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Zephyr Quarterly M&A ReportGlobal, Q1 2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 1 © Zephyr
The following report details mergers and acquisitions activity in Q1 2015 using data from the Zephyr database.
It focuses on deal activity by target company.
Click here to access the raw data in an Excel spreadsheet.
Section 1: Global Deals Page 1
Section 2: Western Europe Page 15
Section 3: North America Page 27
Section 4: Asia/Asia Pacific Page 37
Section 5: Russia/CEE Page 50
Global M&A growth stalls in Q1 2015
Growth in the value of global mergers and acquisitions (M&A) slowed in the first three months of 2015 compared to the previous quarter, impacted by weaker private equity investment.
A total of 15,647 deals worth a combined USD 895,388 million were announced between January and March, compared to 21,917 transactions worth an aggregate USD 1,278 billion in Q4 2014. This represents a 30 per cent decrease in monetary terms, while by volume the result was 29 per cent lower and marked the second successive quarterly decline (Q3 2014: 22,164 transactions).
In a year-on-year comparison, value was 9 per cent weaker in the three months under review while volume was down by a quarter (Q1 2014: 21,150 deals worth an aggregate USD 986,299 million).
Global deals by volume and value
Announced date No of dealsTotal deal value (mil USD)
Q1 2015 15,647 895,388
Q4 2014 21,917 1,277,507
Q3 2014 22,164 1,216,205
Q2 2014 21,249 1,378,356
Q1 2014 21,150 986,299
Q4 2013 22,558 966,934
Q3 2013 20,225 1,049,040
Q2 2013 19,535 925,231
Q1 2013 17,931 732,233
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 2 © Zephyr
Global deals by volume and value
0
5,000
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Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Dea
l val
ue (m
il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 3 © Zephyr
Pharmaceuticals deal biggest of Q1
US drugmaker AbbVie agreed to buy Californian oncological treatments specialist Pharmacyclics in a cash and stock transaction worth USD 21,000 million, making it the largest global M&A deal of Q1. The takeover is the latest in a wave of consolidation sweeping the international pharmaceutical industry and will give AbbVie access to Pharmacyclics’ breakthrough cancer drug Imbruvica.
This transaction was one of ten to break the USD 10,000 million-barrier during the three months, of which seven targeted a US-based company. However, the number two deal by value saw Holcim making a revised bid worth USD 20,017 million for French building materials giant Lafarge.
Holcim and Lafarge were also involved in another of the top global M&A deals in Q1. In order to secure regulatory approval for their proposed merger, the two companies agreed to sell a number of their global assets to Irish group CRH in a deal valued at USD 7,353 million.
Sharp drop in global PE investment
Private equity and venture capital (PE and VC) activity also weakened in the first three months of 2015, with investment value at its lowest for three years.
Investment value halved quarter-on-quarter from USD 154,548 million in Q4 2014 to USD 77,511 million, the lowest result since USD 77,174 million was recorded in Q2 2012.
Transaction volume slipped 23 per cent from 3,076 deals last quarter to 2,369.
In a 12-month comparison, value was down 39 per cent on the USD 127,803 million recorded in the corresponding three months of 2014 while volume was 12 per cent weaker than the 2,705 deals announced in Q1 2014.
Sweden targeted in top PE deal
Swedish energy group Fortum announced the sale of its electricity distribution business Fortum Distribution to a consortium of local pension funds, comprising Första, Tredje, Folksam, together with Canada’s Borealis Infrastructure, for EUR 6,600 million (USD 7,489 million) in the largest PE deal of Q1.
This was followed by General Electric’s disposal of its consumer lending business in Australia and New Zealand to a consortium of investors including Kohlberg Kravis Roberts and Deutsche Bank in a transaction with an enterprise value of USD 6,263 million.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 4 © Zephyr
Top 20 global deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 21,000 Acquisition 100% Pharmacyclics Inc. US AbbVie Inc. US 04/03/2015
2. 20,017 Acquisition 100%- Bid 2 decreased offer
Lafarge SA FR Holcim Ltd CH 20/03/2015
3. 18,977 Acquisition 100% EE Ltd GB BT Group plc GB 05/02/2015
4. 18,000 Acquisition 100% Regency Energy Partners LP US Energy Transfer Partners LP US 26/01/2015
5. 17,000 Acquisition 100% Hospira Inc. US Pfizer Inc. US 05/02/2015
6. 16,700 Acquisition 100% Freescale Semiconductor Inc. US NXP Semiconductors NV NL 02/03/2015
7. 14,500 Acquisition 100% Salix Pharmaceuticals Ltd US Valeant Pharmaceuticals International Inc. CA 22/02/2015
8. 13,889 Acquisition 100% MeadWestvaco Corporation US Newco 26/01/2015
9. 13,700 Acquisition 100% Petroleo Brasileiro SA's certain assets BR Investors; Sovereign Wealth Funds 02/03/2015
10. 10,540 Acquisition 100% Verizon Communications Inc.'s wireline operations
US Frontier Communications Corporation US 05/02/2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 5 © Zephyr
Top 20 global deals by value (cont’d)
Deal value (mil USD)
Deal type Target Target country Acquiror Acquiror
countryAnnounced date
11. 8,872 Capital Increase 9% Banco Santander SA ES 08/01/2015
12. 8,820 Acquisition 100% Rock-Tenn Company US Newco 26/01/2015
13. 7,489 IBO 100% Fortum Distribution AB SE Folksam Omsesidig Sakforsakring; Forsta AP-Fonden; Borealis Infrastructure Management Inc.; Tredje AP-fonden
SE; SE; CA; SE
17/02/2015
14. 7,353 Acquisition Holcim Ltd's Canadian assets; Lafarge SA's French assets; Lafarge SA's Brazillian assets; Lafarge SA's Mexican assets; Holcim Ltd's Brazillian assets; Holcim Ltd's Indian assets; Holcim Ltd's Mexican assets; Holcim Ltd's French assets; Holcim Ltd's German assets; Lafarge SA's Canadian assets; Lafarge SA's Indian assets; Lafarge SA's German assets; Holcim Ltd's British assets; Holcim Ltd's Slovak assets; Holcim Ltd's Philippine assets; Lafarge SA's Philippine assets; Lafarge SA's British assets
CA; FR; BR; MX; BR; IN; MX; FR; DE; CA; IN; DE; GB; SK; PH; PH; GB
CRH plc IE 02/02/2015
15. 7,092 Acquisition Cheung Kong (Holdings) Ltd's property businesses; Hutchison Whampoa Ltd's property businesses
Cheung Kong Property Holdings Ltd KY 09/01/2015
16. 6,931 Acquisition 100% Rexam plc GB Ball UK Acquisition Ltd GB 19/02/2015
17. 6,300 Acquisition 100% Office Depot Inc. US Staples Inc. US 04/02/2015
18. 6,263 IBO General Electric Capital Corporation's Australian consumer lending business; General Electric Capital Corporation's New Zealand consumer lending business
AU; NZ Deutsche Bank AG; Kohlberg Kravis Roberts & Company LP; Varde Partners Inc.
DE; US; US
15/03/2015
19. 5,924 Capital increase acquired 12%, to hold 21%
CITIC Ltd HK Chia Tai Bright Investment Co., Ltd VG 20/01/2015
20. 5,895 Acquisition 100% Springer Science+Business Media GmbH DE Verlagsgruppe Georg von Holtzbrinck GmbH DE 15/01/2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 6 © Zephyr
Target country by volume - global deals
Target country Q1 2014 Q4 2014 Q1 2015
US 3,586 3,395 2,670
China 1,237 2,092 1,540
UK 1,586 1,738 1,514
Canada 898 1,067 827
Australia 942 1,052 623
Japan 1,050 755 531
France 524 591 508
Germany 494 503 496
Taiwan 508 619 463
India 787 751 439
Spain 522 817 427
South Korea 790 844 382
Russia 738 724 332
Netherlands 395 319 309
Poland 364 514 302
Finland 381 232 257
Malaysia 323 338 253
Italy 349 320 247
South Africa 219 252 229
Sweden 369 293 209
Target country by value - global deals
Target country Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
US 364,302 447,466 303,393
China 61,009 174,942 92,532
UK 58,353 85,056 91,324
France 13,622 30,575 46,323
Germany 29,985 14,108 35,013
Canada 32,085 37,060 31,646
Netherlands 16,712 31,717 26,541
Brazil 24,301 19,520 23,746
India 12,873 18,032 22,725
Spain 22,331 20,132 21,926
Italy 30,777 14,366 18,082
Australia 24,898 32,449 17,809
Switzerland 13,151 12,561 16,583
Bermuda 9,710 15,628 13,164
Sweden 15,889 5,841 12,713
Mexico 2,771 6,448 12,290
Ireland 8,051 7,137 11,896
South Korea 30,990 32,726 11,827
Taiwan 13,652 14,950 11,721
Hong Kong 13,968 6,231 11,574
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 7 © Zephyr
Top five global target countries by deal volume in Q1 2015 Top five global target countries by deal value in Q1 2015
US
China
UK
Canada
Australia
US
China
UK
France
Germany
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 8 © Zephyr
Top five global target countries by deal volume in Q1 2015 Deal volume between Q1 2013 and Q1 2015
Top five global target countries by deal value in Q1 2015 Deal value between Q1 2013 and Q1 2015
0500
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als
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SD
)
United States Of America China United Kingdom France Germany
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 9 © Zephyr
Target sector by volume - global deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 7,911 7,769 5,844
Machinery, equipment, furniture, recycling 2,598 2,761 2,000
Wholesale & retail trade 1,763 1,724 1,108
Banks 1,588 1,529 1,073
Publishing, printing 750 1,212 1,010
Chemicals, rubber, plastics 1,315 1,409 904
Construction 941 1,032 682
Metals & metal products 613 715 457
Food, beverages, tobacco 626 590 451
Transport 590 556 394
Education, health 422 462 371
Primary sector 543 579 347
Gas, water, electricity 393 503 266
Hotels & restaurants 395 324 250
Textiles, wearing apparel, leather 258 281 161
Insurance companies 231 212 129
Wood, cork, paper 160 163 114
Post and telecommunications 29 40 36
Public administration and defence 6 5 6
Target sector by value - global deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Other services 333,936 307,112 229,041
Chemicals, rubber, plastics 89,638 163,408 146,344
Machinery, equipment, furniture, recycling 106,560 171,969 99,928
Banks 117,539 148,202 91,409
Primary sector 39,252 46,611 57,029
Construction 45,535 59,897 37,947
Wholesale & retail trade 62,565 58,569 32,877
Gas, water, electricity 28,866 78,969 32,140
Transport 24,077 78,040 28,843
Wood, cork, paper 5,183 10,817 25,917
Publishing, printing 18,769 29,331 25,023
Metals & metal products 23,129 38,657 22,265
Insurance companies 22,999 29,885 21,753
Food, beverages, tobacco 40,122 25,950 19,132
Hotels & restaurants 10,651 16,164 8,142
Education, health 13,656 13,766 6,705
Textiles, wearing apparel, leather 5,712 6,970 5,545
Public administration and defence 46 0 5,272
Post and telecommunications 597 1,178 522
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 10 © Zephyr
Global private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 2,369 77,511
Q4 2014 3,076 154,548
Q3 2014 3,392 111,950
Q2 2014 3,019 115,402
Q1 2014 2,705 127,803
Q4 2013 2,835 108,649
Q3 2013 2,568 107,123
Q2 2013 2,456 94,933
Q1 2013 2,310 91,715
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 11 © Zephyr
Global private equity deals by volume and value
0
500
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Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Dea
l val
ue (m
il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 12 © Zephyr
Top 20 global private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 7,489 IBO 100% Fortum Distribution AB SE Borealis Infrastructure Management Inc. 17/02/2015
2. 6,263 IBO General Electric Capital Corporation's Australian consumer lending business; General Electric Capital Corporation's New Zealand consumer lending business
AU; NZ Kohlberg Kravis Roberts & Company LP; Varde Partners Inc. 15/03/2015
3. 4,000 IBO 100% Life Time Fitness Inc. US Leonard Green & Partners LP; LNK Partners; TPG Capital Management LP 16/03/2015
4. 2,400 IBO 100% TI Automotive Ltd GB Bain Capital LLC 27/01/2015
5. 2,400 IBO 100% Blue Coat Systems Inc. US Bain Capital LLC 10/03/2015
6. 2,000 IBO 100% Air Medical Group Holdings Inc. US Kohlberg Kravis Roberts & Company LP 11/03/2015
7. 1,993 IBO 100% Towergate Underwriting Group Ltd GB JP Morgan; Kohlberg Kravis Roberts & Company LP; Highbridge Capital Management LLC; Sankaty Advisors LLC
06/02/2015
8. 1,731 Minority stake 10% International Consolidated Airlines Group SA ES HSBC Private Bank (UK) Ltd 30/01/2015
9. 1,678 IBO Liberty Living Management Two Ltd; Brandeaux Student Accommodation Fund's UK student accommodation portfolio operating under the Liberty Living brand
GB; GB Canada Pension Plan Investment Board 06/03/2015
10. 1,500 IBO 100% Presidio Holdings Inc. US Apollo Global Management LLC 12/01/2015
11. 1,500 IBO majority stake Walgreens Infusion Services Inc. US Madison Dearborn Partners LLC 20/01/2015
12. 1,390 Acquisition 100% United Envirotech Ltd SG Kohlberg Kravis Roberts & Company LP 05/03/2015
13. 1,220 IBO 100% Senvion SE DE Centerbridge Capital Partners LP 22/01/2015
14. 1,003 IBO 100% Jurys Inn Group Ltd IE Lone Star Funds 26/01/2015
15. 833 Minority stake 5% Nielsen NV NL GIC Special Investments Pte Ltd 30/01/2015
16. 814 IBO 100% DSM NV's composite resins and polymer divisions
NL CVC Capital Partners Ltd 16/03/2015
17. 773 IBO 100% Big Bus Tours Ltd GB Exponent Private Equity LLP 24/02/2015
18. 757 IBO 100% Trainline.com Ltd GB Kohlberg Kravis Roberts & Company LP 22/01/2015
19. 750 Minority stake Moda Midstream LLC US EnCap Flatrock Midstream 17/03/2015
20. 750 IBO 100% Globeleq Africa Norfund; CDC Group plc 03/02/2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 13 © Zephyr
Target country by volume - global private equity deals
Target country Q1 2014 Q4 2014 Q1 2015
US 1,202 1,305 907
China 136 268 218
UK 226 261 207
India 98 137 159
France 112 152 144
Germany 96 122 94
Canada 64 84 71
Spain 66 78 67
Finland 35 49 48
Netherlands 38 44 44
Japan 38 39 39
Italy 40 54 34
Israel 36 31 33
Sweden 40 39 27
Russia 79 46 25
Poland 13 12 20
Belgium 14 14 18
Brazil 25 27 18
Australia 16 25 17
Singapore 16 11 15
Target country by value - global private equity deals
Target country Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
US 61,506 70,016 27,159
UK 11,778 20,511 13,024
Sweden 268 1,835 7,693
Australia 5,566 1,448 6,552
New Zealand 854 590 6,264
China 2,242 7,337 3,120
Germany 2,081 5,808 2,442
Spain 1,973 5,366 2,373
Canada 1,291 2,254 1,995
Netherlands 112 1,732 1,886
India 1,181 3,412 1,874
Singapore 403 611 1,584
Japan 1,018 2,770 1,098
Ireland 3,352 23 1,014
Brazil 1,387 791 793
Belgium 99 803 733
Italy 2,200 853 637
France 4,429 6,665 631
Luxembourg 0 300 372
Saudi Arabia 0 18 320
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportGlobal, Q1 2015
Page 14 © Zephyr
Target sectors by volume - global private equity deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 1,615 1,541 1,282
Publishing, printing 199 475 356
Machinery, equipment, furniture, recycling 286 351 219
Wholesale & retail trade 142 160 132
Chemicals, rubber, plastics 88 107 78
Education, health 51 54 49
Banks 44 61 40
Transport 28 34 36
Metals & metal products 28 40 33
Food, beverages, tobacco 58 45 32
Hotels & restaurants 35 35 23
Primary sector 22 16 17
Textiles, wearing apparel, leather 24 31 17
Construction 26 41 17
Gas, water, electricity 26 35 14
Wood, cork, paper 14 25 9
Post and telecommunications 4 9 8
Insurance companies 14 6 5
Public administration and defence 0 0 0
Target sectors by value - global private equity deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Other services 44,865 54,178 31,129
Gas, water, electricity 3,948 10,666 8,767
Banks 10,332 7,736 8,199
Machinery, equipment, furniture, recycling 2,978 11,746 6,414
Publishing, printing 5,665 13,124 5,476
Transport 2,215 5,867 5,016
Wholesale & retail trade 22,960 14,349 3,495
Education, health 1,438 3,113 3,004
Hotels & restaurants 3,080 3,188 1,860
Chemicals, rubber, plastics 10,343 12,594 1,729
Primary sector 3,110 561 662
Metals & metal products 3,448 3,453 645
Food, beverages, tobacco 1,929 618 392
Textiles, wearing apparel, leather 2,845 405 366
Construction 1,197 5,427 251
Wood, cork, paper 48 7,183 47
Insurance companies 4,598 559 14
Post and telecommunications 9 232 13
Public administration and defence 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 15 © Zephyr
Western Europe M&A value advances in Q1, despite lower volume
M&A targeting Western European companies in the first three months of 2015 rose to USD 292,320 million, representing growth of 25 per cent over two successive quarters (Q4 2014: USD 276,459 million; Q3 2014: USD 232,993 million).
Value was also up 13 per cent on the corresponding period of 2014, when deals worth a collective USD 258,017 million were announced.
Growth in M&A value came in spite of a quarter-on-quarter decline in volume from 5,648 to 4,634 transactions and an 18 per cent decrease year-on-year (Q1 2014: 5,654).
Regional value was boosted by significant increases in M&A value targeting UK, French and German companies.
Western Europe deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 4,634 292,320
Q4 2014 5,648 276,459
Q3 2014 5,158 232,993
Q2 2014 5,581 382,428
Q1 2014 5,654 258,017
Q4 2013 6,429 214,686
Q3 2013 5,904 260,583
Q2 2013 5,709 305,917
Q1 2013 4,982 167,354
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 16 © Zephyr
Western Europe deals by volume and value
0
1,000
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Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Dea
l val
ue (m
il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 17 © Zephyr
France targeted in top deal by value
Holcim’s takeover offer for French rival Lafarge was the region’s biggest deal by value in the quarter under review, and, at USD 20,017 million, also accounted for the second-largest transaction globally.
Western Europe’s number two deal by value was BT buying fellow UK telecommunications company EE for USD 18,977 million in cash and stock in a deal that will create one of the country’s biggest players in fixed-line, broadband, mobile and television.
While the majority of deal-making was intra-regional, there were some significant transactions involving buyers from outside Western Europe. Among these was US-based CommScope acquiring Swiss group TE Connectivity’s network solutions business for USD 3,000 million and Japan’s Canon making a takeover offer worth USD 2,824 million for Swedish security equipment maker Axis.
Majority of M&A activity targets UK companies
UK companies were targeted in deals worth a collective USD 91,318 million in Q1, putting the country top in the rankings by value and marking the second consecutive increase (Q3 2014: USD 59,066 million; Q4 2014: USD 85,056 million).
A similar pattern was seen for M&A targeting French companies, where value rose from USD 18,795 million in Q3 2014 to USD 46,309 million in Q1 2015, while in Germany value more than doubled from USD 14,108 million last quarter to USD 35,013 million.
UK companies were also the most frequently targeted, at 1,515 transactions, although this was down from 1,738 in Q4 2014. Again, France and Germany followed at second and third with 508 transactions and 496 transactions, respectively, while the volume of deals targeting fourth-placed Spain halved from 817 to 427.
PE value almost unchanged year-over-year
PE investment value weakened by 45 per cent in in Q1 from USD 56,711 million last quarter to USD 31,160 million, with an 18 per cent decrease by volume.
Interestingly, value was steady compared to the USD 31,616 million-worth of investment recorded in Q1 2014, while volume was just 5 per cent lower in the three months under review (Q1 2014: 783 deals).
The region’s largest PE deal between January and March was the disposal by Swedish energy company Fortum of its electricity distribution unit to a consortium of local pension funds and Borealis Infrastructure Management for USD 7,489 million, which also ranked as the top global PE deal of the quarter.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 18 © Zephyr
Top 20 Western Europe deals by value
Deal value (mil USD)
Deal type Target Target country Acquiror Acquiror
countryAnnounced date
1. 20,017 Acquisition 100%- Bid 2 decreased offer
Lafarge SA FR Holcim Ltd CH 20/03/2015
2. 18,977 Acquisition 100% EE Ltd GB BT Group plc GB 05/02/2015
3. 8,872 Capital Increase 9% Banco Santander SA ES 08/01/2015
4. 7,489 IBO 100% Fortum Distribution AB SE Folksam Omsesidig Sakforsakring; Forsta AP-Fonden; Borealis Infrastructure Management Inc.; Tredje AP-fonden
SE; SE; CA; SE
17/02/2015
5. 7,353 Acquisition Holcim Ltd's Canadian assets; Lafarge SA's French assets; Lafarge SA's Brazillian assets; Lafarge SA's Mexican assets; Holcim Ltd's Brazillian assets; Holcim Ltd's Indian assets; Holcim Ltd's Mexican assets; Holcim Ltd's French assets; Holcim Ltd's German assets; Lafarge SA's Canadian assets; Lafarge SA's Indian assets; Lafarge SA's German assets; Holcim Ltd's British assets; Holcim Ltd's Slovak assets; Holcim Ltd's Philippine assets; Lafarge SA's Philippine assets; Lafarge SA's British assets
CA; FR; BR; MX; BR; IN; MX; FR; DE; CA; IN; DE; GB; SK; PH; PH; GB
CRH plc IE 02/02/2015
6. 6,931 Acquisition 100% Rexam plc GB Ball UK Acquisition Ltd GB 19/02/2015
7. 5,895 Acquisition 100% Springer Science+Business Media GmbH DE Verlagsgruppe Georg von Holtzbrinck GmbH DE 15/01/2015
8. 5,703 Acquisition 100% RWE Dea AG DE LetterOne Holdings SA LU 16/01/2015
9. 5,225 Minority stake 20% Danske Bank A/S DK Shareholders; AP Moller Holding A/S DK 25/02/2015
10. 4,600 Capital Increase Actavis plc IE 19/02/2015
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 19 © Zephyr
Top 20 Western Europe deals by value
Deal value (mil USD)
Deal type Target Target country Acquiror Acquiror
countryAnnounced date
11. 3,800 Capital Increase Actavis plc IE 19/02/2015
12. 3,666 Acquisition 100% Eversholt Rail Group GB CK Investments Sarl LU 20/01/2015
13. 3,600 Acquisition 100% - Bid 3 - Increased Offer Nutreco NV NL SHV Holdings NV NL 30/01/2015
14. 3,363 Acquisition 51% Sports Direct International plc GB MASH Beta Ltd GB 20/01/2015
15. 3,000 Acquisition 100% TE Connectivity Ltd's network solutions business CH CommScope Holding Company Inc. US 28/01/2015
16. 2,824 Acquisition 100% Axis AB SE Canon Inc. JP 10/02/2015
17. 2,800 Minority stake Turkcell Holding AS TR Alfa Telecom Turkey Ltd TR 17/03/2015
18. 2,797 Acquisition 100% Wood Mackenzie Ltd GB Verisk Analytics Inc. US 10/03/2015
19. 2,509 Acquisition 100% TSB Banking Group plc GB Banco de Sabadell SA ES 20/03/2015
20. 2,485 Minority stake 6% Enel SpA IT Institutional Investors; Investors 25/02/2015
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 20 © Zephyr
Target country by volume - Western Europe deals
Target country Q1 2014 Q4 2014 Q1 2015
UK 1,586 1,738 1,515
France 524 591 508
Germany 494 503 496
Spain 522 817 427
Netherlands 395 319 309
Finland 381 232 257
Italy 349 320 247
Sweden 369 293 209
Switzerland 112 105 166
Turkey 193 110 97
Denmark 193 105 88
Belgium 143 104 88
Norway 148 166 77
Ireland 88 69 60
Portugal 59 62 46
Austria 46 56 28
Luxembourg 35 25 19
Cyprus 22 19 8
Greece 17 12 7
Malta 8 6 6
Target country by value - Western Europe deals
Target country Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
UK 58,353 85,056 91,318
France 13,622 30,575 46,309
Germany 29,985 14,108 35,013
Netherlands 16,712 31,717 26,541
Spain 22,331 20,132 21,926
Italy 30,777 14,366 18,082
Switzerland 13,151 12,561 16,583
Sweden 15,889 5,841 12,713
Ireland 8,051 7,137 11,895
Denmark 11,751 2,692 7,522
Turkey 1,916 5,156 5,016
Belgium 1,911 8,620 4,613
Luxembourg 3,351 7,532 2,803
Portugal 7,356 12,877 2,452
Finland 6,566 3,885 1,994
Austria 5,224 6,815 1,603
Norway 6,657 6,808 560
Malta 667 323 198
Cyprus 1,144 114 28
Greece 4,667 1,070 20
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 21 © Zephyr
Target sector by volume - Western Europe deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 2,261 2,151 1,731
Machinery, equipment, furniture, recycling 602 574 539
Wholesale & retail trade 526 520 372
Banks 427 437 339
Publishing, printing 213 305 256
Chemicals, rubber, plastics 261 289 246
Construction 223 270 217
Food, beverages, tobacco 185 154 154
Metals & metal products 143 164 145
Transport 159 138 127
Education, health 137 137 120
Hotels & restaurants 137 117 99
Gas, water, electricity 125 132 88
Primary sector 103 104 65
Textiles, wearing apparel, leather 68 79 47
Wood, cork, paper 56 61 40
Insurance companies 44 56 39
Post and telecommunications 16 21 25
Public administration and defence 1 3 4
Target sector by value - Western Europe deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Other services 80,650 88,414 80,147
Chemicals, rubber, plastics 10,395 23,164 54,351
Banks 58,076 42,504 32,993
Machinery, equipment, furniture, recycling 28,572 18,495 28,877
Gas, water, electricity 8,939 15,610 16,573
Transport 4,117 6,507 11,948
Wholesale & retail trade 16,032 12,570 11,067
Metals & metal products 5,559 5,628 9,341
Insurance companies 8,675 13,165 8,794
Publishing, printing 5,444 1,910 8,091
Construction 8,022 17,856 6,795
Primary sector 11,483 2,429 6,512
Food, beverages, tobacco 4,137 7,587 5,765
Hotels & restaurants 2,760 7,605 3,947
Textiles, wearing apparel, leather 1,003 1,565 3,653
Wood, cork, paper 890 7,457 1,686
Education, health 3,655 2,954 950
Public administration and defence 0 0 522
Post and telecommunications 410 700 364
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 22 © Zephyr
Western Europe private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 741 31,160
Q4 2014 900 56,711
Q3 2014 822 31,616
Q2 2014 882 41,470
Q1 2014 783 31,616
Q4 2013 795 34,576
Q3 2013 746 23,240
Q2 2013 737 48,577
Q1 2013 621 18,167
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 23 © Zephyr
Western Europe private equity deals by volume and value
0
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Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 24 © Zephyr
Top 20 Western Europe private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 7,489 IBO 100% Fortum Distribution AB SE Borealis Infrastructure Management Inc. 17/02/2015
2. 2,400 IBO 100% TI Automotive Ltd GB Bain Capital LLC 27/01/2015
3. 1,993 IBO 100% Towergate Underwriting Group Ltd GB JP Morgan;Kohlberg Kravis Roberts & Company LP; Highbridge Capital Management LLC; Sankaty Advisors LLC
06/02/2015
4. 1,731 Minority stake 10% International Consolidated Airlines Group SA ES HSBC Private Bank (UK) Ltd 30/01/2015
5. 1,678 IBO Liberty Living Management Two Ltd; Brandeaux Student Accommodation Fund's UK student accommodation portfolio operating under the Liberty Living brand
GB; GB Canada Pension Plan Investment Board 06/03/2015
6. 1,220 IBO 100% Senvion SE DE Centerbridge Capital Partners LP 22/01/2015
7. 1,003 IBO 100% Jurys Inn Group Ltd IE Lone Star Funds 26/01/2015
8. 833 Minority stake 5% Nielsen NV NL GIC Special Investments Pte Ltd 30/01/2015
9. 814 IBO 100% DSM NV's composite resins and polymer divisions NL CVC Capital Partners Ltd 16/03/2015
10. 773 IBO 100% Big Bus Tours Ltd GB Exponent Private Equity LLP 24/02/2015
11. 757 IBO 100% Trainline.com Ltd GB Kohlberg Kravis Roberts & Company LP 22/01/2015
12. 701 IBO 100% Premium Credit Ltd GB Cinven Ltd 13/01/2015
13. 672 IBO 100% Survitec Group Ltd GB Onex Corporation 12/01/2015
14. 574 Minority stake 49% F2i Aeroporti SpA IT Ardian France 06/02/2015
15. 569 Minority stake 30% Delivery Hero Holding GmbH DE Rocket Internet AG 06/02/2015
16. 503 Capital Increase Goldcar Spain SL ES Bi-Invest Holdings SA 03/03/2015
17. 466 IBO 100% The NEC Group GB LDC (Managers) Ltd 16/01/2015
18. 459 Acquisition 100% AS Adventure NV BE PAI Partners SAS 04/02/2015
19. 355 IBO 100% FP-EFR Sarl LU Bridgepoint Advisers Ltd 13/01/2015
20. 308 IBO 100% SSP Holdings plc GB Lloyds Development Capital (Holdings) Ltd 13/03/2015
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 25 © Zephyr
Target country by volume - Western Europe private equity deals
Target country Q1 2014 Q4 2014 Q1 2015
UK 227 262 210
France 112 152 144
Germany 96 122 94
Spain 66 78 67
Finland 35 49 48
Netherlands 38 44 45
Italy 40 54 34
Sweden 40 39 27
Belgium 14 14 18
Switzerland 20 20 14
Ireland 21 15 12
Denmark 29 11 11
Austria 7 7 7
Turkey 4 4 6
Luxembourg 2 2 5
Portugal 12 14 5
Norway 17 12 4
Cyprus 1 1 1
Poland 0 0 1
Target country by value - Western Europe private equity deals
Target country Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
UK 11,790 20,542 13,032
Sweden 268 1,835 7,693
Germany 2,081 5,808 2,442
Spain 1,973 5,384 2,373
Netherlands 112 1,732 1,886
Ireland 3,352 23 1,014
Belgium 99 803 733
Italy 2,200 853 637
France 4,429 6,665 631
Luxembourg 0 300 372
Denmark 3,795 191 214
Turkey 201 159 105
Switzerland 152 7,130 80
Finland 35 1,033 41
Norway 447 2,731 27
Austria 116 3,059 6
Cyprus 10 1 6
Portugal 5 3,126 3
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Zephyr Quarterly M&A ReportWestern Europe, Q1 2015
Page 26 © Zephyr
Target sectors by volume - Western Europe private equity deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 405 401 363
Machinery, equipment, furniture, recycling 93 109 91
Publishing, printing 63 115 89
Wholesale & retail trade 61 65 61
Chemicals, rubber, plastics 34 41 28
Transport 11 11 20
Metals & metal products 15 19 18
Construction 13 13 11
Food, beverages, tobacco 19 13 10
Banks 15 17 9
Textiles, wearing apparel, leather 11 18 9
Education, health 12 20 9
Hotels & restaurants 13 21 7
Gas, water, electricity 11 16 6
Post and telecommunications 1 3 5
Insurance companies 2 3 4
Primary sector 2 6 3
Wood, cork, paper 9 17 3
Public administration and defence 0 0 0
Target sectors by value - Western Europe private equity deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Other services 13,261 16,780 9,974
Gas, water, electricity 1,263 4,166 7,733
Machinery, equipment, furniture, recycling 1,135 1,746 4,790
Transport 755 2,343 3,256
Wholesale & retail trade 1,796 3,689 1,503
Hotels & restaurants 1,129 3,152 1,013
Chemicals, rubber, plastics 2,273 6,458 942
Publishing, printing 1,263 376 909
Banks 6,589 5,766 767
Construction 383 1,835 111
Food, beverages, tobacco 488 67 60
Metals & metal products 98 1,592 38
Textiles, wearing apparel, leather 615 84 25
Education, health 298 1,407 21
Insurance companies 284 394 14
Post and telecommunications 1 2 12
Primary sector 3 50 1
Wood, cork, paper 48 6,971 0
Public administration and defence 0 0 0
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 27 © Zephyr
North American M&A activity falters
M&A targeting North American companies weakened in Q1 2015 for the second successive quarter, impacted by a sharp drop in PE investment in the region.
Deals worth a collective USD 334,961 million were announced between January and March, the lowest since USD 328,049 million in Q4 2013, while volume decreased by 22 per cent to 3,494 transactions from 4,463 in Q4 2014.
In a 12-month comparison, volume also fell by 22 per cent while value was 15 per cent lower in the period under review (Q1 2014: 4,479 transactions worth USD 395,559 million).
The downturn in M&A activity was true of both the US and Canada. In the former, a total of 2,670 deals worth a combined USD 303,393 million were announced, down from 3,395 worth a collective USD 447,466 million, while in the latter, value declined from USD 37,060 million to USD 31,646 million against a 22 per cent decrease in volume from 1,067 to 827 deals.
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 3,494 334,961
Q4 2014 4,463 484,220
Q3 2014 5,157 557,413
Q2 2014 4,698 508,288
Q1 2014 4,479 395,559
Q4 2013 4,188 328,049
Q3 2013 3,914 430,884
Q2 2013 3,911 295,342
Q1 2013 4,023 267,901
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 28 © Zephyr
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 2,670 303,393
Q4 2014 3,395 447,466
Q3 2014 4,125 499,949
Q2 2014 3,718 465,025
Q1 2014 3,583 364,288
Q4 2013 3,105 294,495
Q3 2013 2,994 399,595
Q2 2013 3,003 267,888
Q1 2013 3,103 239,333
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 827 31,646
Q4 2014 1,067 37,060
Q3 2014 1,037 59,360
Q2 2014 986 46,179
Q1 2014 898 32,085
Q4 2013 1,083 33,624
Q3 2013 918 31,281
Q2 2013 908 27,436
Q1 2013 923 28,204
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 29 © Zephyr
North America deals by volume and value
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il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 30 © Zephyr
Seven deals top USD 10,000 million
While there was a noticeable drop in M&A value targeting North American companies in Q1, there were still some sizeable deals over the three months.
AbbVie’s USD 21,000 million acquisition of cancer drug maker Pharmacyclics was the top transaction by value and accounted for 6 per cent of the region’s total for the three months.
This was followed by Energy Transfer Partners offering to buy publicly-quoted natural gas company Regency Energy Partners in a cash and stock bid worth USD 18,000 million.
Not far behind was another deal in the pharmaceuticals sector: Pfizer agreed to buy injectable drugs and infusion technologies developer Hospira for USD 17,000 million.
Indeed, there was significant M&A targeting the region’s pharma industry, with Valeant offering to acquire Salix Pharmaceuticals for USD 14,500 million and Shire acquiring NPS Pharmaceuticals for USD 5,200 million.
Sharp uptick in M&A value targeting wood, cork and paper sector
While M&A value across many of the region’s sectors weakened quarter-on-quarter, there were some notable exceptions to this.
The biggest rise was in the value of deals targeting companies operating in the wood, cork and paper industry, which leapt from USD 1,606 million to USD 22,831 million, the sector’s highest result of the last two years under review. There were also increases in food, beverages and tobacco, up from USD 4,979 million in Q4 2014 to USD 7,926 million, and public administration and defence, which soared to a two-year high of USD 4,750 million.
Volume fell across the board, with the exceptions of public administration and defence, which advanced from 1 deal last quarter to 2 deals, and hotels and restaurants, which remained unchanged at 33 transactions.
Steep drop in PE investment
The growth in PE investment targeting North American companies last quarter was short-lived, as value and volume both fell in Q1 2015.
There were 978 transactions worth a combined USD 29,154 million between January and March, compared to 1,390 deals worth a collective USD 72,270 million in Q4 2014, which by volume marked the second decrease in a row and the lowest result of the last two years under review.
At the same time last year, a total of 1,267 transactions worth an aggregate USD 62,797 million were announced.
Once again, the trend was replicated in the US and Canada, although the decrease was more marked in the former.
A total of USD 27,159 million was invested across 907 transactions in the US in Q1, down from USD 70,016 million over 1,305 deals last quarter, while in Canada there were 71 deals worth a collective USD 1,995 million compared to 84 worth USD 2,254 million in Q4 2014.
The top PE investment targeting a North American company over the three months was Leonard Green & Partners, TPG Capital Management and LNK Partners acquiring sports and fitness centre chain Life Time Fitness in a take-private worth USD 4,000 million, representing 14 per cent of the region’s total PE value.
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 31 © Zephyr
Top 20 North America deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 21,000 Acquisition 100% Pharmacyclics Inc. US AbbVie Inc. US 04/03/2015
2. 18,000 Acquisition 100% Regency Energy Partners LP US Energy Transfer Partners LP US 26/01/2015
3. 17,000 Acquisition 100% Hospira Inc. US Pfizer Inc. US 05/02/2015
4. 16,700 Acquisition 100% Freescale Semiconductor Inc. US NXP Semiconductors NV NL 02/03/2015
5. 14,500 Acquisition 100% Salix Pharmaceuticals Ltd US Valeant Pharmaceuticals International Inc.
CA 22/02/2015
6. 13,889 Acquisition 100% MeadWestvaco Corporation US Newco 26/01/2015
7. 10,540 Acquisition 100% Verizon Communications Inc.'s wireline operations US Frontier Communications Corporation US 05/02/2015
8. 8,820 Acquisition 100% Rock-Tenn Company US Newco 26/01/2015
9. 7,353 Acquisition Holcim Ltd's Canadian assets; Lafarge SA's French assets; Lafarge SA's Brazillian assets; Lafarge SA's Mexican assets; Holcim Ltd's Brazillian assets; Holcim Ltd's Indian assets; Holcim Ltd's Mexican assets; Holcim Ltd's French assets; Holcim Ltd's German assets; Lafarge SA's Canadian assets; Lafarge SA's Indian assets; Lafarge SA's German assets; Holcim Ltd's British assets; Holcim Ltd's Slovak assets; Holcim Ltd's Philippine assets; Lafarge SA's Philippine assets; Lafarge SA's British assets
CA; FR; BR; MX; BR; IN; MX; DE; IN; GB; SK; PH; PH
CRH plc IE 02/02/2015
10. 6,300 Acquisition 100% Office Depot Inc. US Staples Inc. US 04/02/2015
11. 5,800 Acquisition 100% Big Heart Pet Brands US The JM Smucker Company US 03/02/2015
12. 5,400 Acquisition 100% City National Corporation US Royal Bank of Canada CA 22/01/2015
13. 5,200 Acquisition 100% NPS Pharmaceuticals Inc. US Shire Pharmaceutical Holdings Ireland IE 11/01/2015
14. 4,750 Acquisition 100% Exelis Inc. US Harris Corporation US 06/02/2015
15. 4,250 Acquisition 100% OneMain Financial Holdings Inc. US Springleaf Holdings Inc. US 03/03/2015
16. 4,000 IBO 100% Life Time Fitness Inc. US LTF Holdings Inc. US 16/03/2015
17. 3,300 Minority stake 5% Valeant Pharmaceuticals International Inc. CA Pershing Square Capital Management LP US 09/03/2015
18. 3,000 Acquisition 100% Hiland Partners LP US Kinder Morgan Inc. US 22/01/2015
19. 3,000 Acquisition 100% Aruba Networks Inc. US Hewlett-Packard Company US 02/03/2015
20. 2,983 Acquisition 100% UIL Holdings Corporation US Iberdrola USA Inc. US 25/02/2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 32 © Zephyr
Target sector by volume - North America deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 2,478 2,274 1,857
Publishing, printing 131 403 360
Machinery, equipment, furniture, recycling 508 443 309
Banks 236 226 163
Wholesale & retail trade 221 202 152
Chemicals, rubber, plastics 242 204 148
Education, health 110 105 103
Food, beverages, tobacco 82 75 61
Transport 72 80 59
Primary sector 104 120 58
Metals & metal products 67 73 54
Gas, water, electricity 44 64 42
Construction 40 54 33
Hotels & restaurants 48 33 33
Insurance companies 45 31 28
Textiles, wearing apparel, leather 26 23 18
Wood, cork, paper 27 26 16
Post and telecommunications 4 5 4
Public administration and defence 2 1 2
Target sector by value - North America deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Other services 175,454 108,766 82,671
Chemicals, rubber, plastics 52,216 101,851 75,467
Machinery, equipment, furniture, recycling 36,648 86,823 39,200
Banks 22,636 28,356 27,056
Primary sector 13,382 26,621 26,990
Wood, cork, paper 2,639 1,606 22,831
Publishing, printing 4,846 17,478 9,086
Wholesale & retail trade 24,394 18,479 9,062
Food, beverages, tobacco 23,842 4,979 7,926
Transport 9,096 47,042 7,861
Gas, water, electricity 5,801 21,124 7,747
Public administration and defence 46 0 4,750
Education, health 4,887 7,299 3,913
Metals & metal products 4,750 5,444 3,904
Insurance companies 4,558 5,698 3,242
Construction 5,975 2,658 1,705
Hotels & restaurants 4,476 5,629 1,469
Textiles, wearing apparel, leather 2,500 466 471
Post and telecommunications 146 327 80
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 33 © Zephyr
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 978 29,154
Q4 2014 1,390 72,270
Q3 2014 1,813 43,085
Q2 2014 1,511 55,037
Q1 2014 1,267 62,797
Q4 2013 1,287 46,470
Q3 2013 1,265 66,756
Q2 2013 1,287 37,305
Q1 2013 1,261 54,457
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 907 27,159
Q4 2014 1,305 70,016
Q3 2014 1,724 41,766
Q2 2014 1,441 53,987
Q1 2014 1,202 61,506
Q4 2013 1,186 42,596
Q3 2013 1,183 61,987
Q2 2013 1,211 35,963
Q1 2013 1,179 52,434
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 71 1,995
Q4 2014 84 2,254
Q3 2014 88 1,318
Q2 2014 70 1,050
Q1 2014 64 1,291
Q4 2013 99 3,864
Q3 2013 82 4,769
Q2 2013 76 1,342
Q1 2013 81 2,024
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 34 © Zephyr
North America private equity deals by volume and value
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 35 © Zephyr
Top 20 North America private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 4,000 IBO 100% Life Time Fitness Inc. US Leonard Green & Partners LP; LNK Partners; TPG Capital Management LP 16/03/2015
2. 2,400 IBO 100% Blue Coat Systems Inc. US Bain Capital LLC 10/03/2015
3. 2,000 IBO 100% Air Medical Group Holdings Inc. US Kohlberg Kravis Roberts & Company LP 11/03/2015
4. 1,500 IBO 100% Presidio Holdings Inc. US Apollo Global Management LLC 12/01/2015
5. 1,500 IBO majority stake Walgreens Infusion Services Inc. US Madison Dearborn Partners LLC 20/01/2015
6. 750 Minority stake Moda Midstream LLC US EnCap Flatrock Midstream 17/03/2015
7. 640 IBO 100% Integrated Silicon Solution Inc. US Hua Capital Management Ltd; Summitview Capital 12/03/2015
8. 601 Acquisition 100% Billy Bishop Toronto City Airport's passenger terminal CA Partners Group AG 27/01/2015
9. 530 Minority stake 21% Lyft Inc. US Fortress Investment Group LLC; Rakuten Inc. 11/03/2015
10. 440 IBO majority stake PetVet Care Centers Inc. US Ontario Teachers' Pension Plan 06/01/2015
11. 384 Minority stake CanEra Inc. CA NGP Energy Capital Management LLC; Riverstone Holdings LLC; Riverstone Energy Ltd
21/01/2015
12. 380 IBO 100% Anixter International Inc.'s Fasteners business US American Industrial Partners LP 12/02/2015
13. 367 Minority stake 3% Pinterest Inc. US 27/02/2015
14. 337 IBO 100% Saba Software Inc. US Vector Capital Corporation 10/02/2015
15. 322 Minority stake Prairie Storm Energy Corporation CA NGP Energy Capital Management LLC 04/02/2015
16. 280 Acquisition The Rockport Company LLC; Drydock Footwear LLC US; US Berkshire Partners LLC 23/01/2015
17. 275 IBO 100% The Standard Register Company's assets US Silver Point Capital Management LLC 12/03/2015
18. 273 IBO 100% E2open Inc. US Insight Venture Partners 05/02/2015
19. 250 Minority stake Red Ventures LLC US Silver Lake Partners LP 07/01/2015
20. 220 IBO 51% Canaccede Financial Group Ltd CA Varde Partners Inc. 04/03/2015
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Zephyr Quarterly M&A ReportNorth America, Q1 2015
Page 36 © Zephyr
Target sectors by volume - North America private equity deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 845 749 582
Publishing, printing 54 232 157
Machinery, equipment, furniture, recycling 146 163 82
Chemicals, rubber, plastics 43 45 30
Wholesale & retail trade 46 41 26
Education, health 17 16 20
Banks 11 20 18
Food, beverages, tobacco 25 23 14
Metals & metal products 12 14 10
Hotels & restaurants 13 5 7
Textiles, wearing apparel, leather 10 11 7
Transport 6 14 7
Primary sector 14 7 6
Gas, water, electricity 7 11 5
Wood, cork, paper 5 2 2
Construction 6 14 2
Post and telecommunications 2 3 1
Insurance companies 6 2 0
Public administration and defence 0 0 0
Target sectors by value - North America private equity deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Other services 24,434 28,272 15,691
Publishing, printing 277 9,522 3,443
Education, health 1,075 800 2,579
Wholesale & retail trade 14,928 8,911 1,726
Transport 35 3,196 1,353
Machinery, equipment, furniture, recycling 1,539 4,517 1,302
Banks 743 1,462 773
Primary sector 3,023 360 491
Metals & metal products 3,348 1,715 460
Chemicals, rubber, plastics 5,321 5,828 459
Textiles, wearing apparel, leather 2,206 277 331
Gas, water, electricity 704 6,185 269
Construction 187 346 125
Hotels & restaurants 1,574 19 74
Food, beverages, tobacco 1,280 194 44
Post and telecommunications 9 230 0
Public administration and defence 0 0 0
Wood, cork, paper 0 35 0
Insurance companies 1,654 165 0
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 37 © Zephyr
Asia Pacific M&A volume and value down in Q1
The volume and value of M&A targeting companies based in the Asia Pacific region both dropped in the first quarter of 2015 after value increased in the last three months of last year. In total there were 4,944 deals worth a combined USD 204,352 million signed off in the quarter, which also marks a decline on the 6,604 transactions worth USD 212,597 million in Q1 2014.
In terms of volume and value Asia Pacific accounted for 32 per cent and 23 per cent, respectively, of total global investment in the first quarter. This is in spite of the significant declines in volume and value recorded over the three months.
However, despite the disappointing showing, there were some significant transactions announced in the first quarter of 2015. The region’s most valuable deal in the year to date actually had targets in a number of different regions. Irish concrete manufacturer CRH agreed to pay USD 7,353 million for various assets of Holcim and Lafarge. The activities being purchased include operations in the Philippines.
Others targeted in high value deals include the Australian and New Zealand consumer lending businesses of General Electric Capital Corporation, as well as Hong Kong-based bank Citic.
Asia and Asia Pacific deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 4,944 204,352
Q4 2014 7,605 346,249
Q3 2014 7,725 295,812
Q2 2014 6,768 354,704
Q1 2014 6,604 212,597
Q4 2013 7,115 249,777
Q3 2013 6,400 245,382
Q2 2013 6,254 184,951
Q1 2013 5,744 179,004
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 38 © Zephyr
Asia and Asia Pacific deals by volume and value
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 39 © Zephyr
China is most targeted country once again
Although the very biggest deals of the quarter proved to be exceptions, a large number of the period’s top transactions featured Chinese targets. In all the country was targeted in 1,550 deals worth a combined USD 94,832 million while some 12 of the quarter’s top 20 transactions had Chinese targets.
The largest Chinese deal of Q1 was ranked sixth overall and was worth USD 2,406 million as Fuzhou-headquartered securities broker and underwriter Industrial Securities announced a rights issue to generate working capital and expand its current operations. Other Chinese targets include China Galaxy Securities, China Railway Group and Oceanwide Holdings.
China was well ahead of its nearest rivals in terms of both volume and value. Australia was the second most frequently targeted country with 623, followed by Japan and Taiwan with 533 and 494, respectively. India came second by value with investment of USD 22,749 million, followed by Australia with USD 17,810 million.
PE volume and value also decline
Unfortunately, private equity investment into the region did not fare much better than M&A as a drop in both volume and value was also recorded here. In all there were 479 deals worth USD 14,447 million in Q1 2015, compared to 548 worth USD 20,847 million in Q4 2014. Value was also down year on year (Q1 2014: USD 21,556 million) but volume actually increased over the 12 months; in the first quarter of 2014 the Asia Pacific region was targeted in just 336 deals.
Although value is undoubtedly disappointing, some comfort can be taken from the fact that it still surpassed the second quarter of last year, when deals worth USD 10,965 million were signed off.
One deal accounts for just under half of all PE investment in Asia Pacific
The disappointing investment levels in the first quarter of 2015 mean that the largest deal takes up a considerable portion of the aggregate deal value recorded over the three months. 43 per cent of the total investment of USD 14,447 million was attributable to Varde Partners, KKR and Deutsche Bank’s USD 6,263 million purchase of the Australian and New Zealand consumer lending businesses of GE Capital.
The second-placed transaction was some way off that pace as CITIC and KKR China agreed to acquire United Envirotech though their CKM (Cayman) subsidiary for USD 1,390 million. Others targeted in high value deals in Q1 include Oedo-Onsen Holdings, Shanghai Lazhasi Information Technology and CMS Info Systems.
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 40 © Zephyr
Top 20 Asia and Asia Pacific deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 7,353 Acquisition Holcim Ltd's Canadian assets; Lafarge SA's French assets; Lafarge SA's Brazillian assets; Lafarge SA's Mexican assets; Holcim Ltd's Brazillian assets; Holcim Ltd's Indian assets; Holcim Ltd's Mexican assets; Holcim Ltd's French assets; Holcim Ltd's German assets; Lafarge SA's Canadian assets; Lafarge SA's Indian assets; Lafarge SA's German assets; Holcim Ltd's British assets; Holcim Ltd's Slovak assets; Holcim Ltd's Philippine assets; Lafarge SA's Philippine assets; Lafarge SA's British assets
CA; FR; BR; MX; BR; IN; MX; FR; DE; CA; IN; DE; GB; SK; PH; PH; GB
CRH plc IE 02/02/2015
2. 6,263 IBO General Electric Capital Corporation's Australian consumer lending business; General Electric Capital Corporation's New Zealand consumer lending business
AU; NZ Deutsche Bank AG; Kohlberg Kravis Roberts & Company LP; Varde Partners Inc.
DE; US; US
15/03/2015
3. 5,924 Capital increase acquired 12%, to hold 21%
CITIC Ltd HK Chia Tai Bright Investment Co., Ltd VG 20/01/2015
4. 4,433 Minority stake 10% CITIC Ltd HK Chia Tai Bright Investment Co., Ltd VG 20/01/2015
5. 3,651 Minority stake 10% Coal India Ltd IN Investors 30/01/2015
6. 2,406 Capital Increase 23% Industrial Securities Co., Ltd CN 24/01/2015
7. 2,369 Acquisition increased from 55% to 100%
Keppel Land Ltd SG Keppel Corporation Ltd SG 12/02/2015
8. 2,154 Capital Increase 21%
China Galaxy Securities Co., Ltd CN Investors; Institutional Investors 20/01/2015
9. 1,923 Capital Increase 7% China Railway Group Ltd CN Investors; China Railway Engineering Corporation CN 11/02/2015
10. 1,917 Capital Increase 23%
Oceanwide Holdings Co., Ltd CN Investors; China Oceanwide Holdings Group Co., Ltd CN 04/02/2015
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 41 © Zephyr
Top 20 Asia and Asia Pacific deals by value (cont’d)
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
11. 1,888 Minority stake 3% CITIC Securities Co., Ltd CN 13/01/2015
12. 1,695 Minority stake 5% China CITIC Bank Corporation Ltd CN Summit Idea Ltd VG 23/01/2015
13. 1,612 Capital Increase 25%
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd
CN Guangzhou Pharmaceutical Holdings Ltd; China Universal Asset Management Co., Ltd; Guangzhou State-owned Assets Development Holding Co., Ltd; Guangzhou Guoshou City Development Industry Investment Enterprise (LP); Shanghai Yunfeng Xinchuang Investment Management Co., Ltd
CN; CN; CN; CN; CN
13/01/2015
14. 1,596 Capital Increase 10% Poly Real Estate Group Co., Ltd CN Investors; China Poly Group Corporation CN 17/03/2015
15. 1,390 Acquisition 100% United Envirotech Ltd SG CKM (Cayman) Co., Ltd KY 05/03/2015
16. 1,368 Acquisition 100% Xiangcai Securities Co., Ltd CN Shanghai Great Wisdom Caihui Data Technology Co., Ltd; Shanghai Great Wisdom Co., Ltd
CN; CN 23/01/2015
17. 1,288 Capital Increase 14% Shenzhen Overseas Chinese Town Co., Ltd CN Overseas Chinese Town Enterprise Corporation; Foresea Life Insurance Co., Ltd; Shenzhen Jushenghua Co., Ltd
CN; CN; CN
21/03/2015
18. 1,281 Capital Increase 31%
Dongxu Optoelectronic Technology Co., Ltd CN Investors; Changjiang Securities Co., Ltd; Kunshan Development District Guotou Holdings Co., Ltd; Dongxu Group Co., Ltd; Beijing Yingfei Hailin Chuangye Investment Management Co., Ltd
CN; CN; CN; CN; CN
28/01/2015
19. 1,246 Acquisition 100% Jiangsu High Hope International Group Co., Ltd CN Jiangsu High Hope Corporation CN 23/01/2015
20. 1,217 Acquisition 100% APL Logistics Ltd SG Kintetsu World Express Inc. JP 17/02/2015
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 42 © Zephyr
Target country by volume - Asia and Asia Pacific deals
Target country Q1 2014 Q4 2014 Q1 2015
China 1,237 2,092 1,550
Australia 942 1,052 623
Japan 1,050 755 533
Taiwan 508 619 494
India 787 751 443
South Korea 790 844 382
Malaysia 323 338 253
Vietnam 243 293 153
Thailand 102 153 115
Singapore 161 160 97
Indonesia 73 145 64
Hong Kong 117 111 63
New Zealand 112 106 51
Philippines 53 44 41
Kyrgyzstan 19 14 17
Sri Lanka 23 39 17
Samoa 13 10 10
Kazakhstan 14 52 10
Azerbaijan 12 10 8
Myanmar 3 3 6
Target country by value - Asia and Asia Pacific deals
Target country Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
China 61,009 174,942 94,832
India 12,873 18,032 22,749
Australia 24,898 32,449 17,810
Taiwan 13,652 14,950 12,470
South Korea 30,990 32,726 11,827
Hong Kong 13,968 6,231 11,574
Japan 28,542 31,091 10,940
Philippines 1,492 3,162 9,823
New Zealand 2,480 1,319 7,026
Singapore 5,714 8,804 6,750
Thailand 4,353 5,892 3,786
Malaysia 6,767 6,367 3,614
Indonesia 3,828 4,088 2,089
Vietnam 1,422 1,987 930
Kazakhstan 392 3,346 560
Cambodia 23 13 320
Marshall Islands 1,586 612 310
Samoa 104 83 167
Laos 0 0 161
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 43 © Zephyr
Target sector by volume - Asia and Asia Pacific deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 1,709 2,083 1,476
Machinery, equipment, furniture, recycling 1,168 1,407 975
Chemicals, rubber, plastics 638 722 395
Wholesale & retail trade 520 525 307
Publishing, printing 342 385 303
Banks 459 451 282
Construction 396 454 266
Metals & metal products 302 363 188
Food, beverages, tobacco 199 193 120
Transport 189 188 120
Primary sector 116 179 114
Education, health 103 146 103
Textiles, wearing apparel, leather 113 128 75
Gas, water, electricity 103 164 67
Hotels & restaurants 111 89 51
Wood, cork, paper 50 47 39
Insurance companies 52 53 27
Post and telecommunications 3 8 3
Public administration and defence 1 0 0
Target sector by value - Asia and Asia Pacific deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Other services 41,772 62,086 54,051
Machinery, equipment, furniture, recycling 34,390 61,916 29,128
Chemicals, rubber, plastics 22,345 33,267 27,649
Banks 23,086 59,415 23,879
Construction 25,262 30,088 18,866
Transport 5,873 17,310 7,538
Publishing, printing 5,124 8,230 6,980
Wholesale & retail trade 15,243 15,769 6,887
Metals & metal products 8,611 13,586 6,532
Primary sector 4,422 9,836 5,646
Gas, water, electricity 5,782 12,008 4,935
Food, beverages, tobacco 9,929 9,832 4,206
Insurance companies 3,081 8,362 3,335
Education, health 4,536 2,179 1,732
Wood, cork, paper 1,631 1,390 1,213
Textiles, wearing apparel, leather 1,449 3,320 1,027
Hotels & restaurants 2,610 2,393 963
Post and telecommunications 8 110 68
Public administration and defence 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 44 © Zephyr
Asia and Asia Pacific private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 479 14,447
Q4 2014 548 20,847
Q3 2014 504 32,008
Q2 2014 350 10,965
Q1 2014 336 21,556
Q4 2013 373 8,240
Q3 2013 314 11,500
Q2 2013 236 3,269
Q1 2013 225 9,388
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 45 © Zephyr
Asia and Asia Pacific private equity deals by volume and value
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 46 © Zephyr
Top 20 Asia and Asia Pacific private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 6,263 IBO General Electric Capital Corporation's Australian consumer lending business; General Electric Capital Corporation's New Zealand consumer lending business
AU; NZ Kohlberg Kravis Roberts & Company LP; Varde Partners Inc. 15/03/2015
2. 1,390 Acquisition 100% United Envirotech Ltd SG Kohlberg Kravis Roberts & Company LP 05/03/2015
3. 420 IBO 100% Oedo-Onsen Holdings KK JP Bain Capital LLC 13/02/2015
4. 350 Minority stake Shanghai Lazhasi Information Technology Co., Ltd CN Tencent Holdings Ltd; Shanghai Hantao Information Consultation Co., Ltd; JD.com Inc.; Sequoia Capital China Advisors Ltd; CITIC Private Equity Funds Management Co., Ltd
23/01/2015
5. 250 IBO 57% CMS Info Systems Pvt Ltd IN Baring Private Equity Partners Asia 09/03/2015
6. 249 IBO 100% Hitachi Metals Techno, Ltd JP Carlyle Group LP 03/02/2015
7. 200 Minority stake Shenzhen Binxun Technology Co., Ltd CN Sequoia Capital; Matrix Partners China; 58.com Inc. 12/03/2015
8. 196 IBO 100% Destimoney Enterprises Pvt Ltd IN Carlyle Group LP 29/01/2015
9. 193 IBO 100% Kerry Pinnacle Pty Ltd AU Pacific Equity Partners Pty Ltd 08/03/2015
10. 170 Minority stake Uxin (Beijing) Information Technology Co., Ltd CN Kohlberg Kravis Roberts & Company LP; Coatue Management LLC; Baidu Inc.
18/03/2015
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 47 © Zephyr
Top 20 Asia and Asia Pacific private equity deals by value (cont’d)
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
11. 169 IBO majority stake Primo Japan Inc. JP The Longreach Group Inc. 30/01/2015
12. 160 Minority stake Shanghai Qeeka Information Technology Co., Ltd CN 28/02/2015
13. 146 Minority stake 25% Manipal Health Enterprises Pvt Ltd IN TPG Capital Management LP 23/01/2015
14. 113 Minority stake 18% Global Health Pvt Ltd IN Temasek Holdings Pte Ltd 19/01/2015
15. 110 Minority stake Cheyipai (Beijing) Automotive Technology Service Co., Ltd
CN Morningside Technology Investments Ltd; CITIC Capital Holdings Ltd; Sequoia Capital China Advisors Ltd; Matrix Partners China; Renren Inc.
06/02/2015
16. 100 Minority stake Innovent Biologics, Inc. CN Temasek Holdings Pte Ltd; Legend Capital Co., Ltd; Fidelity Biosciences; Lilly Asian Ventures; Fidelity Growth Partners Asia; Frontline BioVentures Ltd
22/01/2015
17. 100 Minority stake Langkoo Inc. CN Temasek Holdings Pte Ltd; Digital Sky Technologies; Beijing Shunwei Venture Capital Co., Ltd; H Capital
17/02/2015
18. 100 Minority stake Shenzhen Qianhai Juzi Information Technology Co., Ltd
CN Matrix Partners China; Bertelsmann Asia Investments; Mail.ru Group Ltd; China Renaissance K2 Ventures
02/02/2015
19. 100 Minority stake Zhongshang Huimin (Beijing) E-Commerce Co., Ltd
CN Shenzhen Fortune Venture Capital Co., Ltd; GP Capital Co., Ltd; Zhejiang Zheshang Venture Capital Management Group Co., Ltd
24/01/2015
20. 100 Minority stake Shenzhen Wangzhi Technology Development Co., Ltd
CN Morningside Technology Investments Ltd; Matrix Partners China; Greenwoods Asset Management Ltd; Vipshop Holdings Ltd
05/03/2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 48 © Zephyr
Target country by volume - Asia and Asia Pacific private equity deals
Target country Q1 2014 Q4 2014 Q1 2015
China 136 269 218
India 98 137 161
Japan 38 39 39
Australia 16 25 17
Singapore 16 11 15
South Korea 6 27 6
Malaysia 1 5 6
Indonesia 5 10 5
New Zealand 5 5 3
Hong Kong 6 11 3
Thailand 2 2 2
Pakistan 0 1 1
Kazakhstan 0 0 1
Taiwan 2 2 1
Philippines 1 2 1
Myanmar 0 0 1
Target country by value - Asia and Asia Pacific private equity deals
Target country Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Australia 5,566 1,448 6,552
New Zealand 854 590 6,264
China 2,242 7,437 3,120
India 1,181 3,412 1,875
Singapore 403 611 1,584
Japan 1,018 2,770 1,098
South Korea 1,982 4,494 115
Malaysia 35 550 67
Pakistan 0 4 15
Hong Kong 8,239 29 15
Philippines 0 2 2
Indonesia 0 125 2
Taiwan 26 3 1
Thailand 1 0 1
Myanmar 0 0 1
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportAsia and Asia Pacific, Q1 2015
Page 49 © Zephyr
Target sectors by volume - Asia and Asia Pacific private equity deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 159 275 248
Publishing, printing 66 100 91
Wholesale & retail trade 19 36 35
Machinery, equipment, furniture, recycling 33 57 34
Chemicals, rubber, plastics 7 19 15
Education, health 14 14 14
Hotels & restaurants 7 6 7
Primary sector 2 1 7
Food, beverages, tobacco 8 4 5
Transport 4 2 5
Banks 8 14 5
Metals & metal products 0 3 4
Wood, cork, paper 0 4 4
Construction 1 9 3
Textiles, wearing apparel, leather 4 3 1
Gas, water, electricity 2 3 1
Post and telecommunications 0 1 0
Insurance companies 0 0 0
Target sectors by value - Asia and Asia Pacific private equity deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Banks 2,426 395 6,556
Other services 5,785 7,080 4,976
Publishing, printing 1,041 2,701 606
Hotels & restaurants 377 48 453
Education, health 40 556 391
Chemicals, rubber, plastics 2,731 1,923 321
Food, beverages, tobacco 91 299 288
Machinery, equipment, furniture, recycling 263 5,319 272
Wholesale & retail trade 5,969 1,664 248
Primary sector 0 4 114
Transport 66 5 107
Wood, cork, paper 0 4 47
Metals & metal products 0 145 37
Construction 5 1,265 15
Gas, water, electricity 331 60 15
Post and telecommunications 0 0 0
Insurance companies 0 0 0
Textiles, wearing apparel, leather 36 44 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 50 © Zephyr
CEE reaches two-year low
Mergers and acquisitions (M&A) targeting companies in Central and Eastern Europe (CEE) declined in Q1 2015 to 1,638 deals worth a combined USD 18,192 million, the lowest recorded quarter by volume in the last two years under review.
Volume in the first three months of 2015 decreased 42 per cent from Q4 2014 when 2,802 deals were recorded, while value dropped by almost three-quarters (Q4 2014: USD 64,154 million).
Year-over-year, both volume and value declined from 3,148 deals worth USD 31,972 million in Q1 2014.
In Russia there were 332 transactions worth a combined USD 4,426 million, compared to 724 deals worth USD 48,966 million in Q4 2014.
In a 12-month comparison, value was also significantly down on the USD 19,403 million recorded in Q1 2014.
Russia/CEE deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 1,638 18,192
Q4 2014 2,802 64,154
Q3 2014 2,791 56,274
Q2 2014 3,022 41,890
Q1 2014 3,148 31,972
Q4 2013 3,430 79,822
Q3 2013 2,786 45,737
Q2 2013 2,421 63,814
Q1 2013 2,082 52,875
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 51 © Zephyr
Russia/CEE deals by volume and value
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
10,000
20,000
30,000
40,000
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Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Dea
l val
ue (m
il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 52 © Zephyr
Three non-Russian deals pass the USD 1,000 million-mark
In spite of the decline in value, three of the top 20 deals surpassed the USD 1,000 million-barrier and represented 57 per cent of the quarter’s total (USD 18,192 million).
The highest valued transaction in the first three months of 2015 involved CRH announcing the USD 7,353 million acquisition of various assets in a number of world regions from Holcim and Lafarge. Among the activities being jettisoned are Holcim’s Slovak assets. The deal is pending regulatory approvals and expected to complete in June 2015.
In the second largest deal by value O2 Czech Republic agreed to demerge its wired and wireless assets into Ceska Telekomunikacni Infrastruktura for USD 1,908 million in February.
Despite the disappointing results in Russia, and the lack of high-value deals, the country was still targeted in 11 of the top 20 transactions.
Various sectors attracted investment in the first quarter of 2015, including oil and gas exploration, banking, beer production and hotels.
Although Russia lost its number one spot by value it remained top by volume, with 332 deals worth USD 4,426 million targeting the country.
M&A value in the Czech Republic almost doubled in Q1 2015 with 29 deals totalling USD 2,151 million from 60 deals worth USD 1,094 million in Q4 2014. Other countries where value increased include Croatia and Serbia, while Ukraine and Hungary lost ground.
PE value crashes to new low
There were 73 private equity investment deals worth a combined USD 81 million targeting companies based in the CEE in Q1 2015, the lowest recorded in the last two years.
While volume declined 30 per cent from 105 deals in Q4 2014, value plummeted 89 per cent from USD 731 million. On a monetary basis, both volume and value decreased from 163 transactions worth USD 538 million at the same time a year ago.
The decrease in value was a result of the lack of large transactions in Q1 2015, with not one exceeding USD 20 million.
Russia retained its leading position by volume; however, it was overtaken by Poland by value with deals worth a collective USD 29 million targeting the country compared to USD 26 million for Russia.
Hungary was the only country where value increased quarter-on-quarter, with 3 transactions totalling USD 9 million (Q4 2014: 5 deals worth USD 2 million).
Large deal ranks Slovakia top by value
M&A value was highest in Slovakia during Q1 2015, as the country topped the rankings thanks to the USD 7,353 million Holcim and Lafarge deal, although a number of other countries in other regions were also targeted in this deal. In all, Slovakian companies were targeted in 7 transactions worth a combined USD 7,363 million.
As a result of its one large transaction, this was the country’s highest result over the last three years (Q1 2014: USD 258 million; Q3 2014: USD 407 million; Q2 2014: USD 328 million).
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 53 © Zephyr
Top 20 Russia/CEE deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
1. 7,353 Acquisition Holcim Ltd's Canadian assets; Lafarge SA's French assets; Lafarge SA's Brazillian assets; Lafarge SA's Mexican assets; Holcim Ltd's Brazillian assets; Holcim Ltd's Indian assets; Holcim Ltd's Mexican assets; Holcim Ltd's French assets; Holcim Ltd's German assets; Lafarge SA's Canadian assets; Lafarge SA's Indian assets; Lafarge SA's German assets; Holcim Ltd's British assets; Holcim Ltd's Slovak assets; Holcim Ltd's Philippine assets; Lafarge SA's Philippine assets; Lafarge SA's British assets
CA; FR; BR; MX; BR; IN; MX; FR; DE; CA; IN; DE; GB; SK; PH; PH; GB
CRH plc IE 02/02/2015
2. 1,908 Demerger 100% Ceska Telekomunikacni Infrastruktura AS CZ Shareholders 27/02/2015
3. 1,113 Minority stake 21% OMV Petrom SA RO Ministerul Energiei, Intreprinderilor Mici si Mijlocii si Mediului Afacerilor
RO 22/01/2015
4. 765 Acquisition increased to 100% Uralkalii-Tekhnologiya ZAO RU Uralkalii PAO RU 13/02/2015
5. 600 Capital Increase 40% Moskovskii Kreditnyi Bank OAO RU 17/02/2015
6. 486 Minority stake 28% Gruppa Kompanii PIK OAO RU Tsentralnyi Bank Rossiiskoi Federatsii; Undisclosed acquiror
RU 03/02/2015
7. 374 Acquisition 98% Karlsberg Ukrayina PAT UA Baltic Beverages Invest AB SE 17/03/2015
8. 363 Acquisition increased from 46% to 96%
Nizhnekamskneftekhim PAO RU Telekom-Menedzment OOO RU 02/03/2015
9. 308 Capital Increase 93% Aptechnaya Set 36.6 PAO RU 14/01/2015
10. 230 Acquisition increased to 100% Nizhne-Bureiskaya GES OAO RU Federalnaya Gidrogeneriruyushchaya Kompaniya - Rusgidro OAO
RU 12/01/2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 54 © Zephyr
Top 20 Russia/CEE deals by value (cont’d)
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country
Announced date
11. 191 Capital increase acquired 82%, to hold 92%
Belje dd HR Agrokor dd HR 29/01/2015
12. 169 Acquisition Accor-Pannonia Hotels Szallodauzemelteto Zrt; Katerinska Hotel SRO; Accor Hotels Romania SRL; Hotel Muranowska Sp zoo; Hotek Polska Sp zoo
HU; CZ; RO; PL; PL
Orbis SA PL 07/01/2015
13. 167 Minority stake increased from 5% to 9%
Cyfrowy Polsat SA PL Embud Sp zoo PL 16/03/2015
14. 153 Capital Increase 39% Tupolev OAO RU Obyedinennaya Aviastroitelnaya Korporatsiya OAO RU 11/02/2015
15. 144 Minority stake 1% Magnit PAO RU Institutional Investors 04/02/2015
16. 125 Capital Increase 39% VTB Bank PAT UA Shareholders; Bank VTB OAO RU 27/02/2015
17. 107 Acquisition increased to 100% Aktsionernyi Kommercheskii Bank Rossiiskii Kapital OAO
RU Gosudarstvennaya Korporatsiya Agentstvo po Strakhovaniyu Vkladov
RU 16/03/2015
18. 106 Minority stake 40% BaltTransServis OOO RU Vardanyan Broitman i Partnery OOO RU 04/02/2015
19. 100 Minority stake 29% Telekanal Inter PrAT UA Vacea Ventures Ltd CY 03/02/2015
20. 99 Acquisition 100% Malpka SA PL Copernicus Capital Towarzystwo Funduszy Inwestycyjnych SA
PL 18/02/2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 55 © Zephyr
Target country by volume - Russia/CEE deals
Target country Q1 2014 Q4 2014 Q1 2015
Russia 738 724 332
Poland 364 514 302
Romania 185 140 155
Ukraine 342 219 148
Bulgaria 292 128 102
Estonia 97 107 63
Moldova 48 54 51
Latvia 57 65 41
Hungary 51 54 39
Serbia 32 42 32
Czech Republic 55 60 29
Croatia 11 21 26
Slovenia 7 25 21
Belarus 64 56 19
Bosnia And Herzegovina 24 24 13
Lithuania 33 22 11
Slovakia 15 22 7
Macedonia 8 8 3
Montenegro 1 3 1
Target country by value - Russia/CEE deals
Target country Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Slovakia 0 258 7,363
Russia 19,403 48,966 4,426
Czech Republic 2,067 1,094 2,151
Romania 1,833 1,482 1,470
Poland 1,793 5,497 1,170
Ukraine 4,352 2,337 702
Hungary 767 1,185 322
Croatia 182 139 303
Bulgaria 882 920 223
Serbia 111 199 206
Slovenia 7 1,255 199
Lithuania 206 107 67
Estonia 110 240 61
Bosnia And Herzegovina 18 64 20
Moldova 66 21 14
Latvia 92 271 7
Montenegro 4 1 3
Belarus 104 2,256 1
Macedonia 9 97 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: zephyreditorial@bvdinfo.com
Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 56 © Zephyr
Target sector by volume - Russia/CEE deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 1,040 802 510
Wholesale & retail trade 374 367 193
Banks 303 272 171
Machinery, equipment, furniture, recycling 213 230 118
Construction 238 188 101
Food, beverages, tobacco 113 105 72
Chemicals, rubber, plastics 116 108 71
Primary sector 177 118 68
Publishing, printing 40 75 59
Transport 132 112 57
Gas, water, electricity 89 111 51
Hotels & restaurants 69 63 40
Metals & metal products 64 71 38
Education, health 46 47 28
Insurance companies 60 42 17
Textiles, wearing apparel, leather 42 43 17
Wood, cork, paper 22 19 7
Post and telecommunications 6 4 2
Public administration and defence 2 1 0
Target sector by value - Russia/CEE deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Chemicals, rubber, plastics 2,058 2,543 8,186
Other services 9,390 10,012 2,578
Banks 3,084 6,872 1,772
Primary sector 3,904 5,007 1,538
Machinery, equipment, furniture, recycling 3,019 1,527 1,233
Construction 1,863 1,342 796
Wholesale & retail trade 1,094 2,332 690
Food, beverages, tobacco 375 882 567
Hotels & restaurants 91 55 278
Transport 346 3,523 193
Gas, water, electricity 2,825 18,640 106
Metals & metal products 3,235 10,292 105
Insurance companies 413 113 81
Publishing, printing 33 70 48
Textiles, wearing apparel, leather 9 658 23
Education, health 124 20 5
Wood, cork, paper 23 52 2
Post and telecommunications 33 24 0
Public administration and defence 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 57 © Zephyr
Russia/CEE private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Q1 2015 73 81
Q4 2014 105 731
Q3 2014 118 652
Q2 2014 145 293
Q1 2014 163 538
Q4 2013 198 10,141
Q3 2013 101 386
Q2 2013 72 2,002
Q1 2013 89 3,108
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 58 © Zephyr
Russia/CEE private equity deals by volume and value
0
50
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Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Dea
l val
ue (m
il U
SD)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 59 © Zephyr
Top 20 Russia/CEE private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Announced date
1. 15 Minority stake 45% Mamsi OOO RU Baring Vostok Capital Partners Ltd; ru-Net Ltd 31/01/2015
2. 13 IBO 82% FPM SA PL TDJ SA 23/02/2015
3. 6 Minority stake 16% Graboplast Padlogyarto Zrt HU PortfoLion Kockazati Tokealap-kezelo Zrt 05/01/2015
4. 6 Minority stake Interactive Travel Holdings Sp zoo PL 3TS Capital Partners Oy 27/02/2015
5. 6 IBO 91% Everest Towarzystwo Funduszy Inwestycyjnych SA PL WDM Capital SA 20/01/2015
6. 5 Minority stake IsePankur AS EE Valinor Management LLC 27/02/2015
7. 4 IBO 25% Ecoservice UAB LT BaltCap AS 12/02/2015
8. 3 Minority stake Dabl OOO RU LETA Capital; Simile Venture Partners 04/03/2015
9. 3 Capital Increase 17% Airway Medix SA PL Adiuvo Investment SA; Orenore Sp zoo 18/02/2015
10. 3 Minority stake RoboSiVi OOO RU Columbus Nova Technology Partners; Almaz Capital Partners; VTB Kapital Upravlenie Aktivami ZAO; LETA Capital; I2BF LLC
17/02/2015
11. 3 Minority stake Pannon Tyre Recycling Zrt HU Alliance Jura-Hongrie Kockazati Tokealap-Kezelo Zrt 22/01/2015
12. 2 Minority stake Tsentr Onlain-Obucheniya Netologiya-Grupp OOO RU InVenture Partners; Buran Venture Capital 03/02/2015
13. 2 Minority stake Helico Aerospace Industries Ltd LV IT-Farm Corporation; Seraph Group; Imprimatur Capital Fund Management SIA; Base Ventures; Flycap SIA
19/03/2015
14. 1 Minority stake Clusterpoint SIA LV Imprimatur Capital Ltd; BaltCap AS 20/02/2015
15. 1 IBO 100% Wykop Sp zoo PL Garvest BV 03/02/2015
16. 1 Minority stake Stenders SIA LV BaltCap AS 12/03/2015
17. 1 Minority stake 10% Skypicker.com SRO CZ 05/02/2015
18. 1 Minority stake Khelpmed OOO RU 16/03/2015
19. 1 Minority stake UT Automotive Kft HU Szechenyi Tokealap-Kezelo Zrt 13/01/2015
20. 1 Minority stake Plumbr OU EE 18/02/2015
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 60 © Zephyr
Target country by volume - Russia/CEE private equity deals
Target country Q1 2014 Q4 2014 Q1 2015
Russia 79 46 25
Poland 13 12 20
Ukraine 13 6 5
Latvia 5 9 4
Estonia 3 5 4
Czech Republic 5 5 4
Hungary 9 5 3
Romania 5 5 3
Lithuania 7 3 2
Slovenia 1 2 1
Croatia 1 1 1
Macedonia 0 0 1
Target country by value - Russia/CEE private equity deals
Target country Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Poland 12 29 29
Russia 311 586 26
Hungary 7 2 9
Estonia 5 28 6
Latvia 17 16 5
Lithuania 23 14 4
Czech Republic 124 28 1
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
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Zephyr Quarterly M&A ReportRussia/CEE, Q1 2015
Page 61 © Zephyr
Target sectors by volume - Russia/CEE private equity deals
Target sector Q1 2014 Q4 2014 Q1 2015
Other services 129 56 40
Machinery, equipment, furniture, recycling 7 10 9
Publishing, printing 8 14 8
Education, health 3 2 3
Wholesale & retail trade 5 3 3
Banks 3 5 2
Chemicals, rubber, plastics 1 3 2
Post and telecommunications 1 1 1
Hotels & restaurants 0 2 1
Transport 1 3 1
Gas, water, electricity 0 2 1
Food, beverages, tobacco 1 0 1
Insurance companies 0 0 0
Primary sector 0 2 0
Wood, cork, paper 0 0 0
Textiles, wearing apparel, leather 0 0 0
Construction 3 1 0
Metals & metal products 1 2 0
Target sectors by value - Russia/CEE private equity deals
Target sector Q1 2014 (mil USD)
Q4 2014 (mil USD)
Q1 2015 (mil USD)
Other services 382 372 35
Machinery, equipment, furniture, recycling 30 21 23
Wholesale & retail trade 13 2 15
Chemicals, rubber, plastics 0 125 7
Post and telecommunications 0 0 0
Education, health 0 0 0
Publishing, printing 1 24 0
Banks 95 36 0
Primary sector 0 148 0
Transport 0 4 0
Insurance companies 0 0 0
Wood, cork, paper 0 0 0
Textiles, wearing apparel, leather 0 0 0
Food, beverages, tobacco 0 0 0
Metals & metal products 0 1 0
Hotels & restaurants 0 2 0
Construction 19 0 0
Gas, water, electricity 0 7 0
Zephyr Half Year M&A Report
Notes to editors
Activity is based on the activity of the target company.
Deal status is announced within the time period.
The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr.
The date range for Q1 2015 is deals announced between 01/01/2015 - 22/03/2014 inclusive.
The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the UK.
The Asia and Asia Pacific region covers target companies based in the Far East, Central Asia and Oceania.
The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.
Where deals have multiple targets the sector and region of each target is represented in the data.
All deal types are included except joint ventures, IPOs, planned IPOs and share buybacks.
Zephyr Half Year M&A Report
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About Zephyr
Zephyr is an information solution containing M&A, IPO and venture capital deals and rumours with links to detailed financial
company information. Zephyr covers various deal types including M&A activity, IPOs, joint ventures and private equity deals. It’s
published by Bureau van Dijk (BvD). The deals on Zephyr are linked to the company financials and peer reports on BvD’s product
range, which includes Orbis, Amadeus and Fame, for company valuation and benchmarking.
Zephyr contains information on over 1 million deals. Approximately 75,000 deals are added each year depending on levels of deal
activity. Zephyr has no minimum deal value. All deal information is translated into English. Zephyr’s UK-based researchers speak
35 languages and use native language and English sources in their deal enquiries. www.zephyrdealdata.com
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