Quarterly Review - xbma.org

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

XBMA Quarterly Review Q3 2013

Raaj Narayan & Francis Stapleton, Editors

– XBMA –

1,069

724534 550

763497 495

1,590

974

479 580

703

659 529

1,006

862

488

711

575

572 717

980

547

666

752574

858

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2007 2008 2009 2010 2011 2012 2013

US

$ b

illi

ons

Deal Volume by Quarter

Quarter 4

Quarter 3

Quarter 2

Quarter 1

4,646

2,615

3,106

2,166

2,585

1,7 41

2,594

Global M&A Volume: Q3 Snapshot

Deal activity was relatively strong in Q3, with global M&A volume of US$717 billion, marking the second strongest quarter of the past two calendar years.

Strong Q3 performance was driven in part by Verizon’s $130 billion acquisition of Vodafone’s 45% interest in Verizon Wireless, the third largest deal in history. Excluding Verizon/Vodafone, Q3 deal activity showed modest gains over Q2.

Cross-border M&A volume in 2013 is on pace to account for just over 30% of global M&A volume, down 6% as compared to 2012.

Telecommunications dominated deal volume as a result of the Verizon/Vodafone transaction. The Energy & Power and Real Estate sectors also turned in strong quarters.

Source: Thomson

All figures are inflation-adjusted to 2013 dollars. Data in this report does not include spin-offs announced in 2013 that have not been completed.

1

– XBMA – 2

Global M&A Volume: 1996 – 2013

Global M&A activity in 2013 is on track to reach US$2.3 trillion, slightly lower than the annual average volume over the last three years.

Private equity deal activity in Q3 maintained pace with Q2 volume. Private equity deals accounted for 14% of global M&A volume in the first three quarters of 2013, an increase of 16% over the corresponding period in 2012.

Source: Thomson

All figures are inflation-adjusted to 2013 dollars. 2013 data is annualized.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Global M&A Volume

– XBMA – 3

Cross-Border M&A Volume: 2006 – 2013

Cross-border M&A transactions are defined as those in which the parties are headquartered/based in different countries. All figures are inflation-adjusted to 2013 dollars. 2013 data is annualized.

Of the 10 largest deals in Q3, half involved acquirers and targets from different countries.

At an annualized volume of US$710 billion, cross-border deal activity is on pace to account for just over 30% of global M&A volume in 2013, a 6% decline from 2012 levels.

Transactions involving an emerging market acquirer or target accounted for 27% of global deal activity in the first three quarters of 2013, on par with the same period in 2012.

Transactions involving a developed market acquirer and emerging market target reached a relative low since 2009.

Source: Thomson

1.40

2.09

1.19 0.59

0.98 0.92 0.93 0.71

2.77

2.55

1.91

1.58

1.62 1.70 1.65 1.62

4.17

4.65

3.11

2.17

2.59 2.61 2.59 2.33

0

1

2

3

4

5

2006 2007 2008 2009 2010 2011 2012 2013

US$

trill

ions

Deal Volume

Cross-Border M&ADomestic M&A

– XBMA – 4

Medium and Large M&A Deals: 2005 – 2013

2013 data is annualized.

Q3 had five “mega deals” over US$10 billion, with two deals – both cross-border – over US$15 billion (Verizon/Vodafone and Publicis/Omnicom).

The top 10 global deals in Q3 accounted for US$223 billion in deal volume compared to $93 billion in Q2. Excluding Verizon/Vodafone, the 10 largest deals in Q3 accounted for approximately the same volume as the 10 largest deals in Q2.

Source: Thomson

319 424

649

376

200

365 370 373 279

525

676

756

494

385

538 520 509

499

844

1100

1405

870

585

903 890 882 777

250

500

750

1000

1250

1500

2005 2006 2007 2008 2009 2010 2011 2012 2013

Number of Deals > US$500 million

Domestic M&A

Cross-Border M&A

– XBMA – 5

M&A Volume by Target’s Region

The United States accounted for more than half of global M&A volume in Q3, a sharp increase compared to recent historical levels, with U.S. participation in seven of the 10 largest deals of Q3.

European deal volume increased by 3.5% on the back of strong French deal volume, which increased by 115% in Q3 and included two of the five largest deals. Combined U.S. and European deal volume was 73%, exceeding their recent historical average by approximately 6%.

Asian-Pacific deal-making slowed in Q3, with China, Japan and Australia each experiencing notable declines compared to Q2 volumes. Despite the quarterly decline, however, Chinese volume remained above recent historical levels.

Represents share of global M&A volume based on target’s headquarters. All figures are inflation-adjusted to 2013 dollars.

Source: Thomson

Q3 2013

Ja pa n2.49%

Ca n a da4.17%

Sou t h A m erica2.53%

A frica /Middle

Ea st 1.93%

In dia 0.33% Mexico

0.75%

Ch in a8.01%

Eu rope22.49%

A u st ra lia /NZ2.07%

Cen t ra l A sia4.52%

Un it ed St a t es50.61%

Cen t ra l A m erica0.11%

2008 - 2012Cen t ra l A m erica

0.10%

Mexico1.08%

In dia1.16%

Ch in a6.47%

Cen t ra l A sia4.55%

A u st ra lia /NZ 5.32%

Ja pa n3.66%

Sou t h A m erica 4.53%

Un it ed St a t es37.48%

A frica /Middle Ea st

2.03%Ca n a da

4.70%

Eu rope 29.92%

– XBMA – 6

GDP and M&A Volume by Target’s Region

The United States continues to contribute a substantially higher share of global M&A volume than world GDP. In Europe, the spread between share of world GDP and global M&A volume narrowed as deal activity rebounded somewhat.

Outside of the United States and Canada, share of world GDP outpaces share of global M&A volume, with particularly stark differences in Europe, Japan, China and Africa/Middle East.

China’s share of global M&A in Q3 declined relative to its share of world GDP, accounting for 8% of global M&A activity in Q3 and approximately 13% of world GDP.

Source: Thomson, IMF

Region 2012 GDP (US$ trillions)

2012 Per Capita GDP (US$)

Europe 20.8 25,473

United States 15.7 49,922

China 9.0 6,474

Japan 6.0 46,735

India 1.8 1,492

World 71.7 10,332

% o

f 20

12 W

orld

GD

P

%

of Q

3 20

13 G

loba

l M&

A

2012 GDP figures are IMF estimates; 2013 data not yet available.

GDP, M&A, and Debt by Region

0%

10%

20%

30%

40%

50%

60%

Eur

ope

Uni

ted

Stat

es

Japa

n

Chi

naC

entr

al A

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Afr

ica/

Mid

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Eas

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Am

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a

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tral

Am

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a

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aA

ustr

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/NZ

Mex

ico

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Gov

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P

– XBMA – 7

Trends in M&A Volume by Target’s Region: 2009 – 2013

North American deal volume increased by approximately $139 billion (or 58%) compared to Q2 levels, reaching its second-highest level since 2009.

European M&A volume also rebounded sharply in Q3, increasing by $49 billion, or 50%, over Q2 levels.

Asian-Pacific (ex-Japan) M&A volume declined modestly by 6%, led by declines in Chinese and Australian deal activity.

Source: Thomson

All figures are inflation-adjusted to 2013 dollars.

0

100

200

300

400

500

600

700

800

900

1,000

2009 2010 2011 2012 2013

US$

bil

lion

s

Asia-Pacific (ex-Japan) Europe North America Global Japan

– XBMA – 8

Public M&A by Region

Public M&A includes any acquisition of the entire share capital of a public company by either a public or private acquirer. All figures are inflation-adjusted to 2013 dollars.

The percentage of M&A involving public targets remained just below 30% through the first three quarters of 2013, a slight increase from 2012 levels, but still well below 2006 peak levels.

Public M&A in the United States has rebounded through the first three quarters of 2013 after reaching a low point in 2012, with public M&A accounting for almost 35% of total U.S. M&A.

Public M&A in Japan continued to fall from its 2009 peak, with public M&A as a percentage of total Japanese M&A declining to pre-financial crisis levels.

0%

10%

20%

30%

40%

50%

60%

2006 2007 2008 2009 2010 2011 2012 2013

Asia (excl. Japan) Europe Japan USA Global

Source: Thomson

M&A Involving Public Targets

– XBMA – 9

Distressed Deals: 1988 – 2013

Distressed deal volume in Q3 was approximately US$3.5 billion, the lowest since 2010.

At an annualized volume of US$27 billion, distressed deal volume in 2013 will have declined 19.5% from 2012 levels, representing the third consecutive annual drop as the global economic climate continues to improve.

Source: Thomson

All figures are inflation-adjusted to 2013 dollars. 2013 data is annualized. Distressed transactions include those in which the target entity is undergoing restructuring or has reduced the debt on its balance sheet through a bankruptcy sale, a tender offer or an exchange offer for existing debt securities, or a loan modification. An entity is considered to be undergoing restructuring if it has publicly confirmed retention of a restructuring advisor, plans to restructure its debt, has filed for bankruptcy or has defaulted on its debt, has received an S&P or Moody’s rating of CCC+/Caa1 or below before or in reaction to the announcement of a transaction, or its credit facility or debt securities carry a yield of 1,000 bps above that of U.S. Treasuries.

0

25

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75

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125

150

175

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Volume of Distressed Deals

– XBMA – 10

Global M&A by Sector: Last 12 Months

Energy & Power continued to lead overall and cross-border deal activity over the last 12 months, followed by Financials, Real Estate and Telecommunications.

Industrials, Financials and Consumer Staples also experienced significant cross-border volume over the past 12 months.

Source: Thomson

M&A Volume by Sector

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100

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Ene

rgy

& P

ower

Mat

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ls

Fin

anci

als

Indu

stri

als

Hea

lthc

are

Rea

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ate

Hig

h T

echn

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onsu

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cati

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Con

sum

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cts

and

Serv

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Ret

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US

$ b

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s

Global M&A*

Cross-Border M&A

*Includes both domestic and cross-border transactions.

– XBMA – 11

Trends in Global M&A by Sector: Last Four Quarters

The Telecommunications sector led deal volume in Q3, with almost 70% of the sector’s volume resulting from the Verizon/Vodafone deal.

After Telecommunications, Real Estate saw the largest quarter-over-quarter increase, reversing two consecutive quarters of decline. Healthcare experienced the largest overall quarterly decline.

Cross-border M&A activity in Industrials, Healthcare and Retail each had a strong performances relative to recent quarters, while overall volume in those sectors showed only modest gains or declined. Overall, 10 of 12 sectors experienced an increase in cross-border volume in Q3.

Source: Thomson

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lions

Domestic and Cross-Border M&A

Q4 2012 Q1 2013 Q2 2013 Q3 2013

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Cross-Border M&A

Q4 2012 Q1 2013 Q2 2013 Q3 2013

– XBMA – 12

Top 10 Global Deals Announced in Q3 2013

Source: Thomson

Acquirer* Target* Target Industry

Value of Deal

(US$mil)

Date Announced

Verizon Communications Inc (United States)

Vodafone’s Interest in Verizon Wireless Inc (United Kingdom)

Telecom 130,100 2 Sep 2013

Publicis Groupe SA/Omnicom Group Inc** (France & United States)

Publicis Groupe SA/Omnicom Group Inc (France & United States)

Advertising Services 19,331 28 Jul 2013

Government of France (France)

Groupe Caisse des Dépôts & Consignations (50% Interest in SME Financing JV) (France)

Credit Institutions 13,712 12 Jul 2013

George Weston Ltd (Canada)

Shoppers Drug Mart Corp (Canada)

Miscellaneous Retail Trade 13,025 15 Jul 2013

Telefonica SA (Spain)

E-Plus Mobilfunk GmbH & Co KG (Germany)

Telecom 11,435 23 Jul 2013

Community Health Systems Inc (United States)

Health Management Associates Inc (United States)

Health Services 7,669 30 Jul 2013

Microsoft Corp (United States)

Nokia Oyj (Devices & Services Business) (Finland)

Communications Equipment 7,165 3 Sep 2013

Applied Materials Inc (United States)

Tokyo Electron Ltd (Japan)

Machinery 6,987 24 Sep 2013

Koch Industries Inc (United States)

Molex Inc (United States)

Electronic and Electrical

Equipment 6,711 9 Sep 2013

Perrigo Co (United States)

Elan Corp plc (Ireland)

Drugs 6,534 29 Jul 2013

*Company nationality determined by location of headquarters or by location of target assets. **The transaction was a merger of equals.

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– XBMA –

Acquirer** Target** Target Industry

Value of Deal (US$mil)

Date Announced

Bank of Tokyo-Mitsubishi UFJ (Japan)

Bank of Ayudhya PCL (Thailand)

Commercial Banks, Bank

Holding Companies

5,736 2 Jul 2013

Albedo Ltd (Singapore)

Reflection Oasis Inc (Malaysia)

Investment & Commodity

Firms, Dealers, Exchanges

2,099 20 Sep 2013

Rising Vast Ltd (Hong Kong)

Shi Yi Investments Limited (China)

Metal and Metal Products 1,289 19 Aug 2013

Eutelsat Communications SA (France)

Satmex (Mexico)

Telecom 1,142 31 Jul 2013

American Tower Corporation (United States)

NII Holdings (Tower Assets) (Brazil & Mexico)

Telecom 811 9 Aug 2013

China Public Procurement Ltd (Hong Kong)

Fortress Paradise Limited (China)

Business Services 773 22 Jul 2013

L’Oreal SA (France)

Magic Holdings International Ltd (China)

Soap, Cosmetics, and Personal-Care

Products

685 15 Aug 2013

Whirlpool Corporation (United States)

Hefei Rongshida Sanyo Electric Co Ltd (China)


Equipment 555 13 Aug 2013

Grunenthal GmbH (Germany)

Laboratorios Andromaco SA (Chile)

Drugs 441 9 Aug 2013

Perenco SA (France)

Petrobras Colombia Ltd (Colombia)

Oil and Gas; Petroleum Refining

380 13 Sep 2013

13

Top 10 Deals from Developed into Emerging Economies* Announced in Q3 2013

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm. **Company nationality determined by location of headquarters or by location of target assets.

Source: Thomson

Aggregate Value of Deals from Developed into Emerging Economies


050

100150200250300

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

US

$ b

illi

ons Quarter 4

Quarter 3

Quarter 2

Quarter 1

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http://en.wikipedia.org/wiki/File:Flag_of_the_People's_Republic_of_China.svg





– XBMA –

Top 10 Deals from Emerging into Developed Economies* Announced in Q3 2013

Source: Thomson

Acquirer** Target** Target Industry


Date Announced

Pacific Rubiales Energy Corp (Colombia)

Petrominerales Ltd (Canada)


1,557 29 Sep 2013

China Molybdenum Co, Ltd (China)

Rio Tinto Group (Northeparkes Mine) (Australia)

Mining 820 29 Jul 2013

Abu Dhabi Investment Authority (United Arab Emirates)

Tourism Asset Holdings Limited (Australia)

Hotels and Casinos 745 10 Sep 2013

Haitong Securities Co, Ltd (China)

UT Capital Group Co, Limited (Hong Kong)

Credit Institutions 715 25 Sept 2013

State Oil Company of Azerbaijan Republic (Azerbaijan)

National Natural Gas System Operator SA (Greece)

Electric, Gas, and Water

Distribution 528 1 Aug 2013

Gold Fields Limited (South Africa)

Barrick Gold Corporation (Yilgarn) (Australia)

Mining 301 22 Aug 2013

Investor Group (China)

Huafeng Group Holdings Limited (Hong Kong)

Textile and Apparel

Products 219 5 Aug 2013

Polski Koncern Naftowy ORLEN (Poland)

TriOil Resources Ltd (Canada)


178 16 Sep 2013

Aspen Pharmacare Holdings Limited (South Africa)

GlaxoSmithKline plc (NDB site) (France)

Drugs 154 30 Sep 2013

Saudi Industrial Paints Co Ltd (Bahrain)

Tyrrells Potato Chips Ltd (United Kingdom)

Food and Kindred Products

152 1 Aug 2013

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm. **Company nationality determined by location of headquarters or by location of target assets.

14

Aggregate Value of Deals from Emerging into Developed Economies


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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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s Quarter 4

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– XBMA –



Date Announced

Verizon Communications Inc (United States)

Vodafone’s Interest in Verizon Wireless Inc (United Kingdom)

Telecom 130,100 2 Sep 2013

Publicis Groupe SA/Omnicom Group Inc** (France & United States)

Publicis Groupe SA/Omnicom Group Inc (France & United States)

Advertising Services 19,331 28 Jul 2013

George Weston Ltd (Canada)

Shoppers Drug Mart Corp (Canada)

Miscellaneous Retail Trade 13,025 15 Jul 2013

Community Health Systems Inc (United States)

Health Management Associates Inc (United States)

Health Services 7,669 30 Jul 2013

Koch Industries Inc (United States)

Molex Inc (United States)


Equipment 6,711 9 Sep 2013

Investor Group (United States & Canada)

Neiman Marcus Group Inc (United States)

Retail Trade – General

Merchandise and Apparel

6,000 9 Sep 2013

Vivendi SA (United States)

Activision Blizzard Inc (United States)

Prepackaged Software 5,834 25 Jul 2013

Brookfield Asset Management Inc (United States)

Brookfield Office Properties Inc (United States)

Real Estate; Mortgage

Bankers and Brokers

4,934 30 Sep 2013

American Tower Corp (United States)

MIP Tower Holdings LLC (United States)



4,800 6 Sep 2013

Hellman & Friedman LLC (United States)

Hub International Ltd (United States)

Insurance 4,400 5 Aug 2013

15

Top 10 North American* Deals Announced in Q3 2013

Source: Thomson

*Deal location determined by location of target; company nationality determined by location of headquarters or location of target assets.

**The transaction was a merger of equals. Aggregate Value of North American Deals


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Quarter 3

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Quarter 1

– XBMA –



Date Announced

Applied Materials (United States)

Tokyo Electron Ltd (Japan)

Machinery 6,987 24 Sep 2013

Mitsubishi UFJ Financial Group Inc (Japan)



Holding Companies

5,737 2 Jul 2013

CNPC (China)

Kashagan Oilfield (Kazakhstan)


5,000 7 Sep 2013

Beijing Zhongchuang Telecom Test Co Ltd (China)

Beijing Xinwei Telecom Technology Co Ltd (China)


Albedo Ltd (Singapore)

Reflections Oasis Inc (Malaysia)



2,098 20 Sep 2013

Baidu Inc (China)

91 Wireless Websoft Limited (China)

Prepackaged Software 1,850 16 Jul 2013

KKR & Co LP (United States)

Panasonic Healthcare Co Ltd (Japan)

Measuring, Medical, Photo

Equipment; Clocks

1,680 27 Sep 2013

MBK Partners Ltd (South Korea)

ING Life Insurance Korea Ltd (South Korea)

Insurance 1,654 26 Aug 2013

BOE Technology Group Co Ltd (China)

Beijing Boe Display Technology Co Ltd (China)


Equipment 1,391 25 Jul 2013


Bank of Tokyo-Mitsubishi (Thailand)


Holding Companies

1,382 18 Sep 2013

16

Top 10 Asian-Pacific* Deals Announced in Q3 2013

Source: Thomson


Aggregate Value of Asian-Pacific Deals


0

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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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ons Quarter 4

Quarter 3

Quarter 2

Quarter 1











– XBMA – 17

Top 10 European* Deals Announced in Q2 2013


Source: Thomson



Date Announced

Government of France (France)

Groupe Caisse des Depots & Consignations (SME Financing Business) (France)

Credit Institutions 13,712 12 Jul 2013

Telefonica SA (Spain)

E-Plus Mobilfunk GmbH & Co KG (Germany)

Telecom 11,435 23 Jul 2013

Perrigo Co (United States)

Elan Corp plc (Ireland)

Drugs 6,534 29 Jul 2013

Microsoft Corp (United States)

Nokia Oyj (Devices & Services Business) (Finland)


Schneider Electric SA (France)

Invensys plc (United Kingdom)

Measuring, Medical, Photo

Equipment; Clocks

5,012 11 Jul 2013

Fresenius SE & Co KGaA (Germany)

Rhoen Klinikum AG (43 Hospitals) (Germany)

Health Services 4,082 13 Sep 2013

Investor Group (Japan)

Grohe AG (Germany)

Rubber and Miscellaneous

Plastic Products 3,898 26 Sep 2013

OMV AG (Austria)

Statoil ASA (Oilfield Assets) (Norway)


3,150 19 Aug 2013

Gazprom (Russian Federation)

MOEK (Russian Federation)


Distribution 2,971 13 Aug 2013

Rosneft (Russian Federation)

Itera (Russian Federation)


2,900 2 Jul 2013

Aggregate Value of European Deals


0

500

1000

1500

2000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

US

$ b

illi

ons Quarter 4

Quarter 3

Quarter 2

Quarter 1






– XBMA – 18

Top 10 Inbound Chinese Deals Announced in Q3 2013



Date Announced

SCA Svenska Cellulosa Aktiebolaget (Sweden)

Vinda International Holdings Ltd (Hong Kong)

Paper and Allied Products 1,284 9 Aug 2013

Fortune REIT (Singapore)

Tin Shui Wai Development Limited (China)


Bankers and Brokers

754 30 Jul 2013

L'Oreal SA (France)

Magic Holdings International Limited (China)

Soaps, Cosmetics, and Personal-Care

Products

685 15 Aug 2013

Whirlpool Corporation (United States)

Hefei Rongshida Sanyo Electric Co Ltd (China)



PT Indofood CBP Sukses Makmur Tbk (Indonesia)

China Minzhong Food Corporation Limited (China)

Food and Kindred Products

360 2 Sep 2013

CapitaLand Limited (Singapore)

Hua Kun Business Investment Management Co, Ltd (China)


Bankers and Brokers

297 15 Jul 2013

Pteris Global Limited (Singapore)

Techman (HongKong) Limited (Hong Kong)



103 7 Feb 2013

Samoa Guangxun Co Ltd (American Samoa)

Nanjing Youzhi Technology Co (China)

Business Services 74 30 Sep 2013

Blooming Progress Ltd (Taiwan)

Qunkang Technologies (Shenzen) Co Ltd (China)



CapitaLand Limited (Singapore)

Super Plus Limited (China)


Bankers and Brokers

60 1 Aug 2013

*Company nationality determined by location of headquarters or location of target assets.

Source: Thomson

Aggregate Value of Inbound Chinese Deals

*All figures are inflation-adjusted to 2013 dollars.

0

10

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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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– XBMA – 19

Top 10 Outbound Chinese Deals Announced in Q3 2013


Source: Thomson



Date Announced

CNPC (China)

Kashagan Oilfield (Kazakhstan)


5,000 7 Sep 2013

Sinopec Group (China)

Apache Corporation (Egypt)


3,100 29 Aug 2013

China Investment Corporation (China)

Uralkali (Russian Federation)

Chemicals and Allied Products 2,000 9 Nov 2013

Sinochem Group (China)

Parque das Conchas BC-10 (Brazil)


1,540 16 Aug 2013

Investor Group (Hong Kong)

KK daVinci Holdings (Japan)


Bankers and Brokers

1,203 20 Aug 2013

China Molybdenum Co Ltd (China)

Northparkes (Australia)

Mining 820 31 Jul 2013

CLP Holdings Ltd (Hong Kong)

Delta Electricity (Australia)


Distribution 439 23 Jul 2013

Yanchang Petroleum International Ltd (Hong Kong)

Novus Energy Inc (Canada)


290 3 Sep 2013

Affinity Equity Partners (Hong Kong)

LOEN Entertainment (South Korea)


Equipment 237 18 Jul 2013

Meidu Holding Co Ltd (China)

Woodbine Acquisition LLC (United States)


135 12 Jul 2013

Aggregate Value of Outbound Chinese Deals


0

20

40

60

80

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

US

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ons Quarter 4

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– XBMA – 20

Top 10 Inbound Indian Deals Announced in Q3 2013

Source: Thomson



Date Announced

Baring Private Equity Partners (United Kingdom)

Hexaware Technologies Limited (India)

Business Services 267 23 Aug 2013

Toshiba Corporation (Japan)

Vijai Electricals Limited- T&D Bus (India)


Equipment 200 10 Sep 2013

Endurance International Group, Inc (United States)

Directi Web Technology Private Limited (India)

Prepackaged Software 110 9 Sep 2013

Omori Machinery Co Ltd (Japan)

Multi Pack Systems Private Limited (India)

Machinery 32 23 Sep 2013

Francisco Partners Management LLC (United States)

Four Soft Ltd-New Technology (India)


Denso Corporation (Japan)

DENSO India Limited (India)

Machinery 11 26 Aug 2013

Kokuyo Co, Ltd (Japan)

Riddhi Enterprises (India)

Paper and Allied Products 9 9 Sep 2013

Pan Global Corporation (United States)

Indian Corporation (India)


Distribution 7 9 Sep 2013

WDFC UK Limited (United Kingdom)

Nahar Credits Private Limited (India)

Credit Institutions 5 5 Sep 2013

Cross Marketing Inc (Japan)

Markelytics Solutions Ltd (India)

Business Services 4 24 Jul 2013


Aggregate Value of Inbound Indian Deals


0

10

20

30

40

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

US$

bil

lion

s Quarter 4

Quarter 3

Quarter 2

Quarter 1

http://en.wikipedia.org/wiki/File:Flag_of_India.svg















– XBMA – 21

Top 10 Outbound Indian Deals Announced in Q3 2013


Source: Thomson


Value of Deal

(US$mil)

Date Announced

Oil and Natural Gas Corporation Limited (India)

Rovuma Offshore Area (Mozambique)


2,640 25 Aug 2013

Readymade Steel India Ltd (India)

PSL Engineering Pte Ltd (Singapore)


Prisma Global Limited (India)

Prisma GmbH (Germany)


NMDC Limited (India)

TNG Limited (Australia)

Mining 5 26 Aug 2013

Creamline Dairy Products Limited (India)

Dairy Crest (United Kingdom)

Wholesale Trade-

Nondurable Goods

2 2 Jul 2013

Elder Pharmaceuticals Ltd (India)

Max Healthcare (United Kingdom)

Drugs N/A 1 Jul 2013

Waaree Instruments Limited (India)

Cesare Bonetti SpA (Italy)

Metal and Metal Products N/A 3 Jul 2013

Panoramic Universal Ltd (India)

F M Patong Development Company Limited (Thailand)

Construction Firms N/A 17 Jul 2013

Ramky Group (India)

Enviropacific Services Pty Ltd (Australia)

Sanitary Services N/A 22 Jul 2013

To The New (India)

Techsailor Group Pte Ltd (Singapore)

Business Services N/A 23 Jul 2013

Aggregate Value of Outbound Indian Deals


0

10

20

30

40

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

US

$ b

illi

ons Quarter 4

Quarter 3

Quarter 2

Quarter 1











Quarterly Review - xbma.org

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