XBMA 2014 Annual Review

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 Annual Review 2014

We’re Back

Raaj Narayan & Francis Stapleton, Editors

– XBMA – 1

Global M&A Volume: 1997 – 2014

Source: Thomson

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

US

$ tr

illi

ons

Global M&A Volume

Global M&A was robust in 2014, hitting two noteworthy post-crisis high-water marks: total global volume reached US$3.5 trillion, and cross-border volume reached US$1.38 trillion.

Cross-border deals announced in 2014 included some of the year’s largest, including many above US$10 billion and a number of real blockbusters.

“Megadeals” continued to make a comeback, with more than 90 deals over US$5 billion announced in 2014.

Drivers of the robust activity included strong corporate earnings, large corporate cash balances in search of yield, continued availability of highly attractive financing to well-capitalized borrowers, and generally high stock prices, as well as a focus on industry consolidation in a number of sectors and a thirst for technology, natural resources, and brands in growing economies.

All figures are inflation-adjusted to 2014 dollars. Data in this report do not include spin-offs announced in 2014 that have not been completed.

– XBMA –

740544 560

771505 499

681

990

488600

712

662536

1,019

879

496

722

584

584690

863

556

677

761579

876680

923

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2008 2009 2010 2011 2012 2013 2014

US

$ b

illi

ons

Deal Volume by Quarter

Quarter 1 Quarter 2 Quarter 3 Quarter 4

3,165

2,627

2,205

2,6432,405

3,485

2,646

Global M&A Volume: Q4 Snapshot

Source: Thomson

All figures are inflation-adjusted to 2014 dollars.

2

2014 finished strong, with Q4 being the second most active quarter since the financial crisis (second only to Q2 2014).

Global M&A volume was consistently robust over each quarter in 2014, with deal-making reaching its highest post-crisis quarterly volume in Q2, with more than US$1 trillion in deals announced.

– XBMA – 3

Cross-Border M&A Volume: 2007 – 2014

Cross-border M&A transactions are defined as those in which the parties are headquartered or based in different countries. All figures are inflation-adjusted to 2014 dollars.

Source: Thomson

2.11

1.21

0.60

0.99 0.93 0.93 0.73

1.38

2.60

1.95

1.61

1.65 1.71 1.70 1.67

2.11

4.72

3.17

2.21

2.64 2.60 2.63 2.40

3.49

0

1

2

3

4

5

2007 2008 2009 2010 2011 2012 2013 2014

US

$ tr

illi

ons

Deal Volume

Cross-Border M&A Domestic M&A

Cross-border M&A volume in 2014 also reached its highest levels since the financial crisis, with total cross-border deal volume up 89% from 2013. Cross-border M&A accounted for 40% of global M&A in 2014.

Deals involving an emerging economy acquirer and a developed economy target grew 26.7%, while deals involving a developed economy acquirer and an emerging economy target grew 4.7%.

Cross-border M&A volume involving a Chinese target or acquirer rebounded in 2014, with Chinese inbound M&A activity up 63% and outbound M&A activity up 42%.

– XBMA – 4

Medium and Large M&A Deals: 2006 – 2014

Source: Thomson

424

646

376 198

363 369 362 314 447

675

759

493

387

540 515 513 545

643

1099

1405

869

585

903 884 875 859

1090

250

500

750

1000

1250

1500

2006 2007 2008 2009 2010 2011 2012 2013 2014

US

$ bi

llio

ns

Number of Deals > US$ 500 million

Domestic M&A Cross-Border M&A

2014 witnessed a number of notable blockbuster deals, including a number of large hostile transactions. Medium and large deal volume grew 27% from 2013.

There were more medium and large domestic and cross-border M&A deals than in any year since 2007. The relative proportion of medium and large domestic and cross-border M&A deals remained consistent with recent years.

Of the top 10 deals in 2014, five were cross-border.

– XBMA – 5

M&A Volume by Target’s Region

The U.S. accounted for over 44% of global M&A volume in 2014, 6% higher than its recent historical percentage, with U.S. participation in all but two of the 10 largest deals of 2014.

Despite a number of announced inversions, European M&A was flat compared to 2013, accounting for approximately a quarter of global M&A volume, slightly lower than its recent historical percentage.

China’s share of M&A volume grew 15% from 2013 and accounted for approximately 13% of global M&A volume, continuing to exceed its recent historical percentage.

Represents share of global M&A volume based on target’s headquarters. All figures are inflation-adjusted to 2014 dollars.

Source: Thomson

2014

Central Am erica

0.06%

United States44.36%Central Asia

4.85%

Australia/NZ2.51%

Europe24.69%

China12.99%

Mexico0.42%

India 0.83%

Africa/Middle

East 1.66%

South Am erica2.53%

Canada3.23%

Japan1.89%

2009 - 2013Central

Am erica0.14%

Mexico1.15%

India1.09%

China8.05

Central Asia5.14%

Australia/NZ3.86%

Japan4.02%

South Am erica4.7 5

United States37 .93%

Africa/Middle East

2.35%Canada4.38%

Europe 27 .14%

– XBMA – 6

GDP and M&A Volume by Target’s Region: 2014

Source: Thomson, IMF

Region 2014 GDP (US$ trillions)

2014 Per Capita GDP (US$)

Europe 22.5 29,251

United States 17.4 52,678

China 10.4 7,572

Japan 4.8 37,539

India 2.0 1,625

World 77.6 13,823

2014 GDP figures are IMF estimates.

0%

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200%

250%

0%

10%

20%

30%

40%

50%

60%GDP, M&A, and Debt by Region

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ern

men

t Deb

t as

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P

The U.S. continued to contribute a substantially higher share of global M&A volume than its percentage of world GDP. This spread widened by more than 12%, compared to the spread in 2013.

After a robust year of domestic and cross-border M&A, China’s share of global M&A almost reached the percentage of its share of world GDP.

Japanese GDP decreased by 4%, the only region to experience recession in 2014, while Japan’s share of global M&A decreased by 36%, in each case compared to 2013.

% o

f 20

14 W

orld

GD

P

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of 2

014

Glo

bal M

&A

– XBMA –

M&A in BRIC Countries: 2014

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100

120

2010 2011 2012 2013 2014

US

$ b

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ons

2010 – 2014 Domestic M&A in BRIC Countries

Brazil

Russia

India

China

Inbound M&A in the BRIC countries was relatively flat from Q3 to Q4 2014.

Notably, inbound M&A into Russia reached its lowest point since 2010, as increasing tensions over Ukraine, the decline of oil prices, and the collapse of the ruble discouraged both cross-border and domestic deal-making.

Chinese domestic M&A skyrocketed in 2014, with three deals above US$10 billion (compared to none in 2013). Chinese domestic M&A volume exceeded US$100 billion in 2014, far outpacing the other BRIC economies.

0

5

10

15

20

25

30

2010 2011 2012 2013 2014

US

$ b

illi

ons

2010 – 2014 Inbound M&A to BRIC Countries

Brazil

Russia

India

China

Source: Thomson All figures are inflation-adjusted to 2014 dollars. 7

– XBMA – 8

Trends in M&A Volume by Target’s Region: 2010 – 2014

Source: Thomson


Global M&A volume peaked in Q2 2014, totaling more than $1 trillion in deal-making for the quarter on the back of strong M&A environments in the North American, European and Asian-Pacific regions. Annual global M&A volume was $3.5 trillion.

Japanese deal-making missed out on 2014’s M&A boom, with 2014 volumes actually falling compared to 2013.

Europe and Asian-Pacific ended 2014 approximately equal in deal volume, as Chinese M&A continues to come into its own.

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1,000

1,200

2010 2011 2012 2013 2014

US

$ b

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

– XBMA – 9

Distressed Deals: 1988 – 2014

Source: Thomson

All figures are inflation-adjusted to 2014 dollars. 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.

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75

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125

150

175

US$

bil

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s

Volume of Distressed Deals

Distressed deal volume totaled only US$17.9 billion in 2014, almost 50% lower than 2013.

Distressed deal volume has dropped for the third consecutive year as distressed deal volumes return to pre-crisis levels.

– XBMA – 10

Global M&A by Sector: Last 12 Months

Source: Thomson

M&A Volume by Sector

0

100

200

300

400

500

Energ

y & P

ower

Mat

eria

ls

Finan

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sIn

dust

rial

sH

ealth

care

Rea

l Est

ate

Hig

h Tec

hnol

ogy

Consu

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ia/E

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tain

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unica

tions

Consu

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Pro

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s and

Ser

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s

Ret

ail

US$

bill

ions

Global M&A* Cross-Border M&A

*Includes both domestic and cross-border transactions.

The Energy & Power sector continued to lead overall deal volume in 2014, but Healthcare dominated cross-border M&A activity, in part spurred by large inversion deals between American and European pharmaceutical companies.

Cross-border M&A activity was up significantly across sectors in 2014, with seven of 12 sectors experiencing M&A volume greater than US$100 billion, compared to just one sector (Energy & Power) in 2013.

The Media/Entertainment sector had a strong year globally with more than US$300 billion in announced deals, including the two largest transactions of 2014.

– XBMA – 11

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

Source: Thomson

0

40

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120

160

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240

280

US

$ b

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Domestic and Cross-Border M&A

Q1 2014 Q2 2014 Q3 2014 Q4 2014

0

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US

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on

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Cross-Border M&A

Q1 2014 Q2 2014 Q3 2014 Q4 2014

The Energy & Power, Healthcare, and Real Estate sectors led global Q4 2014 deal volume, while Consumer Staples experienced a notable decrease as compared to Q3 2014.

The Real Estate and Healthcare sectors led Q4 2014 cross-border activity, with Real Estate experiencing a quarter-over-quarter increase of more than 87%. Notably, the Real Estate sector experienced consecutive gains in each of the last four quarters for both total and cross-border M&A volume.

The Telecommunications sector saw the greatest relative gain in cross-border M&A activity in Q4 2014, with volume quadrupling compared to Q3 2014.

– XBMA – 12

Top 10 Global Deals Announced in 2014

Source: Thomson

Acquirer* Target* Target Industry

Value of Deal (US$mil)

Date Announced

Comcast Corp (United States)

Time Warner Cable Inc (United States)

Radio and Television

Broadcasting Services

70,677 13 Feb 2014

AT&T (United States)

DirectTV (United States)


Broadcasting Services

67,186 18 May 2014

Actavis PLC (Ireland)

Allergan Inc (United States)

Drugs 66,404 17 Nov 2014

Kinder Morgan Inc (United States)

Kinder Morgan Energy Partners (United States)

Electric, Gas, and Water

Distribution 58,551 10 Aug 2014

Medtronic Inc (United States)

Covidien PLC (Ireland)

Measuring, Medical, Photo

Equipment; Clocks

47,922 15 Jun 2014

Holcim Ltd (Switzerland)

Lafarge SA (France)

Stone, Clay, Glass and Concrete Products

39,544 4 Apr 2014

Halliburton Co (United States)

Baker Hughes Inc (United States)

Machinery 38,477 14 Nov 2014

Reynolds American Inc (United States)

Lorillard Inc (United States)

Tobacco Products 27,737 11 Jul 2014


Forest Laboratories Inc (United States)

Drugs 23,615 18 Feb 2014

Altice France SA (Luxembourg)

SFR (France)

Telecom 23,123 24 Feb 2014

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

– XBMA –

Acquirer** Target** Target Industry


Date Announced

China Minmetals Corp (Australia)

Xstrata Peru SA (Peru)

Mining 7,005 4 Apr 2014

Gas Natural SDG SA (Spain)

CGE (Chile)

Electric, Gas and Water

Distribution 5,583 12 Oct 2014

Abbott Laboratories (United States)

CFR Pharmaceutical SA (Chile)

Drugs 3,326 16 May 2014

Banco Santander SA (Spain)

Banco Santander (Brasil) SA (Brazil)

Commercial Banks, Bank

Holding Companies

3,258 29 Apr 2014

Cable & Wireless Commun PLC (United Kingdom)

Columbus International Inc (The Bahamas)

Telecom 2,974 6 Nov 2014

AT&T Inc (United States)

CVGrupo Iusacell SA de (Mexico)

Telecom 2,500 7 Nov 2014

Banco Bilbao Vizcaya (Spain)

Turkiye Garanti Bankasi AS (Turkey)


Holding Companies

2,494 19 Nov 2014

PPG Industries Inc (United States)

Consorcio Comex SA de CV (Mexico)

Chemicals and Allied Products 2,298 30 Jun 2014

Diageo PLC (United Kingdom)

United Spirits Ltd (India)

Food and Kindred Products

1,900 15 Apr 2014

Intel Corp (United States)

Undisclosed Tsinghua UniGrp (China)

Electronic and Electrical

Equipment 1,466 25 Sep 2014

13

Top 10 Deals from Developed into Emerging Economies* Announced in 2014

*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 All figures are inflation-adjusted to 2014 dollars.

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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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Quarter 4

Quarter 3

Quarter 2

Quarter 1

Aggregate Value of Deals from Developed into Emerging Economies

http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm


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

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

– XBMA –

Acquirer** Target** Target Industry


Date Announced

Investor Group (China)

Noble Argi Ltd (Hong Kong)

Wholesale Trade-

Nondurable Goods

4,000 2 Apr 2014

State Grid Corp of China (China)

CDP Reti Srl (Italy)


Distribution 2,814 30 Jul 2014

National Social Security Fund (China)

CITIC Pacific Ltd (Hong Kong)

Metal and Metal Products 2,167 14 May 2014

Woolsworths Holdings Ltd (South Africa)

David Jones Ltd (Australia)

Electric, Gas and Water

Distribution 2,096 9 Apr 2014

ARAMCO (Saudi Arabia)

S-Oil Corp (South Korea)

Oil and Gas; Petroleum Refining

1,963 2 Jul 2014

Anbang Insuranec Group Co Ltd (China)

Waldorf Astoria New York (United States)

Hotels and Casinos 1,950 6 Oct 2014

Al Mirqab Capital SPC (Qatar)

Heritage Oil PLC (United Kingdom)


1,817 30 Apr 2014

BTG Pactual Holding SA (Brazil)

BSI SA (Switzerland)


Holding Companies

1,682 14 Jul 2014

BRS Ventures & Holdings Ltd (United Arab Emirates)

Travelex Holdings Ltd (United Kingdom)

Other Financial 1,674 8 Nov 2014

Legend Holdings Corp (China)

PizzaExpress Ltd (United Kingdom)

Retail Trade -Eating and Drinking

Places

1,540 12 Jul 2014

Top 10 Deals from Emerging into Developed Economies* Announced in 2014

Source: Thomson

*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 All figures are inflation-adjusted to 2013 dollars.

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Quarter 2

Quarter 1

Aggregate Value of Deals from Emerging into Developed Economies




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





– XBMA –



Date Announced

Comcast Corp (United States)

Time Warner Cable Inc (United States)


Broadcasting Stations

70,677 13 Feb 2014

AT&T Inc (United States)

DirecTV Inc (United States)



67,186 18 May 2014


Allergan Inc (United States)

Drugs 66,404 17 Nov 2014

Kinder Morgan Inc (United States)

Kinder Morgan Energy Partners (United States)


Distribution 58,551 10 Aug 2014

Halliburton Co (United States)

Baker Hughes Inc (United States)

Machinery 38,477 14 Nov 2014

Reynolds American Inc (United States)

Lorillard Inc (United States)

Tobacco Products 27,737 11 Jul 2014


Forest Laboratories Inc (United States)

Drugs 23,615 18 Feb 2014

Facebook Inc (United States)

WhatsApp Inc (United States)

Prepackaged Software 19,468 19 Feb 2014

Merck KGaA (Germany)

Sigma-Aldrich Corp (United States)

Chemicals and Allied

Products 16,449 22 Sep 2014

3G Capital Partners Ltd (United States)

Tim Hortons Inc (Canada)

Retail Trade -Eating and Drinking

Places

15,968 24 Aug 2014

15

Top 10 North American* Deals Announced in 2014

Source: Thomson

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


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Aggregate Value of North American Deals

– XBMA –



Date Announced


Sinopec Sales Co Ltd (China)

Wholesale Trade-

Nondurable Goods

17,458 30 Jun 2014

RHB Capital Bhd (Malaysia)

CIMB Group Holdings Bhd (Malaysia)


Holding Companies

16,233 10 Jul 2014

CSR Group (China)

China CNR Corp Ltd (China)

Transportation Equipment 15,418 31 Dec 2014

Shanghai Jinfeng Investment Co (China)

Greenland Holding Group Co Ltd (China)

Real Estate; Mortgage

Bankers and Brokers

10,307 18 Mar 2014

Investor Group (Australia)

Queensland Motorways Ltd (Australia)

Construction Firms 6,609 23 Apr 2014

Anheuser-Busch Inbev (Belgium)

Oriental Brewery Co Ltd (South Korea)


5,800 20 Jan 2014

Temasek Holdings (Pte) Ltd (Singapore)

AS Watson Holdings Ltd (Hong Kong)

Miscellaneous Retail Trade 5,672 21 Mar 2014

Bestv New Media Co Ltd (China)

Shanghai Oriental Pearl(Grp)Co (China)

Hotels and Casinos 5,571 22 Nov 2014

Merro Pharmaceutical Co Ltd (China)

China Grand Auto Services Co (China)

Miscellaneous Retail Trade 5,184 6 Dec 2014

Daum Communications Corp (South Korea)

Kakao Corp (South Korea)

Business Services 5,082 26 May 2014

16

Top 10 Asian-Pacific* Deals Announced in 2014

Source: Thomson



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– XBMA – 17

Top 10 European* Deals Announced in 2014


Source: Thomson



Date Announced

Medtronic Inc (United States)

Covidien PLC (Ireland)

Measuring, Medical, Photo

Equipment; Clocks

47,922 15 Jun 2014

Holcim Ltd (Switzerland)

Lafarge SA (France)

Stone, Clay, Glass, and Concrete Products

39,544 4 Apr 2014

Altice France SA (Luxembourg)

SFR (France)

Telecom 23,123 24 Feb 2014

BT Group PLC (United Kingdom)

EE Ltd (United Kingdom)

Telecom 19,551 15 Dec 2014

General Electric Co (United States)

Alstom SA–Energy Businesses (France)

Machinery 17,124 30 Apr 2014

Liberty Global PLC (United Kingdom)

Ziggo NV (Netherlands)



10,854 16 Oct 2013

Deutsche Annington Immobilien (Germany)

Gagfah SA (Luxembourg)


Bankers and Brokers

10,535 1 Dec 2014

Vodafone Group PLC (United Kingdom)

Grupo Corporativo ONO SA (Spain)

Telecom 10,025 17 Mar 2014

Klepierre SA (France)

Corio NV (Netherlands)

Investment & Commodity

Firms, Dealers, Exchanges

9,570 29 Jul 2014

Porsche Automobil Holding SE (Germany)

Scania AB (Sweden)

Transportation Equipment 9,056 21 Feb 2014


0

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Quarter 4

Quarter 3

Quarter 2

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Aggregate Value of European Deals

– XBMA – 18

Top 10 Inbound Chinese Deals Announced in 2014



Date Announced

Temasek Holdings (Pte) Ltd (Singapore)

AS Watson Holdings Ltd (Hong Kong)

Miscellaneous Retail Trade 5,672 21 Mar 2014

OCBC Pearl Ltd (Singapore)

Wing Hang Bank Ltd (Hong Kong)


Holding Companies

4,846 6 Jan 2014

Intel Corp (United States)

Undisclosed Tsinghua UniGrp (China)


Equipment 1,466 25 Sep 2014

Pacific Viscose Ltd (Indonesia)

Sateri Holdings Ltd– Viscose Fiber Assets (China)

Chemicals and Allied Products 863 16 Sep 2014

Itochu Corp (Japan)

CP Pokphand Co Ltd (Hong Kong)


854 24 July 2014

Nippon Paint Co Ltd (Japan)

Nippon Paint (HK) Co Ltd (Hong Kong)

Chemicals and Allied Products 761 3 Feb 2014

Mozido Inc (United States)

PayEase Corp (China)

Business Services 750 18 Nov 2014

Telstra Corp Ltd (Australia)

Pacnet Ltd (Hong Kong)

Telecom 697 17 Jun 2014

Milk Partnership Ltd (United Kingdom)

China Mengniu Dairy Co Ltd (Hong Kong)


664 12 Feb 2014

APG Asset Management NV (Netherlands)

Shanghai e-Shang Warehousing (China)

Transportation and Shipping 650 29 May 2014

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

Source: Thomson All figures are inflation-adjusted to 2014 dollars.

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Aggregate Value of Inbound Chinese Deals





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– XBMA – 19

Top 10 Outbound Chinese Deals Announced in 2014


Source: Thomson



Date Announced

Investor Group (Hong Kong)

Envestra Ltd Inc (Australia)


Distribution 3,713 8 May 2014

Lenovo Group Ltd (Hong Kong)

Motorola Mobility Holdings Inc (United States)

Communi-cations

Equipment 3,138 29 Jan 2014

State Grid Corp of China (China)

CDP Reti Srl (Italy)


Distribution 2,814 30 Jul 2014

Lenovo Group Ltd (Hong Kong)

IBM-X86 Server Hardware Business (United States)

Computer and Office

Equipment 2,042 23 Jan 2014

Anbang Insurance Group Co Ltd (China)

Waldorf Astoria New York (United States)

Hotels and Casinos 1,950 6 Oct 2014

Investor Group (Hong Kong)

NN Group NV (Netherlands)

Insurance 1,767 30 Apr 2014

Jiangsu Changjiang Electronics Technology Co Ltd (China)

STATS ChipPAC Ltd (Singapore)


Equipment 1,713 6 Nov 2014

Legend Holdings Corp (China)

PizzaExpress Ltd (United Kingdom)

Retail Trade-Eating and Drinking

Places

1,540 12 Jul 2014

Fosun International Holdings Ltd (China)

Caixa-Insurance Businesses (Portugal)

Insurance 1,412 9 Jan 2014


10 Upper Bank Street (United Kingdom)


Bankers and Brokers

1,352 20 Jun 2014


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– XBMA – 20

Top 10 Inbound Indian Deals Announced in 2014

Source: Thomson



Date Announced

Diageo PLC (United Kingdom)

United Spirits Ltd (India)


1,900 15 Apr 2014

SoftBank Corp (Japan)

Snapdeal.com (India)

Miscellaneous Retail Trade 627 28 Oct 2014

Silver Leaf Oak (Mauritius)

Syngene International Ltd (India)

Drugs 625 18 Sep 2014

Huhtamaki Oyj (Finland)

Positive Packaging Industries Ltd (India)

Paper and Allied Products 336 8 Jul 2014

Meiji Holdings Co Ltd (Japan)

Medreich Ltd (India)

Drugs 289 11 Jun 2014

New Sparta Ltd (United Kingdom)

Nimbuzz Internet India Pvt Ltd (India)

Printing, Publishing, and Allied Services

250 28 Oct 2014

Solargise Ltd (United Kingdom)

GRAPP Energies Pvt Ltd (India)


Distribution 200 14 Aug 2014

Tesco PLC (United Kingdom)

Trent Hypermarket Ltd (India)

Retail Trade-Food Stores 139 21 Mar 2014

General Electric Co (United States)

Alstom India Ltd (India)

Machinery 110 5 May 2014

JTC Corp (Singapore)

Flagship Developers Pvt Ltd (India)


Bankers and Brokers

100

29 Dec 2014



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Aggregate Value of Inbound Indian Deals













– XBMA – 21

Top 10 Outbound Indian Deals Announced in 2014


Source: Thomson



Date Announced

Indiabulls Real Estate Ltd (India)

Scottish Widows-Prime Property (United Kingdom)


Bankers and Brokers

264 19 Jun 2014

Tech Mahindra Ltd (India)

Lightbridge Communications Corp (United States)

Telecom 240 20 Nov 2014

Wipro Ltd (India)

ATCO I-Tek Inc (Canada)

Business Services 195 17 Jul 2014

Aurobindo Pharma Ltd (India)

Natrol Inc (United States)

Drugs 132 11 Jun 2014

Jindal Saw Ltd (India)

PSL-North America LLC (United States)

Metal and Metal Products 104 20 Aug 2014

Oil India Ltd (India)

PetroNeft Resources PLC (Russian Federation)


85 17 Apr 2014

Oil India Ltd (India)

Worldace Investments Ltd (Cyprus)

Investment & Commodity

Firms, Dealers, Exchanges

85 2 Jun 2014

VRS Foods Ltd (India)

Arab Dairy Products Co SAE (Egypt)


80 30 Sep 2014

Samvardhana Motherson Group (India)

Stoneridge Inc–Wiring Harness (United States)


Equipment 71 26 May 2014

Steel Authority of India Ltd (India)

Riversdale-Coal Mine & Assets (Mozambique)

Mining 50 21 Oct 2014


0

10

20

30

40

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

US

$ bi

llio

ns

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Aggregate Value of Outbound Indian Deals











XBMA 2014 Annual Review

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