A mergermArket report on globAl m&A Activity Monthly M&A ... · With many global pharmaceutical companies ... stride and the outlook for future activity ... GlobAl overvIew ThE WOrLD

Monthly M&A InsIderA mergermArket report on globAl m&A Activity

JUne 2011

Monthly M&A InsIdermergermarket

GlobAl overvIew 01

AmericAs: lAtin AmericA 06

north AmericA 11

AsiA-pAcific 16

eUrope 21

middle eAst & AfricA 27

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CONTENTS

Monthly M&A Insider

globAl overvieW

01

In the largest private equity disposal, an investor consortium led by Nordic Capital agreed to sell Nycomed, the Swiss drug maker, to Japan’s Takeda Pharmaceutical for a hefty US$13.74bn price tag. Despite IPO activity bubbling up this year, the sellers shelved plans for a public share offering and opted for a trade sale. Trade sales have proven an attractive route to exit delivering higher valuations from eager cash-rich corporates at a time when institutional investors seem to be shying away from many of the prospective new equity offerings coming from private equity backed firms.

On the buy-side, meanwhile, Takeda’s move makes strategic sense. With many global pharmaceutical companies facing patent expirations in the coming years, the acquisition will help Takeda to beef up its product portfolio and pipeline, while also giving the company a presence in Europe. Currently, the drug maker is the largest by sales in Japan and one of the country’s largest outbound investors in recent years, having spent US$7.66bn acquiring the US-based Millennium Pharmaceuticals in 2008.

Casting a look to the second largest exit in the month of May, the sale also came off as a landmark transaction for the asset class as a club of financial investors led by Silver Lake Partners agreed to sell the internet communications firm Skype to software giant Microsoft for US$9.04bn. Certainly, this has delivered a massive payday for the sellers who brokered a 70.00% majority stake buyout of Skype from eBay, the online auction company, for just US$2.03bn in September 2009.

The sky high rise in Skype’s valuation over the past 18 months may leave some analysts wondering whether Microsoft is paying over the odds for the star internet communications company. Similar to the deal for Nycomed, the sellers of Skype turned away from a public listing after filing for an IPO late in 2010 when the vendors began holding talks with some of the world’s biggest internet and software companies over the potential sale of the asset. There is no doubt that this was a shrewd move for the vendors, but it remains to be seen whether Microsoft can extract the synergies from Skype to justify the purchase price - eBay, as an owner, never achieved such synergies with its online auction business.

In the broader market, exit activity over the first five months of 2011 is up by just under 10% year on year, while overall global M&A activity is down by some 6%. It is an impressive stride and the outlook for future activity remains bright with a backload of mature portfolio assets yet to come to market and many funds eager to broker sales and redistribute capital to LP investors before kicking off new funding rounds.

gLOBAL OvErvIEW

head of research: Elias Latsis

editor: rory McNeil

For advertising opportunities contact:

erik wickman

tel: + (1) 212 6863329 [email protected]

Global overview: Matthew Albert

latin America: Urna Chakraborty

north America: Jason Cozza

Asia-pacific: rus Beasley

europe: Samuel Tedjasukmana and Damien Julliard

Middle east & Africa: Yannis Papacostas and Marie-Laure Keyrouz

GlobAl overvIew

ThE WOrLD MErgEr MArKET SAW A FLUrrY OF BIg-TICKET M&A IN MAY AS ThE STrONg COrPOrATE APPETITE FOr DEALMAKINg AND PrIvATE EqUITY SELL-SIDE ACTIvITY BOLSTErED LArgE-CAP TrANSACTION FLOWS. IN ThE MONTh, DEAL ACTIvITY gAvE CrEDENCE TO hOPES ThAT ThE ExIT WINDOW IS OPEN FOr PrIvATE EqUITY DIvESTMENTS WITh ThE ASSET CLASS BrOKErINg ThE TWO LArgEST POrTFOLIO SALES TO COME TO MArKET SINCE ThE ONSET OF ThE gLOBAL FINANCIAL CrISIS IN LATE 2008.

Monthly M&A Insider 02

globAl overvieW

TrEND grAPhS

GlobAl M&A quArterly trend

0

200

400

600

800

1000

1,,200

1,400

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$bn

)

Total value Mid-market value

Num

ber of deals

0

500

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Total volume Mid-market volume

0

50

100

150

200

250

300

350

400

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$bn

)

Buyout value Exit value

Num

ber of deals

Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

GlobAl M&A AnnuAl trend GlobAl M&A AnnuAl prIvAte equIty trend

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

YTD 2011*2010200920082007200620052004

Valu

e (U

S$bn

)


Num

ber of deals

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


0

100

200

300

400

500

600

700

800

900

YTD 2011*2010200920082007200620052004

Valu

e (U

S$bn

)


Num

ber of deals


0

500

1,000

1,500

2,000

2,500

3,000

3,500

GlobAl M&A quArterly prIvAte equIty trend


globAl overvieW

TrEND grAPhS

GlobAl M&A sector breAkdown ytd 2011

GlobAl GeoGrAphIc breAkdown ytd 2011

vALUE

vALUE

vOLUME

vOLUME

22.3%

11.1%

1.7% 4.8%

6.4%

0.4%

4.4%

18.6%

17.0%

0.3%

1.5%

9.3%

2.3%Industrials & Chemicals

TMT

Business Services

Consumer

Energy, Mining & Utilities

Financial Services

Pharma, Medical & Biotech

Leisure

Construction

Transportation

Real Estate

Agriculture

Defence

4.9%1.6%

45.1%32.7%

15.7% Asia-Pacific

Europe

North America

Middle East & Africa

Latin America

9.5%

12.7%

1.0%0.4%

3.0%3.6%

1.5%

8.0%

3.7%

8.8%

19.5%

14.8%

13.5%

Industrials & Chemicals

TMT

Business Services

Consumer


Financial Services


Leisure

Construction

Transportation

Real Estate

Agriculture

Defence

4.5%2.2%

33.5%

39.8%

20.0% Asia-Pacific

Europe

North America

Middle East & Africa

Latin America


globAl overvieW

TrEND grAPhS

GlobAl M&A deAl sIze breAkdown

vALUE vOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

28.9%

18.6%

24.5%

9.9%

18.2%

38.8%

15.5%

22.1%

8.5%

15.1%

43.9%

16.3%

20.4%

7.3%

12.3%

39.8%

16.9%

23.0%

7.9%

12.5%

42.7%

15.0%

19.1%

8.8%

14.3%

40.7%

16.4%

20.5%

7.9%

14.6%

28.1%

20.7%

27.5%

9.3%

14.5%

36.0%

21.2%

23.0%

8.3%

11.5%

<US$250m or undisclosed value

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

Per

cent

age

80

82

84

86

88

90

92

94

96

98

100

YTD 2011*2010200920082007200620052004


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

0.3%

1.0%

4.2%

4.5%

90.0%

0.7%

1.0%

4.5%

4.7%

89.2%

0.7%

1.2%

5.0%

4.7%

88.4%

0.7%

1.3%

5.5%

5.1%

87.4%

0.6%

0.9%

3.9%

4.6%

90.1%

0.5%

0.9%

3.8%

3.9%

91.0%

89.1%

4.5%

4.8%

1.2%

0.5% 0.7%

1.4%

5.6%

5.1%

87.1%

Per

cent

age

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LATIN AM

ERICA

LATIN AMERICAA MERgERMARkET M&A REpoRT oN


The deal of the month for May was the Argentina-based diversified urban infrastructure development company grupo petersen’s acquisition of a 10% stake in the Argentina-based oil and gas company YpF Sociedad Anonima from Repsol YpF, a Spain-based oil and gas exploration company. This US$1.3m deal in the Energy sector is the result of an agreement between Repsol and grupo peterson back in December 2007, in which Repsol is to reduce its stake in YpF to realign its global assets portfolio.

In Latin American current events, ollanta Humala has won the presidential election in peru, defeating opponent keiko Fujimori, on his economic nationalism platform. peruvian M&A value has decreased from 2.7% of market share in the year-to-date last month to 2.4% this month and volume has decreased from 6.3% of market share in the year-to-date last month to the current figure of 5.6% this month. Humala is already shifting towards more moderate policies that are expected to be friendlier towards foreign investors. However, investors are still wary of what radical changes may or may not occur, especially given peru’s major metal export business and mining industry, which may have a significant effect on foreign investments. What this election means for foreign investors remains to be seen; nevertheless, with a reported 12% drop in peru’s stock market immediately following the election results, Humala may have to cater to foreign demands and manage the internal economy to prevent peruvian economic decay.

Looking forward, Brazil seems to be carrying the beacon of economic growth for the future of Latin American IT M&A. In April, there were 19 deals in the Business Services sector worth US$1.2m and in May, that number went up to 25 deals worth US$1.8m. According to various reports, this increase in IT is a result of the outsourcing boom that is occurring due to multinational companies’ efforts to diversify the locations where projects are being carried out. India, often seen as the major location for outsourcing, will reportedly give way to Brazil and other Latin American countries as the prime outsourcing location. Brazilian IT M&A will no doubt spur Latin American growth as we look towards the end of this quarter.

LATIN AMERICAN M&A IN THE MoNTH oF MAY FELL To 32 DEALS WoRTH US$5BN, AFTER ApRIL REpoRTED 37 DEALS vALUED AT US$5.7BN. THAT BRINgS ToTAL LATIN AMERICAN M&A IN THE YEAR-To-DATE To 197 DEALS AMoUNTINg To US$48.2BN, A LoW FIgURE FoR THE MIDWAY MARk IN Q2. BRAzIL, ARgENTINA, AND CHILE ARE THE MoST ACTIvE CoUNTRIES WITH 105 DEALS WoRTH US$36.1BN, 21 DEALS CoLLECTIvELY vALUED AT US$2.9BN, AND 21 DEALS ToTALLINg US$2.1BN, RESpECTIvELY. ENERgY, MININg, AND UTILITIES IS STILL THE HIgHEST vALUED SECToR WITH THE MoST voLUME IN THE YEAR-To-DATE WITH 38 DEALS WoRTH US$14.7BN; THE SECoND LARgEST SECToR IN THE YEAR-To-DATE WAS THE TMT SECToR WHICH SAW 14 DEALS ToTALLINg US$11.9BN. INTERESTINgLY ENoUgH, LATIN AMERICAN pRIvATE EQUITY FIRMS HAvE gENERALLY BEEN LESS ACTIvE THIS QUARTER WITH oNLY THREE BUYoUTS vALUED AT US$345M AND TWo ExITS WITH UNDISCLoSED vALUES.

07

LATIN AM

ERICA

Monthly M&A Insider

Top 10 LATIN AMERICAN ANNouNCEd dEALs of ThE MoNTh (MAy-11)Announced Bidder company Target company Target dominant

sectorseller company Exit multiples (x) Bid premia

1-day before

deal value

(us$m)Revenue EBITdA p/E

04-May-11 grupo petersen YpF Sociedad Anonima (10.00% stake)


Repsol YpF 1.3 3.9 8.8 -19.6% 1,304

20-May-11 Banco Bradesco Banco do Estado do Rio de Janeiro

Financial Services government of the State of Rio de Janeiro

n/a n/a - 635

26-May-11 Travelex Uk Banco Confidence de Cambio (49.00% stake)

Financial Services 17.1 - 500

26-May-11 British American Tobacco

protabaco Consumer - 452

12-May-11 parati Redentor Energia Energy, Mining & Utilities

Fundo de Investimentos em participacoes pCp

11.8 12.1 12.6 -0.5% 415

03-May-11 Experian Computec Business Services 4.9 15.2 22.1 - 410

19-May-11 Actis gas Natural Fenosa (Electricity Assets based in guatemala)


gas Natural Fenosa - 345

06-May-11 kloeckner & Co Frefer S/A Industria e Comercio de Ferro e Aco (70.00% stake)

Business Services 0.8 - 115

25-May-11 Amil Assistencia Medica Internacional

Lincx Sistemas de Saude

Financial Services n/a n/a - 92

26-May-11 SN power Invest Energias do parana Energy, Mining & Utilities

Norske Skogindustrier - 74

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin AmericaData correct as of 07-Jun-11

Source: mergermarket

Top DEALS

LATIN AM

ERICA

Monthly M&A Insider

TREND gRApHS

LATIN AMERICAN M&A quARTERLy TRENd

0

10

20

30

40

50

60

70

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q37

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104


Num

ber of dealsValu

e (U

S$bn

)

0

20

40

60

80

100

120

140

160

180


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$m

)


Num

ber of deals


0

2

4

6

8

10

12

14

16

LATIN AMERICAN M&A ANNuAL TRENd LATIN AMERICAN M&A ANNuAL pRIvATE EquITy TRENd

0

20

40

60

80

100

120

140

160

180

YTD 2011*2010200920082007200620052004


Num

ber of dealsValu

e (U

S$bn

)

0

100

200

300

400

500

600


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

YTD 2011*2010200920082007200620052004

Valu

e (U

S$m

)


Num

ber of deals


0

5

10

15

20

25

30

35

40

45

50

LATIN AMERICAN M&A quARTERLy pRIvATE EquITy TRENd

08

LATIN AM

ERICA

Monthly M&A Insider

TREND gRApHS

LATIN AMERICAN M&A gEogRAphIC BREAkdowN yTd 2011

vALUE voLUME

74.9%

4.4%

4.4%

0.4%

2.4% 6.2%

6.2%0.7%

0.1%0.2%

Brazil

Chile

Colombia

Dominican Republic

Ecuador

El Salvador

Guatemala

Mexico

Peru

Argentina

10.7%

8.1%

1.0%

0.5%5.6%

1.0%10.7%

53.3%

6.6%

0.5%

1.0%

Brazil

Chile

Colombia

Dominican Republic

Ecuador

El Salvador

Guatemala

Mexico

Panama

Peru

Venezuela

Argentina

LATIN AMERICAN M&A sECToR BREAkdowN yTd 2011

vALUE voLUME

0.9%

30.5%

9.7%

3.8%0.6%

1.2%

3.8%

7.9%

24.6%

16.8%


TMT

Transportation

Consumer

Financial Services


Business Services

Construction


Agriculture

19.3%

7.1%

15.7%

9.6%

4.1%2.5%

1.5% 1.0%2.0%

5.1%

12.7%

14.7%

4.6%


TMT

Transportation

Consumer

Financial Services


Business Services

Construction


Agriculture

Defense

Leisure

Real Estate

09

10

LATIN AM

ERICA

Monthly M&A Insider

LATIN AMERICAN M&A dEAL sIzE BREAkdowN

vALUE voLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

38.5%

21.9%

14.7%

9.6%

15.4%

17.9%

7.2%

25.8%

21.3%

27.8%

46.9%

8.3%

21.8%

10.3%

12.7%

16.2%

10.8%

31.3%

16.2%

25.5%

30.5%

20.3%

24.5%

10.0%

14.7%

9.2%

29.5%

36.8%

9.6%

14.8%9.1%

6.5%

24.5%

18.2%

41.7%

27.9%

20.7%

25.5%

14.3%

11.6%

Per

cent

age

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

3.3%

6.1%

88.6%

4.1%

7.1%

88.1%

1.0%

5.4%

7.4%

85.1%

0.2%

5.3%

6.4%

87.4%

4.7%

5.3%

88.2%

7.0%

5.2%

85.8%81.6%

6.4%

8.5%

1.2% 0.3% 1.0% 0.7% 1.2% 1.8% 2.1%

6.6%

8.6%

82.2%

0.8% 0.3% 0.6% 0.3% 1.4% 1.0%

Per

cent

age

1.5%


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

TREND gRApHS

NORTH

AMERICA

A mergermArket m&A report on

11Monthly M&A Insider

nortH AmerICA

North AMerIcA M&A DIps

For tHe montH oF mAy In nortH AmerICA, 233 AnnounCed deAls HAd An AggregAte deAl vAlue oF us$71.9bn. m&A deCreAsed by botH vAlue And Count CompAred to AprIl 2011, wHICH HAd 302 deAls vAlued At us$93.4bn. wHetHer tHe downturn Could be AttrIbuted to tHe overAll ‘double dIppIng’ oF tHe AmerICAn eConomy, A term CIrCulAtIng news wIres AmIdst dIsmAl employment dAtA, remAIns to be unseen – but A HIstorICAlly quIet summer perIod Could be underwAy.

top Deal: Lapsed

In early may, the boards of directors from nAsdAq and ICe approved their intent to acquire nyse euronext. the offer, which was ultimately rejected following discussions with the Antitrust division of the us department of Justice, marked the largest announced deal of the month with a deal value of us$13.2bn.

As of 21 April, nyse euronext reaffirmed its combination agreement with deutsche boerse.

energy, Mining & Utilities Lead Deal Value; tMt Leads Deal countthe energy, mining & utilities sector remains the largest sector by deal value in the year-to-date 2011, representing 28% of aggregate deal value. tmt, which makes up 20.2% of aggregate deal value, lead the region by deal count with 269 deals (18.3% of total deal count).

despite commanding the highest aggregate deal value for the year to date in 2011, the energy, mining & utilities sector only had one top 10 north American deals in may. Arch Coal’s proposal to acquire International Coal group was the largest energy, mining & utilities related deal, in a transaction valued at us$3.1bn.

sources close to the deal do not expect the transaction to endure extended antitrust review. Citing the Alpha natural resources’ acquisition of massey energy, which commanded a much larger market share in the coal market, the major coal deal was recently cleared by regulators and could pave the path for the Arch Coal to receive clearance.

expected Deal? hertz-Dollar Deal continuesdespite rejected offers and a lengthy bidding war between Hertz global and Avis budget, Hertz global proposed an acquisition for dollar thrifty Automotive group (dtg) in a cash and stock valued deal at us$3.1bn, after net debt. the deal is not recommended by dtg’s shareholders, who are currently monitoring the antitrust regulatory process and working with Hertz and Avis budget.

dtg rejected Hertz’s us$1.2bn offer back in 2010. meanwhile, dtg’s share price closed at us$82.95 per share at the end of may, up from us$46.70 per share one year ago. dollar thrifty is advised by Cleary gottlieb steen & Hamilton on legal matters. Jp morgan and goldman sachs are acting as dollar thrifty’s financial advisor.

12

NORTH

AMERICA

Monthly M&A Insider

top deAls & expeCted deAls

top 10 North AMerIcAN ANNoUNceD DeALs of the MoNth (MAY-11) Announced Bidder company target company target dominated

sectorseller company exit multiples (x) Bid premia

1-day before

Deal value(Us$m)revenue eBItDA p/e

02-may-11* the nasdaq omx group and Intercontinental exchange

nyse euronext Financial services 3.0 12.5 19.3 6.1% 13,182

02-may-11 teva pharmaceutical Industries

Cephalon pharma, medical & biotech

2.2 6.6 15.5 5.8% 6,171

04-may-11 Applied materials varian semiconductor equipment Associates

tmt 5.2 21.3 29.7 55.4% 4,331

25-may-11 maple group Acquisition Corporation

tmx group Financial services 6.1 10.9 16.5 -0.7% 3,512

31-may-11 Ashland International specialty products


2.0 8.9 - 3,200

02-may-11 Arch Coal International Coal group

energy, mining & utilities

2.7 15.6 97.3 32.4% 3,128

09-may-11 Hertz global Holdings dollar thrifty Automotive group

business services 2.0 5.3 16.6 3.3% 3,116

06-may-11 Access Industries warner music group tmt 1.0 9.6 - 4.4% 2,959

31-may-11 Intact Financial Corporation

AxA Canada Financial services AxA group n/a n/a 12.4 - 2,665

19-may-11 blackrock blackrock (7.10% stake)

Financial services bank of America Corporation

n/a n/a - - 2,545

*Indicates lapsed deal based on announced deals, including lapsed and withdrawn bids based on dominant geography of target company being north America (us + Canada) data correct as of 07-Jun-11

source: mergermarket

13

NORTH

AMERICA

Monthly M&A Insider

Situation Target company Sector Potential bidder company

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

Seller company

Market cap/ est.

value (US$m)

Comments

Expected Deal Ralcorp Holdings Consumer ConAgra Foods (B) Centerview Partners; (T) Credit Suisse

4,937 On 04-May-11, RalCorp Holdings received a proposal from ConAgra Foods to acquire the company at US$86 per share in cash. In addition to paying the consideration of approximately US$4.9bn, the bidder has also offered to assume RalCorp's debt of US$2.5bn. The proposed acquisition is intended to expand ConAgra Foods' presence in the packaged food segment of the consumer market. RalCorp has rejected the proposal and adopted a shareholder rights plan to prevent a potential takeover. Nonetheless, ConAgra may still go hostile or raise its bid to acquire Ralcorp.

Expected Deal BJ's Wholesale Club Consumer Leonard Green & Partners

(T) Morgan Stanley 2,620 BJ's Wholesale Club has hired Morgan Stanley in order to explore strategic alternatives, such as the potential sale of the company. So far, Leonard Green & Partners is the only party that has consistently shown interest in BJ's Wholesale Club in the past. At the end of 2010, it was reported that Leonard Green may launch a hostile takeover offer by mid-Jan-11, but as of 13-May-11 the offer has not been launched yet.

Expected Deal Dollar Thrifty Automotive Group

Business Services

Hertz Global Holdings Inc; Avis Budget Group Inc

(T) Goldman Sachs, JPMorgan

2,372 Since 2010, both Hertz Global Holdings and Avis Budget Group have been interested in acquiring Dollar Thrifty Automotive. Initially in Apr-10, Hertz signed a definitive agreement with Dollar Thrifty to acquire the latter at an offer price of US$41 per share. Dollar Thrifty shareholders voted that offer down. Since then, Avis Budget has been in negotiations with the FTC to obtain an antitrust approval and merge with Dollar Thrifty. As of 13-May-11, no decision has been reached regarding that potential transaction. In the meantime, on 09-May-11, Hertz proposed to acquire Dollar Thrifty at US$72 per target's share, including US$57.6 in cash and 0.8546 shares of Hertz. No definitive agreement between the two companies has been signed yet.

Expected Deal Blackboard Energy The McGraw-Hill Companies; Pearson; Oracle Corporation

(T) Barclays Capital

1,543 On 19-Apr-11, Blackboard announced that it has retained Barclays Capital as its financial advisor in response to 'unsolicited' and 'non-binding proposals' to acquire the company. Currently, Blackboard’s advisors are exploring whether to run an auction process or to move forward with the current buyer interest. The company presently trades at 13x 2011 EBITDA and 10x 2012’s, according to projections from a 28-Apr-11 Stifel Nicolaus report. Blackboard's EBITDA is forecasted to jump from US$120m in 2011 to US$156m next year.

Expected Deal 99 Cents Only Stores Consumer Leonard Green & Partners and Schiffer/Gold family

1,370 99 Cents Only Stores has received an acquisition proposal from the Schiffer/Gold family and Leonard Green & Partners. The consideration in the proposal is US$19.09 per share in cash. The offer was received on 11-Mar-11. Outside analysts have concluded, however, that 99 Cent Only Stores could receive a higher offer.

Expected deals based on confirmed announcements by companies involved

PIPelIne oF norTh AMerICAn exPeCTed deAlS

TOP DEALS & ExPECTED DEALS

14

NORTH

AMERICA

Monthly M&A Insider

trend grApHs

North AMerIcAN M&A qUArterLY treND

0

100

200

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Q211*

Q111

Q410

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Q307

Q207

Q107

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Q105

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Q204

Q104

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Q107

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Q106

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ber of deals


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50

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350

North AMerIcAN M&A ANNUAL treND North AMerIcAN M&A ANNUAL prIVAte eqUItY treND

0

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1,000

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YTD 2011*2010200920082007200620052004


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ber of dealsValu

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4,000

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800

1,000

1,200

North AMerIcAN M&A qUArterLY prIVAte eqUItY treND

15

NORTH

AMERICA

Monthly M&A Insider

trend grApHs

North AMerIcAN M&A sector BreAkDowN YtD 2011

vAlue volume

20.2%

15.3%

1.0%0.8%

6.1%

8.5%

0.6%

2.8%

28.0%

8.1%

0.2%

7.6%

0.7%

TMT


Business Services



Financial Services

Consumer

Construction

Leisure

Transportation

Real Estate

Defense

Agriculture

18.3%

16.7%

13.3%

1.8%

12.0%

10.5%

2.7%2.7%

9.6%

10.3%

0.6%

1.0%0.6%

TMT


Business Services



Financial Services

Consumer

Construction

Leisure

Transportation

Real Estate

Defense

Agriculture

North AMerIcAN M&A DeAL sIze BreAkDowN

vAlue volume

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

32.9%

18.2%

23.2%

9.1%

16.6%

46.6%

15.8%

18.0%

7.0%

12.6%

51.6%

15.0%

17.3%

6.4%

9.7%

43.1%

18.8%

21.9%

6.6%

9.7%

49.3%

13.8%

17.5%

7.2%

12.2%

58.9%

13.3%

13.2%

5.4%

9.2% 12.5%

9.7%

27.5%

18.1%

32.2%

44.1%

22.8%

17.9%

6.6%

8.6%

Per

cent

age

75

80

85

90

95

100

YTD 2011*2010200920082007200620052004

1.2%

4.5%

4.9%

89.1%

0.9%1.3%

4.5%

4.9%

88.5%

1.0%

1.5%

5.4%

5.3%

86.8%

1.1%

1.8%

6.3%

5.3%

85.5%

0.9%

3.7%

4.1%

90.6%

1.0%

3.5%

3.8%

91.0%

87.5%

5.3%

5.6%

1.1%1.1%

2.1%

6.1%

5.6%

85.1%

0.4% 0.7% 0.7% 0.6%


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

Per

cent

age

ASIA-PAcIfIc



ASIA-pAcIfIc

the tmt sector found its way back to the top in terms of value with a total of US$4.5bn in transactions while scoring may’s only deal worth more than US$1bn. the deal in question involved two Australian companies in the media sector - foXteL cable television acquired its counterpart, Austar United communications, for approximately US$2.7bn.

energy, mining & Utilities finished the month in second as bidders from Australia, china, thailand, Japan and even South Africa spent a total of US$3.4bn across Asia. A number of these deals unsurprisingly involved targets in mineral-rich Australia, but one of the most noteworthy deals in the space saw mongolian coal corporation acquire Baruun naran coking coal mine, the mongolia-based coalmine, from QgX, the canada-based mineral exploration company, for a total consideration of US$464m.

the largest sector by volume for the month was Industrials & chemicals with 31 deals worth US$1.8bn. Interestingly, four of the top six transactions involved overseas bidders, namely from the US and europe. topping the list was france-based Schneider electric, which specialises in electricity distribution and automation management, acquiring a 74% stake in Luminous power technologies, the India-based manufacturer of power inverters, UpS, batteries and water purifiers, for US$364m.

Rebounding Japanese activitythough not included in this analysis, Japanese firms made some major bids in may with toshiba’s purchase of Switzerland-based Landis+gyr for US$2.3bn and takeda’s purchase of Switzerland-based nycomed for US$13.7bn - Japan’s second largest outbound m&A deal to date.

When looking at Asian targets, it seems Japanese companies are also beginning to trickle back into the market as bidders for assets closer to home. mitsui Sumitomo Insurance, provider of non-life insurance acquired a 50%

stake in Indonesia-based pt Asuransi Jiwa Sinarmas for approximately US$827m, highlighting continued Japanese interest in South east Asia. Additionally, there were also a number of domestic consolidations across varied sectors as Japan continues the rebuilding efforts from the march earthquakes.

Life in the Leisure sectorJust across the east china Sea from Japan, the Leisure sector experienced a jolt with two transactions involving the high-growth china market. In one deal, US-based YUm! Brands made a move into china’s restaurant industry by making an offer to acquire Little Sheep group, a china-based hot pot restaurant. In doing so, YUm! Brands is seeking to boost its already hearty expansion plan for flagship restaurants, kfc and pizza Hut, by adding traditional chinese cuisine to the menu.

In another notable Leisure sector deal, china-based Home Inns & Hotels management announced plans to purchase Shanghai motels, which owns motel 168, a budget hotel chain with over 45,000 rooms across 81 chinese cities from morgan Stanley real estate funds. the financial investor will exit its 2006 investment for a consideration of US$470m, well below the US$1bn price tag rumoured earlier in the year.

With market activity and perhaps pricing currently in a lull, the future will likely see characteristic m&A activity in Asia, particularly in the energy, mining & Utilities and financial Services sectors. reports show that essar group, the Indian conglomerate, is seeking to acquire coalmine assets in Indonesia, Australia, and Africa in order to meet the high demand for coal in India. further highlighting interest in South east Asian nations, mergermarket’s proprietary intelligence indicates that South korean securities firm, Hyundai Securities is eyeing Indonesia and Singapore for overseas expansion and globalisation

AmIdSt A cooLIng gLoBAL economY, mAY WAS tHe SLoWeSt montH YeAr-to-dAte for m&A ActIvItY In ASIA. deAL voLUme dropped BY 28% from AprIL to 156 deALS. deAL vALUe WAS doWn even fUrtHer, fALLIng 60% from AprIL to US$18.7Bn In trAnSActIonS. WItH onLY one deAL reAcHIng ABove tHe US$1Bn mArk, mAY WItneSSed A 50% drop In AverAge deAL vALUe to US$120m. tHoUgH tHe regIon contInUeS to See promISIng ActIvItY, LIngerIng mAcroeconomIc UncertAIntIeS Seem to HAve mAnY BIdderS for ASIAn ASSetS on HoLd.


ASIA-PAcIfIc

top deALS

Top 10 AsIA-pAcIfIc Announced deALs of The MonTh (MAy-11)Announced Bidder company Target company Target dominant

sectorseller company exit multiples (x) Bid premia

1-day beforedeal value

(us$m)Revenue eBITdA p/e

26-may-11 foXteL cable television

Austar United communications tmt 3.6 11.0 19.5 20.2% 2,744

16-may-11 teva pharmaceutical Industries

taiyo pharmaceutical Industry (57.00% stake)

Industrials & chemicals

2.5 - 953

23-may-11 kuok group Allgreen properties (44.27% stake)

real estate 3.7 7.9 11.6 39.6% 910

02-may-11 mS&Ad Insurance group Holdings

pt Asuransi Jiwa Sinarmas (50.00% stake)

financial Services

n/a n/a - 827

12-may-11 Semiconductor manufacturing International corporation

Wuhan Xinxin Semiconductor manufacturing corporation (66.66% stake)

tmt Hubei Science and technology Investment

- 774

25-may-11 Algeco Scotsman Ausco modular Holdings construction Waco International - 685

31-may-11 Serco group Intelenet global Services Business Services

Barclays Bank; Blackstone group; and Housing development finance corporation

2.3 12.0 - 634

16-may-11 gloucester coal donaldson coal Holdings energy, mining & Utilities

noble group - 617

13-may-11 Yum! Brands Little Sheep group Leisure 2.8 16.8 30.1 30.0% 552

16-may-11 Baiyin non-ferrous group; and Long march capital group

gold one International energy, mining & Utilities

5.7 31.7 30.4 27.9% 535

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Asia-pacific data correct as of 08-Jun-11


18

ASIA-PAcIfIc

Monthly M&A Insider

trend grApHS

AsIA-pAcIfIc M&A quARTeRLy TRend

0

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160

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AsIA-pAcIfIc M&A AnnuAL TRend AsIA pAcIfIc M&A AnnuAL pRIvATe equITy TRend

0

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YTD 2011*2010200920082007200620052004


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S$bn

)

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AsIA-pAcIfIc M&A quARTeRLy pRIvATe equITy TRend

19

ASIA-PAcIfIc

Monthly M&A Insider

trend grApHS

AsIA-pAcIfIc M&A GeoGRAphIc BReAKdoWn yTd 2011

vALUe voLUme

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Singapore

South Korea

Taiwan

Other

13.4%

3.7%

1.4%

13.4%

3.6%

10.3%

1.4%

7.3%

4.2%

8.0%

33.4%

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Singapore

South Korea

Taiwan

Other

16.5%

4.1%2.5%

9.7%

4.2%

15.7%

2.4%

9.2%

1.9%7.2%

26.1%

AsIA-pAcIfIc M&A secToR BReAKdoWn yTd 2011

vALUe voLUme

19.3%

26.3%

5.2%3.9%

13.1%

14.7%

3.1%

2.7%

2.4%5.4%

3.5%05%


TMT

Consumer

Business Services


Financial Services


Transportation

Leisure

Construction

Real Estate

Agriculture

20.3%

15.8%

12.3%10.5%

9.9%

4.0%

4.2%

6.0%

8.6%

4.0%

2.8% 1.7%


TMT

Consumer

Business Services


Financial Services


Leisure

Construction

Transportation

Real Estate

Agriculture

20

ASIA-PAcIfIc

Monthly M&A Insider

AsIA-pAcIfIc M&A deAL sIze BReAKdoWn

vALUe voLUme

0

10

20

30

40

50

60

70

80

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100

YTD 2011*2010200920082007200620052004


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

5.1%

25.6%

28.1%

14.4%

26.7%

21.5%

18.9%

29.3%

9.6%

20.7%

18.2%

21.4%

28.3%

11.1%

20.9%

15.7%

16.7%

30.5%

12.7%

24.3%

29.6%

15.8%

22.2%

12.0%

20.4%

20.0%

16.5%

30.6%

11.1%

21.7% 20.2%

10.4%

27.2%

28.3%

13.8% 16.3%

16.2%

34.5%

12.2%

20.8%

Per

cent

age

75

80

85

90

95

100

YTD 2011*2010200920082007200620052004

1.2%

3.9%

4.9%

90.0%

1.0%

5.0%

4.6%

89.1%

1.1%

4.9%

4.8%

88.9%

0.9%

5.0%

5.4%

88.4%

0.9%

5.0%

5.4%

88.4%

0.9%

5.5%

5.2%

88.0% 88.3%

5.1%

4.7%

1.6% 0.8%

6.4%

5.9%

86.6%

0.1% 0.3% 0.3% 0.3%0.3% 0.3%0.4% 0.4%


US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

Per

cent

age

trend grApHS


europe


eUrope

pAI partners granted exclusive negotiation rights to a consortium led by Clayton, Dubilier & rice, together with AXA private equity and Caisse de dépôt et placement du Québec, regarding the disposal of Spie SA, the French electrical and mechanical engineering firm, for a total consideration expected to be €2.10bn. pAI partners, which acquired Spie in a transaction valued €1.04bn in 2006, has made a return of about five times its money on the deal, according to two sources close to the situation - a figure that the private equity firm has declined to comment upon.

pAI partners’ returns have come under scrutiny since it overhauled its senior management in 2009, with investors claiming that the firm still had ‘a lot to prove’. In August 2009, pAI partners had told investors that heads Dominique mégret and Bertrand meunier were leaving the firm in what an investor called an internal ‘coup’. the departures triggered a so-called key-man clause, which allows investors to reconsider their commitments to a fund should important personnel leave a firm, and can lead to a fund being temporarily suspended. In pAI partners’ case, the clause thrust the firm into discussions with investors and it agreed to a proposal from newly-installed Chief executive Lionel Zinsou to halve the firm’s fifth fund size to €2.7bn in 2009 to allow it to get back to business. the fifth fund, which raised €5.4bn in 2008, was the largest private equity fund ever raised in Continental europe at the time. the shrunken fund became similar in size to that of its predecessor.

the firm has been very busy exiting investments ahead of its next expected fundraising. Since June 2010, the rue de rivoli-based private equity firm has exited Chr. Hansen (€275m), kwik Fit group (€637m), gruppo Coin (€644m), Yoplait (€810m), and has also entered into exclusive negotiations to dispose Compagnie europeenne de prévoyance (Cep) for a rumoured value of €800m. Including the coming disposal of Cep and Spie, pAI partners would offer a return of about €3bn to its investors over the past 12 months, according to a source close to the firm.

the third fund of pAI partners has just two assets remaining: german automotive component maker Fte Automotive and the remaining stake in Chr. Hansen after its Ipo last June. meanwhile, the fourth fund is composed of a further stake in Chr. Hansen, retailer Cortefiel, bottle caps manufacturer global Closure Systems, housing developer kaufman & Broad, chemicals firm perstorp group and snacks producer United Biscuits.

Last January, an investor in pAI said the firm’s backers were pleased with distributions from sales during Zinsou’s leadership but said that the firm faced pressure to prove it could make strong investments under the new-look management. An adviser in France said, “pAI has proved that under its new structure, it works. It is very collegial compared to before. pAI is definitely back. they have done a good job in acquiring new companies and getting a very good price. Investors shall be happy”.

Since Zinsou took over the management of the paris-based equity firm, the firm acquired Laboratoire pasteur Cerba (€500m), the nuance group (56m), Swissport International (€695m), Hunkemoeller (€260m) and kiloutou (€535m).

Q2 2011 Is AlreAdy the lArgest QuArter In terMs of vAlue for prIvAte eQuIty-bAcked exIts sInce Q2 2007 pAI pArtnerS IS on tHe verge oF SeCUrIng FrAnCe’S SeConD BIggeSt prIvAte eQUItY-BACkeD eXIt oF tHe YeAr, onLY BeHInD tHe DISpoSAL oF ConverteAm groUp BY BArCLAYS prIvAte eQUItY AnD LBo.

22

europe

Monthly M&A Insider

top DeALS & eXpeCteD DeALS

top 10 europeAn Announced deAls of the Month (MAy-11) Announced bidder company target company target dominated

sectorseller company exit multiples (x) bid premia

1-day before

deal value(€m)revenue ebItdA p/e

09-may-11 volkswagen mAn Se (70.10% stake) Industrials & Chemicals

12.8 1958.6 - 11,233

19-may-11 takeda pharmaceutical Company

nycomed International management (excluding US business)

pharma, medical & Biotech

Avista Capital partners; Coller Capital; DLJ merchant Banking partners; and nordic Capital

- 9,600

10-may-11 microsoft Corporation

Skype global Sarl technology Silver Lake partners; Canada pension plan Investment Board; ebay International; Andreessen Horowitz; and Joltid

10.5 34.2 - 6,297

19-may-11 thermo Fisher Scientific

phadia pharma, medical & Biotech

Cinven Limited 6.7 - 2,470

19-may-11 toshiba Corporation Landis+gyr Industrials & Chemicals

Allianz Capital partners; DLJ merchant Banking partners; Sofina; Dubai International Capital; propel Investments; marinya Holdings; Sir Douglas myers (private investor); and Sir Anthony o’reilly (private investor)

1.5 - 1,607

09-may-11 BC partners gruppo Coin Consumer pAI partners 0.8 6.9 18.9 - 1,397

19-may-11 Companhia Siderurgica nacional

Alfonso gallardo (Steel and cement plants)


Alfonso gallard - 946

02-may-11 terex Corporation DemAg CrAneS Ag Industrials & Chemicals

1.0 12.6 3188.5 - 909

18-may-11 general mills Yoplait (51.00% stake); and Yoplait marques (50.00% stake)

Consumer pAI partners - 810

16-may-11 Securitas niscayah group Industrials & Chemicals

- 763

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being europe Data correct as of 08-Jun-11


23

EUROPE

Monthly M&A Insider

PIPelIne of euroPeAn exPected deAlssituation target company sector Potential bidder

companyfinancial adviser to bidder (B); target (t); seller (s)

seller company Market cap/est.

value (€m)

comments

Expected deal

Spie Industrials & Chemicals

Consortium led by Clayton, Dubilier & Rice, together with AXA Private Equity and Caisse de dépôt et placement du Québec

PAI Partners 2,100 An exclusivity agreement for the contemplated sale of SPIE, the French electrical and mechanical engineering firm has been granted by PAI Partners, the French private equity firm, to a consortium led by Clayton, Dubilier & Rice together with AXA Private Equity and Caisse de dépôt et placement du Québec, for a total consideration of €2.1bn.

Expected deal

Compagnie Europeenne de Prévoyance

Financial Services

J.C. Flowers & Co Rothschild (S); Nomura (S); JD4C Conseil (S); Credit Suisse (B)

PAI partners 800 PAI partners has entered into exclusive negotiations with J.C. Flowers regarding the sale of a controlling stake in Compagnie Européenne de Prévoyance, the French loan insurance broker.

Expected deal

Volksbank International

Financial Services

Sberbank JPMorgan (B); Societe Generale (B); Ithuba Capital (S)

Banque Federale des Banques Populaires; German DZ Bank; and Oesterreichische Volksbanken

700 Sberbank will only offer between €700m and €750m for privately owned Austrian rival Volksbank International (VBI), Die Presse reported. Citing two unidentified Russian sources, the Austrian daily claimed that the Russian bank will table its final offer for VBI during negotiations.

Rumoured deal

Caja de Ahorros del Mediterraneo

Financial Services

Barclays 600 Barclays, the listed UK bank, is considering bidding for Spain’s Caja de Ahorros del Mediterraneo (CAM), reported El Confidencial, citing sources with knowledge of the situation. The UK bank has been analysing CAM’s books in depth and has reportedly asked the Bank of Spain for unspecified guarantees in the event it acquires the Valencia-based ‘caja’.

Note: Expected deals based on confirmed announcements by companies involved Source: mergermarket

TOP DEAlS & EXPECTED DEAlS

europe


trenD grApHS

europeAn M&A QuArterly trend

0

100

200

300

400

500

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (€

bn)


Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000


0

10

20

30

40

50

60

70

80

90

100

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Buyout value Exit value Buyout volume Exit volume

Valu

e (€

bn)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

europeAn M&A AnnuAl trend europeAn M&A AnnuAl prIvAte eQuIty trend

0

200

400

600

800

1,000

1,200

YTD 2011*2010200920082007200620052004


Num

ber of deals

Valu

e (€

bn)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000


0

50

100

150

200

250

300

YTD 2011*2010200920082007200620052004

Valu

e (€

bn)


Num

ber of deals


0

200

400

600

800

1,000

1,200

1,400

1,600

europeAn M&A QuArterly prIvAte eQuIty trend

europe


trenD grApHS

europeAn M&A geogrAphIc breAkdown ytd 2011

vALUe voLUme

CEE

Iberia

UK

Nordic

Germany

France

Benelux

Italy

Others11.3%

6.5%

8.0%

14.5% 11.7%

8.3%

15.2%

12.0%

12.5%

CEE

Iberia

UK

Nordic

Germany

France

Benelux

Italy

Others

11.6%

8.5%

9.4%

5.3%

11.8%

6.2%

14.6%

20.2%

12.2%

europeAn M&A sector breAkdown ytd 2011

vALUe voLUme

1.5%2.3%

1.8%1.4%

19.9%

2.7%

14.2%

0.2%0.1%

6.4%

1.9%

11.8%

4.5%

14.2%

17.1%


Business Services

Consumer

Technology

Financial Services



Leisure

Construction

Transportation

Media

Telecommunications

Real Estate

Agriculture

Defence

22.1%

15.6%

15.4%

3.4%

7.9%

7.2%

4.0%

4.7%

6.3%

6.9%

1.1%0.7%

0.2%3.0%

1.5%


Business Services

Consumer

Technology

Financial Services



Leisure

Construction

Transportation

Media

Telecommunications

Real Estate

Agriculture

Defence

europe


trenD grApHS

europeAn M&A deAl sIze breAkdown

vALUe voLUme

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

<€250m or undisclosed value

€251m-€500m

€501m-€2,000m

€2,001m-€5,000m

>€5,001m

26.0%

14.3%

27.6%

10.9%

21.2%

33.0%

15.1%

23.9%

10.1%

17.9%

35.1%

17.7%

23.2%

8.4%

15.7%

39.2%

16.4%

22.4%

8.3%

13.7%

40.3%

14.5%

19.9%

8.8%

16.6%

26.7%

20.3%

23.7%

9.0%

20.3% 16.9%

9.2%

29.9%

20.4%

23.6%27.8%

25.1%

24.3%

9.3%

13.4%

Per

cent

age

88

90

92

94

96

98

100

YTD 2011*2010200920082007200620052004

0.2%

3.3%

0.6%

3.5%

92.4%

3.4%

0.7%

3.9%

91.6%

3.8%

0.9%

3.5%

91.4%

4.0%

0.9%

3.9%

90.8%

2.7%

0.6%

3.2%

93.1%

2.1%

0.6%

2.2%

94.9%

93.0%

2.8%

3.3%

0.7%1.0%

3.5%

3.4%

91.8%

0.5% 0.4%0.5% 0.4% 0.4% 0.2% 0.2%

<€250m or undisclosed value

€251m-€500m

€501m-€2,000m

€2,001m-€5,000m

>€5,001m

Per

cent

age

27

Mid

dle east &

africa


Monthly M&A Insider

MEA M&A ActIvIty hIts rock bottoM

the middle eAst And AfricA region hAs seen its m&A Activity continue to drop in mAy, both in terms of vAlue And volume, for the fourth consecutive month since JAnuAry After seeing only 12 deAls worth A totAl of us$660m. this Activity represented A shArp decreAse of 416% in vAlue And A 66.7% decreAse in volume compAred to April 2011. similArly, buyout Activity hAs been quAsi inexistent in q2 with A volume Activity of only one deAl recorded compAred to A high deAl volume of 6 deAls in q1 2011. this Activity still remAins minor when compAred to less politicAlly volAtile countries like in europe, which hAs seen its buyout Activity hit A record high us$7.5bn in vAlue And 58 deAls this month. this is A cleAr sign thAt m&A Activity is continuing to be pArAlysed by the politicAl unrest in syriA, libyA, yemen And other pArts of the meA region.

the middle eAst & AfricA

the activity seen was driven by a series of deals predominantly based in the middle east region. more specifically, the top deal of the month in the meA region involved lamprell plc, the united Arab emirates company engaged in providing refurbishment and construction services which agreed to acquire at a considerable premium maritime industrial services co. ltd. inc. maritime industrial services co. ltd. inc, the united Arab emirates company engaged in providing engineering services for the energy, mining & utilities sector. the acquisition was financed through a rights issue and cash, and was aimed to strengthen lamprell’s geographical reach and its customer base. the transaction is expected to close in July 2011.

the most two most active sectors this month were the energy, mining & utilities and the tmt sectors, both accounting for 55.7% and 18.02% of total value activity respectively, with tmt representing alone 25% of total volume. for the energy, mining & utilities sector, ever-increasing high commodity prices are leading to aggressive consolidation between companies engaged in direct commodity production and distribution. for the tmt sector, industry sources suggest that is because network operators in the increasingly mature meA telecom sector are currently struggling to organically-generate revenues at the same double-digit rates than previous years, thus leading to industry consolidation. According to telecom industry expert comm, slowed revenue growth is exercising negative pressure on net profit on telecom giants such as etisalat and stc which reported annual revenue increases of 2% and 4% respectively for net profit declines of 10% for etisalat and 11% for stc respectively in 2010.

with respect to the energy, mining & utilities sector, this trend only seems to be intensifying as, when looking at the five four months of 2011, the sector alone represented 33.8% of total value activity for the period.

Expected M&A activity looking promising for both the Energy, Mining & Utilities and tMt sectorsAs far as expected meA m&A activity is concerned, the general consensus seems to assert that tmt and energy, mining & utilities will continue to be the main m&A drivers in the coming months.

the demand for commodities is rising while supply shortfalls are expanding, since they are used as a hedging tool against inflation in the financial markets, but also for manufacturing by giant emerging economies such as china and india. more specifically according to the international business times, the world is facing a copper supply deficit; for example, the london metal exchange (lme) copper inventories fell 20% during 2010 - which is below what the world consumes in a single month.

According to analysts at investment u, china is aiming to invest heavily in Africa, especially in Zambia and in the democratic republic of congo. for example, mining china based giants such as china nonferrous metals co. and yunnan copper group are already present and investing massively in Zambia. similarly, Zhonghui mining group also has large-scale exploration projects in the countries’ northwest region, where both miners equinox and first quantum minerals already have their own mining operations. in addition, china has also recently passed a us$6.0bn agreement with the democratic republic of congo to build infrastructures and help develop the region in exchange for minerals. it has also been reported that china is also interested in deploying investments in saudi Arabia, mongolia and the philippines.

28

Mid

dle east &

africa

Monthly M&A Insider

the middle eAst & AfricA

in terms of expected deals in the energy, mining & utilities sector, according to industry sources, orica, the cash rich Australia-based explosives manufacturer, which is benefiting from both a strong balance sheet and a strong Australian dollar in the currency markets is likely to acquire Ael mining services. Ael is a subsidiary of listed, south African chemicals group Aeci, and represents a company with high growth opportunities, which generated a solid revenue stream of us$712m in 2010, and could help orica expand its footprint in Africa. in the tmt sector, according to news reporter Argaam, Atheer telecom iraq, a subsidiary of the listed kuwait based telecom giant Zain, is planning to sell a 25% stake via an ipo on the iraqi stock exchange in the next two months. industry sources also suggest that Zain iraq is expected to invest us$100m to expand its business into the kurdistan province of iraq, within the next five months. this expected deal is in line with stc international’s ceo, ghassan hasbani belief that a mega-convergence drive comprising of broadband and mobility, multimedia content and electronic transactions is likely to occur in the near future.

however, while this news seems promising for meA m&A activity (tmt and energy, mining & utilities sectors), if the current economic and geopolitical uncertainty in the region lingers, it is likely that overall activity will continue to stall in the coming months.

for example, the recent cancellation of etisalat’s plan to acquire a 46% stake in kuwait rival Zain for us$12bn, is just a reminder of that; the tmt deal, which would have ranked among the middle east’s largest deals in recent years, was cancelled because of disagreements among Zain shareholders and regional political uncertainties.

29

Mid

dle east &

africa

Monthly M&A Insider

top deAls

top 9 MIddlE EAstErn & AfrIcAn AnnoUncEd dEAls of thE Month (MAy-11) Announced bidder company target company target dominated

sectorseller company Exit multiples (x) bid premia

1-day before

deal value(Us$m)revenue EbItdA p/E

19-may-11 lamprell maritime industrial services

energy, mining & utilities

1.0 8.0 9.0 25.9% 371

23-may-11 vallourec group saudi seamless pipes factory

industrials & chemicals

Zamil group holding 135

08-may-11 broadcom corporation sc square tmt 42

18-may-11 caesars entertainment corporation

playtika (51.00% stake) tmt uri shahak (private investor); and robert Antokol (private investor)

62.7 41

24-may-11 verifone systems destiny electronic commerce (70.00% stake)

tmt business connexion group ltd

37

23-may-11 technocorp holding Alzouman general trading (33.33% stake)

consumer saleh mohammad Alzouman sons

16

21-may-11 mohammad Al-mojil group

gulf elite general contracting

construction 12

19-may-11 mercantile bank holdings

multi risk investment holdings (51.00% stake)

financial services syndicate investments; izarox investments; stephen eugene wiseman (private investor); and michael James raymond (private investor)

na na 7.4 7

03-may-11 litha healthcare group goldex healthcare medical, pharma & biotech

5

based on announced deals, including lapsed and withdrawn bids based on dominant geography of target being middle east or Africa data correct as of 08-Jun-11

source: mergermarket

30

Mid

dle east &

africa

Monthly M&A Insider

trend grAphs

MIddlE EAstErn & AfrIcAn M&A qUArtErly trEnd

0

20,000

40,000

60,000

80,000

100,000

120,000

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104

Valu

e (U

S$m

)


Num

ber of deals

0

20

40

60

80

100

120

140


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q211*

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Q404

Q304

Q204

Q104


Num

ber of deals

0

5

10

15

20

25

MIddlE EAstErn & AfrIcAn M&A AnnUAl trEnd

MIddlE EAstErn & AfrIcAn M&A AnnUAl prIvAtE EqUIty trEnd

0

20

40

60

80

100

120

140

160

YTD 2011*2010200920082007200620052004


Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

500


0

2

4

6

8

10

12

14

YTD 2011*2010200920082007200620052004


Valu

e (U

S$bn

)

0

10

20

30

40

50

60

70

Num

ber of deals

MIddlE EAstErn & AfrIcAn M&A qUArtErly prIvAtE EqUIty trEnd

31

Mid

dle east &

africa

Monthly M&A Insider

trend grAphs

MIddlE EAstErn & AfrIcAn M&A GEoGrAphIc brEAkdoWn ytd 2011

MIddlE EAstErn & AfrIcAn M&A sEctor brEAkdoWn ytd 2011

vAlue

vAlue

volume

volume

12.5%

0.4%

24.8%

7.9%

7.9%

33.8%

1.0%

0.8%

3.5%

7.2%



Financial Services

Consumer


Business Services

TMT

Construction

Real Estate

Defence

0.8%

0.1%0.5%

0.5%

5.1%

2.3%

14.7%

22.1%

4.5%

14.9%

3.3%2.4%

0.3%0.3%

0.2%

0.7%

11.8%

10.0%

5.5%South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

Tunisia

Ghana

Nigeria

Iraq

Qatar

Kenya

Zimbabwe

Kuwait

Algeria

Libya

Mozambique

Swaziland

Jordan

3.1%

2.1% 1.0%1.0%

4.1%

11.3%

13.4%

16.5%

10.3%

10.3%

11.3%

4.1%

11.3%



Financial Services

Consumer


Business Services

TMT

Construction

Real Estate

Transportation

Defence

Leisure

Agriculture

35.6%5.1%

21.4%

12.3%

0.6%3.9%

6.4%

0.7%

0.1%

4.3%0.3%

0.2%0.2%

4.8%3.2%

0.5%

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

Tunisia

Ghana

Nigeria

Iraq

Qatar

Zimbabwe

Kuwait

Libya

Swaziland

Algeria

32

Mid

dle east &

africa

Monthly M&A Insider

trend grAphs

MIddlE EAstErn & AfrIcAn M&A dEAl sIZE brEAkdoWn

vAlue volume

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

19.8%

12.5%

52.7%

12.1%

21.5%

54.8%

5.1%5.0%

86.4%

13.3%

11.3%

67.2%

17.3%

18.8%

48.1%

19.1%

14.5%

53.1%

66.9%

11.6%

11.1%9.8%

8.8%

13.0%10.3%

3.1%7.3%

14.0% 11.9% 9.3% 6.4%

73.9%

2.0% 1.3% 0.4% 0.9% 1.7% 1.5% 1.1% 1.1%

<US$14.9m or undisclosed value

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

Per

cent

age

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

11.1%

3.4%6.0%

34.8%

10.7%

8.6%

5.6%

34.0%

14.2%

6.2%

9.2%

32.6%

15.4%

5.7%

7.2%

36.9%

11.1%

5.7%4.0%

32.6%

13.1%

4.0%3.4% 5.8%

5.2%

33.5%

11.3%9.3%

4.1%

35.0%

44.4%40.3% 36.4%

39.1%42.3% 47.0% 44.2%

48.5%

25.8%

12.4%

<US$14.9m or undisclosed value

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

Per

cent

age


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About merrill corporAtion

Merrill transaction and compliance services through a broad range of tools and services, merrill corporation streamlines document composition, filing, printing, distribution and electronic access to the transaction and regulatory compliance activities of its clients engaged in securities offerings, reorganizations, mergers and acquisitions, sec and other regulatory filings. As a registered, third-party service provider offering public companies expert edgArization and xbrl filing services, merrill professionals can compose, edit, electronically file, manage and distribute data in printed or electronic format.

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examples of our expertise include the creation of searchable litigation document repositories, management of electronic data discovery and the delivery of real-time court reporting and deposition videography services.

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About Merrill datasite®

revolutionizing the due diligence process

merrill datasite is designed for rapid deployment and can be up and running within two hours of a client’s need. our team can scan, upload and organize thousands of pages of content from any source in 24 hours or less. every aspect of the process, from document scanning to vdr hosting and project management is delivered by merrill’s multilingual team, available around the clock worldwide.

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Merrill datasite® enhances transaction success

merrill datasite is the industry’s acknowledged leader. more than 61,000 different private and public companies across the globe have leveraged merrill datasite to increase the value of the following types of transactions:

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founded in 1968 And heAdquArtered in st. pAul, minnesotA, merrill corporAtion is A leAding provider of outsourced solutions for complex business communicAtion And informAtion mAnAgement. merrill’s services include document And dAtA mAnAgement, litigAtion support, lAnguAge trAnslAtion services, fulfillment, imAging And printing. merrill serves the corporAte, legAl, finAnciAl services, insurAnce And reAl estAte mArkets. with more thAn 5,000 people in over 40 domestic And 22 internAtionAl locAtions, merrill empowers the communicAtions of the world’s leAding orgAniZAtions.


About merrill dAtAsite®

Merrill datasite – built with the client in mindmerrill datasite was created to meet its clients’ needs and built to their specifications. since 2002 we have consistently leveraged the experiences of our clients to add leading-edge functionality to the available toolset. merrill datasite allows its users and administrators to:

Examine documents immediately. patented technology ensures you never have to wait for a document to be downloaded. because the data resides on merrill’s servers, you can simultaneously view an unlimited number of documents in multiple windows without having to close out or save to your “temp” file. when faced with hundreds of documents to review, this feature saves significant time and expense.

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security is our highest prioritymerrill has been a trusted provider of secure information to the financial and legal industries for more than 40 years. our employees execute letters of confidentiality and we are audited annually (internal and third-party) to make certain our it infrastructure and processes remain sound. merrill

datasite was the first virtual data room to receive the iso 27001 certification for its comprehensive information security management system (isms).

the iso 27001 standard, developed by the international organization for standards to establish international requirements for information security and certification of isms, is designed to ensure effective protection of information assets in foreign markets, as well as across national and regional boundaries.

the best tool in the industrymerrill datasite technology allows for the fastest conversion of soft and hard copy documents to the electronic viewing platform. As a result, designated administrators are able to review documents the moment they are available.

through secure, simultaneous access, full text search capabilities and robust reporting tools, both archival and transactional due diligence processes are streamlined. As a result, merrill datasite gives you more insight and control, and dramatically reduces transaction time and costs.

As a leading provider of vdr solutions worldwide, merrill datasite has empowered nearly 2 million unique visitors to perform electronic due diligence on thousands of transactions totaling trillions of dollars in asset value.

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About merrill corporAtion

ExEcUtIvE MAnAGEMEnt

Ed bifulk president tel: +1 212 229 6563

paul hartzell senior vice president tel: +1 212 367 5950

ExEcUtIvE sAlEs

chris beckmann regional director, europe tel: +49 69 25617 110

Alex Gross regional director, europe tel: +49 69 7593 7148

Michael hinchliffe regional director, europe tel: +44 20 7422 6100

Alvaro ortega regional director, europe tel: +44 20 7422 6100

Merlin J. piscitelli regional director, europe tel: +44 20 7422 6100

Jérôme pottier regional director, france tel: +33 (0) 1 40 06 13 12

colin schopbach regional director, europe tel: +44 20 7422 6100

Anna scott regional director, europe tel: +44 20 7422 6100

hakema El-hadad regional director, northern Africa tel: +33 (0) 1 40 06 13 10

shashank Jain representative, united Arab emirates tel: +52 55 9171 2237

vincent lork regional director, south Asia tel: +65 6248 4602

Ari lee regional director, Asia-pacific tel: +852 9855 3758

chris robilliard regional director, Australia & new Zealand tel: +612 8667 3064

Manuel bentosinos regional director, mexico tel: +52 55 9171 2237

Ana paula Macêd távora de castro regional director, south America tel: +55 11 9908 0858

Will brown regional director, canada tel: +1 514 877 5177

hank Gregory svp, western canada & us tel: + 604 603 4360

ryan MacMillan regional director, canada tel: +1 416 214 2448

Michael kennedy regional director, boston tel: +1 207 829 4369

ross Whittaker regional director, new england tel: +1 617 266 0189

forrest r. doane regional director, new york tel: +1 917 934 7341

Adam kuritzky regional director, new york tel: +1 917 934 7340

shelle Martin regional director, new york tel: +1 212 229 6613

John McElrone regional director, new york tel: +1 212 229 6656

Matthew Mezzancello regional director, new york tel: +1 917 934 7346

steve piccone vice president, new york tel: +1 212 229 6883

William polese regional director, new york tel: +1 212 229 6612

paul kleinkauf regional director, southeast tel: +1 404 602 3251

Anthony crosby regional director, chicago tel: +1 312 674 6511

Mark plaehn regional director, chicago tel: +1 312 674 6527

kelly Weisenfels regional director, chicago tel: +1 312 674 6508

scott haugen regional director, minnesota tel: +1 651 632 4375

brian Gilbreath regional director, omaha tel: +1 404 934 8085

nicholas renter regional director, dallas tel: +1 214 754 2100

Mark tully regional director, san francisco tel: +1 415 357 1400

Andrew buonincontro regional director, palo Alto tel: +1 650 493 1400

Erik sandie regional director, palo Alto tel: +1 650 493 1400

dan phelan regional director, los Angeles tel: +1 213 253 2139

Jay loyola regional director, irvine tel: +1 949 622 0663

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disclaimer

this publication contains general information and is not intended to be comprehensive nor to provide financial, investment, legal, tax or other professional advice or services. this publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any investment or other decision or action that may affect you or your business. before taking any such decision you should consult a suitably qualified professional adviser. whilst reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither mergermarket nor any of its subsidiaries nor any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at the user’s risk.

remark, the events and publications arm of the mergermarket group, offers a range of publishing, research and events services that enable clients to enhance their own profile, and to develop new business opportunities with their target audience.

The following notes pertain to data contained in this publication:

• deals are included where the deal value is greater than or equal to €5m.

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

• deals are included in the graphs and top deals in each section based on the dominant geography and dominant sector of the target company. data underlying the league tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

• ytd 2011 refers to the period 01-Jan-11 to 31-may-11.

Documents

A mergermArket report on globAl m&A Activity Monthly M&A ... · With many global pharmaceutical companies ... stride and the outlook for future activity ... GlobAl overvIew ThE WOrLD