Quarter Highlights MENA Deal Insight 4Q2015

• Value of announced Mergers and Acquisitions Middle Eastern involvement reached US$33.7 billion during the first 9 months of 2015

• Sovereign wealth funds double deal volumes to $24.9 bln in Q3

• UAE’s health care a magnet for mega deals

• On day One, 17th Arab Investors and Businessmen Conference focuses on role of Arab investment funds in promoting innovation and entrepreneurship

• Challenging time for IPO’s in the GCC with muted activity in Q3 2015 reflecting the continued economic and political concerns surrounding the region

• MENA IPOs lead their way to capital markets at the London Stock Exchange

Contents

M&A Trend Analytics ............................. 2

IPO Trend Analytics ................................ 3

PE Trend Analytics ................................4

Top Valued Deals .................................. 5

MENA Deals Pipeline .............................6

Q4

MENA DEALS INSIGHT – 4Q 2015

mena.thomsonreuters.com

Q4 2015 MENA DEALS INSIGHT

2

M&A Trend Analytics

M&A Trend by Deal Value and Volume

M&A Sector Focus –Volume Analysis M&A Geographic Focus –Volume Analysis

Total Size of Offerings $ (M) Number of Deals

132.7532,006.2 1,1691,418.76,126

34

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

3541

30

63

Industrial ManufacturingInformation TechnologyHealth CareFinancial ServicesTransportConstructionConsumer GoodsFood and Beverages

MediaReal EstateEducationLeisure and Tourism

17%

14%

12%

12%

3%

6%

9%

EgyptUAEKuwaitSaudi ArabiaOmanUnited StatesSwedenOverseas

BahrainBrazilIndiaJordan

29%

17%

3%

South KoreaUnited Kingdom

12%

9%

6%

Q4 2015 MENA DEALS INSIGHT

3

IPO Trend Analytics

IPO Trend by Deal Value and Volume

IPO Geographic Focus- Volume Analysis IPO Sector Focus- Volume Analysis

Rights Issues Trend by Quarter

Total size of Offerings $ (M) No. of Issues

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

1,691.97,402 255 2,121.3

4

7

2

7

0

1

100.795

9

Total size of Offerings $ (M) Number of Issues

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

1614

12

2,323 604 890 947.4 424.49

5

10

EgyptJordanTunisiaMoroccoQatar

UAESaudi ArabiaBahrain

18%

18%

19%9%

9%

9%

9%

9%

80%

Financial ServicesFood and BeveragesTransportAgricultureIndustrial ManufacturingReal Estate

Real EstateLeisure and TourismConstructionAgricultureHealth CareServices

9%

9%

9%

9%

18%

The following graphs include both right issues and IPOs

Q4 2015 MENA DEALS INSIGHT

4

PE Trend Analytics

Geo Focus - Buy Investments

MENA PE Trend - By Deal Value and Volume

Sector Focus - Buy Investments

28%

UAEJordanLebanonTunisia

29%

14%

29%

30%

Health CareServicesInformation TechnologyFood and BeveragesOil and GasRetail

10%

20%

10%

10%

20%

Total Size of Offerings $ (M) Number of deals

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

110 46 5.5 3939 15.2833

15 14

15

17

56

10

Q4 2015 MENA DEALS INSIGHT

5

Mergers & Acquisitions (M&A)

Private Equity Transactions

Aquirer Country Target Country Date Deal Value ($M)

Aster DM Healthcare UAE Sanad Hospital Saudi Arabia Oct-15 245

Al Ahli Bank of Kuwait K.S.C.P. Kuwait Piraeus Bank Egypt S.A.E. Egypt Nov 2015 150

Misr Cement Co (QENA) E.S.C. Egypt ASEC Ready Mix Company Egypt Nov-15 127

Draka Holding NV Netherlands Oman Cables Industry (SAOG) Oman Dec-15 114

Kingdom Holding Company Saudi Arabia Lyft Inc United States Dec-15 104

*Depicts deals that are complete

Fund Name Date Target Company Country Sector Size ($M)

CedarBridge High Growth II Oct-15 The Grooming Company UAE Retail 6

Wamda MENA Ventures I Nov-15 Arabiaweather Jordan Services 5

Berytech Fund II Oct-15 Instabeat Lebanon Healthcare 4

Maroc Numeric Fund Dec-15 Rym Games Morocco Information Technology 0.29

*Depicts deals that are complete

Top Valued Deals

Q4 2015 MENA DEALS INSIGHT

6

Mergers & Acquisitions (M&A)Aquirer Country Target Country Date Deal Value ($M)

Al Noor Hospitals Group Plc (Merger) UAE Mediclinic International Ltd (Merger) South Africa Oct-15 2,165

Boussard & Gavaudan/Apax Partners France and Mannai Corporation Q.S.C.

UK/France and Qatar

GFI Informatique SA France Nov-15 304

Saudi Telecom Company Saudi Arabia Kuwait Telecommunications Company K.S.C.P. Kuwait Dec-15 121

Saudi Telecom Company Saudi Arabia SALE Advanced Co. Ltd. Saudi Arabia Dec-15 106

Saudi Vitrified Clay Pipe Company Saudi Arabia Arabian Company for Water Pipes Industry Limited

Saudi Arabia Dec-15 42

*Depicts deals that are In-Process or Confirmed

MENA Deals Pipeline

For further information, contact manda.zawya@thomsonreuters.com

Important NotesMENA includes Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Tunisia and UAE. Transactions are counted within the analysis as per their subscription start (open date). PE Data included funds investing more than 50% of their assets in the MENA Region and managed from the region. Data is correct as of December 2015. Prepared by MENA Deals Team.

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