4% 1.3%

Per

cent

age

1.9%


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

TRENd gRAphS

NORTH

AMERICA

A mergermArket m&A report on

11Monthly M&A Insider

nortH AmerICA

EnErgy, MInIng & UtIlItIEs tAkE top DEAls In AprIl

In nortH AmerICA, tHe energy, mInIng & UtIlItIes seCtor mAde Up foUr of tHe top 10 deAls AnnoUnCed by vAlUe for tHe montH of AprIl. notAble trAnsACtIons In tHe spACe InClUded A Complex tAngle of HostIle megA-deAls InvolvIng mInmetAls resoUrCes (mmr), eqUInox mInerAls, lUndIn mInIng And bArrICk gold.

In early April, mmr made an unsolicited Us$6.4bn bid for Canada-based equinox minerals. Industry bankers initially speculated that a higher offer price would be necessary to successfully reach a deal (mmr had offered CAd7.00 per share). mmr was looking to acquire equinox on the condition that it drop its offer to acquire mining rival lundin mining. the deal eventually lapsed after barrick gold submitted a bid to acquire equnox for CAd8.15 per share.

following barrick’s bid, mmr has reportedly not ruled out a revised bid for equinox, and equinox has called off its bid to acquire lundin after signing a definitive agreement to be acquired by barrick. the transactions underscore continued interest by the Chinese in Canada’s natural resources and defensive consolidation among domestic rivals.

In total, the energy, mining & Utilities sector has announced 133 deals valued at Us$110.6bn in the year-to-date, representing 29% of aggregate deal value in north America. the largest deal in the space was announced in late April when Constellation energy signed a definitive agreement to be acquired by exelon Corporation through a merger share swap with an implied equity value of Us$7.7bn.

tMt leads Deal Countthe tmt sector leads deal count with 217 deals valued at Us$77.9bn, representing 18.3% of total deal count for ytd 2011. Consolidation among semiconductor companies has heated up this year as corporates seek to capitalize on a fragmented market.

In the beginning of April, texas Instruments made Us$6.5bn bid to acquire national semiconductor. the deal is not expected to draw much regulatory scrutiny since both companies do not draw significant revenues from analog chips. Industry analysts suspect other semiconductor equipment makers outside of the analog space could be attractive targets in the wake of the sector’s m&A momentum.

following the tmt sector deal count, north America has seen a balance spread of deals across Industrials & Chemicals (16.6%), business services (13.2%), pharma, medical & biotech (12.1%), energy, mining & Utilities (11.2%) and financial services (10.4%).

north America sees steady rise in Buyoutsover the past three years, private equity buyouts in north American have seen a steady increase in deal value. the first month into q2 2011 had an average deal value size of Us$213m; the largest average deal value since q3 2007. the steady increase in deal size signals a gradual return to confidence among private equity firms; however, north America buyouts remain distant from the historic high set prior to the financial crisis - q2 2007 had an aggregate value of Us$203bn, while q1 2011 had Us$27.5bn.

the largest buyout in 2011 remains blackstone’s Us$9.4bn stock purchase agreement to acquire the Us operations of Australia-based Centro properties group, announced in march. the transaction is in line with Centro’s strategy to cut out Us$8bn in debt, and is expected to close in the middle of 2011.

12

NORTH

AMERICA

Monthly M&A Insider

top deAls & expeCted deAls

top 10 north AMErICAn AnnoUnCED DEAls of thE Month (Apr-11) Announced Bidder company target company target dominated


1-day before

Deal value(Us$m)revenue EBItDA p/E

28-Apr-11 exelon Corporation Constellation energy group

energy, mining & Utilities

0.7 - - 12.5% 10,410

25-Apr-11 barrick gold Corporation

equinox minerals (98.00% stake)


8.0 15.5 23.1 8.7% 7,384

*03-Apr-11 minmetals resources limited

equinox minerals limited


6.8 13.2 19.6 22.6% 6,410

04-Apr-11 texas Instruments Incorporated

national semiconductor Corporation

tmt 4.4 15.0 28.7 75.7% 6,304

20-Apr-11 Aes Corporation dpl energy, mining & Utilities

2.5 7.2 12.0 8.7% 4,658

13-Apr-11 silgan Holdings graham packaging Company

Industrials & Chemcials

1.6 9.5 22.0 17.0% 3,940

29-Apr-11 enterprise products partners

duncan energy partners

transportation 2.9 12.1 28.3 7.6% 3,287

27-Apr-11 Centurylink savvis tmt 2.9 13.2 11.0% 2,706

11-Apr-11 American medical systems Holdings

endo pharmaceuticals Holdings

pharma, medical & biotech

4.7 15.2 26.8 34.3% 2,537

05-Apr-11 diamond foods procter & gamble Company (pringles snack business)

Consumer procter & gamble Company

1.8 10.7 - - 2,518

*Indicates lapsed deal based on announced deals, including lapsed and withdrawn bids based on dominant geography of target company being north America (Us + Canada) data correct as of 13-may-11

source: mergermarket

13

NORTH

AMERICA

Monthly M&A Insider

situation target company sector potential bidder company

financial advisor to bidder (B); target (t); seller (s)

seller company

Market cap/ est.

value (Us$m)

Comments

expected deal ralcorp Holdings Consumer ConAgra foods (b) Centerview partners; (t) Credit suisse

4,937 on 04-may ralCorp Holdings received a proposal from ConAgra foods to acquire the company at Us$86 per share in cash. In addition to paying the consideration of approximately Us$4.9bn, the bidder has also offered to assume ralCorp's debt of Us$2.5bn. the proposed acquisition is intended to expand ConAgra foods' presence in the packaged food segment of the comsumer market. ralCorp has rejected the proposal and adopted a shareholderrights plan to prevent a potential takeover. nonetheless, ConAgra may still go hostile or raise its bid to acquire ralcorp.

expected deal bJ's Wholesale Club

Consumer leonard green & partners

(t) morgan stanley 2,620 bJ's Wholesale Club has hired morgan stanley in order to explore strategic alternatives, such as the potential sale of the company. so far, leonard green & partners is the only party that has consistently shown interest in bJ's Wholesale Club in the past. At the end of 2010, it was reported that leonard green may launch a hostile takeover offer by mid-January 2011, but as of 13-may the offer has not been launched yet.

expected deal dollar thrifty Automotive group

business services

Hertz global Holdings

(t) goldman sachs, Jpmorgan

2,372 since 2010 both Hertz global Holdings and Avis budget group have been interested in acquiring dollar thrifty Automotive. Initially, in April 2010, Hertz signed a definitive agreement with dollar thrifty to acquire the latter at an offer price of Us$41 per share. dollar thrifty shareholders voted that offer down. After that, Avis budget has been in negotiations with ftC to obtain an antitrust approval and merge with dollar thrifty. As of 13-may, no decision has been reached regarding that potential transaction. In the meantime, on 09-may, Hertz proposed to acquire dollar thrifty at Us$72 per target's share, including Us$57.6 in cash and 0.8546 shares of Hertz. no definitive agreement between the two companies has been signed yet.

expected deal blackboard energy the mcgraw-Hill Companies; pearson; oracle Corporation

(t) barclays Capital 1,543 on 19-Apr, blackboard announced that it retained barclays Capital as its financial advisor in response to 'unsolicited' and 'non-binding proposals' to acquire the company. Currently, blackboard’s advisors are exploring whether to run an auction process or if the company has received enough feedback to determine how to move forward with the current buyer interest. the company currently trades at 13x 2011 ebItdA and 10x 2012’s, according to projections from a 28-Apr stifel nicolaus report. ebItdA is forecast to jump from Us$120m in 2011 to Us$156m next year.

expected deal 99 Cents only stores

Consumer leonard green & partners and schiffer/gold family

1,370 99 Cents only stores has received an acquisition proposal from the schiffer/gold family and leonard green & partners. the consideration in the proposal is Us$19.09 per share in cash. the offer was received on 11-mar. outside analysts have concluded, however, that 99 Cent only stores could receive a higher offer.

expected deals based on confirmed announcements by companies involved

pIpElInE of north AMErICAn ExpECtED DEAls

top deAls & expeCted deAls

14

NORTH

AMERICA

Monthly M&A Insider

trend grApHs

north AMErICAn M&A qUArtErly trEnD

0

100

200

300

400

500

600

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$bn

)


Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600


0

50

100

150

200

250

Q211*

Q1 11

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$bn

)


Num

ber of deals


0

50

100

150

200

250

300

350

north AMErICAn M&A AnnUAl trEnD north AMErICAn M&A AnnUAl prIvAtE EqUIty trEnD

0

200

400

600

800

1,000

1,200

1,400

1,600

YTD 2011*2010200920082007Y200620052004


Num

ber of dealsValu

e (U

S$bn

)

0

1,000

2,000

3,000

4,000

5,000

6,000


0

50

100

150

200

250

300

350

400

450

500

YTD 2011*2010200920082007200620052004

Valu

e (U

S$bn

)


Num

ber of deals


0

200

400

600

800

1,000

1,200

north AMErICAn M&A qUArtErly prIvAtE EqUIty trEnD

15

NORTH

AMERICA

Monthly M&A Insider

trend grApHs

north AMErICAn M&A sECtor BrEAkDown ytD 2011

vAlUe volUme

20.7%

15.9%

1.2%0.3%

5.5%

7.7%

0.4%2.2%

29.4%

6.7%

0.3%

8.9%

0.8%

TMT


Business Services



Financial Services

Consumer

Construction

Leisure

Transportation

Real Estate

Defense

Agriculture

18.3%

16.6%

13.2%

1.8%

12.1%

11.2%

2.4%

2.9%

8.8%

10.4%

0.5%

1.1%0.8%

TMT


Business Services



Financial Services

Consumer

Construction

Leisure

Transportation

Real Estate

Defense

Agriculture

north AMErICAn M&A DEAl sIzE BrEAkDown

vAlUe volUme

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

32.9%

18.2%

23.2%

9.1%

16.6%

46.6%

15.8%

18.0%

7.0%

12.6%

51.6%

15.0%

17.3%

6.4%

9.7%

43.1%

18.8%

21.9%

6.6%

9.7%

49.3%

13.8%

17.5%

7.2%

12.2%

58.9%

13.3%

13.2%

5.4%

9.2% 12.5%

9.7%

27.4%

18.1%

32.3%

50.2%

18.1%

18.2%

5.7%

7.8%

Per

cent

age

75

80

85

90

95

100

YTD 2011*2010200920082007200620052004

1.2%

4.5%

4.9%

89.1%

0.9%1.3%

4.5%

4.9%

88.5%

1.0%

1.5%

5.4%

5.3%

86.8%

1.1%

1.8%

6.3%

5.3%

85.5%

0.9%

3.7%

4.1%

90.6%

1.0%

3.5%

3.8%

91.0%

87.5%

5.2%

5.6%

1.1% 1.3%

1.8%

6.3%

5.2%

85.4%

0.4% 0.7% 0.7% 0.6%


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

Per

cent

age

ASIA-PAcIfIc



ASIA-pAcIfIc

further highlighting April deal sizes, compared to the same period a year earlier (which saw 200 deals with an aggregate value of US$16.3bn), m&A value almost doubled, despite the fact that deal volumes were 20% off the mark. While acquisitive companies were, perhaps, more vigilant in selecting deals, it appears that those garnering interest deserved significant capital. Leading the way were a number of domestic deals in greater china, which took the top four spots for a total value of almost US$10bn.

Looking at the month’s largest deals, the Industrials sector and financial Services sector took the top spots by a sizeable margin of 31% and 21% of total value, respectively, with tmt fading slightly after last month’s US$5bn Vodafone deal, which placed it in march’s limelight. As for volumes, Industrials took the top spot with 19.3% of the total; this was followed by consumer and tmt at 18.6% and 13.7%, respectively. clearly, Asia’s importance in the manufacturing space keeps bidders focussed while a growing consumer class has spurred interest in other sectors.

Domestic consolidations in Greater China and Japanthe top deal in the market involved listed china-based, SAIc motor company, acquiring auto components, auto services and new energy auto businesses from its parent company, state-owned SAIc group, for US$4.4bn in a deal that continued the restructuring of the SAIc group’s assets. SAIc motor now holds more than 90% of the company’s assets, which is in line with regulatory wishes for greater transparency. moving down the list, April saw nine deals in the US$1-2bn range, five of them involving companies in mainland china or its cross-strait counterpart. In a non-china deal, Japan saw the consolidation of two financial Services companies. the deal in question saw mizuho buy the remaining 42% it did not own of mizuho Securities for US$1.4bn in a continuation of mizuho financial group’s march plan to streamline its products through a four-way merger.

The Asian consumer driving M&Athough tmt faded from last month, it remains a particularly prominent sector in Asia as April’s year-over-year trend shows perfectly. Values of tmt sector deals were up over 325% from a year earlier with 22 transactions taking place in both periods. As Asia’s emerging markets continue to develop, populations here are plugging into the technological era via cellular phones and the internet, giving increasing prominence to m&A in this sector.

Looking forward, it seems that the consumer sector will continue apace, possibly led by acquisitive Japanese firms such as familymart who is planning to conduct m&A in order to escape a declining and greying domestic population and secure market share abroad. By 2020, the company is expecting to have more than 70% of total stores located overseas.

At the same time, companies from elsewhere will continue to access the high growth consumer markets in china, India and South east Asia. In this regard, Wal-mart has recently announced plans to buy a minority stake in chinese e-commerce company, Yihaodian, which launched in July 2008 and has achieved a significant position in online grocery sales, as well as consumer electronics and apparel. Yihaodian has 2,000 employees and an existing logistics network based in Shanghai, Beijing, and guangzhou, serving a growing customer base with next-day delivery of essential daily items at competitive prices - a huge growth market in china.

ASIAn m&A VoLUme In AprIL 2011 contInUed A month-oVer-month SLIde WIth 161 deALS comIng to mArket, WhIch repreSented A 28% decLIne from mArch. deSpIte there BeIng feWer deALS AnnoUnced, the AggregAte VALUe of m&A trAnSActIonS neArLY mAtched thAt of mArch At US$32.6Bn, meAnIng there WAS A SUBStAntIAL IncreASe In AVerAge deAL SIze. thoUgh VoLUmeS hAVe contInUed to SUffer, perhApS dUe to A LApSe In VIgor from JApAneSe compAnIeS recoVerIng from the mArch eArthqUAkeS, It SeemS AcqUISItIVe compAnIeS eLSeWhere Are fIndIng SIgnIfIcAnt VALUe In ASIAn opportUnItIeS And Are tAkIng Up the m&A SLAck.

17

ASIA-PAcIfIc

Monthly M&A Insider

ASIA-pAcIfIc

E-commerce on the rise in AsiaIn the e-commerce space, growth of internet companies should continue to be a substantial driver of tmt m&A in Asia going forward. At a time when valuations for social networking and e-commerce companies are soaring, renren, the facebook of china, just debuted on the nYSe, and others are likely to follow.

though it may be a seller’s market, the sector could see continued consolidation as larger firms snap up their smaller counterparts with promise in emerging markets. for example, chicago-based groupon has continued its recent buying spree in Asia. After acquisitions last year in India, South korea, Singapore, taiwan and hong kong, groupon has most recently acquired disdus.com, an Indonesian merchant discount website. the company, newly named groupon Indonesia, was purchased for an undisclosed value, and mergermarket intelligence indicates that groupon is also eyeing up targets in Australia and thailand in the near future.


ASIA-PAcIfIc

top deALS

Top 10 AsIA-pACIfIC AnnounCED DEAls of ThE MonTh (Apr-11)Announced Bidder company Target company Target dominant


1-day beforeDeal value

(us$m)revenue EBITDA p/E

20-Apr-11 ku6 media co hangzhou Soushi networking co

tmt Shanghai Shanda networking co; Lianghai Yang; Bin Wu; changzhuang Yang; zhongxue huang; Yong chen; andkun zhang (six private investors)

- 12,543

06-Apr-11 SAIc motor corporation

SAIc group (independent auto components assets); SAIc group (auto service and trading business); and SAIc group (new energy auto business)

Industrials & chemicals

Shanghai Automotive Industry corporation (group)

- 4,367

13-Apr-11 Jinan Iron and Steel company

Laiwu Steel co Industrials & chemicals

0.3 7.5 65.1 15.2% 1,939

09-Apr-11 chinese consortium led by huatai motor

Bank of Beijing co (14.83% stake)

financial Services

n/a n/a 10.0 -13.8% 1,805

09-Apr-11 Yuanta financial holdings co

polaris Securities co financial Services

n/a n/a 11.3% 1,692

21-Apr-11 china petroleum & chemical corporation

Australia pacific Lng pty (15.00% stake)


origin energy and conocophillips

- 1,500

28-Apr-11 mizuho financial group

mizuho Securities (42.12% stake)

financial Services

n/a n/a (loss) -5.8% 1,485

08-Apr-11 Jinro co hite Brewery co consumer 1.6 7.4 16.2 -0.6% 1,453

19-Apr-11 Seagate technology Samsung (hard disk drive - hdd business)

tmt Samsung electronics co

- 1,375

28-Apr-11 mizuho financial group

mizuho trust & Banking co (25.51% stake)

financial Services

n/a n/a 22.6 0.1% 1,276

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Asia-pacific data correct as of 12-may-11


19

ASIA-PAcIfIc

Monthly M&A Insider

trend grAphS

AsIA-pACIfIC M&A quArTErly TrEnD

0

20

40

60

80

100

120

140

160

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$bn

)


Num

ber of deals

0

100

200

300

400

500

600

700

800

900


0

5

10

15

20

25

Q211*

Q111

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Q310

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Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

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Q404

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e (U

S$bn

)


Num

ber of deals


0

10

20

30

40

50

60

70

80

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100

AsIA-pACIfIC M&A AnnuAl TrEnD AsIA pACIfIC M&A AnnuAl prIvATE EquITy TrEnD

0

50

100

150

200

250

300

350

400

450

500

YTD 2011*2010200920082007200620052004


Num

ber of dealsValu

e (U

S$bn

)

0

500

1,000

1,500

2,000

2,500

3,000


0

10

20

30

40

50

60

70

YTD 2011*2010200920082007200620052004

Valu

e (U

S$bn

)


Num

ber of deals


0

50

100

150

200

250

300

350

AsIA-pACIfIC M&A quArTErly prIvATE EquITy TrEnD

20

ASIA-PAcIfIc

Monthly M&A Insider

trend grAphS

AsIA-pACIfIC M&A GEoGrAphIC BrEAKDoWn yTD 2011

VALUe VoLUme

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Singapore

South Korea

Taiwan

Other

10.9%

3.7%1.0%

15.6%

3.7%

11.4%

1.5%

8.5%

5.1%

9.4%

28.9%

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Singapore

South Korea

Taiwan

Other

14.8%

4.2%2.3%10.4%

4.2%

16.3%

2.5%

9.7%

2.0% 6.8%

26.8%

AsIA-pACIfIC M&A sECTor BrEAKDoWn yTD 2011

VALUe VoLUme

23.1%

19.5%

5.6%3.9%13.7%

17.0%

2.9%

2.0%

6.1%2.9%

2.6%0.6%


Telecommunications

Consumer

Business Services


Financial Services


Leisure

Construction

Transportation

Real Estate

Agriculture

20.7%

15.6%

13.0%10.4%

9.9%

3.9%

3.9%

6.5%

7.9%

3.7%

2.5% 2.0%


Telecommunications

Consumer

Business Services


Financial Services


Leisure

Construction

Transportation

Real Estate

Agriculture

21

ASIA-PAcIfIc

Monthly M&A Insider

AsIA-pACIfIC M&A DEAl sIzE BrEAKDoWn

VALUe VoLUme

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

5.1%

25.6%

28.1%

14.4%

26.7%

21.5%

18.9%

29.3%

9.6%

20.7%

18.2%

21.4%

28.3%

11.1%

20.9%

15.7%

16.7%

30.7%

12.5%

24.3%

29.7%

15.3%

22.6%

12.0%

20.4%

20.0%

16.5%

30.7%

11.1%

21.7% 20.0%

10.4%

27.7%

28.1%

13.7% 10.5%

18.4%

38.2%

12.6%

20.3%

Per

cent

age

75

80

85

90

95

100

YTD 2011*2010200920082007200620052004

1.2%

3.9%

4.9%

90.0%

1.0%

5.0%

4.6%

89.1%

1.1%

4.9%

4.8%

88.9%

0.9%

5.1%

5.4%

88.4%

0.9%

4.5%

5.7%

88.5%

0.9%

5.5%

5.2%

88.0% 88.2%

5.1%

4.8%

1.6% 0.8%

6.8%

6.1%

86.1%

0.1% 0.3% 0.3% 0.3%0.3% 0.3%0.4% 0.4%


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

Per

cent

age

trend grAphS


europe


eUrope

the British private equity firm acquired a 69.3% share of gruppo Coin from French competitor pAI partners, together with a 9.4% stake from the management team and other minority investors, and will launch a mandatory offer of €6.50 per gruppo Coin share to acquire the remaining outstanding shares listed on Borsa Italia. pAI partners, which held its stake in gruppo Coin for 74 months, will receive approximately €644.8m for its stake, and will make a return of approximatly 1.3x its €490m investment in 2005.

the transaction underlines moves by private equity firms to step up activity following the long deal and fundraising drought during the financial crisis. But the protracted sales process shows that private equities are often still struggling to agree on price. pAI partners, which started the auction process last September, entered into exclusive negociations with BC partners in January, but reopened the bidding auction four weeks later after the two sides failed to agree on a deal value.

Consumers in Italy spend an average of almost €1bn a year on clothes. BC partners said the deal in europe’s largest clothing market was aimed at expanding the group domestically and globally, and will fit into the consolidation play in europe’s fragmented apparel market. Consumer retail is the hottest niche for private equity firms in europe so far this year, where buyout firms spent already spent €4bn, mainly in the apparel sector with the acquisition of companies such as Camaieu and olly gan in France, All Saints and phase eight in the Uk, or Shoeby-Shop in the netherlands.

BPCE gets rid of Foncia:A year after selling Société marseillaise de Crédit du nord Credit for €872m, BpCe, the French financial group created through the merger of Banque populaire and Caisse d’epargne, is on the verge of realising its second large disposal. BpCe has finally chosen private equity firms Bridgepoint and eurazeo, partners in this operation, for the disposal of its real estate subsidiary Foncia. the buyout duo fended off competition from rival private equity firms Advent

International and Charterhouse in the final stages of the auction process. the two partners had entered into exclusive talks with BpCe to buy Foncia, after offering over €1bn to the financial group for its real estate subsidiary.

Foncia has a network of about 600 branches run by 7,000 employees in France, Switzerland, germany and Belgium. It offers a complete range of services for the residential real estate market: lease management, joint property management, sales advice, financing research, insurance and technical diagnoses. In 2010, the company had earnings before interest tax depreciation and amortisation of €83m on revenue of €580m.

the residential property management services market in France is estimated to be worth €8bn and has grown at an overall rate of 3.5% a year over the last 10 years. eurazeo and Bridgepoint expect to capitalise on the fragmented nature of the sector, which is mostly composed of small independent players, making further acquisitions and boosting the scope of its services.

Foncia’s enterprise value has been estimated up to €1.02bn. eurazeo and Bridgepoint would invest about €480m in equity capital. BpCe would re-invest €200m in the business, under conditions that ‘protect’ eurazeo and Bridgepoint’s returns. the balance of the acquisition would be financed by a debt of €395m. the company will also have access to €90m in available financing to assist with its development.

the price is significantly higher than what was expected by real estate industrials (between €500m-€600m) such as Citya, Altaréa or promogim, who where keeping an eye on Foncia. But in any case, BpCe, which bought Foncia in 2007 for €1.43bn, will not recover its original bet and could, in order not to lose face, keep a minority share of 15% or 20% in Foncia. Banking groups such as Crédit Agricole and Crédit Immobilier de France, which had, in the late 2000s, acquired branch networks or property managers, have never been able to develop these companies. Will private equities succeed? Urbania was taken over by Investors in private equity last September, but it is still early to draw up a balance sheet.

LArgEst EuroPEAn Buyout so FAr thIs yEAr Is ItALIAn: on 9-mAy, BC pArtnerS hAS ACqUIred ItAly-BASed grUppo CoIn In the lArgeSt eUropeAn BUyoUt oF the yeAr So FAr, vAlUIng the ItAlIAn FAShIon retAIler At ApproxImAtely €1.4Bn. It IS AlSo the lArgeSt prIvAte eqUIty deAl In ItAly SInCe the ACqUISItIon oF enel rete gAS By AxA prIvAte eqUIty And F2I In 2009, And one oF the BIggeSt retAIl deAlS In eUrope SInCe the FInAnCIAl CrISIS.

23

EUROPE

Monthly M&A Insider

Top deals & expecTed deals

Top 10 europeAn Announced deAls of The MonTh (Apr-11) Announced Bidder company Target company Target dominated

sectorseller company exit multiples (x) Bid premia

1-day before

deal value(€m)revenue eBITdA p/e

27-apr-11 Johnson & Johnson synthes pharma, Medical & Biotech

5.7 13.3 23.9 8.5% 14,331

03-apr-11 Vivendi sFR (44.00% stake) Telecommunications Vodafone Group 1.4 7,750

04-apr-11 solvay Rhodia Industrials & chemicals

0.9 5.2 12.3 50.0% 4,533

26-apr-11 Groupe lactalis parmalat (71.03% stake) consumer 1.0 11.2 16.3 12.6% 3,210

14-apr-11 prologis prologis european properties (62.00% stake)

Real estate n/a n/a 57.6 7.5% 2,280

08-apr-11 electricite de France edF energies Nouvelles (50.00% stake)

energy, Mining & Utilities

4.2 17.0 29.2 9.2% 1,515

07-apr-11 deutscher sparkassen und Giroverband

dekaBank deutsche Girozentrale (50.00% stake)

Financial services GlB & co. oHG n/a n/a 1,300

20-apr-11 sanoma oyj; corelio; Talpa Media Group; and Messrs Wouter Vandenhaute & erik Watte

sBs Belgium; and sBs Broadcasting

Media prosiebensat.1 Media 3.0 10.7 1,225

17-apr-11 Rhone capital evonik Industries (carbon Black Business)

Industrials & chemicals

evonik Industries 0.8 900

25-apr-11 suleiman Kerimov (private investor)

oJsc polyus Gold (10.00% stake)

energy, Mining & Utilities

dmitri Rybolovlev (private investor)

6.8 16.8 33.7 824

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being europe data correct as of 12-May-11

source: mergermarket

24

europe

Monthly M&A Insider

PIPELInE oF EuroPEAn ExPECtEd dEALssituation target

companysector Potential bidder

companyFinancial adviser to bidder (B); target (t); seller (s)

seller company Market cap/est.

value (€m)

Comments

rumoured deal

nycomed holding

pharma, medical & Biotech

takeda pharmaceutical Co

9,853 A spokesperson from takeda pharmaceutical, a listed Japanese pharmaceutical company, declined to comment on media reports speculating that it was in advanced stages to acquire Swiss nycomed.

rumoured deal

technicolor media verizon Communications

612 verizon could be looking to buy France-based technology partner, technicolor, said an industry source with knowledge of the company, who reported hearing the rumor from more than one person inside verizon.

expected deal

Compo Industrials & Chemicals

triton partners; Israel Chemicals

goldman Sachs (S) k+S Aktiengesellschaft

400 k+S, a listed german chemicals company, has declined to comment on source claims that the sale of compost group Compo is on the verge of collapse. A k+S spokesperson declined to give details of the process beyond saying that, as revealed at the company Annual general meeting on 11-may, second-round bids are expected this month.

note: expected deals based on confirmed announcements by companies involved Source: mergermarket

top deAlS & expeCted deAlS

europe


trend grAphS

EuroPEAn M&A quArtErLy trEnd

0

100

200

300

400

500

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (€

bn)


Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000


0

10

20

30

40

50

60

70

80

90

100

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Buyout value Exit value Buyout volume Exit volume

Valu

e (€

bn)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

EuroPEAn M&A AnnuAL trEnd EuroPEAn M&A AnnuAL PrIvAtE EquIty trEnd

0

200

400

600

800

1,000

1,200

YTD 2011*2010200920082007200620052004


Num

ber of deals

Valu

e (€

bn)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000


0

50

100

150

200

250

300

YTD 2011*2010200920082007200620052004

Valu

e (€

bn)


Num

ber of deals


0

200

400

600

800

1,000

1,200

1,400

1,600

EuroPEAn M&A quArtErLy PrIvAtE EquIty trEnd

europe


trend grAphS

EuroPEAn M&A gEogrAPhIC BrEAkdown ytd 2011

vAlUe volUme

CEE

Iberia

UK

Nordic

Germany

France

Benelux

Italy

Others

11.0%

28.5%

8.5%

4.9%3.3%

6.7%

3.6%

6.2%

27.4%

CEE

Iberia

UK

Nordic

Germany

France

Benelux

Italy

Others

13.1%

9.0%

7.9%

5.2%

14.8%

4.5%

13.1%

20.7%

11.7%

EuroPEAn M&A sECtor BrEAkdown ytd 2011

vAlUe volUme

17.9%

2.7%

27.1%

3.6%

0.8%

1.9%

1.9%

14.3%

5.7%

6.6%

1.3%

8.7%

7.3%


Business Services

Consumer

Technology

Financial Services



Construction

Media

Transportation

Leisure

Real Estate

Telecommunications

20.7%

16.1%

11.0%

4.1%

9.3%

8.6%

4.8%

5.5%

5.9%

5.9%

1.4%0.7%

0.3%3.8%

1.7%


Business Services

Consumer

Technology

Financial Services



Construction

Media

Transportation

Leisure

Real Estate

Telecommunications

Defence

Agriculture

europe


trend grAphS

EuroPEAn M&A dEAL sIzE BrEAkdown

vAlUe volUme

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

<€250m or undisclosed value

€251m-€500m

€501m-€2,000m

€2,001m-€5,000m

>€5,001m

26.0%

14.3%

27.6%

10.9%

21.2%

33.0%

15.1%

23.9%

10.1%

17.9%

35.1%

17.7%

23.2%

8.4%

15.7%

39.2%

16.4%

22.4%

8.3%

13.7%

40.3%

14.5%

19.9%

8.8%

16.6%

26.7%

20.3%

23.7%

9.0%

20.3% 16.9%

9.2%

29.9%

20.4%

23.6% 23.4%

30.2%

24.9%

8.1%

13.4%

Per

cent

age

88

90

92

94

96

98

100

YTD 2011*2010200920082007200620052004

0.2%

3.3%

0.6%

3.5%

92.4%

3.4%

0.7%

3.9%

91.6%

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%

2.2%

94.9%

93.0%

2.8%

3.3%

0.7%1.2%

3.5%

2.8%

92.1%

0.5% 0.4%0.5% 0.4% 0.4% 0.2% 0.2%

<€250m or undisclosed value

€251m-€500m

€501m-€2,000m

€2,001m-€5,000m

>€5,001m

Per

cent

age

28

Mid

dle east &

africa


Monthly M&A Insider

tHe mIDDLe eASt & AFrICA

this is a clear sign that the political unrest in the middle east is continuing to have a strong negative impact on investor confidence, which has already led to a number of deals being cancelled. For example, etisalat, a UAe telecommunications company, decided to abandon its plan to acquire a 46% stake in kuwait rival Zain for US$12bn. the deal, which would have ranked among the middle east’s largest deals in recent years, was cancelled because of disagreements among Zain shareholders and regional political uncertainties.

the activity seen was driven by a series of deals predominantly based in Africa. more specifically, the top deal of the month in the meA region involved Vale, the listed Brazil-based metals and mining company acquiring metorex Limited, the listed South Africa-based multi-commodity mining company, for US$1.1bn. metorex has operations and new projects in the Democratic republic of Congo and Zambia and mainly produces Copper and Cobalt; for Q1, the strongly performing company saw its Copper and Cobalt production increase by 8% to 13,344 tons and 10% to 1,041 tons respectively, while its ruashi copper and cobalt production increased by 20% and 10% respectively.

the most active sectors this month were the energy, mining & Utilities and the Financial Services sectors, both accounting for 80.8% and 12.1% of total value activity respectively. ever-increasing high commodity prices are leading to aggressive consolidation in the energy, mining & Utilities sector as increasingly attractive companies, such as metorex, are posting higher earnings from direct commodity production and distribution. Just like m&A, mining activity in 2010 reached new highs as demand for commodities rebounded following the financial crisis. this trend only seems to be intensifying as, when looking at the first four months of 2011, the energy, mining & Utilities sector alone represented 32% of total value activity for the period.

this trend is likely to continue as analysts are forecasting that commodity prices, a main driver for m&A activity in the region, will remain strong for at least the next few years. In the short-term, the weakening of the US$, recently accelerated by S&ps downgrade of US’s credit rating, is leading to an increase in the demand for commodities which are used as a hedge against inflation. In the longer-term, according to the US investment management firm gmo, it is because the fast paced growth of the global population and the slower growth in resources-extracting-efficiency are both placing a severe pressure on the price of all commodities.

Expected M&A activity and Broad European interest in renewable energy across MEASeveral expected deals in the coming months involve the same sector that has dominated both Q1 and April 2011 deal value activity: energy, mining & Utilities. one potential takeover should see exxaro, the listed South African diversified miner, acquire coal assets that are being sold by BHp Billiton’s South African coal business. BHp Billiton’s metallurgical Coal unit reported an eBIt of US$1.453 for the half-year ended 31-Dec-10.

Furthermore, according to industry sources, ACWA power International and kepCo are interested in acquiring a 65% stake in enara energy Arabia from Jordan Dubai Capital for an estimated consideration of over US$320m. enara is the energy investment arm of JDC, of which private equity firm Dubai International Capital is the main shareholder.

MEA M&A ActIvIty stAlls for thE thIrd consEcutIvE Month sIncE JAnuAry

tHe meA regIon HAS Seen ItS m&A ACtIVIty In AprIL StALL, BotH In termS oF VALUe AnD VoLUme, For tHe tHIrD ConSeCUtIVe montH reLAtIVe to JAnUAry AnD FeBrUAry AFter SeeIng 18 DeALS WortH A totAL oF US$3.29Bn. tHIS repreSenteD A 73% DeCreASe In VALUe AnD A 22% DeCreASe In VoLUme CompAreD to JAnUAry 2011. HoWeVer, ACtIVIty In AprIL WAS SLIgHtLy ImproVeD WHen CompAreD to mArCH By VALUe (22 DeALS WortH US$2.41Bn - repreSentIng A 36.8% InCreASe).

29

Mid

dle east &

africa

Monthly M&A Insider

tHe mIDDLe eASt & AFrICA

Similarly, industry reports suggest that european companies are actively seeking to invest in the renewable energy sector and see meA as an attractive region in which to expand, since growth in their respective domestic markets remains uncertain and cuts in feed-in tariffs have been granted in several countries. For example, german companies SAg Solarstrom and Solar millennium are looking to expand their presence in meA via joint ventures or 100% acquisitions, according to their respective Ceos. Solar millennium is part of an industrial initiative to strengthen the DeSerteC Concept to further support its penetration in the region. the DeSerteC is based on the concept that sufficient clean power can be generated in the world’s deserts to supply mankind with enough electricity on a sustainable basis.

these european companies could invest in potential regional-Smes, such as energytech International, a UAe-based supplier of new and renewable energy products. the company which is tapping into the renewable energy market by manufacturing solar efficient products is seeking an investor to expand the business and would sell a 50% stake, according to the company’s sole owner mr Swaminathan. established only a year ago, energytech is already generating sales of around AeD500,000. Likewise, according to a government source, the egyptian ministry of electricity and energy also intends to launch two 250mW wind farms in the gulf of Suez and the tender is expected to be launched in may 2011.

However while this seems like a positive outlook for the forthcoming meA m&A activity, if the current economic and geopolitical uncertainty in the region lingers, it is likely that overall activity will continue to stall in the coming months.

30

Mid

dle east &

africa

Monthly M&A Insider

top DeALS

top 10 MIddlE EAstErn & AfrIcAn AnnouncEd dEAls of thE Month (Apr-11) Announced Bidder company target company target dominated


1-day before

deal value(us$m)revenue EBItdA p/E

08-Apr-11 Vale metorex energy, mining & Utilities

2.7 3.5% 1,164

15-Apr-11 gold Fields tarkwa and Damang gold mines (18.90% stake)


IAmgoLD Corporation 667

04-Apr-11 Wing Hing International (Holdings)

taung gold (86.97% stake)


electrum Strategic resources

580

11-Apr-11 Lutfi el-Zein group the mediterranean and gulf Insurance and reinsurance Co. (51.00% stake)

Financial Services Saudi oger Limited na na 12.6 23.7% 400

28-Apr-11 gold one International rand Uranium (pty) energy, mining & Utilities

pamodzi Cooke (proprietary); pamodzi Uranium (proprietary); and Armgold/Harmony Joint Investment Company (proprietary)

250

01-Apr-11 Visafone Communications

multi-Links telecommunications Limited (CDmA business)

tmt multi-links telecommunications Ltd

52

14-Apr-11 nordic group multiheight Scaffolding pte; multiheight International Co. (49.00% stake); and multiheight marine pte

Construction Ho Hee Han (private investor); Stella Ang Hui ming (private investor); Fong kwan meng (private investor); and Lim Wong Heng (private investor)

37

13-Apr-11 Drake & Scull International

International Center for Contracting Company

Construction Acwa Holding 34

19-Apr-11 Frigoglass SAIC Jebel Ali Container glass Factory Fze (80.00% stake)

Consumer 0.8 30

27-Apr-11 getty Images picScout Business Services 20Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target being middle east or Africa Data correct as of 13-may-11


31

Mid

dle east &

africa

Monthly M&A Insider

trenD grApHS

MIddlE EAstErn & AfrIcAn M&A quArtErly trEnd

0

20,000

40,000

60,000

80,000

100,000

120,000

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$m

)


Num

ber of deals

0

20

40

60

80

100

120

140


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104


Num

ber of deals

0

5

10

15

20

25

MIddlE EAstErn & AfrIcAn M&A AnnuAl trEnd

MIddlE EAstErn & AfrIcAn M&A AnnuAl prIvAtE EquIty trEnd

0

20

40

60

80

100

120

140

160

YTD 2011*2010200920082007200620052004


Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

500


0

2

4

6

8

10

12

14

YTD 2011*2010200920082007200620052004


Valu

e (U

S$bn

)

0

10

20

30

40

50

60

70

Num

ber of deals

MIddlE EAstErn & AfrIcAn M&A quArtErly prIvAtE EquIty trEnd

32

Mid

dle east &

africa

Monthly M&A Insider

trenD grApHS

MIddlE EAstErn & AfrIcAn M&A GEoGrAphIc BrEAKdoWn ytd 2011

MIddlE EAstErn & AfrIcAn M&A sEctor BrEAKdoWn ytd 2011

VALUe

VALUe

VoLUme

VoLUme

0.8% 0.5%

25.2%

8.2%

8.4%

0.8%

13.2%

3.4%

31.9%

7.5%



Consumer

Energy, Mining & Utilites

Financial Services

Business Services

TMT

Real Estate

Construction

Defence

2.5%

2.5%

13.6%

21.8%

4.7%

20.4%

13.8%

0.2%0.3% 0.2%

0.6%

9.3%

0.7%

0.1% 0.5%0.5%

6.0%South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

Ghana

Nigeria

Iraq

Qatar

Kenya

Tunisia

Zimbabwe

Kuwait

Swaziland

Mozambique

Jordan

3.6%

2.4% 1.2%

3.6%

11.9%

13.1%

15.5%

10.7%

10.7%

10.7%

4.8%

11.9%



Consumer

Energy, Mining & Utilites

Financial Services

Business Services

TMT

Real Estate

Transportation

Construction

Defence

Agriculture

37.4%

4.6%

22.1%

10.5%

0.6%3.1%

6.8%

0.1%0.1%

0.4%0.2%

0.2%0.1%

5.4% 5.1%3.4%

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

Ghana

Nigeria

Iraq

Qatar

Kenya

Tunisia

Zimbabwe

Kuwait

Swaziland

Mozambique

33

Mid

dle east &

africa

Monthly M&A Insider

trenD grApHS

MIddlE EAstErn & AfrIcAn M&A dEAl sIZE BrEAKdoWn

VALUe VoLUme

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

19.8%

12.5%

52.7%

12.1%

21.5%

54.8%

5.1%5.0%

86.4%

13.3%

11.3%

67.2%

17.3%

18.8%

48.1%

19.1%

14.5%

53.1%

68.4%

10.3%

10.9%

8.6%

6.8%

13.0%10.3%

3.1%7.3%

14.0% 11.9% 9.3% 5.6%

78.0%

2.0% 1.3% 0.4% 0.9% 1.7% 1.5% 1.1% 0.9%

<US$14.9m or undisclosed value

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

Per

cent

age

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

11.1%

3.4%6.0%

34.8%

10.7%

8.6%

5.6%

34.0%

14.2%

6.2%

9.2%

32.6%

15.4%

5.7%

7.2%

36.9%

11.1%

5.7%4.0%

32.6%

13.1%

4.0%3.4% 5.9%

4.6%

33.7%

11.1%

8.6%

3.7%

35.0%

44.4%40.3% 36.4%

39.1%42.3% 47.0% 44.8%

48.1%

24.7%

14.8%

<US$14.9m or undisclosed value

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

Per

cent

age


aBO

Ut M

err

ill cOr

POr

atiON

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As a leading provider of VDr solutions worldwide, merrill DataSite has empowered nearly 2 million unique visitors to perform electronic due diligence on thousands of transactions totaling trillions of dollars in asset value.

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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, europe tel: +49 69 25617 110

Alex Gross regional Director, europe tel: +49 69 7593 7148

Michael hinchliffe regional Director, europe tel: +44 20 7422 6100

Alvaro ortega regional Director, europe tel: +44 20 7422 6100

Merlin J. piscitelli regional Director, europe tel: +44 20 7422 6100

Jérôme pottier regional Director, France tel: +33 (0) 1 40 06 13 12

colin schopbach regional Director, europe tel: +44 20 7422 6100

Anna scott regional Director, europe tel: +44 20 7422 6100

hakema El-hadad regional Director, northern Africa tel: +33 (0) 1 40 06 13 10

shashank Jain representative, United Arab emirates tel: +52 55 9171 2237

vincent lork regional Director, South Asia tel: +65 6248 4602

Ari lee regional Director, Asia-pacific tel: +852 9855 3758

chris robilliard regional Director, Australia & new Zealand tel: +612 8667 3064

Manuel Bentosinos regional Director, mexico tel: +52 55 9171 2237

Ana paula Macêd távora de castro regional Director, South America tel: +55 11 9908 0858

Will Brown regional Director, Canada tel: +1 514 877 5177

hank Gregory SVp, Western Canada & US tel: + 604 603 4360

ryan MacMillan regional Director, Canada tel: +1 416 214 2448

Michael Kennedy regional Director, Boston tel: +1 207 829 4369

ross Whittaker regional Director, new england tel: +1 617 266 0189

forrest r. doane regional Director, new york tel: +1 917 934 7341

Adam Kuritzky regional Director, new york tel: +1 917 934 7340

shelle Martin regional Director, new york tel: +1 212 229 6613

John McElrone regional Director, new york tel: +1 212 229 6656

Matthew Mezzancello regional Director, new york tel: +1 917 934 7346

steve piccone Vice president, new york tel: +1 212 229 6883

William polese regional Director, new york tel: +1 212 229 6612

paul Kleinkauf regional Director, Southeast tel: +1 404 602 3251

Anthony crosby regional Director, Chicago tel: +1 312 674 6511

Mark plaehn regional Director, Chicago tel: +1 312 674 6527

Kelly Weisenfels regional Director, Chicago tel: +1 312 674 6508

scott haugen regional Director, minnesota tel: +1 651 632 4375

Brian Gilbreath regional Director, omaha tel: +1 404 934 8085

nicholas renter regional Director, Dallas tel: +1 214 754 2100

Mark tully regional Director, San Francisco tel: +1 415 357 1400

Andrew Buonincontro regional Director, palo Alto tel: +1 650 493 1400

Erik sandie regional Director, palo Alto tel: +1 650 493 1400

dan phelan regional Director, Los Angeles tel: +1 213 253 2139

Jay loyola regional Director, Irvine tel: +1 949 622 0663

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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 suitably qualified 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 affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at the user’s risk.

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

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.

• ytD 2011 refers to the period 1-Jan-11 to 30-Apr-11.

A mergermArket report on globAl m&A ctivityA Monthly M&A ...US$284m to its renewable energy...

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