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A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY

MONTHLY M&A INSIDERJANUARY 2014

HALF-YEAR

EDITION

Monthly M&A Insider | January

INSIDE:

GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIA-PACIFIC

EUROPE

MIDDLE EAST & AFRICA

ABOUT MERRILL DATASITE & MERRILL CORPORATION

GLOBAL OVERVIEW

Monthly M&A Insider | January | 01

Head of Research: Elias Latsis

Editor: Laura Resetar

For advertising opportunities contact: Erik Wickman Tel: + (1) 212 686 3329 [email protected]

Global overview: Demis Memedoski and Kristina Thompson

Latin America: Fabio Lopes and Raquel Mozzer

North America: Lana Vilner and Urna Chakraborty

Asia-Pacific: Jeffrey Chung and Brandon Taylor

Europe: Alan Nasrat, Ewa Liksztet and Lucia Costa

Middle East & Africa: Marie-Laure Keyrouz and Thomas Buckley

OVERALL

In H2 2013, the M&A climate was in a strikingly similar position to the same period in 2012: while value declined 3.3% year-on-year (YoY) to US$1.2tn, volume edged up 3.2% to 7,177 deals. Despite not seeing a much-anticipated revival of animal spirits in 2013, there have been encouraging signs of increased activity across certain segments of the M&A landscape.

Real EstateThe real estate sector has proven to be a dominant force in recent months, increasing 26% YoY in volume and 86% YoY in value to a respective 148 deals worth US$82.8bn in H2 2013. This activity has been particularly active in developed markets, like the US, Canada and Australia. Real estate investment trusts (REITs) have had much success listing this past year, such as Blackstone Group-owned Brixmor Property Group, selling more shares than anticipated during its IPO this past October. This influx of cash, paired with the relatively unconsolidated state of the space, has provided fertile ground for M&A.

A case in point is Brookfield Property Partnership’s announced purchase of the 50.7% stake in Brookfield Office Properties it did not yet already own. The deal is valued at US$17.3bn. The deal is intended to tighten Brookfield’s ownership structure. This also would help to further diversify Brookfield’s portfolio, helping to generate increased returns for investors. Brookfield is expected to continue to make more transformative transactions over the coming weeks.

ExitsAnother case in point is exit activity. Globally in the latter half of 2013, exits have risen 19% YoY by volume to 910 deals. Value paints an equally encouraging picture, increasing 11% to US$161.9bn over the same period. Trade sales continued to gather steam in H2 2013, which marks a substantial departure from the preponderance of secondary buyouts seen in the years immediately following the credit crunch. As private equity firms typically look to sell for premiums in order to recoup their initial investments, this trend points to corporates being in better financial positions, or being more bearish about the prospects of transformative acquisitions, than they were in previous months.

One stand-out exit was Sysco Corporation’s US$8.2bn announced acquisition of US Foods from Clayton, Dubilier & Rice and Kohlberg Kravis & Roberts. The deal sees the two firms exiting their initial investment of US$7.2bn in 2007.

Although this has yet to translate into an uptick in exit activity, this activity demonstrates that private equity firms are seeing returns on their pre-crisis investments, and are in an increasingly strong position to re-invest capital over the coming months.


LEAGUE TABLES

GLOBAL OVERVIEW

TOP 20 GLOBAL FINANCIAL ADVISERSVALUE

Ranking H2 2013 H2 2012

H2 2013 H2 2012 Company name Value (US$m)

Deal count Value (US$m)

Value change (%)

1 1 Goldman Sachs 357,102 171 362,615 -1.5%

2 2 Morgan Stanley 352,394 145 300,405 17.3%

3 6 Bank of America Merrill Lynch 330,115 118 207,237 59.3%

4 3 JPMorgan 309,244 131 273,692 13.0%

5 9 UBS Investment Bank 247,970 88 188,910 31.3%

6 4 Barclays 228,484 96 263,973 -13.4%

7 5 Citi 174,293 98 262,586 -33.6%

8 59 Guggenheim Partners 136,798 9 6,182 2113%

9 - Paul J. Taubman 127,600 2 - -

10 8 Deutsche Bank 98,760 77 189,144 -47.8%

11 10 Rothschild 77,201 89 136,554 -43.5%

12 12 Lazard 75,918 104 74,384 2.1%

13 7 Credit Suisse 64,686 85 201,518 -67.9%

14 26 BNP Paribas 53,315 52 34,571 54.2%

15 11 Evercore Partners 48,450 56 101,551 -52.3%

16 14 RBC Capital Markets 41,267 70 60,723 -32.0%

17 29 Moelis & Company 40,069 44 21,999 82.1%

18 46 Credit Agricole 35,155 21 10,592 232%

19 15 Jefferies 27,487 63 60,256 -54.4%

20 19 Centerview Partners 26,510 14 40,786 -35.0%Source: Mergermarket

TOP 20 GLOBAL FINANCIAL ADVISERSVOLUME

Ranking H2 2013 H2 2012


Deal count Deal count Deal count change

1 2 Goldman Sachs 357,102 171 171 0

2 1 PwC 23,864 171 172 -1

3 3 Morgan Stanley 352,394 145 148 -3

4 4 KPMG 24,648 133 131 2

5 6 JPMorgan 309,244 131 115 16

6 8 Bank of America Merrill Lynch 330,115 118 111 7

7 13 Deloitte 10,669 109 93 16

8 12 EY 16,606 107 103 4

9 10 Lazard 75,918 104 108 -4

10 9 Citi 174,293 98 109 -11

11 7 Barclays 228,484 96 114 -18

12 5 Rothschild 77,201 89 129 -40

13 14 UBS Investment Bank 247,970 88 87 1

14 11 Credit Suisse 64,686 85 107 -22

15 15 Deutsche Bank 98,760 77 86 -9

16 21 Lincoln International 1,545 71 55 16

17 17 RBC Capital Markets 41,267 70 70 0

18 16 Jefferies 27,487 63 73 -10

19 20 M&A International 994 58 57 1

20 25 Evercore Partners 48,450 56 45 11Source: Mergermarket

The financial adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global.

Monthly M&A Insider | January | 03GLOBAL OVERVIEW

LEAGUE TABLES

TOP 20 GLOBAL LEGAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 1 DLA Piper 16,659 196 220 -24

2 4 Latham & Watkins 132,797 182 160 22

3 3 Kirkland & Ellis 69,901 171 161 10

4 6 Baker & McKenzie 31,187 122 131 -9

5 7 Freshfields Bruckhaus Deringer 93,818 121 126 -5

6 2 Jones Day 179,887 115 175 -60

7 5 Linklaters 60,381 111 136 -25

8 8 Allen & Overy 66,812 103 123 -20

9 9 White & Case 66,603 103 117 -14

10 11 Clifford Chance 65,335 103 109 -6

11 10 Norton Rose Fulbright 15,189 102 110 -8

12 13 Weil Gotshal & Manges 206,972 101 99 2

13 12 Skadden Arps Slate Meagher & Flom 92,784 101 108 -7

14 14 King & Wood Mallesons 26,651 96 91 5

15 21 Simpson Thacher & Bartlett 223,132 95 66 29

16 15 CMS 17,742 89 91 -2

17 19 Shearman & Sterling 45,436 70 68 2

18 16 Hogan Lovells International 15,488 66 76 -10

19 27 Stikeman Elliott 20,048 64 55 9

20 24 O'Melveny & Myers 17,802 63 62 1Source: Mergermarket

The legal adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 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 Global.

TOP 20 GLOBAL LEGAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 18 Simpson Thacher & Bartlett 223,132 95 63,215 253%

2 3 Weil Gotshal & Manges 206,972 101 155,566 33.0%

3 4 Wachtell, Lipton, Rosen & Katz 203,814 36 152,990 33.2%

4 49 De Brauw Blackstone Westbroek 202,020 27 26,574 660%

5 21 Jones Day 179,887 115 60,131 199%

6 13 Davis Polk & Wardwell 173,828 54 103,260 68.3%

7 37 Debevoise & Plimpton 167,911 25 33,778 397%

8 46 Slaughter and May 162,688 29 28,460 472%

9 6 Latham & Watkins 132,797 182 129,447 2.6%

10 409 Macfarlanes 131,018 18 379 34,469%

11 10 Sullivan & Cromwell 95,579 49 108,361 -11.8%

12 12 Freshfields Bruckhaus Deringer 93,818 121 106,682 -12.1%

13 1 Skadden Arps Slate Meagher & Flom 92,784 101 187,408 -50.5%

14 5 Cravath, Swaine & Moore 76,969 29 150,351 -48.8%

15 19 Kirkland & Ellis 69,901 171 62,358 12.1%

16 17 Allen & Overy 66,812 103 72,766 -8.2%

17 9 White & Case 66,603 103 110,328 -39.6%

18 16 Clifford Chance 65,335 103 86,516 -24.5%

19 2 Cleary Gottlieb Steen & Hamilton 63,889 50 169,225 -62.2%

20 7 Linklaters 60,381 111 117,656 -48.7%Source: Mergermarket

GLOBAL OVERVIEW Monthly M&A Insider | January | 04

LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL BUYOUTS

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL EXITS

VALUE

Ranking

H2 2013 Company name Value (US$m)

Deal count

1 Kohlberg Kravis Roberts & Co 8,080 14

2 Hellman & Friedman 8,027 4

3 Ares Management 6,095 3

4 Blackstone Group 4,417 13

5 New Mountain Capital 3,617 4

6 Canada Pension Plan Investment Board 3,496 2

7 Bain Capital 3,492 10

8 Apax Partners 3,454 5

9 Venrock 3,220 2

10= 5AM Ventures 3,200 1

10= ARCH Venture Partners 3,200 1

12 CVC Capital Partners 2,305 5

13 Vista Equity Partners 2,205 6

14 GS Capital Partners 2,199 4

15 Sycamore Partners 2,199 1Source: Mergermarket

VOLUME

Ranking


Deal count

1 The Carlyle Group 1,802 17



4 TPG Capital 1,723 11

5 The Riverside Company - 11


7 Lloyds TSB Development Capital 119 8

8 Platinum Equity 1,638 7

9 Ardian 1,086 7

10 Insight Venture Partners 265 7

11 Oaktree Capital Group 222 7

12 TA Associates Management - 7


14 Centerbridge Partners 343 6

15 HgCapital 195 6Source: Mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

VALUE

Ranking


Deal count


2 Warburg Pincus 8,905 8


4= Clayton, Dubilier & Rice 8,200 1

4= Kohlberg Kravis Roberts & Co 8,200 1

6 Leonard Green & Partners 7,600 2


8 Advent International 3,817 6

9 Accel Partners 3,754 9

10 CSFB Private Equity 3,573 1

11 Odyssey Investment Partners 3,265 3

12 ARCH Venture Partners 3,257 2

13 Oak Hill Capital Partners 3,233 2

14 Venrock 3,200 3


15= New Mountain Capital 3,200 1Source: Mergermarket

VOLUME

Ranking


Deal count



3 Lloyds TSB Development Capital 1,185 9


5 Intel Capital 1,348 8

6 SV Angel 1,150 8


8 Sequoia Capital 1,460 7

9 Kleiner, Perkins, Caufield & Byers 999 7



12 Advent International 3,817 6

13 First Round Capital 1,169 6

14 Index Ventures 1,140 6

15 CapMan 213 6Source: Mergermarket

GLOBAL QUARTERLY TREND GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND

TREND GRAPHS

GLOBAL OVERVIEW Monthly M&A Insider | January | 05

GLOBAL ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

Valu

e (U

S$bn

)

Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Total value Mid-market value Total volume Mid-market volume

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Num

ber of deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2013201220112010200920082007


Valu

e (U

S$bn

)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Num

ber of deals

0

100

200

300

400

500

600

700

800

900

2013201220112010200920082007

Valu

e (U

S$bn

)

Buyout value Exit value Buyout volume Exit volume

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

350

400

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


0

100

200

300

400

500

600

700

800

900

GLOBAL OVERVIEW

GLOBAL M&A SECTOR BREAKDOWN H2 2013

GLOBAL M&A GEOGRAPHIC BREAKDOWN H2 2013

VALUE VOLUME

VALUE VOLUME


TREND GRAPHS

10.2%

4.0%

10.6%

8.5%

17.3%8.5%

3.6%

15.7%

2.6%

1.4%

8.2%

2.6%

6.8%Industrials & Chemicals

Business Services

Consumer

Technology

Energy, Mining & Utilities

Pharma, Medical & Biotech

Financial Services

Media

Leisure

Construction

Transportation

Real Estate

Telecommunications

19.9%

8.0%

11.8%

10.8%

11.0%

12.1%

1.8%

3.9%

3.3%

3.8%

7.9%

3.6%

2.1%

Industrials & Chemicals

Business Services

Consumer

Technology



Financial Services

Media

Leisure

Construction

Transportation

Real Estate

Telecommunications

21.6%

39.1%

31.9%

3.0% 4.4%Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America

20.2%

24.6%48.9%

2.5% 3.9%Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America

GLOBAL M&A DEAL SIZE BREAKDOWN H2 2013

VALUE VOLUME

SECTOR ANALYSIS

Monthly M&A Insider | January | 07GLOBAL OVERVIEW

TREND GRAPHS

Return to contents

80

82

84

86

88

90

92

94

96

98

100

2013201220112010200920082007

Perc

enta

ge

87.4%

90.1% 90.9%89.3% 89.0% 89.0%

1.3% 0.9% 1.0% 1.1% 1.0% 1.1%

5.1%

4.6%3.9%

4.5% 4.8% 4.7%

5.5%

3.8% 3.7%4.7% 4.7% 4.8%

0.6%0.7% 0.5% 0.4% 0.5% 0.4% 0.4%

89.5%

1.0%

4.4%

4.7%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

0

10

20

30

40

50

60

70

80

90

100

2013201220112010200920082007

Perc

enta

ge

39.6% 42.0% 40.5%

27.4% 30.0% 29.3%

7.9%8.9% 7.9% 9.7% 10.1% 9.7%

17.0% 15.2% 16.5%

20.4%19.0% 19.8%

23.0% 19.4% 20.5%27.4% 26.2% 27.4%

12.5% 14.5% 14.6% 15.1% 14.7% 13.8%

29.4%

9.8%

18.8%

27.5%

14.5%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

GLOBAL SECTOR ANALYSISSector H2 2013 H2 2012 % change

Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume

Energy, Mining & Utilities 213,264 17.4% 762 287,341 22.7% 743 -26% 3%

Industrials & Chemicals 128,825 10.5% 1,401 164,043 12.9% 1,379 -21% 2%

Consumer 103,196 8.4% 857 149,649 11.8% 906 -31% -5%

Financial Services 124,216 10.1% 568 175,846 13.9% 577 -29% -2%

Pharma, Medical & Biotech 99,475 8.1% 561 108,044 8.5% 541 -8% 4%

Technology 102,940 8.4% 777 66,848 5.3% 676 54% 15%

Business Services 48,290 3.9% 832 49,158 3.9% 792 -2% 5%

Media 43,957 3.6% 279 53,617 4.2% 260 -18% 7%

Transportation 31,056 2.5% 236 33,743 2.7% 263 -8% -10%

Real Estate 82,777 6.8% 148 44,562 3.5% 117 86% 26%

Leisure 16,622 1.4% 271 16,289 1.3% 250 2% 8%

Telecommunications 190,542 15.5% 126 90,691 7.1% 71 110% 77%

Defence 590 0.0% 16 3,715 0.3% 25 -84% -36%

Construction 31,440 2.6% 251 19,120 1.5% 259 64% -3%

Agriculture 8,172 0.7% 91 5,900 0.5% 93 39% -2%

Total 1,225,362 7,176 1,268,566 6,952 -3% 3%

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A MERGERMARKET M&A REPORT ON

LATIN AMERICA


With 2013 completed, it is safe to say that mergers and acquisitions in Latin America did not witness a very harsh decline in activity, even though it was the weakest year for M&A since 2009 (US$74.4bn). During the year, 611 deals worth US$86.4bn were announced. Compared to 2012 (US$117.6bn, 667 deals), there was a 26.5% decrease by deal value and an 8.4% drop by deal count.

Last quarter of the year alone witnessed the announcement of 147 deals worth US$25.6bn, down 22.9% on Q4 2012 (US$33.2bn). Despite the low figures, Q4 was the highest- valued quarter of 2013: Q1 – US$17.9bn, Q2 – US$21bn, and Q3 – US$21.9bn.

Energy, Mining and Utilities was the dominant sector in H2 2013 (US$13.2bn, 50 deals), representing a 27.7% market share by deal value. The second most active sector by deal value was Consumer, with 40 deals worth US$6.8bn, a 14.3% market share.

The Latin American Financial Advisors League Tables for H2 2013 saw a lot of movement compared to the same period in 2012. Brazil-based Banco BTG Pactual climbed eight positions to top the tables by value. The firm was also the top advisor by deal count. It recorded 21 deals worth US$9.2bn in H2 2013, an 82.8% increase in value from H2 2012 (US$5bn).

Having advised on five deals worth US$25.5bn, Cleary Gottieb Steen & Hamilton topped the Legal Advisor League Tables by value, a significant jump from the eighth place last year. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados was number one by deal count and advised on 22 deals valued at US$6.3bn.

The deal of the half was the acquisition of Petrobras Energia Peru (PESA) from Petroleo Brasileiro (Petrobras) by PetroChina for a consideration of US$2.6bn. PESA is engaged in the exploration and production of crude oil and natural gas, and PetroChina is looking to expand its operations in Latin America and to develop its overseas business. The transaction was in line with Petrobras’ divestment program outlined in its 2013-2017 Business and Management Plan. Petrobras and PESA were advised by Citi and their internal counsel, while PetroChina mandated Deutsche Bank and the legal counsel of Miranda & Amado Abogados and Vinson & Elkins.

Brazil maintained its position as the most active country in the region with 169 deals worth US$27.9bn announced in H2 2013, a 32.8% increase when compared to H2 2012 (US$21bn). The upward trend is encouraging – M&A was up despite a year filled with social protests and currency volatility, as well as the largest ever corporate default in Latin America, after Eike Batista, a Brazilian tycoon, declared bankruptcy.

Brazil’s M&A outlook for 2014 is unclear. There are still several uncertainty factors, such as the World Cup in June, October elections of a new president, federal and state lawmakers and 27 governors, the consequences of Batista’s default, and the fear of further street protests. All of these factors make strategic buyers more hesitant. On the other hand, with the currency at its lowest levels in four years, private equity firms are expected to seek more takeovers, which should increase the flow of foreign capital into the country.

The second most active country in Latin America was Mexico with 39 deals worth US$4.2bn. Mexico, however, is still uncertain of its energy sector liberalisation, the much anticipated reform needed to activate the country’s internal market for M&A activity.

Chile was also an important player in the region with 27 deals valued at US$3.9bn in the second half of 2013. Peru, Colombia, and Argentina had an active second half as well, with 21, 23, and 15 deals, respectively. It is expected that in 2014 the Pacific Alliance (Chile, Colombia, Mexico, and Peru) will gain a greater market share of M&A activity in the region. In H2 2013, Peru saw the sale of PESA to PetroChina. Walmart Chile was also in the top 10 deals of the half with its sale to another Chile-based company, Inversiones Australes Tres Limitada, for US$1.5bn.

According to the banker community, Latin America is still attractive to international and local companies that are looking south to deploy their huge cash piles. European companies are also seeking a chance to create value through Latin American businesses, as seen by the purchase of Orange Dominicana by Altice VII in November 2013. Asia is definitely showing more interest in the region. All of these factors will undoubtedly shape M&A activity in Latin America in 2014.

DEAL OF THE QUARTER

LATIN AMERICA Monthly M&A Insider | January | 10

Deal summary

Announced: 13-Nov-13 Deal value: US$2,600m

• PetroChina Company Limited has agreed to acquire Petrobras Energia Peru SA (PESA) from Petroleo Brasileiro SA (Petrobras).

• PESA, the Peru-based company headquartered in Lima, is engaged in the exploration and production of crude oil and natural gas. PetroChina, the listed China-based company headquartered in Beijing, is engaged in the production and sale of oil and gas products. Petrobras, the listed Brazil-based company headquartered in Rio de Janeiro, is engaged in oil and gas exploration and production.

TERMS:• Consideration of US$2,600m.

RATIONALE:• The transaction will allow PetroChina to expand its

operations in Latin America and to develop its overseas business. The transaction is in line with Petrobras’ divestment program outlined in its 2013-2017 Business and Management Plan.

CONDITIONS:• Chinese regulatory approvals.

• Peruvian regulatory approvals.

BACKGROUND:• PESA reported a turnover of US$600m for the year ended

31-Dec-12.

• PESA had a net production of 16,000 boe/day (0.8m tons of oil equivalent per year) in 2012.

Exit multiples – Y/E 31-Dec-12 Premium analysis

Multiples Value (US$m) Offer price per share (US$) -

Revenue 4.3 600 1 day before -

EBITDA - - 1 month before -

EBIT - - 1 day after -

Earnings 25.5 102 Pre-rumour -

Advisers

Target/Seller Bidder

Financial Citi Financial Deutsche Bank

Legal Skadden Arps Slate Meagher & Flom (advising Citi)

Legal Miranda & Amado Abogados;and Vinson & Elkins

- PR EverBloom Investment Consulting;and Hill+Knowlton Strategies


DEAL OF THE QUARTER

Bidder

PetroChina Company Limited

Headquarters No.9 Dongzhimen North Street East DistrictDongcheng District Beijing 100007China

Sector Energy, Mining & Utilities

Description China-based company engaged in the production and sale of oil and gas related products

Seller

JBS SA

Headquarters 24 Andar Avenue Republica Do Chile 65Rio de Janeiro 20031Brazil


Description Brazil-based energy company engaged in oil and gas exploration and production

Target

Petrobras Energia Peru SA

Headquarters Amador Merino Reyna 285, Piso 5San IsidroLimaPeru


Description Peru-based company engaged in the exploration and production of crude oil and natural gas


TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF H2 2013Announced Bidder company Target company Target dominant

sectorSeller company Exit multiples (x) Bid premia

1-day before

Deal value

(US$m) Revenue EBITDA P/E

13-Nov-13 PetroChina Company Limited

Petrobras Energia Peru SA Energy, Mining & Utilities

Petroleo Brasileiro SA 4.3 - 25.5 - 2,600

05-Jul-13 Energisa SA Rede Energia SA (Controlling stake)


- - (loss) (loss) - 2,077

20-Dec-13 Cromossomo Participacoes II SA

Diagnosticos da America SA (76.4% stake)


- 2.2 12.3 48.5 12.8% 1,923

31-Aug-13 Coca-Cola FEMSA SAB de CV

Spaipa SA Industria Brasileira de Bebidas

Consumer - 2.0 - - - 1,855

16-Sep-13 EIG LLX Holdings SARL LLX Logistica SA (61% stake)

Transportation - 57.6 (loss) (loss) -28.1% 1,546

16-Aug-13† Sinochem Corporation Block BC-10 (35% stake) Energy, Mining & Utilities

Petroleo Brasileiro SA - - - - 1,543

22-Nov-13 Inversiones Australes Tres Limitada

Walmart Chile SA (25.4% stake)

Consumer Nicolas Ibanez (Private investor); and Felipe Ibanez (Private investor)

1.0 11.6 24.5 49.2% 1,508

26-Nov-13 ALTICE VII SA Orange Dominicana SA Telecommunications Orange SA 2.5 - - - 1,435

31-Jul-13 Eutelsat Communications SA

Satelites Mexicanos SA de CV

Telecommunications - 8.1 11.9 20.2 - 1,129

09-Dec-13 Advent International Corporation

Oleoducto Central SA (22% stake)


Total SA; Talisman Energy Inc; and Compania Espanola de Petroleos SAU

- - - - 1,100

†Indicates lapsed deal0Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin American Data correct as of 07-Jan-14

LEAGUE TABLES


TOP 20 LATIN AMERICAN FINANCIAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 8 Banco BTG Pactual 9,220 21 5,043 82.8%

2 3 Credit Suisse 8,751 9 11,008 -20.5%

3 24 Deutsche Bank 8,538 8 702 1,116%

4 10 Citi 6,192 9 3,673 68.6%

5 1 Goldman Sachs 5,484 9 16,788 -67.3%

6 11 Banco Bradesco BBI 5,197 10 3,121 66.5%

7 9 Morgan Stanley 4,861 12 4,836 0.5%

8 14 Banco Itau BBA 4,637 16 2,541 82.5%

9 4 Bank of America Merrill Lynch 4,332 8 7,919 -45.3%

10 2 JPMorgan 4,191 7 12,806 -67.3%

11 - Barclays 3,850 4 - -

12 5 Lazard 3,309 13 6,295 -47.4%

13 16 Banco Bilbao Vizcaya Argentaria 2,327 4 2,295 1.4%

14 51 PwC 2,174 8 12 18,017%

15 - Inspire Capital Partners 1,989 2 - -

16 32 Deloitte 1,598 2 267 499%

17 - Messier, Maris et Associes 1,435 2 - -

18 36 BR Partners 1,415 5 138 925%

19 20 Santander Global Banking and Markets 1,134 4 1,208 -6.1%

20= - Perella Weinberg Partners 1,129 1 - -

20= 12 Societe General 1,129 1 3,030 -62.7%Source: Mergermarket

TOP 20 LATIN AMERICAN FINANCIAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 2 Banco BTG Pactual 9,220 21 17 4

2 1 Banco Itau BBA 4,637 16 27 -11

3 7 Lazard 3,309 13 9 4

4 15 Morgan Stanley 4,861 12 4 8

5 6 Banco Bradesco BBI 5,197 10 10 0

6 4 Credit Suisse 8,751 9 11 -2

7 14 Citi 6,192 9 5 4

8 3 Goldman Sachs 5,484 9 16 -7

9 26 Deutsche Bank 8,538 8 2 6


11 18 PwC 2,174 8 4 4

12 8 JPMorgan 4,191 7 8 -1

13 16 HSBC 1,075 6 4 2

14 - KPMG 847 6 - -

15 32 Vinci Partners 231 6 2 4

16 17 BR Partners 1,415 5 4 1

17 - Barclays 3,850 4 - -

18 12 Banco Bilbao Vizcaya Argentaria 2,327 4 7 -3

19 10 Santander Global Banking and Markets 1,134 4 8 -4

20 13 BNP Paribas 292 4 6 -2Source: Mergermarket

The financial adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American.


LEAGUE TABLES

TOP 20 LATIN AMERICAN LEGAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 6,267 22 15 7

2 3 Machado Meyer Sendacz e Opice 3,754 16 14 2

3 7 Barbosa, Mussnich & Aragao 1,036 15 10 5

4 1 Pinheiro Neto Advogados 4,938 14 15 -1

5 19 Tozzini Freire Teixeira e Silva Advogados 3,032 13 7 6

6 6 Souza, Cescon, Barrieu & Flesch Advogados 5,412 12 10 2

7 8 Veirano Advogados 2,995 12 10 2

8 4 Lefosse Advogados 3,032 11 13 -2

9 5 Baker & McKenzie 2,260 8 11 -3

10 50 Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados 143 8 3 5

11 - Stocche, Forbes, Padis, Filizzola e Clapis Advogados 3,306 6 - -

12 55 Freshfields Bruckhaus Deringer 2,606 6 2 4

13 24 Simpson Thacher & Bartlett 888 6 5 1

14 34 Demarest 684 6 4 2

15 22 Cleary Gottlieb Steen & Hamilton 25,474 5 6 -1

16 17 Clifford Chance 23,462 5 7 -2

17 13 Jones Day 3,191 5 8 -3

18 16 Shearman & Sterling 1,946 5 7 -2

19 21 Rodrigo Elias & Medrano 1,407 5 7 -2

20 20 Brigard & Urrutia 261 5 7 -2Source: Mergermarket

The legal adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 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 Latin American.

TOP 20 LATIN AMERICAN LEGAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 8 Cleary Gottlieb Steen & Hamilton 25,474 5 5,257 385%

2 9 Clifford Chance 23,462 5 5,173 354%

3 30 Allen & Overy 22,709 3 2,621 766%

4 180 Robles Miaja Abogados 22,686 1 - -

5 11 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 6,267 22 5,127 22.2%

6 15 Souza, Cescon, Barrieu & Flesch Advogados 5,412 12 4,186 29.3%

7 4 Pinheiro Neto Advogados 4,938 14 7,582 -34.9%

8 17 Machado Meyer Sendacz e Opice 3,754 16 3,879 -3.2%

9 - Stocche, Forbes, Padis, Filizzola e Clapis Advogados 3,306 6 - -

10 13 Jones Day 3,191 5 4,617 -30.9%

11 42 Tozzini Freire Teixeira e Silva Advogados 3,032 13 1,561 94.2%

12 1 Lefosse Advogados 3,032 11 10,879 -72.1%

13 49 Veirano Advogados 2,995 12 1,210 148%

14 2 Linklaters 2,992 4 10,325 -71.0%

15 151 DLA Piper 2,975 4 22 13423%

16 19 Debevoise & Plimpton 2,738 4 3,759 -27.2%

17 89 Miranda & Amado Abogados 2,675 4 189 1,315%

18 45 Cravath, Swaine & Moore 2,667 2 1,368 95.0%


20= 57 Skadden Arps Slate Meagher & Flom 2,600 1 760 242%

20= - Vinson & Elkins 2,600 1 - -Source: Mergermarket

TREND GRAPHS


LATIN AMERICAN M&A QUARTERLY TREND LATIN AMERICAN M&A QUARTERLY PRIVATE EQUITY TREND

LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

Valu

e (U

S$bn

)

Num

ber of deals

0

10

20

30

40

50

60

70

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


0

50

100

150

200

250

Num

ber of deals

0

20

40

60

80

100

120

140

160

180

2013201220112010200920082007


Valu

e (U

S$bn

)

0

100

200

300

400

500

600

700

800

Num

ber of deals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013201220112010200920082007

Valu

e (U

S$m

)


0

10

20

30

40

50

60

Valu

e (U

S$m

)

Num

ber of deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


0

5

10

15

20

25

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN H2 2013

VALUE VOLUME

Monthly M&A Insider | January | 16LATIN AMERICA

TREND GRAPHS

27.7%

4.3%

14.3%

6.4%5.6%

5.5%

11.9%

3.9%

10.3%

3.1%

0.3%3.6%

1.7%1.4%



Consumer

Business Services

Financial Services


Transportation

Technology

Telecommunications

Leisure

Media

Construction

Agriculture

Real Estate

15.9%

15.0%

12.7%

11.5%

6.7%

6.7%

4.8%

4.5%

3.2%2.9%

2.5% 0.3%

1.6%

5.7%

6.1%



Consumer

Business Services

Financial Services


Transportation

Technology

Telecommunications

Leisure

Media

Construction

Agriculture

Real Estate

Defence

0.1%2.6%

0.2% 2.6%

7.1%

0.9%

8.2%

58.7%7.1%

3.0%0.6%

8.8%

Brazil

Chile

Colombia

Dominican Republic

Honduras

Mexico

Panama

Paraguay

Peru

Uruguay

Venezuela

Argentina

0.3%0.6%

1.0%

0.3%

6.7%4.8%

0.6%0.3%

0.6%1.3%

12.4%

53.8%

8.6%

0.3%1.0%

7.3%

Brazil

Chile

Colombia

Costa Rica

Dominican Republic

Ecuador

El Salvador

Guatemala

Honduras

Mexico

Panama

Paraguay

Peru

Uruguay

Venezuela

Argentina

LATIN AMERICAN M&A SECTOR BREAKDOWN H2 2013

VALUE VOLUME

LATIN AMERICA

SECTOR ANALYSIS


LATIN AMERICAN M&A DEAL SIZE BREAKDOWN H2 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

20

30

40

50

60

70

80

90

100

2013201220112010200920082007

Perc

enta

ge

87.6% 88.0% 85.8%82.0%

86.3% 86.4%

5.4% 4.9% 6.8%8.1%

6.2% 5.8%

6.1% 5.3%5.3%

6.7%5.6% 6.6%

0.7% 1.2% 1.8% 2.0% 1.1% 0.9%0.2% 0.6% 0.3% 1.2% 1.0%0.8% 0.3%

85.4%

6.4%

7.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

0

10

20

30

40

50

60

70

80

90

100

2013201220112010200920082007

Perc

enta

ge

16.1%

30.4%

9.2%

39.2%28.9%

21.5%

15.5%

9.9% 10.1%

7.5%

10.4%13.4%

32.2%

25.1%36.6%

24.8%

27.9%

33.0%

10.7%

20.1%

29.3%

19.0%

18.4%

16.1%

25.5%

14.5% 14.8%9.5% 14.4% 16.0%

16.7%

46.5%

17.6%

19.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

LATIN AMERICAN SECTOR ANALYSISSector H2 2013 H2 2012 % change



Industrials & Chemicals 2,047 4.3% 47 4,846 9.8% 52 -58% -10%

Consumer 6,810 14.3% 40 5,844 11.9% 69 17% -42%


Pharma, Medical & Biotech 2,608 5.5% 21 6,524 13.2% 21 -60% 0%

Technology 1,864 3.9% 18 298 0.6% 9 526% 100%

Business Services 3,030 6.4% 36 1,680 3.4% 28 80% 29%

Media 124 0.3% 10 255 0.5% 8 -51% 25%

Transportation 5,638 11.9% 19 2,292 4.6% 11 146% 73%

Real Estate 684 1.4% 5 289 0.6% 3 137% 67%

Leisure 1,450 3.1% 14 886 1.8% 12 64% 17%

Telecommunications 4,895 10.3% 15 367 0.7% 5 1234% 200%

Defence 0 0% 1 0 0% 0 - -

Construction 1,697 3.6% 9 5,220 10.6% 12 -67% -25%

Agriculture 821 1.7% 8 387 0.8% 8 112% 0%

Total 47,508 314 49,295 309 -4% 2%



NORTH AMERICA

Due to high-valued mega-deals during the summer months, North American M&A for H2 2013 came to US$597.2bn, a 56.8% increase over H1 2013 (US$380.8bn). But despite the jump, 2013 as a whole (US$978bn) saw less than 1% increase over 2012 (US$973.7bn), the highest full year performance since pre-crisis in 2007 (US$1,538.7bn).

North American buyouts were also on par with last year, ending 2013 with US$137bn, only a 2% increase from 2012 (US$134.3bn). Exits were 6.8% lower this year with US$149.2bn compared to last year (US$160.2bn) despite H2 exits increasing by 85.1% over H1, going from US$52.3bn to US$96.9bn. Exits consistently increased all year and Q4 alone comprised 39% of all exits with US$58.9bn, the highest exit value since Q2 2010 (US$50.7bn).

IPOs have also been on the rise for the past few years, with 169 IPOs worth US$40bn in 2013, a 62.5% increase by volume and a 48% increase by value from 2012 (104 IPOs worth US$27bn). 2011 saw only 104 IPOs, collectively valued at US$28bn.

The Telecommunications sector dominated in terms of value, closing out the year with only 28 deals worth a whopping US$137.3bn, mainly due to the top deal for H2: Verizon Communications’ acquisition of a 45% stake in Verizon Wireless from Vodafone announced in September and worth US$124.1bn. Other than Telecommunications, Technology and Media – the other two sectors in the consolidated TMT sector – also saw top deals for H2, with Publicis Groupe’s US$19.4bn acquisition of Omnicom Group as the third largest deal and Activision Blizzard and Leonard Green & Partners’ US$8.2bn acquisition of a 53.75% stake in Activision Blizzard from Vivendi rounding out the top 10 deals for H2.

Overall, the Telecommunications and Technology sectors were two of only five sectors to mark increases in both volume and value for H2 2013 when compared to H2 2012, as Telecom jumped 147% by value and a 33% increase in volume from H2 2012 (US$55.5bn, 21 deals to US$137.3bn, 28 deals) and Technology increased 26% by value and 17% by volume (US$37.1bn, 291 deals to US$46.8bn, 340 deals).

The second highest deal for H2 was AerCap Holdings’ US$26.4bn acquisition of International Lease Finance Corporation in the Financial Services sector; yet, despite this high value transaction being one of 199 deals worth US$51bn, the sector saw a 23% decrease in value and a 5% decrease in volume from H2 2012 (US$65.8bn, 210 deals).

Goldman Sachs was the top financial adviser by value and volume, rounding out H2 2013 with 120 deals worth US$300.5bn, a 35.7% value increase from H2 2012 (US$221.4bn). Morgan Stanley came in second by value and volume with 94 deals worth US$293.4bn. Simpson Thacher & Bartlett was top legal adviser by value, having advised on 87 deals worth US$220.3bn, and Kirkland & Ellis was the top adviser by volume, with 160 deals worth US$67.5bn.

Looking back, North American M&A numbers have been steadily rising each year, coming closer to matching pre-crisis numbers thanks to the return of mega-deals seen earlier this year. Companies seem to be regaining confidence and 2014 will hopefully be a reflection on this increased economic optimism.

DEAL OF THE QUARTER

NORTH AMERICA Monthly M&A Insider | January | 19

Deal summary

Announced: 16-Dec-13 Deal value: US$26,432m

• AerCap Holdings NV has agreed to acquire International Lease Finance Corporation from American International Group Inc (AIG).

• International Lease Finance, the US-based company headquartered in Los Angeles, California, is engaged in leasing and remarketing commercial jet aircraft. AerCap, the listed Netherlands-based company headquartered in Amsterdam, is a provider of aircraft leasing, financing and asset management services. AIG, the listed US-based company headquartered in New York, is a provider of insurance, retirement savings and asset management services.

TERMS:• AIG will receive a consideration of US$5.4bn.

• The consideration is comprised of US$3bn in cash and 97,560,976 AerCap shares.

FINANCING:• The cash portion of the consideration will be funded through

a combination of new debt financing and cash of the combined company.

• AIG will provide AerCap with a committed five-year US$1bn unsecured revolving credit facility.

TERMINATION FEE:• AerCap will pay a US$100m fee to AIG if the transaction

is terminated.

RATIONALE:• The acquisition will allow AerCap to consolidate its position

in the aircraft leasing industry.

POST DEAL DETAILS: • AIG will be entitled to nominate two directors to the Board of

Directors of AerCap.

• AIG will own approximately 46% of the combined company.

• AerCap shareholders will own approximately 54% of the combined company.

• AerCap shares issued as equity consideration will be subject to a lockup period of 9-15 months.

• Expected Completion: The transaction is expected to complete by 16-Sep-14.

CONDITIONS:• AerCap shareholder approval.

• Regulatory approvals.

• Customary closing conditions.

BACKGROUND:• In December 2012, AIG agreed to sell an 80.1% stake in

International Lease Finance to a group of investors from China for a total consideration of US$4.2bn. The agreement was terminated immediately prior to the current transaction.

UPDATE 17-DEC-13:• Waha Capital PJSC, the largest shareholder of AerCap with a

26.3% stake, has agreed to vote in favour of the transaction.

Monthly M&A Insider | January | 20NORTH AMERICA

DEAL OF THE QUARTER

Advisers


Financial Citi; JPMorgan; and Morgan Stanley Financial Bank of America Merrill Lynch; Credit Agricole; Goldman Sachs; and UBS Investment Bank

Legal A&L Goodbody; De Brauw Blackstone Westbroek; and Debevoise & Plimpton

Legal Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer; and NautaDutilh

- PR College Hill

Bidder

AerCap Holdings NV

Headquarters AerCap HouseStationsplein 965Amsterdam 1117Netherlands

Sector Financial Services

Description Netherlands-based provider of aircraft leasing, financing and asset management services

Target

International Lease Finance Corporation

Headquarters 10250 Constellation BoulevardSuite 3400 Los Angeles, CA 90067USA


Description US-based provider of aircraft leasing and sales services

Seller

American International Group Inc

Headquarters 180 Maiden LaneNew York, NY 10038USA


Description US-based provider of insurance, retirement savings and asset management services



Revenue 6.1 4,346 1 day before -

EBITDA 6.9 3,845 1 month before -

EBIT 13.7 1,927 1 day after -

Earnings 13.3 410 Pre-rumour -


TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF H2 2013Announced Bidder company Target company Target dominant


1-day before

Deal value

(US$m) Revenue EBITDA P/E

02-Sep-13 Verizon Communications Inc Verizon Wireless Inc (45% stake)

Telecommunications Vodafone Group Plc 3.7 9.4 - - 124,100

16-Dec-13 AerCap Holdings NV International Lease Finance Corporation

Financial Services American International Group Inc

6.1 6.9 13.2 - 26,432

28-Jul-13 Publicis Groupe SA Omnicom Group Inc Media - 1.4 9.3 17.7 -1.6% 19,369

20-Dec-13 Brookfield Property Partners LP

Brookfield Office Properties Inc (50.7% stake)

Real Estate - n/a n/a 9.1 3.7% 17,276

06-Aug-13 Spectra Energy Partners LP Spectra Energy Corp (US transmission, storage and liquids assets)


Spectra Energy Corp - - - - 12,328

15-Jul-13 Loblaw Companies Limited Shoppers Drug Mart Corporation

Consumer - 1.1 2.7 19.2 28.6% 12,249

23-Oct-13 American Realty Capital Properties Inc

Cole Real Estate Investments Inc

Real Estate - 18.2 26.8 76.0 12.6% 9,878

25-Aug-13 Amgen Inc Onyx Pharmaceuticals Inc Pharma, Medical & Biotech

- 25.0 (loss) (loss) 6.9% 9,036

09-Dec-13 Sysco Corporation US Foods Inc Consumer Kohlberg Kravis Roberts & Co LP; and Clayton, Dubilier & Rice LLC

0.4 11.9 (loss) - 8,200

25-Jul-13 Activision Blizzard Inc; and Leonard Green & Partners LP

Activision Blizzard Inc (53.8% stake)

Technology Vivendi SA 2.2 6.9 13.5 -11.6% 8,169

n/a=not applicable Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being North American (US + Canada) Data correct as of 06-Jan-14

Source: Mergermarket

LEAGUE TABLES


TOP 20 NORTH AMERICAN FINANCIAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 1 Goldman Sachs 300,486 120 221,365 35.7%

2 3 Morgan Stanley 293,424 94 173,817 68.8%

3 7 Bank of America Merrill Lynch 280,418 82 125,450 124%

4 2 JPMorgan 244,678 86 219,170 11.6%

5 4 Barclays 202,512 69 155,842 29.9%

6 9 UBS Investment Bank 199,071 44 76,436 160%

7 5 Citi 138,064 67 145,796 -5.3%

8 38 Guggenheim Partners 136,798 9 6,182 2,113%

9 - Paul J. Taubman 127,600 2 - -

10 8 Deutsche Bank 56,730 37 76,780 -26.1%

11 13 Lazard 50,825 53 51,564 -1.4%

12 10 Evercore Partners 46,543 52 67,294 -30.8%

13 6 Credit Suisse 43,018 52 127,902 -66.4%

14 12 RBC Capital Markets 40,232 64 58,622 -31.4%

15 21 Moelis & Company 33,782 39 21,103 60.1%

16 11 Rothschild 31,661 35 62,522 -49.4%

17 - Credit Agricole 27,330 3 - -

18 25 BNP Paribas 25,173 11 16,836 49.5%

19 14 Jefferies 23,788 47 47,075 -49.5%

20 17 Centerview Partners 23,580 12 39,981 -41.0%Source: Mergermarket

TOP 20 NORTH AMERICAN FINANCIAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 1 Goldman Sachs 300,486 120 102 18

2 4 Morgan Stanley 293,424 94 79 15

3 5 JPMorgan 244,678 86 68 18

4 3 Bank of America Merrill Lynch 280,418 82 84 -2

5 2 Barclays 202,512 69 86 -17

6 6 Citi 138,064 67 68 -1

7 7 RBC Capital Markets 40,232 64 62 2

8 10 Lazard 50,825 53 58 -5

9 18 Evercore Partners 46,543 52 36 16

10 8 Credit Suisse 43,018 52 60 -8

11 9 Jefferies 23,788 47 60 -13

12 22 PwC 6,955 46 27 19

13 11 Houlihan Lokey 6,093 46 57 -11

14 17 Lincoln International 921 46 37 9

15 21 Stifel/KBW 7,680 45 28 17


17 14 Moelis & Company 33,782 39 43 -4

18 29 KPMG 6,182 38 24 14

19 12 Deutsche Bank 56,730 37 48 -11

20 13 Rothschild 31,661 35 43 -8Source: Mergermarket

The financial adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being US or Canadian.


LEAGUE TABLES

TOP 20 NORTH AMERICAN LEGAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 15 Simpson Thacher & Bartlett 220,261 87 54,124 307%

2 1 Wachtell, Lipton, Rosen & Katz 203,363 35 152,554 33.3%

3 6 Weil Gotshal & Manges 200,922 73 91,196 120%

4 58 De Brauw Blackstone Westbroek 186,945 13 13,690 1,266%

5 16 Jones Day 175,235 93 54,104 224%

6 35 Debevoise & Plimpton 165,611 21 28,300 485%

7 4 Davis Polk & Wardwell 159,009 37 99,308 60.1%

8 54 Slaughter and May 150,462 7 15,024 901%

9 539 Macfarlanes 129,663 7 - -

10 3 Latham & Watkins 121,263 141 103,614 17.0%

11 12 Sullivan & Cromwell 83,249 39 67,391 23.5%

12 9 Cravath, Swaine & Moore 69,006 24 84,627 -18.5%

13 13 Kirkland & Ellis 67,480 160 58,509 15.3%

14 2 Skadden Arps Slate Meagher & Flom 65,095 73 148,699 -56.2%

15 25 White & Case 57,830 53 38,779 49.1%

16 43 Vinson & Elkins 52,386 39 22,068 137%

17 32 Gibson Dunn & Crutcher 48,683 43 31,035 56.9%

18 115 NautaDutilh 48,271 10 3,670 1,215%

19 44 Freshfields Bruckhaus Deringer 43,783 28 22,035 98.7%

20 48 Davies Ward Phillips & Vineberg 36,635 14 18,881 94.0%Source: Mergermarket

TOP 20 NORTH AMERICAN LEGAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 1 Kirkland & Ellis 67,480 160 150 10

2 3 Latham & Watkins 121,263 141 128 13

3 2 Jones Day 175,235 93 142 -49

4 4 DLA Piper 9,794 93 115 -22

5 9 Simpson Thacher & Bartlett 220,261 87 59 28

6 6 Weil Gotshal & Manges 200,922 73 76 -3

7 5 Skadden Arps Slate Meagher & Flom 65,095 73 84 -11

8 13 Stikeman Elliott 15,848 59 51 8

9 14 O'Melveny & Myers 17,137 54 49 5


11 10 White & Case 57,830 53 59 -6

12 17 Shearman & Sterling 22,567 48 47 1

13 12 Baker & McKenzie 13,418 47 56 -9

14 16 Goodwin Procter 20,281 45 48 -3

15 15 Morgan Lewis & Bockius 4,649 45 49 -4

16 31 Gibson Dunn & Crutcher 48,683 43 39 4

17 8 Blake, Cassels & Graydon 6,027 43 60 -17

18 70 Fenwick & West 7,775 40 16 24

19 25 Sullivan & Cromwell 83,249 39 42 -3

20 23 Vinson & Elkins 52,386 39 43 -4Source: Mergermarket

The legal adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 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 US or Canadian.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN BUYOUTS


LEAGUE TABLES

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is US or Canadian.The tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

VALUE

Ranking


Deal count


2 Ares Management 6,095 3


4 Venrock 3,220 2

5 New Mountain Capital 3,200 3


6= ARCH Venture Partners 3,200 1



10 Sycamore Partners 2,199 1

11 Madison Dearborn Partners 1,800 3

12 JMI Equity 1,800 1



15 JLL Partners 1,252 2Source: Mergermarket

VALUE

Ranking


Deal count


2= Clayton, Dubilier & Rice 8,200 1

2= Kohlberg Kravis Roberts & Co 8,200 1

4 Leonard Green & Partners 7,600 2




8 Odyssey Investment Partners 3,265 3

9 ARCH Venture Partners 3,257 2

10 Oak Hill Capital Partners 3,233 2

11 Venrock 3,200 3


12= New Mountain Capital 3,200 1

14 Thoma Bravo 2,350 3

15 Accel Partners 2,224 6Source: Mergermarket

VOLUME

Ranking


Deal count


2 The Carlyle Group 533 7




6 Insight Venture Partners 216 6

7 Bain Capital 654 5

8 TA Associates Management - 5


10 First Reserve 950 4

11 Clayton, Dubilier & Rice 825 4

12 TPG Capital 470 4

13 Oaktree Capital Group 95 4

14 Marlin Equity Partners - 4

15 Hellman & Friedman 6,200 3Source: Mergermarket

VOLUME

Ranking


Deal count

1 SV Angel 1,150 8



4 Intel Capital 1,308 6

5 First Round Capital 1,169 6

6 Kleiner, Perkins, Caufield & Byers 693 6

7 Sun Capital Partners 245 6



10 New Enterprise Associates 2,190 5

11 Sequoia Capital 1,290 5

12 Ignition Partners 1,053 5

13 Khosla Ventures 1,050 5

14 Greylock Partners 470 5

15 Draper Fisher Jurvetson 463 5Source: Mergermarket

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN EXITS

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is US or Canadian. The tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

TREND GRAPHS


NORTH AMERICAN M&A QUARTERLY TREND NORTH AMERICAN M&A QUARTERLY PRIVATE EQUITY TREND

NORTH AMERICAN M&A ANNUAL TREND NORTH AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

Valu

e (U

S$bn

)

Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2013201220112010200920082007


0

1,000

2,000

3,000

4,000

5,000

6,000

Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

500

2013201220112010200920082007


0

200

400

600

800

1,000

1,200

Valu

e (U

S$bn

)

Num

ber of deals

0

100

200

300

400

500

600

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


0

200

400

600

800

1,000

1,200

1,400

1,600

Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


0

50

100

150

200

250

300

350


NORTH AMERICAN M&A SECTOR BREAKDOWN H2 2013

VALUE VOLUME

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN H2 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

2013201220112010200920082007

Perc

enta

ge

43.5%49.1%

58.7%

31.9%37.5%

32.5%

6.5%7.3%

5.5%9.8% 9.0% 8.1%

21.6% 17.3%

13.2%

27.7%20.7% 27.5%

18.8%14.0%

13.3%

17.9%

21.0%21.3%

9.6% 12.3% 9.3% 12.7% 11.8% 10.6%

44.3%

7.1%

23.6%

14.9%

10.1%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

75

80

85

90

95

100

2013201220112010200920082007

Perc

enta

ge

85.6%

90.5% 91.1%

87.6% 87.6% 86.8%

1.8%0.9% 1.0% 1.1% 1.4% 1.5%

5.3%

4.2% 3.8%

5.2% 5.4%5.0%

6.2%

3.7% 3.4%5.5% 4.9%

6.1%

1.1%

0.7% 0.7% 0.6% 0.7%0.6%0.7%

88.1%

1.1%

4.5%

5.6%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

8.1%

0.1%

7.8%

14.7%

3.7%

8.2%

8.7%8.5%

1.1%

23.0%

7.7%

5.3%1.2%

1.3%

0.6%


Technology

Business Services



Financial Services

Consumer

Media

Leisure

Transportation

Construction

Telecommunications

Agriculture

Real Estate

Defence

16.1%

15.0%

12.9%

12.2%

9.8%

9.5%

8.8%

4.3%

2.8%

2.4%2.4%

1.3% 1.2%

0.4%

0.9%


Technology

Business Services



Financial Services

Consumer

Media

Leisure

Transportation

Construction

Telecommunications

Agriculture

Real Estate

Defence


SECTOR ANALYSIS

Return to contents

NORTH AMERICAN SECTOR ANALYSISSector H2 2013 H2 2012 % change



Industrials & Chemicals 48,572 8.1% 368 71,956 11.9% 430 -32% -14%

Consumer 51,803 8.7% 216 58,126 9.6% 219 -11% -1%


Pharma, Medical & Biotech 49,176 8.2% 223 81,826 13.5% 258 -40% -14%

Technology 46,768 7.8% 340 37,100 6.1% 291 26% 17%

Business Services 22,295 3.7% 278 21,031 3.5% 305 6% -9%

Media 31,918 5.3% 98 39,318 6.5% 107 -19% -8%

Transportation 7,525 1.3% 54 5,848 1.0% 52 29% 4%

Real Estate 45,898 7.7% 30 25,088 4.1% 22 83% 36%

Leisure 6,935 1.2% 63 8,996 1.5% 62 -23% 2%


Defence 420 0.1% 8 1,523 0.3% 13 -72% -38%

Construction 6,664 1.1% 54 4,305 0.7% 55 55% -2%

Agriculture 3,396 0.6% 21 1,078 0.2% 18 215% 17%

Total 597,220 2,273 605,351 2,342 -1% -3%



ASIA-PACIFIC

Mergers and acquisitions (M&A) across Asia-Pacific for the second half of 2013 totalled 1,547 deals worth US$247bn. This was a 5.3% increase by volume and a 24% increase by value over H1 2013 (1,469 deals worth US$199bn). Compared year on year, figures rose 8.2% by volume (1,430 deals) and 12% by value (US$220bn).

Top transactionsDeal values were driven by a number of headline-making transactions in H2 2013. These were led by the US$10bn Westfield Retail Trust deal and the merger between US-based Applied Materials and Tokyo Electron Limited (valued at US$8.7bn).

The Westfield deal involved a merger between the group’s Australia and New Zealand business and Westfield Retail Trust to form a new entity: Scentre Group (SG). The deal, once completed, will make SG, one of the largest real estate investment trusts (REIT) in Australia since 1970. Overall, M&A into Asia’s real estate sector accounted for 4.1% of volume and 9.1% of value with 64 deals worth US$22.6bn in H2 2013.

The Applied Materials-Tokyo Electron merger was the result of sluggish demand for computers and televisions, developments that have affected the cost efficiency levels of the two companies, both of which specialise in semiconductor and display technology. The merger is expected to allow the combined business to produce new technology at lower costs. Similar M&A in the TMT space saw 226 deals valued at US$39.4bn (15% of volume and 16% of value).

The financial services sector had the third largest transaction of the half-year: Japan-based Mitsubishi UFJ Financial Group’s US$5.5bn acquisition of Thai banking group Ayudhya. The transaction will enable Mitsubishi UFJ to establish a full-fledged banking platform in Southeast Asia. In total, the financial services sector saw 108 deals (7% volume) worth US$41.3bn (16.7% value).

The energy sector burns brightThe energy, mining, & utilities space saw three of the top 10 deals for the half-year. These deals were headed by the US$5.4bn acquisition of a minority stake in the Kashagan Oil Project by China National Petroleum Corporation. The oil field is expected to produce 550,000 barrels of crude oil per day and will help China meet its growing energy needs.

Australia-based APA Group, an operator of gas transmission pipelines, engaged in an acquisition of a majority stake in Envestra Ltd, a listed Australia-based natural gas distribution company headquartered in Adelaide, South Australia. The deal was valued at US$3.1bn. APA also expects the acquisition can strengthen the balance sheet and provide broader access to capital.

The third energy transaction involved CLP Holdings and China Southern Power Grid, both agreeing to acquire a 60% stake in Castle Peak Power Company Limited from Exxon Mobil Corporation. Castle Peak Power Company Limited (CPPC), the Hong Kong-based company, owns and operates coal fired power stations. CLP has invested as part of its strategy of investing in Hong Kong’s power sector. As part of the total M&A pie for Asia-Pacific, the energy mining & utilities sector saw dealmakers announce 162 deals (10.5% volume) worth US$45.4bn (18.4% value).

Buyouts remain flatBuyout activity among private equity dealmakers remained stable from H1 2012. The first half of the year saw 137 such transactions, with 142 in H2 2013. In value terms, totals for the year came to US$16.5bn in H1 2013 and US$20bn in H2 2013.

Australia had the largest buyout, involving institutional buyers, with the US$3.1bn acquisition of Commonwealth Property Office Fund by the Canadian Pension Plan Investment Board.

South Korea’s MBK Partners had one of the largest buyout deals by a PE firm with the US$1.7bn acquisition of the Korean unit of ING Life Insurance. This deal was followed by another Korean deal, the US$1.6bn acquisition of Hanjin Shipping by PE firm Hahn & Company. A cautious approach to M&A by South Korea’s corporates and rising optimism among private equity houses has allowed domestic firms to flourish recently, a trend that could continue into 2014.

Global buyout firm KKR also made headlines by acquiring the healthcare unit from Japan-based Panasonic. That deal was worth US$1.3bn. KKR’s transaction is a symbolic victory for international private equity in Japan, which has long faced difficulties investing in the Asian country amid distrust toward foreign buyers.

DEAL OF THE QUARTER

Monthly M&A Insider | January | 29ASIA-PACIFIC

Deal summary

Announced: 04-Dec-13 Deal value: US$10,756m

Westfield Group (WDC) has agreed to merge its Australia and New Zealand Business with Westfield Retail Trust (WRT) to form a new entity to be named the Scentre Group.

TERMS: • WRT shareholders will receive a payment equal to AU$285

and 918 Scentre Group shares per 1,000 WRT shares held.

• WRT cash payment will be effected through an AU$850m capital return, equivalent to a pro rata buyback of WRT shares at AU$3.47 per security (a 14% premium to WRT’s current share price and in-line with NTA as at 30-Jun-13).

• WDC shareholders will receive 1,000 shares in the new Westfield Corporation and 1,246 shares in Scentre Group for every 1,000 WDC shares held.

• WRT shareholder to own 51.4% and WDC shareholder to own 48.6% of Scentre Group.

• Based on Westfield Retail Trust closing price of AU$3.00 on 03-Dec-13 and on 2,979,214,029 shares outstanding, the implied equity value of the transaction is AU$8.937bn.

RATIONALE:• The Divestment is a part of WDC’s strategy of segregating

its geographic portfolio for efficient management of the operations.

• This acquisition will enable SG to make use of the experienced management team of WRT and WDC which will join its board post completion.

POST DEAL DETAILS:• Scentre Group will be the largest REIT in Australia since 1970.

• The international business of WDC will become Westfield Corporation.

• The two new entities will be listed on the ASX and have separate boards and management teams. Both groups will maintain the Westfield brand on their shopping centers.

• Scentre Group will be internally managed and benefit from the skills and experience of the Westfield management team.

• Frank Lowy AC, Chairman of Westfield Group, will become Chairman of both WDC and Scentre Group. Mr Peter Allen CFO of WDC will be the CEO of Scentre Group.

BACKGROUND: • The proposal has the unanimous support of the WDC board

and the independent directors of the WRT board.

• The Australian and New Zealand business of WDC consists of 47 shopping centers valued at AU$28.5bn.

EXPECTED COMPLETION: • Full implementation and commencement of separate listings

by June 2014.

CONDITIONS: • Subject to Westfield Group Shareholders approval.

• Subject to Westfield Retail Trust Shareholders approval.

• Subject to Customary Court and regulatory approvals.


DEAL OF THE QUARTER

Bidder

Scentre Group

Headquarters Australia

Sector Real Estate

Description Australia-based REIT formed through the merger of WDC’s Australian/NZ operating platform and portfolio with WRT’s portfolio on the basis of Funds from Operation (FFO) contributed by each entity

Target

Westfield Retail Trust

Headquarters Level 877 Castlereagh StreetSydney New South Wales2000Australia

Sector Real Estate

Description Australia-based real estate trust managing shopping centres

Seller

Westfield Group

Headquarters Level 3085 Castlereagh StreetSydney New South WalesAustralia


Description Australia-based retail property group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities

Mergermarket/dealReporter intelligence

02-Dec-13 Westfield may consider New Zealand spin off

04-Dec-13 Westfield Retail Trust’s management rights may be in play

05-Dec-13 Westfield Group to merge Australian/NZ business with Westfield Retail Trust

11-Dec-13 Westfield Group may need to sweeten terms of its break-up plan

Advisers


Financial Morgan Stanley; UBS Investment Bank; JPMorgan; and Rothschild

Financial -

Legal Herbert Smith Freehills; Ashurst; andSkadden Arps Slate Meagher & Flom

Legal -

PR - PR -

TOP DEALS & EXPECTED DEALS


TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF H2 2013Announced Bidder company Target company Target dominant


1-day before

Deal value

(US$m)Revenue EBITDA P/E

14-Dec-13 Scentre Group Westfield Retail Trust Real Estate Westfield Group n/a n/a 11.03 n/a 10,756

24-Sep-13 Applied Materials Inc Tokyo Electron Limited Technology - 1.74 22.06 151.79 5.9% 8,730

02-Jul-13 Mitsubishi UFJ Financial Group Inc

Bank of Ayudhya Public Company Limited (72% stake)

Financial Services GE Capital Corporation

n/a n/a 15.81 5.7% 5,482

07-Sep-13 China National Petroleum Corporation

Kashagan Oil Project (8.3% stake)


ConocoPhillips Company

- - - - 5,400

29-Sep-13 Beijing Zhongchuang Telecom Test Company Ltd

Beijing Xinwei Telecom Technology Inc (96.5% stake)

Technology Consortium led by Wang Jing (Private investor)

30.43 - 56.72 - 4,396

18-Nov-13 The GPT Group Commonwealth Property Office Fund

Financial Services - n/a n/a 20.52 5.6% 3,655

17-Dec-13 APA Group Ltd Envestra Ltd (67% stake) Energy, Mining & Utilities

- 8.31 11.57 18.49 14.1% 3,105

18-Nov-13 CLP Power Hong Kong Ltd; and China Southern Power Grid International (HK) Co Limited

Castle Peak Power Company Limited (60% stake)


ExxonMobil Energy Limited

- - 12.77 - 3,096

11-Dec-13 Canada Pension Plan Investment Board; and Dexus Property Group

Commonwealth Property Office Fund (85.1% stake)

Financial Services - - - 19.89 -1.4% 3,053

30-Sep-13 Tianjin Bohai Leasing Co Ltd Seaco SRL Financial Services Hainan Airlines Group Company Limited

6.06 8.92 13.28 - 2,954

n/a=not applicable Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Asia-Pacific Data correct as of 02-Jan-14




PIPELINE OF ASIA-PACIFIC EXPECTED DEALSSituation Target company Sector Potential bidder

companyFinancial adviser to bidder (B); target (T); seller (S)

Seller company

Market cap/est value (US$m)

Comments

Expected Deal Austin Engineering Limited


Bradken Limited - - US$245.2m On 18-Dec-13, Bradken made a non-binding and indicative proposal to the Austin Board to acquire all of the ordinary shares in Austin that it does not currently own at a fixed exchange ratio of 0.75 Bradken shares for one Austin share. Bradken currently owns 21.5% of the outstanding shares in Austin. Bradken requires full due diligence, capital raise unlikely a deal breaker.

Expected Deal Yuxing InfoTech Investment Holdings Limited

Technology - - - US$231.2m On 06-Dec-13, Yuxing Infotech’s controlling shareholder, Super Dragon Co Ltd may sell its entire 36.8% share in Yuxing Infotech. No legally binding agreement has been entered.

Expected Deal Tokyo Tomin Bank Limited

Financial Services

The Yachiyo Bank Ltd - - US$447.8m On 10-Oct-13, Yachiyo Bank and Tokyo Tomin Back announced to merge on 01-Oct-14. Final contract is expected to be signed around March, April 2014. Terms are to be decided.

Expected Deal Western Desert Resources Limited


Noble Group Limited - - US$228.7m On 12-Jul-13, Western Desert Resources has held talks with unnamed parties over a takeover. According to a report in The Australian, citing people familiar with the matter, WDR could be a target for Singapore-based commodities group Noble Group. On 15-Jul-13, Western Desert unlikely to see takeover from Noble Group.

Expected Deal Wing Hang Bank Limited

Financial Services

Australia and New Zealand Banking Group Limited; Oversea Chinese Banking Corporation Limited; United Overseas Bank Limited; Agricultural Bank of China Limited; China Life Insurance Company Limited; China Minsheng Banking Corporation Limited; Anbang Property and Casualty Insurance Co Ltd; Anbang Property and Casualty Insurance Co Ltd; and China Everbright Bank Co Ltd

Advising Target: Nomura HoldingsAdvising Vendor: Goldman Sachs

The Bank of New York Mellon Corporation

US$4,610.6m On 17-Sep-13, Wing Hang Bank could be sold to ABC; other bidders include China Life Insurance, Minsheng Bank, Everbright Bank, UOB and ANZ. Wing Hang Bank appoints Nomura to handle sale. On 28-Sep-13, Wing Hang Bank has mandated Nomura to handle sale. On 03-Oct-13, ANZ distances itself from Wing Hang offer. On 21-Oct-13, ANZ and UOB bidding for Wing Hang. On 28-Nov-13, Wing Hang may draw interest of Anbang Insurance and Nova Scotia. On 04-Dec-13, Wing Hang shareholders retain Goldman Sachs to advise on proces. On 17-Dec-13, Wing Hang says no potential sale of stakes. On 19-Dec-13, Nova Scotia drops out of bid.

Expected deals based on confirmed announcements by companies involved

LEAGUE TABLES


TOP 20 ASIA-PACIFIC FINANCIAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 1 PwC 7,416 43 44 -1


3 2 Goldman Sachs 23,656 33 33 0

4 10 JPMorgan 32,122 30 21 9

5 5 EY 4,728 28 27 1

6 3 KPMG 4,454 27 33 -6

7 13 Morgan Stanley 31,186 26 17 9

8 25 Barclays 22,772 22 7 15

9 8 Deloitte 1,842 22 23 -1


11 11 Deutsche Bank 23,533 19 20 -1

12 56 Huatai United Securities 4,766 19 4 15

13 4 Citi 18,230 18 27 -9

14 - Southwest Securities 7,457 17 - -

15 7 Macquarie Group 6,879 17 23 -6

16 12 Rothschild 16,764 16 18 -2

17 9 Credit Suisse 9,078 16 22 -6

18 19 Lazard 5,391 14 10 4

19 18 CIMB Group 2,789 13 10 3

20 57 M&A International 612 13 4 9Source: Mergermarket

The financial adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-Pacific excluding Japan.

TOP 20 ASIA-PACIFIC FINANCIAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 3 UBS Investment Bank 36,692 36 42,573 -13.8%

2 6 JPMorgan 32,122 30 25,489 26.0%

3 4 Morgan Stanley 31,186 26 30,931 0.8%

4 1 Goldman Sachs 23,656 33 53,549 -55.8%

5 7 Deutsche Bank 23,533 19 24,066 -2.2%

6 37 Barclays 22,772 22 1,527 1,391.3%

7 18 Bank of America Merrill Lynch 22,620 20 6,876 229.0%

8 2 Citi 18,230 18 45,664 -60.1%

9 17 Rothschild 16,764 16 6,954 141.1%

10 11 Credit Suisse 9,078 16 15,555 -41.6%

11 - Phatra Securities Public 7,536 4 - -

12 - Southwest Securities 7,457 17 - -

13 20 PwC 7,416 43 6,458 14.8%

14 15 Macquarie Group 6,879 17 12,273 -44.0%

15 21 CITIC Securities 6,747 11 5,281 27.8%

16 64 Haitong Securities 6,269 6 684 816.5%

17 - Qatalyst Group 5,411 1 - -

18 33 Lazard 5,391 14 1,866 188.9%

19 5 HSBC 5,385 9 30,066 -82.1%

20 86 Huatai United Securities 4,766 19 430 1,008.4%Source: Mergermarket


LEAGUE TABLES

TOP 20 ASIA-PACIFIC LEGAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 2 King & Wood Mallesons 21,899 52 42 10

2 1 Baker & McKenzie 16,899 49 45 4

3 14 Ashurst 17,916 34 24 10

4 11 Allens 14,164 33 25 8


6 9 DLA Piper 1,618 33 26 7

7 3 Herbert Smith Freehills 20,359 32 37 -5

8 22 Linklaters 15,046 25 18 7

9 5 Minter Ellison 5,493 25 33 -8

10 6 Allen & Overy 11,258 24 31 -7

11 7 Kim & Chang 10,050 24 31 -7

12 23 Skadden Arps Slate Meagher & Flom 24,976 23 18 5

13 27 Shin & Kim 3,599 22 16 6

14 20 Clifford Chance 7,354 21 21 0

15 13 Lee & Ko 4,421 21 25 -4

16 18 Bae Kim & Lee 7,437 20 22 -2

17 21 Corrs Chambers Westgarth 3,471 20 19 1

18 16 Clayton Utz 1,893 20 23 -3

19 17 Freshfields Bruckhaus Deringer 7,655 19 22 -3

20 8 Gilbert + Tobin 3,255 17 26 -9Source: Mergermarket

The legal adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 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 Asia-Pacific excluding Japan.

TOP 20 ASIA-PACIFIC LEGAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 29 Skadden Arps Slate Meagher & Flom 24,976 23 7,962 213.7%

2 23 King & Wood Mallesons 21,899 52 11,984 82.7%

3 3 Herbert Smith Freehills 20,359 32 30,047 -32.2%

4 32 Ashurst 17,916 34 6,722 166.5%

5 22 Baker & McKenzie 16,899 49 13,013 29.9%

6 11 Linklaters 15,046 25 19,606 -23.3%

7 27 Allens 14,164 33 8,420 68.2%

8 51 Vinson & Elkins 11,633 4 3,507 231.7%

9 1 Allen & Overy 11,258 24 43,872 -74.3%

10 8 Davis Polk & Wardwell 10,933 10 20,178 -45.8%

11 35 Kim & Chang 10,050 24 5,901 70.3%

12 43 Shearman & Sterling 8,713 10 4,415 97.3%

13 13 Sullivan & Cromwell 8,655 7 19,476 -55.6%

14 20 Latham & Watkins 8,570 13 14,499 -40.9%


16 7 Cleary Gottlieb Steen & Hamilton 7,553 11 20,645 -63.4%

17 61 Bae Kim & Lee 7,437 20 2,856 160.4%

18 25 Clifford Chance 7,354 21 8,748 -15.9%

19 122 Nishimura & Asahi 7,323 2 612 1,096.6%

20 62 Paul Hastings 6,136 8 2,822 117.4%Source: Mergermarket


LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC BUYOUTS

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Asia-Pacific.The tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

VALUE

Ranking


Deal count

1 Canada Pension Plan Investment Board 3,053 1


3 Hahn & Company 1,823 3

4 MBK Partners 1,667 1


6 Hony Capital 926 2

7 Caisse de Depot et Placement du Quebec 910 1

8 Shinhan Financial Group 707 1

9 STIC Investments 603 3

10= Q Capital Partners 576 1

10= Wonik Investment Partners 576 1Source: Mergermarket

VALUE

Ranking


Deal count

1 Bravia Capital Hong Kong 2,954 1

2 TrustBridge Partners 1,933 1

3 Shenzhen Ping'an Innovation Capital 1,481 1

4 Kunwu Jiuding Capital 954 1

5 Global Infrastructure Partners 910 1

6 Dubai International Capital 885 1

7 TPG Capital 715 1

8 Baring Private Equity Asia 696 1

9 Catalyst Investment Managers 530 3

10 Lone Star Funds 530 1Source: Mergermarket

VOLUME

Ranking


Deal count



3 Temasek Holdings 483 4

4 TPG Capital 451 4

5 Quadrant Private Equity 232 4

6 Macquarie Group 224 4

7 Hahn & Company 1,823 3

8 STIC Investments 603 3


10 ICICI Venture Funds Management 66 3Source: Mergermarket

VOLUME

Ranking


Deal count

1 Catalyst Investment Managers 530 3

2 Macquarie Group 226 3


4 Blackstone Group 213 2

5 Lazard Australia Private Equity 165 2

6 JAFCO 110 2

7 Wolseley Private Equity 110 2

8 Ant Capital Partners 104 2

9 Shihezi Longchen Investment Partnership

98 2

10= ICICI Venture Funds Management 79 2

10= RISA Partners 79 2Source: Mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Asia-Pacific. The tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC EXITS

TREND GRAPHS


ASIA-PACIFIC QUARTERLY TREND ASIA-PACIFIC M&A QUARTERLY PRIVATE EQUITY TREND

ASIA-PACIFIC

ASIA-PACIFIC ANNUAL TREND ASIA-PACIFIC M&A ANNUAL PRIVATE EQUITY TREND

Valu

e (U

S$bn

)

Num

ber of deals

0

20

40

60

80

100

120

140

160

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


0

100

200

300

400

500

600

700

800

900

Valu

e (U

S$bn

)

Num

ber of deals

0

100

200

300

400

500

2013201220112010200920082007


0

500

1,000

1,500

2,000

2,500

3,000

3,500

Valu

e (U

S$bn

)

Num

ber of deals

0

10

20

30

40

50

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70

2013201220112010200920082007


0

50

100

150

200

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350

Valu

e (U

S$bn

)

Num

ber of deals

0

5

10

15

20

25

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

0

20

40

60

80

100

120

0

20

40

60

80

100

120



TREND GRAPHS

VOLUME

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN H2 2013

VALUE

7.3%

14.5%

18.5%

12.0%3.0%4.7%

1.4%

9.2%

4.0%

2.0%

0.6%

4.2%

1.9%

16.7%


Consumer


Technology

Business Services


Financial Services

Leisure

Real Estate

Construction

Media

Transportation

Agriculture

Telecommunications

11.8%

22.1%

10.6%

10.1%

9.0%

7.3%

6.9%

5.0%

4.2%

3.9%

3.3%3.5%

1.5%0.9%

0.1%


Consumer


Technology

Business Services


Financial Services

Leisure

Real Estate

Construction

Media

Transportation

Agriculture

Telecommunications

Defence

35.8%

17.6%9.3%

7.9%

3.7%

6.9%

3.0%

3.6%

2.9%2.8%

6.4%China

Australia

South Korea

Japan

Hong Kong

India

Thailand

Kazakhstan

Singapore

Indonesia

Other

33.5%

15.8%8.9%

12.1%

7.1%

4.9%

0.5%1.2%

4.0%

2.1%9.9%

China

Australia

South Korea

Japan

Hong Kong

India

Thailand

Kazakhstan

Singapore

Indonesia

Other

ASIA-PACIFIC M&A SECTOR BREAKDOWN H2 2013

VALUE VOLUME


ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN H2 2013

VALUE VOLUME

SECTOR ANALYSIS

TREND GRAPHS

Return to contents

75

80

85

90

95

100

2013201220112010200920082007

Perc

enta

ge

88.4% 88.4%

0.9% 0.9%

5.4% 5.8%

5.1% 4.5%

0.4%0.2% 0.2%0.3%0.4%

87.9%88.8%

87.6%88.5%

1.0% 1.5% 0.8% 0.9%

5.3%5.1%

5.9%5.6%

5.4% 4.3% 5.3% 4.7%

0.4% 0.3%

87.9%

0.8%

5.7%

5.4%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

0

10

20

30

40

50

60

70

80

90

100

2013201220112010200920082007

Perc

enta

ge

13.8%

34.2%

11.9%

16.9%

23.2%

15.5%

12.6%

30.4%

17.0%

24.5%

29.6%19.9%

13.5%

24.5%20.6%

12.0% 11.2% 11.1% 12.0% 12.1%

22.2%30.4% 26.2% 29.6% 28.4%

15.7%

17.0% 27.2%13.6%

17.3%

20.5% 21.5% 22.0% 20.3% 21.6%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

ASIA-PACIFIC SECTOR ANALYSISSector H2 2013 H2 2012 % change


Energy, Mining & Utilities 45,685 18.5% 162 23,052 10.5% 154 98.2% 5.2%

Financial Services 41,191 16.7% 105 31,897 14.6% 106 29.1% -0.9%

Industrials & Chemicals 35,970 14.6% 339 29,858 13.6% 303 20.5% 11.9%

Technology 29,673 12.0% 155 14,270 6.5% 128 107.9% 21.1%

Real Estate 22,568 9.2% 64 7,033 3.2% 47 220.9% 36.2%

Consumer 17,959 7.3% 180 46,472 21.2% 188 -61.4% -4.3%

Pharma, Medical & Biotech 11,540 4.7% 112 6,545 3.0% 99 76.3% 13.1%

Transportation 10,292 4.2% 50 11,837 5.4% 50 -13.1% 0.0%

Construction 9,979 4.0% 59 5,650 2.6% 57 76.6% 3.5%

Business Services 7,346 3.0% 138 5,671 2.6% 123 29.5% 12.2%

Media 4,995 2.0% 53 6,247 2.9% 52 -20.0% 1.9%

Telecommunications 4,641 1.9% 14 23,403 10.7% 14 -80.2% 0.0%

Leisure 3,350 1.4% 76 3,366 1.5% 69 -0.5% 10.1%

Agriculture 1,366 0.6% 23 3,624 1.7% 35 -62.3% -34.3%

Defence 72 0% 1 14 0% 3 417.7% -66.7%

Total 246,627 1,531 218,939 1,428 12.6% 7.2%



EUROPE

A key sector and a driving force behind overall M&A deals in 2013 was Technology, Media and Telecommunications (TMT), with a total of US$132.2bn over 807 deals and a 20.8% market share. TMT is also the sector of three of the European top deals in the second half of 2013, which together contributed to a total of US$23.4bn, representing 7.7% of total M&A activity registered in H2 2013 (US$303.6bn, 2,818 deals).

Energy and Mining and Financial Services came in second and third place with 18.7% and 14.5% market share, respectively.

Telefonica Deutschland Holding AG’s acquisition of Koninklijke KPN, aiming to strengthen its position as a European operator, is the Top deal of H2 2013 worth US$11.3bn. Advising on this top deal, were Goldman Sachs, Morgan Stanley and JP Morgan who were placed in the top three positions of the Financial Adviser League table for H2 2013, with a combined total of US$727bn over 190 deals. De Brauw Blackstone Westbroek, also advising on this top deal, was the most dynamic law firm in H2 2013, advising on 26 deals worth US$193.3bn.

Central Eastern Europe (CEE) continues as the leading region for M&A in EuropeBesides a slight drop of 5.4% from 2012, undervalued deals in Eastern countries continued to successfully attract investors. In 2013, CEE remained the most active region (US$121.4bn; 654 deals), with a total deal value of US$8.6bn higher than the UK (US$112.8bn).

The CEE region saw two top deals in H2 2013: the Poland-based deal with Polsat Cyfrowy acquiring 83.8% stake in Polkomtel Sp and the 30% Stroygazconsulting’s acquisition by the Russian private investor Ruslan Baysarov for US$4.9bn and US$4.8bn, respectively.

In terms of deal volume, the UK was the most targeted region getting 19.9% of the total number of European deals (1,104 deals). Nordic countries (753 deals) and Germany (693 deals), placed in second and third on the same ranking, registering 13.6% and 12.5% of total deals, respectively.

European Private Equity 20132013 ended with buyouts in Europe performing slightly below 2012, with 883 transactions, valued at US$91.1bn. Q4 2013, saw a drop by 20.8% in deal value from Q4 2012, not able to fulfill the expectations of a better year.

European exits dropped by 23.9%, at US$84.3bn in 2013 compared to US$110.7bn in 2012. On the other hand, 2013’s recovery expectations seemed to have driven some investors to get returns on their investments as the number of exit deals increased by 17.8% this year (681 deals).

2013’S EUROPEAN M&A DEALS STAY BEHIND 2012

M&A activity targeting Europe counted in Q4 2013 had a total of 1,408 deals valued at US$153.7bn. Although valued at 2.7% less than Q3 2013 (US$149.7bn; 1,410 deals), Q4 2013 could not beat the activity seen in Q4 2012 (US$249.6m). Deal value for 2013 is also the lowest value seen since 2009 (US$466.8bn) for M&A deals in Europe, according to Mergermarket records.

DEAL OF THE QUARTER

Monthly M&A Insider | January | 40EUROPE

Deal summary

Announced: 23-Jul-13 Deal value: US$11,296m

Telefonica Deutschland Holding AG has signed a definitive agreement to acquire E-Plus Mobilfunk GmbH & Co KG from Koninklijke KPN NV

TERMS:• Telefonica Deutschland will pay a cash consideration of

€5bn and also transfer a 17.6% stake in the combined entity, valuing the transaction at €8.1bn on a debt free and cash free basis.

• Telefonica Deutschland will acquire a 100% stake in E-Plus for a cash consideration of €3.7bn and a 24.9% stake in Telefonica Deutschland.

• Concurrently, Telefonica will buy back a 7.3% stake in Telefonica Deutschland from KPN for a cash consideration of €1.3bn.

FINANCING:• The cash component of the consideration will be funded

through a rights issue of €3.7 by Telefonica Deutschland.

RATIONALE:• The transaction will facilitate Telefonica to enjoy a robust

position as a European operator with an increased number of mobile customers and revenue.

• The transaction is expected to generate cost synergies worth €5bn to €5.5bn. The transaction will enable KPN to concentrate on its core geographies such as the Netherlands and Belgium.

• KPN will utilise the proceeds from the disposal to further increase its financial flexibility.

POST DEAL DETAILS: • Post acquisition, the combined entity is expected to have a

customer base of 43m and a turnover of €8.6bn.

• KPN and Telefonica will hold 17.6% and 65% in Telefonica Deutschland respectively, and the remaining will be free float.

CONDITIONS:• Approval from the shareholders of Koninklijke KPN NV.

• Approval from the shareholders of Telefonica Deutschland Holding AG.

• Relevant regulatory approval.

BACKGROUND: • The Board of Directors of KPN and Telefonica have already

approved the transaction.

• Telefonica has given an irrevocable commitment to vote its 77% interest in Telefonica Deutschland in favour of the transaction.

• E-Plus recorded a turnover of €3.4bn in 2012 and has a workforce of 4,000 employees.

• KPN acquired E-Plus from BellSouth Corporation in January 2002 for a equity consideration of GB£811.27m.

• Telefonica Deutschland Holding AG has also raised the value of the transaction from €8.1bn to €8.55bn: it will now pay a cash consideration of €5bn and transfer a 20.5% stake in the combined entity (up from the original 17.6% stake). In addition, Telefonica will enter into a call option with KPN, which will allow Telefonica to acquire an additional 2.9% stake in Telefonica Deutschland after one year at a strike price of €510m.



Revenue 2.5 4,490 1 day before -

EBITDA - - 1 month before -

EBIT - - 1 day after -

Earnings - - Pre-rumour -


DEAL OF THE QUARTER

Advisers


Financial Goldman Sachs; JPMorgan; ING; KPMG; ABN AMRO Bank; and Rothschild

Financial HSBC; Morgan Stanley; Citi; UBS Investment Bank; and Bank of America Merrill Lynch

Legal Allen & Overy Legal Shearman & Sterling; Milbank Tweed Hadley & McCloy; McDermott Will & Emery; De Brauw Blackstone Westbroek; and CMS

PR Hill+Knowlton Strategies; and Powerscourt PR Hering Schuppener Consulting


23-Jul-13 Telefonica Deutschland confirms talks regarding possible acquisition of E-Plus from KPN

16-Aug-13 KPN may readdress capital position if E-plus sale fails – bankers

21-Aug-13 Kabel Deutschland/Vodafone deal does not concern Bundeskartellamt; E-Plus/Telefonica would face scrutiny

26-Aug-13 KPN: AMX E-Plus support limits foundation defence rationale

Bidder

Telefonica Deutschland Holding AG

Headquarters Georg–Brauchle–Ring 23–2580992 MunichGermany

Sector Telecommunications: Carriers

Description Germany-based company engaged in the provision of mobile and fixed-line services providing voice, data and other services

Target

E-Plus Mobilfunk GmbH & Co KG

Headquarters E-Plus Strasse 1Dusseldorf40472North Rhine WestphaliaGermany


Description Germany-based company engaged in the provision of wireless telecommunication services

Vendor

Koninklijke KPN NV

Headquarters Maanplein 55The Hague,2516 Den HaagNetherlands


Description Netherlands-based provider of telecommunications and information communication technology services



TOP 10 EUROPEAN ANNOUNCED DEALS OF H2 2013Announced Bidder company Target company Target dominant


1-day before

Deal value


23-Jul-13 Telefonica Deutschland Holding AG

E-Plus Mobilfunk GmbH & Co KG

Telecommunications Koninklijke KPN NV 2.5 - - - 11,296

24-Oct-13 McKesson Corporation Celesio AG Pharma, Medical & Biotech

Franz Haniel & Cie GmbH 0.3 10.3 36.3 7.9% 7,728

02-Sep-13 Microsoft Corporation Nokia Oyj (Devices and Services Business)

Telecommunications Nokia Oyj 0.3 - - - 7,177

29-Jul-13 Perrigo Company Elan Corporation Plc Pharma, Medical & Biotech

- 9.1 - - 10.5% 6,526

20-Aug-13 Deutsche Wohnen AG GSW Immobilien AG Real Estate - 24.1 27.8 14.4 30.4% 5,177

14-Nov-13 Cyfrowy Polsat SA Polkomtel Sp zoo (83.8% stake)

Telecommunications Karswell Limited; Sensor Overseas Limited; and Argumenol Investment Company Limited

2.1 5.8 - - 4,917

24-Dec-13 Ruslan Baysarov (Private investor)

Stroygazconsulting (SGC) (30% stake)

Construction Ziyad Manasir (Private investor)

1.3 - - - 4,800

31-Jul-13 Schneider Electric SA Invensys Plc Industrials & Chemicals

- 1.5 25.0 26.2 2.3% 4,599

06-Aug-13 BPCE BPCE (20% stake) Financial Services Natixis SA - - - - 4,457

13-Nov-13 BNP Paribas SA BNP Paribas Fortis (25% stake)

Financial Services Government of Belgium - - 42.3 - 4,369

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being European Data correct as of 08-Jan-14




PIPELINE OF EUROPEAN EXPECTED DEALSSituation Target company Sector Potential bidder

companyFinancial adviser to bidder (B); target (T); seller (S)

Seller company

Market cap/est value

(US$m)

Comments

Potential deal Agricola Famosa Agriculture, Consumer: Foods

Brookfield Asset Management

- Asamer Group 150 Agricola Famosa, the largest Brazilian producer of melon and watermelon, is engaged in stake sale talks with Brookfield Asset Management, said Louis Roberto Barcelos, founder and president. According to the executive, Brookfield approached the company around September and is negotiating the purchase of a 40% equity stake. He did not disclose the amount of capital being negotiated, but pointed out that 60% of it would be used to invest in the company, while the remaining 40% would be paid to shareholders for giving up part of their equity. Agricola Famosa is 79% owned by Barcelos himself and its commercial director Carlos Porro, while three agronomists, who also work in the company, each hold 7% of the equity. He added, however, that he is not satisfied with the current proposal and expects the PE firm to “make some adjustments” in their next meeting, which is scheduled to take place in mid-January.

Expected Deal Benvic Chemicals and materials

OpenGate Capital - Solvay 220 The sale of Maisons du Monde, the private equity backed French furniture and interior decoration products specialist, has kicked off, a source and local bankers said. Investment memoranda were circulated last week, and indicative offers for the business are expected at the end of the month.This is a trophy asset and a category killer demonstrating growth, one local banker noted. The company has posted double digit top line growth, and will be a further growth play its the next owner, the first source added.The asset is expected to receive interest from large PE houses. UK and US-based firms such as Advent International, Cinven, Permira and Bain alongside the main French sponsors such PAI or Axa are relevant in this context, the source, the first and a second banker suggested.PE houses Apax France and LBO France invested in the business in 2008, with management retaining a 20% stake. The vendors are advised by Lazard and Messier Maris, as reported.Apax France and LBO France, which hold 35% each, did not want to comment on the situation.The company’s EV could hover around the US$898-1,025m mark, it was suggested. Its current revenue stands at about US$641m, with EBITDA in the range of US$96-103m, it is understood.The company has more than 220 stores in France, Spain and Italy, according to its website.Debt financing for the original transaction was be provided by a pool of banks led by Calyon, CIC and Natixis for the senior debt, and Euromezzanine for the mezzanine debt, according to a press release in conjunction with the 2008 deal.

Potential deal Production facilities of Durabuild Technologies Pvt Ltd

Computer: Semiconductors, Construction, Industrial products and services, Manufacturing (other)

3A Composites, a division of Schweiter Technologies

- 3A Composites, a division of Schweiter Technologies

11 3A Composites, a division of Schweiter Technologies, is acquiring the production facilities of Durabuild Technologies Pvt Ltd, a manufacturer of painted aluminum coils and composite panels in Pune, India. The transaction will enable 3A Composites to extend its already strong market position in the Indian architectural sector. The coil coating line in particular will give the company more flexibility, expand its range of range of products and colours, and enhance its delivery service. Further benefits include a reduction in the impact of exchange rate swings and increased exports to the Middle and Far East. The purchase price, including land and buildings, is approximately CHF 10m. The purchase is expected to close in Jan-14.



Situation Target company Sector Potential bidder company

Financial adviser to bidder (B); target (T); seller (S)

Seller company

Market cap/est value

(US$m)

Comments

Expected Deal Vologodskiye Lesopromyshlenniki

Agriculture, Construction, Manufacturing (other)

- - Metsä Group (previously Metsäliitto Group)

41 In Mar-13, Vologodskiye Lesopromyshlenniki was looking to sell a minority stake to raise US$100m for a new plant, as reported. The sources declined to comment on whether the current 44% stake sale is connected with the earlier plan.Another reason for a stake sale might come from shrinking margins in the industry and its future prospects. According to the Economic Development Ministry, wood processing in Russia in H1 2013 dropped 4.2%, while pulp industry volumes were down 7.9%.Other industry reports note that the number of Russian wood exporters decreased by 22% in 2012, while the average export price dropped by 12%.Vologodskiye Lesopromyshlenniki is a privately owned group of companies focused on the production and sale of timber. The company’s assets are located in the Vologda region, 400km from Moscow. The company employs 2,600, whilst its turnover for 2012 stands at around US$135m, 7.7% higher than a year before.Metsä Group’s core business includes tissues, board, pulp and wood products. It sales in 2012 were €5bn. The company is present in 30 countries and has 11,500 staff globally.

Expected Deal Samara, Rostov and other regional asset

Agriculture, Consumer: Foods

- - Razgulay Group

434 Razgulay Group, the Russian agro-industrial holding, plans to dispose a raft of its processing firms and farming land plots in some Russian regions, Chairman Rustem Mirgalimov said. Geographically, the disposal plans are expected to include some of the group’s assets located in the Samara and Rostov regions as well as in several other parts of the country, the executive explained, but declined to name the specific assets. These sales are being planned as a part of the group’s ongoing three-year restructuring program expected to end in 2014. The objective of the sales is to offload assets that are no longer strategic to the group’s operations. Razgulay has been offloading parts of its industrial holdings, a sector banker said, citing the sale of Izobilie Grain Production Firm among the group’s most recent divestments. The Stavropol Region-based cereals-focused entity was offloaded earlier this year to Venture Projects Financing (Finansirovaniye Venchurnych Proektov), according to the group’s data.The new divestments will be a continuation of the group’s non-strategic assets disposals program launched in 2012 with a stated mission of raising of up to RUB6bn (US$200m), the banker said, but declined to pinpoint potential targets.Management are also likely to be using the sales to offset the group’s debts, which at the beginning of the year stood at RUB25bn-26bn, the banker explained, citing the group’s data.

Expected deal Desnagrain Agriculture, Consumer: Foods

Bayer - - 30 Desnagrain, the Ukrainian grain cultivator and processor, could be acquired by German group Bayer, online Russian language daily Delo reported. The report cited a statement by the AMCU, Ukraine’s antitrust regulator, giving clearance to Bayer’s Ukrainian subsidiary to acquire Desnagrain. The report noted that Desnagrain is presently owned by French agricultural cooperative Vivescia. According to a statement by the EBRD, Desnagrain received a US$20m loan from the lender in 2008.

Expected deals based on confirmed announcements by companies involved

LEAGUE TABLES


TOP 20 EUROPEAN FINANCIAL ADVISERSVOLUME

Ranking H2 2013 H2 2012

H2 2013 H2 2012 Company name Value (US$bn)


1 1 PwC 15.3 119 127 -8

2 3 KPMG 19.1 89 87 2

3 4 EY 11.4 84 73 11

4 6 Goldman Sachs 253.4 79 66 13

5 7 Deloitte 7.7 77 61 16

6 2 Rothschild 58.5 69 106 -37

7 5 Morgan Stanley 242.1 58 69 -11

8 8 Lazard 34.5 57 59 -2

9 9 JPMorgan 231.5 53 57 -4

10 14 Bank of America Merrill Lynch 229.0 52 44 8

11 10 Citi 101.2 47 51 -4

12 12 Barclays 175.4 45 49 -4

13 16 BNP Paribas 50.8 43 42 1

14 21 BDO 2.2 39 28 11

15 24 Lincoln International 0.7 37 26 11

16 15 Deutsche Bank 44.7 35 43 -8

17 11 Credit Suisse 21.1 35 51 -16

18 13 UBS Investment Bank 188.4 32 47 -15

19 17 Societe Generale 12.6 32 35 -3

20 28 DC Advisory 3.0 31 22 9Source: Mergermarket

The financial adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being European.

TOP 20 EUROPEAN FINANCIAL ADVISERSVALUE

Ranking H2 2013 H2 2012


Deal count Value (US$bn)

Value change (%)

1 1 Goldman Sachs 253.4 79 145.2 74.4%

2 3 Morgan Stanley 242.1 58 130.8 85.1%

3 10 JPMorgan 231.5 53 75.5 206.7%

4 6 Bank of America Merrill Lynch 229.0 52 105.0 118.0%

5 8 UBS Investment Bank 188.4 32 95.0 98.3%

6 2 Barclays 175.4 45 134.5 30.4%

7 - Guggenheim Partners 127.6 2 - -

8 - Paul J Taubman 127.6 2 - -

9 4 Citi 101.2 47 126.0 -19.6%

10 9 Rothschild 58.5 69 88.5 -33.9%

11 18 BNP Paribas 50.8 43 21.8 133.1%

12 5 Deutsche Bank 44.7 35 107.7 -58.5%

13 26 Credit Agricole 34.8 20 10.6 228.4%

14 13 Lazard 34.5 57 44.8 -23.0%

15 36 Moelis & Company 30.4 13 6.1 401.2%

16 19 HSBC 21.1 22 21.5 -2.1%

17 7 Credit Suisse 21.1 35 96.6 -78.2%

18 27 KPMG 19.1 89 9.8 94.2%

19 33 ING 16.5 16 7.0 135.3%

20 28 PwC 15.3 119 9.4 63.3%Source: Mergermarket


LEAGUE TABLES

TOP 20 EUROPEAN LEGAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 1 DLA Piper 7.8 122 40 82

2 3 Freshfields Bruckhaus Deringer 90.3 108 22 86

3 2 Linklaters 53.0 98 16 82

4 5 CMS 17.7 88 11 77

5 4 Allen & Overy 57.9 83 64 19

6 6 Clifford Chance 56.6 82 13 69

7 11 Latham & Watkins 49.6 70 11 59

8 7 Baker & McKenzie 13.3 69 37 32

9 9 White & Case 21.4 63 17 46

10 22 Weil Gotshal & Manges 140.5 55 113 -58

11 13 King & Wood Mallesons 9.1 53 96 -43

12 14 Hogan Lovells International 11.3 46 87 -41

13 10 Norton Rose Fulbright 6.2 44 117 -73

14 24 Kirkland & Ellis 29.0 43 52 -9

15 8 Jones Day 155.1 38 23 15

16 15 Loyens & Loeff 5.3 36 37 -1

17 39 Shearman & Sterling 23.5 34 8 26

18 18 Ashurst 11.3 34 11 23

19 12 Eversheds 1.9 34 28 6

20 67 Simpson Thacher & Bartlett 158.6 31 40 -9Source: Mergermarket

The legal adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 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 European.

TOP 20 EUROPEAN LEGAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 20 De Brauw Blackstone Westbroek 193.3 26 21.7 791.8%

2 30 Slaughter and May 160.9 27 14.2 1,035.5%

3 36 Simpson Thacher & Bartlett 158.6 31 11.4 1,292.5%

4 15 Wachtell, Lipton, Rosen & Katz 157.9 7 28.3 457.7%

5 17 Jones Day 155.1 38 25.6 506.1%

6 59 Debevoise & Plimpton 154.1 11 6.9 2,145.0%

7 34 Davis Polk & Wardwell 152.5 26 12.0 1,175.8%

8 4 Weil Gotshal & Manges 140.5 55 73.0 92.3%

9 259 Macfarlanes 131.0 18 0.4 34,469.4%

10 3 Freshfields Bruckhaus Deringer 90.3 108 87.2 3.5%

11 14 Allen & Overy 57.9 83 29.0 99.8%

12 8 Clifford Chance 56.6 82 50.6 11.9%

13 1 Linklaters 53.0 98 102.7 -48.4%

14 9 Latham & Watkins 49.6 70 41.9 18.1%

15 45 NautaDutilh 48.6 25 8.9 448.4%

16 2 Cleary Gottlieb Steen & Hamilton 43.5 25 100.3 -56.7%

17 217 A&L Goodbody 37.2 22 0.8 4,340.7%

18 5 Cravath, Swaine & Moore 36.6 8 71.8 -48.9%

19 11 Sullivan & Cromwell 36.4 17 34.9 4.2%

20 7 Skadden Arps Slate Meagher & Flom 33.8 28 56.6 -40.2%Source: Mergermarket

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN BUYOUTS


LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN EXITS

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is European.The tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is European. The tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

VALUE

Ranking


Deal count

1 Advent International Corporation 3,598 3

2 CSFB Private Equity 3,573 1



5 N+1 Mercapital 1,632 1


7= CCMP Capital Advisors 1,430 1

7= Unitas Capital 1,430 1

9 Mid Europa Partners 1,350 1

10 Caird Capital 1,339 2

11 Astorg Partners 1,195 1

12 Lloyds TSB Development Capital 1,185 9


14 Doughty Hanson & Co 1,070 2

15 Terra Firma Capital Partners 1,070 1Source: Mergermarket

VOLUME

Ranking


Deal count

1 Lloyds TSB Development Capital 9 1,185


3 CapMan 6 213

4 Ardian 5 464

5 ISIS Equity Partners 5 305

6 CVC Capital Partners 4 1,093

7 3i Group 4 1,022

8 Groupe Siparex 4 5

9 AUCTUS Capital Partners 4 -

10 BNP Paribas Developpement 4 -

11 Advent International Corporation 3 3,598

12 Bridgepoint 3 1,014

13 LBO France 3 898

14 Alpha Group 3 757

15 Graphite Capital Management 3 692Source: Mergermarket

VOLUME

Ranking


Deal count

1 Ardian 7 1,086

2 The Carlyle Group 7 1,066

3 Lloyds TSB Development Capital 7 84

4 HgCapital 6 195

5 Equistone Partners Europe 6 -

6 Blackstone Group 5 1,795

7 Bridgepoint 5 1,283

8 Bain Capital 4 2,734

9 CVC Capital Partners 4 2,305

10 EQT Partners 4 1,516

11 Partners Group Holding 4 336

12 Scottish Equity Partners 4 151

13 ISIS Equity Partners 4 103

14 BNP Paribas Developpement 4 93

15 Accent Equity Partners 4 31Source: Mergermarket

VALUE

Ranking


Deal count





5 EQT Partners 1,516 4


7 GS Capital Partners 1,299 2

8 Bridgepoint 1,283 5

9 Pamplona Capital Management 1,195 1

10 TDR Capital 1,170 1

11 Ardian 1,086 7

12 Altor Equity Partners 1,076 3

13 Cinven Limited 1,070 2


15 Apax Partners 1,034 2Source: Mergermarket

TREND GRAPHS


EUROPEAN M&A ANNUAL TREND EUROPEAN M&A ANNUAL PRIVATE EQUITY TREND

EUROPEAN M&A QUARTERLY PRIVATE EQUITY TREND

EUROPEAN M&A QUARTERLY TREND

EUROPE

Num

ber of deals

0

50

100

150

200

250

300

350

2013201220112010200920082007


Valu

e (U

S$bn

)

0

200

400

600

800

1,000

1,200

1,400

1,600

Valu

e (U

S$bn

)

Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600

2013201220112010200920082007


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Num

ber of deals

0

100

200

300

400

500

600

700

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


Valu

e (U

S$bn

)

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Valu

e (U

S$bn

)

Num

ber of deals

0

20

40

60

80

100

120

140

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

0

50

100

150

200

250

300

350

400

450



EUROPEAN M&A GEOGRAPHIC BREAKDOWN H2 2013

VALUE VOLUME

TREND GRAPHS

EUROPEAN M&A SECTOR BREAKDOWN H2 2013

19.1%

17.7%

15.0%8.7%

7.6%

6.2%

6.0%

5.8%

5.3%

8.4%CEE

UK

Germany

Nordics

Benelux

France

Greece

Italy

Iberia

Other

11.8%

19.9%

12.5%

13.6%

8.2%

0.4%

5.7%

6.1%

9.9%

11.8%

CEE

UK

Germany

Nordics

Benelux

France

Greece

Italy

Iberia

Other

4.0%

9.5%

14.5%

18.7%

20.8%

2.2%

3.7%

8.0%

2.5%

0.4%

3.7%

0.5%

11.5%Industrials & Chemicals

Financial Services

Business Services

Consumer


TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defence

12.2%

14.9%

8.0%

7.5%

14.6%

4.2%

3.9%

6.3%

4.0%

0.2%1.6%

1.3%

21.4% Industrials & Chemicals

Financial Services

Business Services

Consumer


TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defence

VALUE VOLUME


SECTOR ANALYSIS

EUROPE

EUROPEAN M&A DEAL SIZE BREAKDOWN H2 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

80

82

84

86

88

90

92

94

96

98

100

2013201220112010200920082007

Perc

enta

ge

88.6%90.6%

93.1% 91.9% 91.1% 91.6%

1.1% 0.9% 0.9% 0.7% 0.9% 0.8%

4.6%

4.2%

2.9%3.3%

3.6%3.7%

5.0%3.7%

2.7% 3.8%4.0% 3.5%

0.7% 0.6% 0.4%0.4% 0.4%

92.1%

1.0%

3.3%

3.3%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

0.3% 0.3%

0

10

20

30

40

50

60

70

80

90

100

2013201220112010200920082007

Perc

enta

ge

45.0% 44.4%

7.3%8.3%

21.6% 19.2%

15.3% 15.0%

10.8% 13.1%

33.6%28.6% 26.6%

34.1%

8.5% 9.0% 9.7% 9.6%

21.0%29.2% 29.1%

25.1%

20.7%

18.7% 20.4%

18.8%

16.2% 14.5% 14.2% 12.4%

22.9%

10.1%

27.1%

25.7%

14.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

EUROPEAN SECTOR ANALYSISSector H2 2013 H2 2012 % change


Energy, Mining & Utilities 55,852 18.4% 219 108,434 30.1% 235 -48% -7%

Industrials & Chemicals 41,529 13.7% 611 56,888 15.8% 580 -27% 5%


Pharma, Medical & Biotech 33,077 10.9% 195 12,769 3.5% 155 159% 26%

Financial Services 27,241 9.0% 217 61,338 17.0% 211 -56% 3%

Consumer 25,209 8.3% 395 36,977 10.3% 401 -32% -1%

Technology 22,958 7.6% 247 13,709 3.8% 230 67% 7%

Business Services 14,609 4.8% 353 20,697 5.7% 322 -29% 10%

Real Estate 12,811 4.2% 42 12,109 3.4% 42 6% 0%

Construction 12,749 4.2% 123 3,458 1.0% 122 269% 1%

Transportation 7,268 2.4% 107 12,648 3.5% 139 -43% -23%

Media 6,692 2.2% 111 7,669 2.1% 88 -13% 26%

Leisure 4,867 1.6% 110 2,891 0.8% 102 68% 8%

Agriculture 1,516 0.5% 29 358 0.1% 23 323% 26%

Defence 79 - 4 2,178 0.6% 8 - -50%

Total 303,574 1 2,823 360,442 2,681 -16% 5%



THE MIDDLE EAST & AFRICA

The most active sector in H2 2013 was Energy, Mining & Utilities with US$11.6bn worth of deals accounting for a 38.6% share of the region’s market. Despite boasting seven of the top 10 deals announced in the region in the second half of 2013, the sector posted a 17.6% decrease on its deal value performance compared to H2 2012 (US$14.1bn), at which time the sector bloomed to account for 49.7% of the dealmaking landscape. The top deal in the sector was China-based Sinopec’s 33% stake acquisition in Texas-based Apache Corporation’s Egypt oil and gas business for a total consideration of US$3.1bn.

Telecommunications followed suit, claiming a 23% share of the market as it logged US$6.9bn worth of transactions through H2 2013. The figure represents a 116.3% increase on the US$3.2bn value logged through H2 2012. The sector’s top deal, Emirates Telecommunications Corporation’s 53% stake acquisition in Maroc Telecom for a total consideration of US$6.1bn, received wide coverage in local media and served as a reminder of the sector’s growth potential in the region.

South Africa and Morocco were the most active countries by deal value with market shares ranking at 21.1% and a 20.8% respectively. South Africa also led the market with transaction volume, logging a third (33.2%) of all deals in the region through H2 2013. London law firm Linklaters predicts foreign direct investment will increase in the next few years, as South Africa’s relatively developed economy continues to attract cash-rich corporates from the Asia-Pacific region as a platform for investment in the African continent. Published in December

2013 as part of a publicly available outlook on the region’s momentum, the firm also expects outbound dealmaking – particularly to other Sub-Saharan countries from South Africa – will continue to grow as developing African economies like Nigeria and Ghana gain traction.

Bank of America Merrill Lynch clinched a surprising first place on the financial advisor league table, jumping an astronomical 59 places owing to its being mandated 8 successful deals valued at a total US$12.1bn through H2 2013. Based on these figures, Bank of America Merrill Lynch advised on 40.1% of all transactions in the region, in stark contrast to its lending counsel on a meager US$30m through H2 2012. As for corporate law, Linklaters topped the legal advisor league table with 11 deals worth US$9.9bn, up 86.1% from the US$5.3bn figure that placed the firm in second place through H2 2012.

Looking into the New Year, the region may seek methods of funnelling growth through responsible channels. Commenting on Kenya’s wealth of natural resources, David Cowan, Citigroup’s senior economist for Africa, asserted “There’s been a huge change under the constitution that decentralises government … that’s where a lot of this spending pressure is going to come [from]. All those popular pressures underneath are growing and they will grow more and more. Governments will somehow have to meet that.” Several campaigns focused on the need to ring-fence the nation’s anticipated oil wealth for the benefit of local communities.

In H2 2013, the Middle East & Africa slowed in overall value as transactions totalled US$30.1bn, down 12.3% from US$34.3bn in H1 2013 though logging a 6.2% increase from US$28.3bn in H2 2012. Despite a year-end arrest, H2 2013 marks the best H2 value since the financial crisis, following the region’s record figure of US$54.6bn in H2 2007. Deal volume through H2 2013 also edged an upturn, logging 211 deals or a 12.2% increase from 188 deals in H1 2013. The figure also marks an increase of 25.6% on the 168 deals completed this time last year.

DEAL OF THE QUARTER

Monthly M&A Insider | January | 52MIDDLE EAST & AFRICA


Multiples Value (US$m) Offer price per share (US$) 11.03

Revenue 3.1 3,551.36 1 day before -8.63%

EBITDA 6.2 1,753.89 1 month before -7.42%

EBIT 8.3 1,303.53 1 day after -

Earnings 11.9 866.38 Pre-rumour -

Deal summary

Announced: 23-Jul-13 Deal value: US$5,959m

• Vivendi has signed a definitive agreement to sell its 53% stake in Maroc Telecom to Emirates Telecommunications Corporation for €4.2bn.

• Vivendi SA, the lised France-based company headquartered in Paris, is a provider of media and telecommunication services.

• Emirates Telecommunications Corporation (Etisalat), the listed UAE-based company headquartered in Abu Dhabi, is engaged in providing telecommunication services, media and equipment.

• Maroc Telecom, the listed Morocco-based company headquartered in Rabat, is a telecommunications company.

TERMS:• MAD92.6 (€8.35) per Maroc Telecom share.

• The implied equity value of the transaction is approximately €7.9bn.

• The offer provides a discount of 8.6% based on Maroc Telecom’s closing share price one day prior to the

announcement and a discount of 7.4% based on the target’s share price one month prior to the announcement.

RATIONALE:• The transaction is in line with Vivendi’s strategy of turning the

group into a more focused company.

EXPECTED COMPLETION:• The transaction is expected to complete by end of 2013.

CONDITIONS:• Regulatory approvals.

BACKGROUND:• Etisalat submitted a preliminary interest to acquire Vivendi’s

53% stake in January 2013.

• Vivendi had acquired a 35% stake in Maroc Telecom in 2001 and then increased its stake to 53% in 2007.

Advisers


Financial Bank of America Merrill Lynch; Credit Agricole CIB; and Lazard

Financial BNP Paribas

Legal Gibson Dunn & Crutcher LLP Legal Freshfields Bruckhaus Deringer LLP


DEAL OF THE QUARTER


18-Mar-13 Vivendi sale of Maroc Telecom taking longer; firm offers expected at April-end – report

22-Mar-13 Maroc Telecom bidders mull tying up for Vivendi stake

25-Mar-13 France Telecom not taking part in auction of Vivendi’s Maroc Telecom

05-Apr-13 Etisalat firms up financing for Maroc Telecom; KT interest cooling

08-Apr-13 Vivendi sets deadline for Maroc Telecom’s offer to 22 April

09-Apr-13 Ooredoo Qatar completes due diligence on Maroc Telecom

15-Apr-13 KT drops bid for Vivendi Maroc Telecom

17-Apr-13 Etisalat to sign US$8bn loan next week to fund its bid for Maroc Telecom stake

18-Apr-13 Vivendi’s Maroc Telecom bids expected by end of month; Ooredoo lines up financing but concerned about valuation

24-Apr-13 Vivendi may reveal €6bn disposal today

24-Apr-13 Etisalat to launch binding bid for Vivendi’s Maroc Telecom shareholding today

24-Apr-13 Ooredoo set to submit firm bid for Vivendi’s Maroc Telecom alongside Etisalat today

30-Apr-13 Vivendi to examine two Maroc Telecom offers, chairman says

01-May-13 Etisalat EGM to approve fundraising for potential acquisition of Vivendi’s stake in Maroc Telecom

24-May-13 Emirates Telecom will not chase Morocco’s stake in Maroc Telecom if it acquires Vivendi’s 53%

29-May-13 Etisalat shareholders approve fundraising to support potential acquisition of Vivendi’s stake in Maroc Telecom

14-Jun-13 Ooredoo withdraws Maroc Telecom offer

Bidder

Emirates Telecommunications Corporation

Headquarters Shaikh Rashid Bin Saeed Al Maktoum StreetEtisalat BuildingAbu DhabiUnited Arab Emirates


Description UAE-based company engaged in providing telecommunication services, media and equipment as well as related contracting and consultancy services

Target

Maroc Telecom

Headquarters Avenue Anakhil Hay RiadRabatMorocco

Sector Internet/ecommerce; Telecommunications: Carriers

Description Morocco-based telecommunications company providing fixed line and mobile services

Seller

Vivendi SA

Headquarters 42 Avenue De FriedlandParis Cedex 08ParisIle-de-FranceFrance

Sector Computer software; Media; Services (other); Telecommunications: Carriers

Description France-based provider of media and telecommunication services with activities in television, film, music, interactive games and fixed and mobile telecommunications

TOP DEALS


TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF H2 2013Announced Bidder company Target company Target dominant


1-day before

Deal value


03-Jun-13 Emirates Global Aluminium

Dubai Aluminium Company Limited; and Emirates Aluminium


Mubadala Development Company PJSC; and Investment Corporation of Dubai

- - - - 7,500

05-Nov-13 Emirates Telecommunications Corporation

Maroc Telecom (53% stake) TMT Vivendi SA 3.1 6.2 11.9 -8.6% 6,100

29-Aug-13 Sinopec International Petroleum Exploration and Production Corporation

Apache Corporation (Egypt oil and gas business) (33% stake)


Apache Corporation - - - - 3,100

25-Aug-13 ONGC Videsh Limited Rovuma Offshore Area 1 Block (10% stake)


Anadarko Petroleum Corporation

- - - - 2,640

25-Jun-13 ONGC Videsh Limited; and Oil India Limited

Rovuma Offshore Area 1 Block (10% stake)


Videocon Mauritius Energy Limited

- - - - 2,475

24-Jun-13 China Petrochemical Corporation

Marathon Oil Corporation (Angolan offshore oil and gas field block 31) (10% stake)


Marathon Oil Corporation

- - - - 1,520

11-Sep-13 CFR Pharmaceuticals SA Adcock Ingram Limited Pharma, Medical & Biotech

- 2.5 13.3 14.6 11.4% 1,390

27-Aug-13 Jinchuan Group International Resources Co Ltd

Metorex (PTY) Limited Energy, Mining & Utilities

Jinchuan Group Co Ltd 3.2 18.6 45.5 1,297

14-Nov-13 Pavilion Energy Pte Ltd Ophir Energy Plc (Tanzanian Blocks 1, 3 and 4) (20% stake)


Ophir Energy Plc - - - - 1,288

05-Aug-13 Saudi Basic Industries Corporation; and The Mosaic Company

Saudi Arabian Mining Company (Ma'aden) (Concession rights in Al Khabra and Umm Wu'al deposits) (40% stake)


Saudi Arabian Mining Company (Ma'aden)

- - - - 1,000

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Middle East or Africa Data correct as of 07-Jan-14


LEAGUE TABLES


TOP 20 MIDDLE EASTERN & AFRICAN FINANCIAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 60 Bank of America Merrill Lynch 12.07 8 0.03 40,146.7%

2 4 Morgan Stanley 11.56 5 4.78 142.1%

3 1 JPMorgan 8.80 6 7.89 11.5%

4 18 Lazard 8.65 4 1.30 565.0%

5 5 BNP Paribas 7.42 4 2.66 178.7%

6 55 Moelis & Company 6.46 2 0.06 10,154.0%

7= - Attijariwafa bank (Middle East) 6.10 1 - -

7= 24 Credit Agricole 6.10 1 0.69 789.2%

9 10 Credit Suisse 5.44 7 2.39 128.3%

10 2 Barclays 4.59 8 6.03 -23.9%

11 39 UBS Investment Bank 4.39 6 0.23 1,801.3%

12 42 HSBC 3.94 5 0.15 2,473.9%

13 62 RBC Capital Markets 3.77 4 0.03 12,470.0%

14 20 Evercore Partners 3.59 2 1.06 239.1%

15 3 Goldman Sachs 3.23 2 5.45 -40.9%

16 26 Investec 3.20 13 0.62 418.1%

17 15 Citi 3.16 8 1.75 80.3%

18 23 Standard Chartered 2.66 2 0.76 250.7%

19= - Dean Bradley Osborne 2.30 1 - -

19= - Raine Group 2.30 1 - -Source: Mergermarket

TOP 20 MIDDLE EASTERN & AFRICAN FINANCIAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 8 Investec 3.20 13 6 7

2 1 PwC 0.99 12 11 1

3 61 Bank of America Merrill Lynch 12.07 8 1 7

4 5 Barclays 4.59 8 6 2

5 15 Citi 3.16 8 4 4

6 4 Rand Merchant Bank 1.54 8 7 1

7 14 Credit Suisse 5.44 7 4 3

8 3 JPMorgan 8.80 6 7 -1

9 27 UBS Investment Bank 4.39 6 2 4

10 6 Morgan Stanley 11.56 5 6 -1

11 45 HSBC 3.94 5 1 4

12 13 Deutsche Bank 1.69 5 4 1

13 7 BDO 1.17 5 6 -1

14 12 EY 0.19 5 5 -

15 16 Lazard 8.65 4 4 -

16 19 BNP Paribas 7.42 4 3 1

17 63 RBC Capital Markets 3.77 4 1 3

18 20 KPMG 0.18 4 3 1

19 9 Standard Bank Group 0.07 4 6 -2

20 11 Rothschild 0.87 3 5 -2Source: Mergermarket

The financial adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 and exclude 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.


LEAGUE TABLES

TOP 20 MIDDLE EASTERN & AFRICAN LEGAL ADVISERSVALUE

Ranking H2 2013 H2 2012



Value change (%)

1 2 Linklaters 9.91 11 5.32 86.1%

2 35 Latham & Watkins 8.94 9 0.60 1,397.3%

3 4 Freshfields Bruckhaus Deringer 8.74 12 5.00 74.8%

4 3 Allen & Overy 8.14 13 5.25 55.1%

5 19 Gibson Dunn & Crutcher 7.50 10 1.01 645.9%

6 6 Vinson & Elkins 6.28 5 2.74 129.3%

7 36 Simmons & Simmons 5.12 2 0.58 789.6%

8 1 Clifford Chance 3.78 10 5.42 -30.1%

9 - Weil Gotshal & Manges 3.37 3 - -

10 89 Cleary Gottlieb Steen & Hamilton 3.22 5 0.08 4,032.1%

11 130 Hogan Lovells International 3.06 5 0.00 -

12 62 Bowman Gilfillan Africa Group 3.00 21 0.19 1,471.7%

13 - Simpson Thacher & Bartlett 2.92 3 - -

14 65 Amarchand & Mangaldas & Suresh A Shroff & Co

2.68 2 0.17 1,501.8%

15 80 PLMJ - Sociedade de Advogados, RL. 2.49 2 0.11 2,145.0%

16= - Akin Gump Strauss Hauer & Feld 2.30 1 - -

16= - Paul Weiss Rifkind Wharton & Garrison 2.30 1 - -

18 11 Edward Nathan Sonnenbergs 2.14 22 2.52 -15.2%

19 10 Webber Wentzel 2.13 15 2.54 -16.2%

20 51 Kirkland & Ellis 2.11 4 0.32 568.3%Source: Mergermarket

TOP 20 MIDDLE EASTERN & AFRICAN LEGAL ADVISERSVOLUME

Ranking H2 2013 H2 2012



1 1 Edward Nathan Sonnenbergs 2.14 22 16 6

2 8 Bowman Gilfillan Africa Group 3.00 21 8 13

3 2 DLA Cliffe Dekker Hofmeyr 1.50 18 14 4

4 6 Webber Wentzel 2.13 15 9 6

5 5 Allen & Overy 8.14 13 11 2

6 24 Werksmans 1.68 13 3 10

7 4 Freshfields Bruckhaus Deringer 8.74 12 12 -

8 3 Linklaters 9.91 11 12 -1

9 10 Norton Rose Fulbright 0.97 11 7 4

10 14 Gibson Dunn & Crutcher 7.50 10 5 5

11 9 Clifford Chance 3.78 10 7 3

12 12 DLA Piper 0.04 10 6 4

13 16 Latham & Watkins 8.94 9 5 4

14 40 Ashurst 1.00 7 2 5

15 7 Herzog, Fox and Neeman 0.69 7 8 -1

16 42 White & Case 2.09 6 2 4

17 11 Baker & McKenzie 0.96 6 7 -1

18 33 Vinson & Elkins 6.28 5 2 3

19 45 Cleary Gottlieb Steen & Hamilton 3.22 5 2 3

20 130 Hogan Lovells International 3.06 5 1 4Source: Mergermarket

The legal adviser league tables by value and volume have been run from 01-Jul-13 to 31-Dec-13 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.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN BUYOUTS


LEAGUE TABLES

The private equity exit activity tables by value and volume are based on private equity firms 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-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

VALUE

Ranking


Deal count

1 Actis 417 3

2 Wendel 378 2

3 Emerging Capital Partners 242 1

4 Helios Investment Partners 137 1

5 Capitalworks 131 1Source: Mergermarket

VALUE

Ranking


Deal count

1= Horizons Ventures 1,116 2

1= Magma Venture Partners 1,116 2

3= BlueRun Ventures 966 1

3= Kleiner, Perkins, Caufield & Byers 966 1

3= Vertex Venture Capital 966 1Source: Mergermarket

VOLUME

Ranking


Deal count

1 Actis 417 3

2 Wendel 378 2

3= Beltone Private Equity 0 2

3= Citadel Capital 0 2

3= Investcorp 0 2Source: Mergermarket

VOLUME

Ranking


Deal count

1= Horizons Ventures 1,116 2

1= Magma Venture Partners 1,116 2

3 Rocket Internet 0 2

4= BlueRun Ventures 966 1

4= Kleiner, Perkins, Caufield & Byers 966 1Source: Mergermarket

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 firms 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-Jul-13 to 31-Dec-13 and exclude lapsed and withdrawn deals.

TREND GRAPHS


MIDDLE EASTERN & AFRICAN QUARTERLY TREND MIDDLE EASTERN & AFRICAN M&A QUARTERLY PRIVATE EQUITY TREND

MIDDLE EASTERN & AFRICAN ANNUAL TREND MIDDLE EASTERN & AFRICAN M&A ANNUAL PRIVATE EQUITY TREND

Valu

e (U

S$m

)

Num

ber of deals

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


0

20

40

60

80

100

120

140

160

Valu

e (U

S$bn

)

Num

ber of deals

0

10

20

30

40

50

60

70

80

90

100

2013201220112010200920082007


0

100

200

300

400

500

600

Valu

e (U

S$bn

)

Num

ber of deals

0

2

4

6

8

10

12

14

2013201220112010200920082007


0

10

20

30

40

50

60

70

Valu

e (U

S$m

)

Num

ber of deals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107


0

5

10

15

20

25


VOLUME

TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN H2 2013

VALUE

33.3%

1.9%

13.7%4.7%

1.4%

1.4%

10.9%

22.7%

6.6%

3.3%

South Africa

Morocco

Israel

Egypt

Mozambique

Saudi Arabia

Nigeria

Tanzania

United Arab Emirates

Other

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN H2 2013

38.6%

0.8%

3.5%

4.2%

1.6%

0.1%

23.0%

2.7% 0.2%

0.1%

4.5%

0.9%

5.2%

10.1%

4.5%



Consumer

Business Services

Financial Services

Technology


Agriculture

Construction

Telecommunications

Leisure

Media

Real Estate

Transportation

Defence

16.1%

10.4%

17.5%

2.8%

9.5%9.5%

7.6%

4.7%

0.9%

4.3%

4.3%

2.8%

3.8%

2.8%

2.8%



Consumer

Business Services

Financial Services

Technology


Agriculture

Construction

Telecommunications

Leisure

Media

Real Estate

Transportation

Defence

VALUE VOLUME

21.0%

20.8%

5.6%

6.6%

5.3%

4.4%4.4%

9.4%

10.9%

11.6%

South Africa

Morocco

Israel

Egypt

Mozambique

Saudi Arabia

Nigeria

Tanzania

United Arab Emirates

Other


SECTOR ANALYSIS

MIDDLE EAST & AFRICA

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN H2 2013

VALUE VOLUME

TREND GRAPHS

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0

10

20

30

40

50

60

70

80

90

100

2013201220112010200920082007

Perc

enta

ge

39.5% 42.6%46.9% 44.9% 46.6% 45.7%

5.6%5.6% 4.0%

5.7% 6.1% 4.7%

15.3%11.5% 13.1%

10.1%11.1% 12.4%

32.5%36.5%

32.6% 33.3% 28.6% 29.8%

7.1% 3.8% 3.4% 6.0% 7.6% 7.4%

54.8%

4.5%

9.3%

25.1%

6.3%

US$0-US$14.9m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

0

10

20

30

40

50

60

70

80

90

100

2013201220112010200920082007

Perc

enta

ge

67.0%

47.5%53.2%

68.0%59.2%

65.1%

7.6%13.7% 12.9%

9.0% 9.0% 8.4%

11.3%

18.9%13.2%

12.6%

13.6% 13.8%13.2%

18.2% 19.2%

9.4%

16.9%11.8%

0.9% 1.6% 1.0% 1.3%

73.6%

5.8%

9.4%

10.2%

US$0-US$14.9m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

1.7% 0.9% 1.0%

MIDDLE EASTERN & AFRICAN SECTOR ANALYSISSector H2 2013 H2 2012 % change


Agriculture 1,065 3.5% 9 393 1.4% 8 171% 13%

Business Services 281 0.9% 20 50 0.2% 14 462% 43%

Construction 467 1.6% 9 487 1.7% 13 -4% -31%

Consumer 1,366 4.5% 22 1,189 4.2% 26 15% -15%

Defence 20 0.1% 2 - 0.0% 1 - 100%


Financial Services 1,266 4.2% 20 6,444 22.7% 15 -80% 33%

Industrials & Chemicals 1,368 4.5% 34 497 1.8% 14 175% 143%

Leisure 20 0.1% 6 50 0.2% 4 -60% 50%

Media 228 0.8% 6 45 0.2% 5 407% 20%

Pharma, Medical & Biotech 3,033 10.1% 10 381 1.3% 7 696% 43%

Real Estate 816 2.7% 6 43 0.2% 3 1798% 100%

Technology 1,560 5.2% 16 1,342 4.7% 15 16% 7%


Transportation 54 0.2% 6 127 0.4% 7 -57% -14%

Total 30,076 211 28,341 168 6% 26%

Merrill DataSite The No.1 VDR Choice of Dealmakers

The Market Leading VDR Solution With decades of experience in document management and due diligence services, Merrill Corporation has created a smart, simple and secure virtual data room (VDR) solution - Merrill DataSite. With Merrill DataSite you can easily execute on all of your acquisition checklist items and turn your paper and electronic files into a fully searchable, secure, and completely edit-enabled online library – no additional hardware, software, personnel or programming needed. We have worked with great success on many thousands of deals, so far uploading approximately 640,000,000 pages of data on over 27,000 projects.

Round-the-clock availabilityMerrill DataSite VDRs offer international dealmakers multiple business benefits. We offer rapid set-up and round-the-clock support, a reliable hosted service from a single supplier, advanced but easy to use functionality, plus – complete cost transparency.

Our clients have effectively used our VDRs to enhance the following types of transactions: Mergers, acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financing restructuring transactions IPOs and dual track processes

Unrivalled International Service Our multilingual project managers between them speak 27 languages, and a dedicatedproject management team will be assigned to your deal right from the start and then beavailable 24/7/365 – giving you peace of mind that the right person is always on hand toaddress any issue you might have. Our structured approach to setting up every VDRapplies tried and tested practices that make it easier for you when it comes to opening,managing and maintaining your data room, while adding value for all the parties involvedin the due diligence process.

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About Merrill DataSiteMerrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and across the world. As first to market, we have many years of experience to bring to your transaction and have had time to develop and refine our technology, leading to a peerless Project Management and systems infrastructure that operates 24/7/365. This is why many thousands of companies trust Merrill DataSite to manage their online due diligence processes.

About Merrill CorporationMerrill Corporation is a leading provider of outsourced solutions for complex business communication and information management. Founded in 1968 and headquartered in St. Paul, Minnesota, Merrill’s services include document and data management, litigation support, language translation services, fulfilment, imaging and printing. Merrill serves the corporate, legal, financial services, insurance and real estate markets. With more than 5,000 people in over 40 domestic and 22 international locations, Merrill Corporation empowers the communications of the world’s leading organisations.

Merrill DataSite is a division of Merrill Corporation.

2013 WINNERM&A Advisor

Turnaround Awards

Information Management Product/Service of the Year

2013 WINNER3rd Annual ACG

New York Champion’s Awards

Product/Service of the Year

2012 WINNERGlobal M&A Advisor

M&A Awards


2012 WINNERAcquisitions International UK

UK VDR Provider of the Year

2011 WINNERM&A Advisor

International Awards


ISO 27001 Industry Leading Security

85 Project Managers, speaking 27 languages

Working with Dealmakers around the world

27,000 640 million pages and counting...

andVDR projects

Call Us: +44 (0)845 602 6912www.datasite.com

To find out more, or to arrange a demonstration of our VDR solution,call +44 (0)845 602 6912, email us at [email protected], or visit www.datasite.com today.

#

EXECUTIVE MANAGEMENT

Ed BifulkPresident Tel: +1 212 229 6563

EXECUTIVE SALESWill BrownRegional Director, Life Science Tel: +33 1 40 06 13 02

Anna ScottRegional Director, UK Tel: +44 (0) 207 422 6263

Chris BeckmannRegional Director, Germany, Switzerland & Poland Tel: +49 69 244 321 480

Martin AlamriRegional Director, Germany Tel: +49 69 244 321 471

Jérôme PottierRegional Director, France Tel: +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director, France & Northern Africa Tel: +33 (0) 1 40 06 13 10

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

Mike HinchliffeRegional Director, Europe Tel: +44 (0) 207 422 6256

Adam PangRegional Director, Europe Tel: +44 (0) 207 422 6268

Merlin J. PiscitelliRegional Director, Europe Tel: +44 (0) 207 422 6266

Colin SchopbachRegional Director, Europe Tel: +44 (0) 207 422 6221

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

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

Mary WalshRegional Director, Europe Tel: +44 (0) 207 422 6270

Bryan BrightonRegional Director, Europe Tel: +44 (0)207 422 6212

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

Alvaro OrtegaRegional Director, Southern Europe Tel: +34 610 909 353

Ari LeeRegional Director, North Asia Tel: +852 9855 3758

David HaynesRegional Director, Asia Tel: +852 9269 0702

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

Patrick CabreraRegional Director, South East Asia Tel: +65 9834 4557

John PateRegional Director, Australia & New Zealand Tel: +61 (0) 499 992 400

Manuel BentosinosRegional Director, Mexico, Columbia & Caribbean Tel: +52 55 9171 2237

Ana Paula Macêdo Távora de CastroVice President, South America Tel: +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director, Brazil Tel: +55 11 3568 2429

Brian GilbreathVice President, Midwest & Latin America Tel: +1 404 934 8085

Hank GregorySVP, Western Canada & Pacific Northwest Tel: + 604 603 4360

Todd CavenNorthern California, Pacific Northwest & Western Canada Tel: +1 651 632 4369

Ryan MacMillanRegional Director, Canada Tel: +1 416 214 2448

Michael KennedyRegional Director, New England Tel: +1 207 829 4369

Ross WhittakerRegional Director, New England Tel: +1 617.535.1516

Jon LenihanRegional Director, Boston Tel: +1 617 535 1618

Scott RedikerRegional Director, Mid Atlantic Tel: +1 443 690 3122

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

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

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

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

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

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

Steve PicconeVice President, New York Tel: +1 212 229 6883

BJ BirtzRegional Director, Raleigh Tel: +1 919 996 9117

Paul KleinkaufRegional Director, Southeast Tel: +1 404 602 3251

Michail SidorovRegional Director, Ohio & Michigan Tel: +1 216 333 1274

Jessie SainiRegional Director, Midwest Tel: +1 312 386 2293

Scott HaugenRegional Director, Minnesota & Wisconsin Tel: +1 651 632 4375

Anthony CrosbyRegional Director, Chicago Tel: +1 312 674 6511

Mark PlaehnRegional Director, Chicago Tel: +1 312 674 6527

Kelly-Leigh KeefeRegional Director, Chicago Tel: +1 312 386 2229

Ted SengpielRegional Director, Missouri, Kansas, Nebraska & Iowa Tel: +1 314 315 2909

Nicholas RenterRegional Director, Texas Tel: +1 214 754 2100

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

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

Jay LoyolaRegional Director, Bay Area Tel: +1 949 622 0663

Dan PhelanRegional Director, Los Angeles Tel: +1 213 253 2139

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

James SnazaDirector of Life Sciences Tel: +1 651 632 4585

Jon BlueVice President, Clean Tech Tel: +1 206 696 916


MERRILL CORPORATION CONTACTS

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The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.

Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.

Deals are included in the graphs and Top Deals in each section based on the dominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

Mid-market is defined as US$10m - US$250m.

Q4 2013 refers to the period 01-Oct-13 to 31-Dec-13. H2 2013 refers to the period 01-Jul-13 to 31-Dec-13.

For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf.

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.

Disclaimer

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

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