Deal Drivers EMEA HY2020 - Datasite€¦ · Financial services posted far fewer deals, with only 166 transactions over the period. Tech sector most resilient and consistent Deal value

The comprehensive review of mergers and acquisitions in the EMEA region

Deal DriversEMEA

HY 2020

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Contents

Foreword 04

EMEA Heat Chart 05

All Sectors 06

Financial Services 18

Industrials & Chemicals 24

Energy, Mining & Utilities 30

Consumer 36

Telecoms, Media & Technology 42

Transportation 48

Pharma, Medical & Biotech 54

The Middle East & North Africa 60

About Datasite 67

The comprehensive review of mergers and acquisitions in the EMEA region throughout the first half of 2020.

Deal Drivers EMEA

mergermarket.com

HY 2020Contents

3


Deal Drivers EMEA

Foreword

Merlin Piscitelli Chief Revenue Officer, EMEA Datasite

Welcome to the half-year 2020 edition of Deal Drivers EMEA, published by Mergermarket in association with Datasite. This report assesses M&A activity in the EMEA region during the first six months of 2020. It will give an overview of how COVID-19 lockdowns have impacted the region, examine dealmaking across key sectors and consider what lies ahead for the market.

The COVID-19 pandemic has taken a heavy toll on dealmaking. The European Commission has forecast an 8.7% contraction in the region’s economy for 2020 and the STOXX Europe 600 stock index is down 14% from pre-pandemic levels despite a rally over recent months. M&A levels declined steeply in Q2, with buyers and sellers putting deals on hold in light of market volatility and unpredictable earnings.

These headwinds caused aggregate deal value in H1 2020 to fall to €266.6bn, down 28.1% from €371bn in H1 2019 and 22.7% from €345bn in H2 2019. Deal volumes collapsed to 2,619, a fall of almost 35% from the more than 4,000 transactions announced in both H1 2019 and H2 2019. The volume and value figures for Q2 2020 represent the lowest quarterly totals since 2009.

The UK & Ireland was the largest M&A market in H1 – its 543 deals worth €87.9bn account for a third of overall deal value and a fifth of volume over the first six months of the year. DACH was the next biggest region by volume and value (463 deals worth €67.6bn), followed by France (293 transactions worth €30.1bn). Italy and Spain, where COVID-19 cases per capita were among the highest in Europe and lockdown measures the strictest, each accounted for around 7% of volume and value.

Several industries suffered severe dips in deal activity, with the consumer and leisure sectors among the hardest hit. Deal value in the former almost halved from €24.6bn in H1 2019 to €13.8bn in H1 2020, with volumes dropping from 476 deals to 276. Leisure sector deal value fell from €17.3bn to €13.4bn year on year (YoY), with volumes down from 189 deals to 88 over the same period.

By contrast, aggregate deal value in the financial services and industrials & chemicals (I&C) spaces actually recorded an increase from H1 2019 figures, though for both sectors this was because of high levels of activity early in the year before the coronavirus crisis accelerated.

The telecoms, media & technology (TMT) sector has been among the most resilient in H1, with businesses and consumers relying on technology for remote working and entertainment during lockdowns. Deal value rose by 17.9% from €23.5bn in Q1 to €27.7bn in Q2. Overall, the aggregate value of TMT deals announced in H1 2020 was down just 4.3% on the €53.5bn worth of transactions posted in H1 2019.

Foreword

HY 2020Foreword

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Mergermarket 4


Mergermarket

EMEA Heat Chart

Note: The Intelligence Heat Charts are based on ‘companies for sale’ tracked by Mergermarket in the respective regions between 01/01/2020 and 30/06/2020. Opportunities are captured according to the dominant geography and sector of the potential target company.

Hot Warm Cold

80

70

60

50

40

30

20

10

1

According to our forward-looking Heat Chart, which illustrates the distribution of ‘companies for sale’ stories on the Mergermarket intelligence tool in H1 2020, dealmakers can expect the TMT sector to see the most M&A activity in the EMEA region, reflecting the industry’s buoyancy amid the ongoing coronavirus crisis.

The data shows that there were 597 stories about TMT companies coming to market, far surpassing the number of stories connected to the second-place I&C sector, at 407, and third-place consumer sector, at 385. These three industries lead the pack by a considerable margin – fourth-place pharma, medical & biotech (PMB) accrued just 216 stories in the first half of the year.

The UK & Ireland, typically the EMEA leader in terms of TMT activity, was surpassed in H1 by the Central and Eastern Europe (CEE) region (excluding Russia). The latter logged 116 ‘companies for sale’ stories, against the former’s 87.

The DACH region stands out for its concentration of ‘for sale’ stories connected to I&C companies, of which there were 99 in H1. These exemplify the desirability of German-speaking countries’ automotive, manufacturing and heavy industry assets. The CEE region had the second largest number of I&C companies coming to market, logging 59 stories.

Another hot spot highlights the bevy of consumer companies coming to market in Italy, with 88 stories. Italy, one of the countries most severely impacted by the coronavirus outbreak, installed strict lockdown measures, and the risk of a second wave of infections has diminished. With any luck, an upswing in dealmakers’ confidence will see Italian M&A heat up in H2.

Sector UK & Ireland

DACH France Italy Benelux MENA Russia SEE Iberia CEE (excluding Russia)

Nordic Total

Telecoms, Media & Technology

87 78 45 32 22 87 23 24 36 116 47 597

Industrials & Chemicals

30 99 29 45 29 18 23 16 31 59 28 407

Consumer 54 54 28 88 29 13 13 14 30 44 18 385

Pharma, Medical & Biotech

38 35 17 11 14 21 12 2 13 26 27 216

Business Services 44 16 16 19 22 3 4 5 23 31 17 200

Energy, Mining & Utilities

45 15 9 21 3 9 20 15 16 18 15 186

Financial Services 42 14 12 18 12 7 10 11 8 32 9 175

Leisure 21 13 7 5 7 3 5 7 6 11 10 95

Transportation 10 9 6 5 7 2 4 12 3 20 2 80

Construction 7 15 4 4 5 4 4 1 6 16 3 69

Agriculture 3 2 1 4 14 2 5 9 1 41

Real Estate 5 5 2 3 2 2 1 3 5 5 2 35

Defence 2 2 1 1 1 2 1 10

Total 385 358 178 251 153 174 134 114 182 388 179 2,496

Heat Chart based on potential companies for sale

HY 2020 Heat Chart

Deal Drivers EMEA

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5


Part of the Acuris reporton global M&A activity

All Sectors

Mergermarket 6Deal Drivers EMEA

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HY 2020All Sectors


All Sectors

I&C, financial services and TMT were the three largest sectors by deal value in Europe in H1 2020, each delivering more than €50bn worth of transactions. Despite COVID-19 disruption, each also posted favourable YoY figures against H1 2019.

With others hit hard by lockdowns, these three industries accounted for almost 60% of total deal value in H1 2020. TMT was the busiest sector by volume with 592 deals, followed by I&C with 501. Financial services posted far fewer deals, with only 166 transactions over the period.

Tech sector most resilient and consistentDeal value figures for both I&C and financial services, it is worth noting, were skewed by strong showings in Q1, with jumbo pre-lockdown deals in each industry inflating numbers.

In financial services, the €31.1bn deal between insurance brokers Aon and Willis Towers Watson comprised the lion’s share of the sector’s H1 2020 deal value. That deal, struck in early March, lifted Q1 financial services figures to €48.8bn, versus less than €4bn in Q2, a 91.8% decline.

ThyssenKrupp’s €17.2bn sale in February of its elevator unit to private equity (PE) firms Advent International and Cinven had a similar impact on the I&C space, where Q1 deal value topped €46bn only to fall by 83.7% to €7.5bn in Q2.

TMT delivered a more even performance across the first six months of 2020. Indeed, the sector’s largest deal – a mega-merger between Liberty Global’s UK-based cable media company Virgin Media and Telefónica’s UK mobile business O2, with the joint venture company valued at £31.4bn – was announced in early May, after the UK lockdown commenced.

Pharma ready for post-COVID-19 jumpAlthough deal value and volume in the PMB industry was down to 188 deals worth €24.8bn from 294 worth €118.8bn in H1 2019 (YoY declines of 36.1% and 79.1% respectively), it was the fourth largest sector by deal value. Rising investment into healthcare infrastructure and COVID-19 research leaves PMB well-placed to draw more M&A interest in H2 2020, especially given ongoing PE activity in the sector. More than a third of the 15 largest PMB deals so far this year have involved PE on either the buy or sell side.

In addition to the consumer and leisure sectors, other industries such as energy, mining & utilities (EMU) and construction have seen deal activity dry up in H1. In the energy sector, spiralling oil prices and falling demand stripped the market of confidence and saw deal value drop by almost two thirds YoY from €38.1bn to less than €14bn. Tight liquidity and investor nervousness pushed construction deal value down almost 30% to €4.3bn in H1 2020 from €6.1bn in H1 2019.

Deal Drivers EMEA

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Mergermarket 7HY 2020All Sectors


Top deals

Top 20 Announced Deals for Half Year Ending 30 June 2020 – European Targets All Sectors

AnnouncedDate

Status Bidder Company Target Company Sector Vendor Company Deal Value(€m)

9-Mar-20 P Aon plc Willis Towers Watson Public Limited Company Financial Services 31,127

27-Feb-20 P Cinven Partners LLP; Advent International Corporation; and RAG-Stiftung ThyssenKrupp Elevator AG Industrials & Chemicals thyssenkrupp AG 17,200

7-May-20 P Virgin Mobile Inc / Telefónica O2 Europe Plc JV Virgin Media Inc; and Telefónica O2 Europe Plc Telecoms, Media & Technology Telefónica SA; and Liberty Global Plc 11,484

3-Mar-20 P Thermo Fisher Scientific Inc QIAGEN NV Pharma, Medical & Biotech 9,843

3-Feb-20 P Worldline SA Ingenico Group SA Telecoms, Media & Technology 9,151

17-Feb-20 P Alstom SA Bombardier Transportation GmbH Industrials & Chemicals Bombardier Inc; and Caisse de Depot et Placement du Quebec

7,567

12-Mar-20 P OMV AG Borealis AG (39% stake) Industrials & Chemicals Mubadala Investment Company PJSC 5,712

26-Feb-20 C Blackstone Group LP iQ Student Accommodation Limited Leisure Goldman Sachs & Co LLC; and The Wellcome Trust Limited

5,548

17-Feb-20 P Intesa Sanpaolo SpA UBI Banca SpA (99.92% stake) Financial Services 5,482

4-Feb-20 C Mitsui & Co, Ltd; Temasek Holdings Pte. Ltd; Sofiproteol SA; EMZ Partners; Sagard Private Equity Partners; Public Sector Pension Investment Board; Klocke Gruppe; ContiGroup Companies, Inc; Hopu Investment Management Co, Ltd; Tethys Investment Management LLC; and Merieux Equity Partners SAS

Ceva Sante Animale SA Pharma, Medical & Biotech 5,000

1-Jun-20 P Lorca telecom BidCo MasMovil Ibercom SA (90.8% stake) Telecoms, Media & Technology 4,724

18-Mar-20 C Kohlberg Kravis Roberts & Co LP Viridor Waste Management Limited Industrials & Chemicals Pennon Group Plc 4,555

9-Jan-20 C Insight Partners Veeam Software AG Telecoms, Media & Technology Canada Pension Plan Investment Board 4,501

29-Jun-20 P INEOS Group AG BP Plc (Global petrochemicals business) Industrials & Chemicals BP Plc 4,446

28-Apr-20 P National Pension Service; APG Group NV; and Swiss Life Asset Management AG Brisa-Auto Estradas de Portugal SA (81.2% stake) Transportation José de Mello, SGPS SA; and Arcus Infrastructure Partners LLP

4,121

29-Jun-20 P Ado Properties SA CONSUS Real Estate AG (51% stake) Real Estate Aggregate Holdings SA 3,226

10-Feb-20 C EQT Partners AB; and OMERS Infrastructure Management Inc Deutsche Glasfaser Holding GmbH Telecoms, Media & Technology Kohlberg Kravis Roberts & Co LP; and Reggeborgh Groep

2,800

28-Jan-20 P BorgWarner Inc Delphi Technologies PLC Industrials & Chemicals 2,565

16-Jan-20 C E.ON SE innogy SE (10% stake) Energy, Mining & Utilities 2,379

11-Mar-20 C Parjointco NV Pargesa Holding SA (44.5% stake) Financial Services 2,356

C= Completed; P= Pending; L= Lapsed

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Deal Drivers EMEAMergermarket 8HY 2020All Sectors


Num

ber

of d

eals

0

100

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500

600

Agr

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Def

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111

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391

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88 93

188154

592

Valu

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1.20.1

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52.553.8

Mix of deals by industry sectorValue

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe. Industry sector is based on the dominant industry of the target.

Mix of deals by industry sectorDeal count


Deal Drivers EMEA

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Value

Value

Value

Value

0

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H1 2020201920182017201620152014

Num

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eals

604

8

196194

1,941

5,658

1,864

180186

1937

194

42180

19

189191

19

2,150

2,128

2,227

4,860

5,6835,246

162202

2014

49

515222

179188

41

3,984

2,257

4,319

2,126

6515

63

Value not disclosed

€501-€2000m

€5m-€250m

€2001m-€5000m

€251-500m

>€5001m

0

100

200

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H1 2020201920182017201620152014

Valu

e (€

bn)

63.6

52.1

30.922.4

109.3

121.9

178.3

104.6

112.7

175.4

159.7155.8

63.3

110.6 106.7

58

336.5

229.3

165.5

67.5

107.5

126.9

184.2

67.4

185.8

164.7

69.6

302.4

191.1240.1

207.9

69.4

201.7

97.6

105.1

€5m-€250m

€2001m-€5000m

€251m-€500m

>€5001m

€501m-€2000m

European M&A split by deal sizeValue

European M&A split by deal sizeDeal count

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Valu

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m)

0

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Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q12014 2015 2016 2017 2018 2019 2020

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European quarterly M&A activityValue

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

European quarterly M&A activityDeal count

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

Moving average trend lineDeal value Moving average trend lineDeal count

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0

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2014 2015 2016 2017 2018 2019 2020

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Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

Valu

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m)

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eals

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2014 2015 2016 2017 2018 2019 2020

Deal count Deal countValue Value

European buyouts

Based on announced buyouts, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

European exits

Based on announced exits, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

Deal Drivers EMEA

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Valu

e (€

m)

US$xxx

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xxx

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European bidder acquiring a North American target

North American bidder acquiring a European target

Total European/North American deals

Transatlantic dealsDeal count

Based on dominant location of target and bidder and excludes all buyouts.

Transatlantic dealsValue

Based on dominant location of target and bidder and excludes all buyouts.

European bidder acquiring a North American target

North American bidder acquiring a European target

Total European/North American deals

Deal Drivers EMEA

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Value

Value

Value

Value

Value

Value

Value

Value

Value

8.4%2.2%

20.7%

17.7%

11.2%7.3%

7.2%

10.5%

14.8%

UK & Ireland

Italy

Nordic

DACH

Iberia

Central & Eastern Europe

France

Benelux

Other

1.7%

33%

25.4%

11.3%

5.9%

7.2%

6.5%

3.4%

5.6%

UK & Ireland

Italy

Nordic

DACH

Iberia


France

Benelux

Other

Mix of deals by geographic regionDeal count

Based on announced deals, excluding those that lapsed or were withdrawn. Geographic region is determined with reference to the dominant location of the target.

Mix of deals by geographic regionValue


Deal Drivers EMEA

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Mergermarket

Legal advisers by value Legal advisers by deal count

League tables

Financial advisers by deal countFinancial advisers by value

The legal adviser league tables by value and volume have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and cover all sectors.

The financial adviser league tables by value and volume have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and cover all sectors.

H1 2020 H1 2019 Company Name Value (€m)

Number of Deals

1 1 Goldman Sachs & Co 134,407 42

2 3 Morgan Stanley 90,782 36

3 2 JPMorgan 87,247 52

4 9 Rothschild & Co 59,017 77

5 11 UBS Investment Bank 50,005 28

6 8 Lazard 47,163 37

7 5 Bank of America 47,104 39

8 10 Credit Suisse 39,706 11

9 7 Citi 38,809 24

10 13 Barclays 36,830 22


Number of Deals

1 3 Freshfields Bruckhaus Deringer 92,425 51

2 13 Latham & Watkins 66,189 72

3 25 Allen & Overy 61,428 76

4 19 Linklaters 60,637 65

5 15 Cleary Gottlieb Steen & Hamilton 60,253 21

6 35 Herbert Smith Freehills 58,958 26

7 4 Weil Gotshal & Manges 58,135 25

8 21 Clifford Chance 50,642 59

9 1 Kirkland & Ellis 47,174 43

10 17 Sullivan & Cromwell 43,801 22


Number of Deals

1 1 Deloitte 3,265 121

2 2 PwC 4,699 103

3 4 EY 4,644 100

4 3 KPMG 4,235 100


6 8 JPMorgan 87,247 52



9 7 Lazard 47,163 37



Number of Deals

1 1 DLA Piper 5,356 113

2 3 White & Case 42,451 102

3 2 CMS 5,129 87

4 4 Allen & Overy 61,428 76


6 5 Baker McKenzie 11,377 72


8 14 Hogan Lovells International 12,179 61



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Mergermarket

Legal advisers by value – mid-market (€5m<deals<€250m) Legal advisers by deal count – mid-market (€5m<deals<€250m)


Number of Deals

1 2 Deloitte 1,877 34

2 5 EY 1,829 29

3 3 PwC 1,654 25


5 4 KPMG 1,141 19


7 12 Alantra 946 12

8 6 Lazard 907 8

9 16 Daiwa Securities Group / DC Advisory 840 9

10 24 Morgan Stanley 778 6


Number of Deals


2 7 Jones Day 2,063 19


4 1 DLA Piper 1,865 31



7 4 CMS 1,369 25



10 2 Allen & Overy 1,310 15


Number of Deals

1 1 Deloitte 1,877 34

2 5 EY 1,829 29

3 2 PwC 1,654 25

4 4 KPMG 1,141 19


6 7 Alantra 946 12

7 16 Daiwa Securities Group / DC Advisory 840 9

8 13 Oaklins 499 9

9 6 Lazard 907 8

10 11 Clearwater International 489 8


Number of Deals


2 1 DLA Piper 1,865 31

3 3 CMS 1,369 25


5 5 Jones Day 2,063 19

6 4 White & Case 1,270 19

7 28 Goodwin Procter 1,226 18


9 6 Allen & Overy 1,310 15

10 8 Orrick Herrington & Sutcliffe 829 15

League tables

Financial advisers by deal count – mid-market (€5m<deals<€250m)Financial advisers by value – mid-market (€5m<deals<€250m)

The legal adviser mid-market league tables by value and volume have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and cover all sectors.

The financial adviser mid-market league tables by value and volume have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and cover all sectors.

mergermarket.com



PR advisers by deal count – mid-market (€5m<deals<€250m)PR advisers by value – mid-market (€5m<deals<€250m)

PR advisers by deal countPR advisers by value

League tables

The PR adviser mid-market league tables by value and volume have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and cover all sectors.

The PR adviser league tables by value and volume have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and cover all sectors.


Number of Deals

1 7 Finsbury Hering Schuppener GPG 91,704 38

2 10 Joele Frank Wilkinson Brimmer Katcher 59,866 13

3 4 Brunswick Group 43,603 41

4 17 Community Group 24,050 16

5 2 Kekst CNC (Publicis) 14,157 30

6 1 Sard Verbinnen & Co 13,404 16

7 6 FTI Consulting 12,132 38

8 - FinElk 9,451 2

9 23 Teneo 8,596 12

10 15 Image Sept 8,344 17


Number of Deals



3 3 Maitland (AMO) 886 9

4 4 Barabino & Partners 676 5

5 10 Citigate Dewe Rogerson 651 9

6 51 Camarco 608 8

7 1 Finsbury Hering Schuppener GPG 562 6

8 23 Community Group 549 7

9 16 Kekst CNC (Publicis) 489 5

10 15 Tulchan Communications 481 5


Number of Deals


2 1 Finsbury Hering Schuppener GPG 91,704 38


4 4 Kekst CNC (Publicis) 14,157 30

5 5 Maitland (AMO) 6,416 26

6 9 Citigate Dewe Rogerson 1,242 24

7 6 Barabino & Partners 976 19

8 8 Image Sept 8,344 17

9 14 Community Group 24,050 16

10 12 Sard Verbinnen & Co 13,404 16


Number of Deals


2 7 MHP Communications 307 13


4 5 Maitland (AMO) 886 9

5 9 Citigate Dewe Rogerson 651 9

6 17 Camarco 608 8

7 19 Community Group 549 7

8 2 Finsbury Hering Schuppener GPG 562 6

9 34 Buchanan Communications 367 6

10 18 Image Building 258 6

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Mergermarket


Financial Services

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Deal Drivers EMEA 18HY 2020Financial Services


Financial ServicesOverview

The financial services industry was one of few to log a YoY rise in deal value, recording €52.5bn worth of transactions in H1 2020, more than two-and-a-half times greater than the €20.8bn logged in H1 2019.

These figures, however, were inflated by the €31.1bn Q1 megadeal between Aon and Willis Towers Watson. The deal – which is yet to close – will create the world’s largest international insurance broker.

When the Aon-Willis merger is stripped out, deal values for H1 2020 are more modest and reveal that the financial services sector hasn’t been left unscathed by coronavirus. Deal volume dropped 39.2% YoY from 231 to 166 in H1 2020, and aggregate deal value for Q2 came in at only €3.8bn.

As with other industries, volatility has been an inescapable part of life for financial services. The STOXX Europe 600 Financial Services stock index, for example, was down as much as 38% this year, although it has since rallied. With markets vacillating, gaps have opened in the pricing expectations of buyers and sellers. Italian banking group Intesa Sanpaolo’s €5.5bn bid for rival UBI Banca, for example, was made in February but is still to secure approval, forcing Intesa to raise its bid by just under a fifth.

There is hope, however, that market stabilisation will revivify financial services M&A in H2. Long-term strategic drivers in banking

and asset management, where scale and consolidation in core markets remain priorities, should sustain M&A appetite.

Corporates will continue to focus on their most profitable businesses and sell off non-core divisions, which should spark a resumption of carve outs. This year has already seen Intesa make plans to sell off a network of 500 branches to BPER Banca, while Banca de Sabadell offloaded its asset management business to money manager Amundi for €430m.

Private equity firms, who were active in the sector pre-lockdown with deals such as CVC’s €898m buyout of Pension Insurance Corporation, are also likely to resume activity as economies around Europe reopen and regain confidence.

There is hope that market stabilisation will revivify financial services M&A in H2. Long-term strategic drivers in banking and asset management, where scale and consolidation in core markets remain priorities, should sustain M&A appetite.

Deal Drivers EMEA

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Mergermarket 19HY 2020Financial Services


Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 – European Targets Financial Services Sector

AnnouncedDate

Status Bidder Company Target Company Vendor Company Deal Value(€m)

9-Mar-20 P Aon plc Willis Towers Watson Public Limited Company 31,127

17-Feb-20 P Intesa Sanpaolo SPA UBI Banca SpA (99.92% stake) 5,482

11-Mar-20 C Parjointco NV Pargesa Holding SA (44.5% stake) 2,356

21-Feb-20 C Hyundai Capital Bank Europe GmbH Sixt Leasing AG Sixt SE 1,317

27-May-20 P Bridgepoint Advisers Limited Financiere CEP SAS JC Flowers & Co LLC; and CHG Participations SAS 1,300

17-Feb-20 P BPER Banca SPA Intesa Sanpaolo SPA (400/500 branches) Intesa Sanpaolo SPA 1,015

7-Feb-20 P UNIQA Insurance Group AG AXA SA (Poland, Czech Republic and Slovakia operations) AXA SA 1,002

13-Feb-20 C CVC Capital Partners Limited; Abu Dhabi Investment Authority; and Reinet Fund SCA FIS

Pension Insurance Corporation plc (Undisclosed stake) 898

24-Jan-20 C Helvetia Holding AG Caser Seguros SA (69.4% stake) Ibercaja Banco SAU.; Covea Mutual Insurance Group Company; CaixaBank SA; Bankia SA; Liberbank SA; and Abanca Corporacion Bancaria SA

800

03-Feb-20 C Searchlight Capital Partners, L.P. Global Risk Partners Limited (Undisclosed Majority stake) 764

25-Feb-20 P Blackstone Group LP NIBC Bank NV (60.6% stake) JC Flowers & Co LLC 668

25-Feb-20 P Arch Capital Group Ltd Coface SA (29.5% stake) Natixis SA 480

17-Feb-20 C Jupiter Fund Management Plc Merian Global Investors Limited TA Associates Management LP 480

21-Jan-20 C Amundi SA Sabadell Asset Management Banco de Sabadell SA 430

26-Feb-20 P Nova Ljubljanska banka dd, Ljubljana Komercijalna Banka AD Beograd (83.23% stake) Government of the Republic of Serbia 387


mergermarket.com

Deal Drivers EMEAMergermarket 20HY 2020Financial Services


Value

Value

Value

Value

Value

Value

Value

Value

Value

10.8%

6.6%

5.4%

32%

9%9%

6.6%

4.8%

15.8%

UK & Ireland

Italy

Nordic

DACH

Iberia


France

Benelux

Other

0.8%

3% 1.2%

63.7%8%

4.2%

12.9%

2.6%

3.6%

UK & Ireland

Italy

Nordic

DACH

Iberia


France

Benelux

Other





Deal Drivers EMEA

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125

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Quarterly M&A activityValue


Quarterly M&A activityDeal count


Moving average trend lineDeal Value Moving average trend lineDeal count

Deal Drivers EMEA

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Mergermarket


League tables


The legal adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sector: Financial Services.

The financial adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and are based on the following sector: Financial Services.


Number of Deals




4 13 JPMorgan 10,230 10



7 36 Mediobanca S.p.A. 5,776 3

8 42 EQUITA S.I.M. 5,482 1

9 32 Evercore 5,163 4

10 1 Barclays 2,164 3


Number of Deals


2= 32 Skadden Arps Slate Meagher & Flom 34,916 2

2= 24 Weil Gotshal & Manges 34,916 2



6 76 Matheson 31,292 3


8 67 Arthur Cox 31,127 2

9 21 Cravath, Swaine & Moore 31,127 1

10 129 Debevoise & Plimpton 8,565 2


Number of Deals

1 4 KPMG 1,286 16

2 7 JPMorgan 10,230 10


4 2 Deloitte 553 10

5 5 PwC 267 8


7 65 Daiwa Securities Group / DC Advisory 1,113 6



10 3 EY 9 5


Number of Deals

1 13 White & Case 6,367 17


3 2 Allen & Overy 2,192 9

4 17 Willkie Farr & Gallagher 1,334 7


6 5 DLA Piper 173 7


8 21 Gide Loyrette Nouel 1,370 6

9 50 Travers Smith 553 6


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Deal Drivers EMEAMergermarket 23HY 2020Financial Services


Mergermarket


Industrials & Chemicals

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Deal Drivers EMEA 24HY 2020Industrials & Chemicals


Industrials & ChemicalsOverview

I&C enjoyed a bumper Q1, generating €46.3bn worth of deals. Despite COVID-19 restrictions and uncertainty, total deal value for H1 2020 came in at €53.8bn, surpassing the €45.1bn posted in H1 2019.

Overall deal figures, however, were skewed by a handful of big deals, including the €17.2bn PE buyout of ThyssenKrupp Elevator by Advent International and Cinven. The proceeds from the deal, the largest buyout in Europe since 2007, will help the German conglomerate pay down debt and pension liabilities.

This deal aside, M&A in this space has slowed during the pandemic. Deal volume fell 35.4% to 501 transactions in H1 2020 from 776 in the same period last year. In Q2, the aggregate value of all I&C deals was just €7.5bn, the weakest quarterly return for at least 18 months.

As European countries have lifted lockdowns, activity levels have ticked up. At the end of June, chemicals giant INEOS paid €4.4bn to acquire BP’s global petrochemicals business. Oil producers worldwide have looked at disposals and spin-offs as a way to bring in cash as oil prices have fallen. In addition, BP had committed to divesting non-core assets worth US$15bn (€13.9bn) to reduce debt.

Another deal that has come to the fore post-lockdown is Franco-Italian PE firm Groupe HLD’s move to acquire TSG Solutions, a maker of energy distribution equipment, for €500m.

Other PE firms have remained active in the sector. IK Investment Partners, Ardian and Tikehau Capital Partners, for instance, have secured successful exits in this space. IK Investment Partners sold livestock biosecurity business CID LINES to US strategic buyer Ecolab for €450m, while Ardian and Tikehau banked €1.7bn from the exit of ingredients business DRT to Firmenich.

I&C companies have been hard hit by COVID-19, with demand for products falling and supply chains disrupted. M&A could play a key role in the sector’s recovery. Cash-rich PE sponsors have been drawn by attractive valuations in the sector, and a focus on sustainability and scale post-pandemic should encourage corporates to look for deals.

I&C companies have been hard hit by COVID-19, with demand for products falling and supply chains disrupted. M&A could play a key role in the sector’s recovery.

Deal Drivers EMEA

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Mergermarket 25HY 2020Industrials & Chemicals


Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 – European Targets Industrials & Chemicals Sector

AnnouncedDate


27-Feb-20 P Cinven Partners LLP; Advent International Corporation; and RAG-Stiftung ThyssenKrupp Elevator AG thyssenkrupp AG 17,200

17-Feb-20 P Alstom SA Bombardier Transportation GmbH Bombardier Inc; and Caisse de Depot et Placement du Quebec 7,567

12-Mar-20 P OMV AG Borealis AG (39% stake) Mubadala Investment Company PJSC 5,712

18-Mar-20 C Kohlberg Kravis Roberts & Co LP Viridor Waste Management Limited Pennon Group Plc 4,555

29-Jun-20 P INEOS Group AG BP Plc (Global petrochemicals business) BP Plc 4,446

28-Jan-20 P BorgWarner Inc Delphi Technologies PLC 2,565

6-Mar-20 C Firmenich SA Les Derives Resiniques Et Terpeniques SA Ardian; and Tikehau Capital Partners 1,700

6-Feb-20 C En+ Group plc En+ Group plc (21.37% stake) VTB Bank OAO 1,437

27-Jan-20 C Silgan Holdings Inc Albea Services SAS (Global dispensing systems business) Albea Services SAS 816

17-Feb-20 P Caisse de Depot et Placement du Quebec Alstom SA (Undisclosed stake) 700

30-Jan-20 P Triton Partners RENK Aktiengesellschaft Volkswagen AG 576

15-Jun-20 P Groupe HLD TSG Solutions 500

30-Apr-20 C CDP Equity SpA Ansaldo Energia SpA (71.43% stake) 450

9-Jan-20 C Ecolab Inc CID LINES NV IK Investment Partners Limited 450

10-Jun-20 C Evergrande Health Industry Group Limited National Electric Vehicle Sweden AB (17.6% stake) Kai Johan Jiang (Private investor) 334


mergermarket.com

Deal Drivers EMEAMergermarket 26HY 2020Industrials & Chemicals


1.4%

1.5%

3.2%

0.1%

24.2%

59.6%

8%

0.5% 1.5%

Value

Value

Value

Value

Value

Value

Value

Value

Value

0.6%

13.6%

24.7%

9.6%12%

6.6%

10.2%

14.3%

8.4%

UK & Ireland

Italy

Nordic

DACH

Iberia


France France

Benelux Benelux

Other Other

UK & Ireland

Italy

Nordic

DACH

Iberia






Deal Drivers EMEA

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Mergermarket


League tables


The financial adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Automotive; Chemicals & Materials; Industrials – electronics; automation, and products and services; and Manufacturing – other.

The legal adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Automotive; Chemicals & Materials; Industrials – electronics; automation, and products and services; and Manufacturing – other.


Number of Deals




4 235 Macquarie Group 18,243 5

5 3 JPMorgan 17,445 5

6 5 Deutsche Bank 17,427 2

7 2 Lazard 17,288 4

8 - goetzpartners 17,200 2

9= - Bain & Company 17,200 1

9= 31 Nomura Holdings 17,200 1


Number of Deals

1 31 Allen & Overy 27,610 9




5 46 White & Case 19,159 17

6 21 NautaDutilh 17,299 4

7 - Yulchon 17,200 2


9 30 Slaughter and May 9,019 4

10 89 Norton Rose Fulbright 8,718 7


Number of Deals

1 2 Deloitte 359 28

2 1 PwC 229 25

3 4 EY 379 21

4 3 KPMG 76 18


6 33 GCG 14 9

7= 6 BDO - 9

7= 5 Lincoln International - 9


10 15 Citi 12,689 7


Number of Deals

1 1 DLA Piper 447 19

2 2 CMS 257 18

3 3 White & Case 19,159 17



6 7 Eversheds Sutherland 64 14

7 29 Jones Day 5,514 13




mergermarket.com

Deal Drivers EMEAMergermarket 29HY 2020Industrials & Chemicals


Mergermarket


Energy, Mining & Utilities

mergermarket.com

Deal Drivers EMEA 30HY 2020Energy, Mining & Utilities


Energy, Mining & UtilitiesOverview

EMU sector recorded severe declines in deal value and volume in H1 2020. Value fell by 63.3% to less than €14bn from €38.1bn in H1 2019. Year-on-year deal numbers were likewise down from 220 to 154, a 28.6% decline. Weak oil and metals prices have weighed heavily on the sector’s key industries and hampered deal activity.

Oil companies have been especially impacted. Brent crude prices are down 37% this year at around US$43 per barrel – conditions were at their worst in April when the combination of falling demand and a price war between Russia and Saudi Arabia pushed prices below US$20 per barrel. Although prices have staged a recovery, many projects are uneconomic at current levels. Base metals also saw steep declines, although prices have rebounded as large markets in Asia have started to normalise.

This volatility has affected oil and mining company valuations, with the STOXX Europe 600 Oil & Gas and Basic Resources indices down 32% and 12%. With company and reserves valuations deflated, vendors and shareholders have pulled back from selling assets and crystallising losses. This has put deal activity in limbo except in rare circumstances of deep distress or where deals present such compelling long-term benefits that buyers are willing to look beyond the vicissitudes of current earnings.

The bulk of deal activity in EMU has, therefore, come in the utilities space. Power utility E.ON’s €2.4bn acquisition of a 10% stake in innogy and Iberdrola’s €1.1bn sale of an 8.1% stake in Siemens Gamesa Renewable Energy were the sector’s largest deals. The only other EMU transaction to exceed €1bn was in mining, with Russia’s Mechel offloading coal assets to A-Property before proceeding with a debt restructuring with lenders VTB and Gazprombank.

After a trying H1, those operating in the sector will take some encouragement from the recovery observed in oil and metals prices towards the end of Q2. Although bidders have been willing to step up when the long-term drivers of a deal are obvious, ongoing price recovery for oil and commodities will be needed to tempt a meaningful number of bidders back to the market.

The bulk of deal activity in EMU has come in the utilities space. Power utility EON’s €2.4bn acquisition of a 10% stake in Innogy and Iberdrola’s €1.1bn sale of an 8% stake in Siemens Gamesa Renewable Energy were the sector’s largest deals.

Deal Drivers EMEA

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Mergermarket 31HY 2020Energy, Mining & Utilities


Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 – European Targets Energy, Mining & Utilities Sector

AnnouncedDate


16-Jan-20 C E.ON SE innogy SE (10% stake) 2,379

4-Feb-20 P Siemens AG Siemens Gamesa Renewable Energy SA (8.07% stake) Iberdrola SA 1,100

22-Apr-20 C A-Property LLC Elgaugol JSC (51% stake); Elga-Doroga OOO (51% stake); and Mecheltrans-East OOO (51% stake)

Mechel OAO 1,073

22-Jan-20 P Galp Energia SGPS SA ACS Servicios, Comunicaciones y Energia, SL (Photovoltaic energy projects) ACS Servicios, Comunicaciones y Energia SL 880

5-Mar-20 P Wiener Stadtwerke GmbH EVN AG (28.35% stake) EnBW Energie Baden-Wuerttemberg AG 801

2-Apr-20 C First State Investments (UK) Limited MVV Energie AG (45.08% stake) EnBW Energie Baden-Wuerttemberg AG; and RheinEnergie AG 753

28-Apr-20 P Colruyt Group; and Korys Investments NV Parkwind NV (20% stake) Participatiemaatschappij Vlaanderen NV 701

23-Mar-20 C A-Property LLC Elgaugol JSC (49% stake); Elga-Doroga OOO (49% stake); and Mecheltrans-East OOO (49% stake)

Gazprombank OAO 525

17-May-20 P Total SA Energias de Portugal SA (Two gas-fired combined cycle power plants in Spain); and Energias de Portugal SA (B2C supply business in Spain)

Energias de Portugal SA 515

10-Apr-20 P Acciona SA; and AXA Investment Managers – Real Assets Acciona Energia International (33.33% stake) Kohlberg Kravis Roberts & Co LP 445

27-Apr-20 P Greencoat UK Wind Plc Vattenfall AB (South Kyle wind farm) Vattenfall AB 367

26-Feb-20 C Diamond Transmission Partners Galloper Wind Farm Limited (Transmission assets) Galloper Wind Farm Limited 335

20-Jan-20 C Anglo American Plc Sirius Minerals Plc 282

20-Apr-20 C Origin Energy Limited Octopus Energy Ltd (20% stake) 271

06-Feb-20 C Elengy S.A. Fosmax LNG SAS (27.5% stake) Total S.A. 237


mergermarket.com

Deal Drivers EMEAMergermarket 32HY 2020Energy, Mining & Utilities


Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

13.6%

5.2%

16.2%

13%

20.2%

11.7%

7.8%

7.8%

4.5%

16.9%

28.9%

0.8%

5.7%

23.9%

5.1%

4%

14.2%

0.5%

UK & Ireland UK & Ireland

Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia

Central & Eastern Europe Central & Eastern Europe

France France

Benelux Benelux

Other Other





Deal Drivers EMEA

mergermarket.com



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Deal Drivers EMEA

mergermarket.com




League tables


The financial adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Energy; Mining; and Utilities.

The legal adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Energy; Mining; and Utilities.


Number of Deals

1 9 JPMorgan 2,791 8

2 5 Lazard 2,680 7

3 11 BNP Paribas 2,379 2


5 107 RBC Capital Markets 1,331 5

6 45 Nomura Holdings 1,190 5

7 2 Citi 880 2

8 - Societe Generale 880 1

9 13 Macquarie Group 753 3

10= - Metzler Corporate Finance 753 1

10= - Perella Weinberg Partners 753 1


Number of Deals


2 7 Allen & Overy 3,144 12

3 25 Hengeler Mueller 3,132 4

4 - Schilling, Zutt & Anschuetz - SZA 2,379 1


6 31 King & Wood Mallesons 1,395 3

7 76 DLA Piper 1,290 5

8 8 CMS 1,226 13

9 12 White & Case 1,131 4

10 160 Garrigues 1,100 6


Number of Deals

1 8 EY 545 10

2 10 JPMorgan 2,791 8

3 17 Lazard 2,680 7

4 3 PwC 176 7

5 107 RBC Capital Markets 1,331 5

6 24 Nomura Holdings 1,190 5

7 1 KPMG 281 5

8 4 Deloitte 91 5


10 18 Macquarie Group 753 3


Number of Deals


2 2 CMS 1,226 13

3 5 Allen & Overy 3,144 12

4 6 Herbert Smith Freehills 529 7

5 7 Watson, Farley & Williams 397 7

6 11 Norton Rose Fulbright 369 7

7 160 Garrigues 1,100 6

8 18 Jones Day 643 6

9 10 Orrick Herrington & Sutcliffe 31 6

10 37 Pinsent Masons - 6

mergermarket.com

Deal Drivers EMEAMergermarket 35HY 2020Energy, Mining & Utilities


Mergermarket


Consumer

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Deal Drivers EMEA 36HY 2020Consumer


ConsumerOverview

The consumer sector is the industry perhaps most drastically and visibly affected by the COVID-19 crisis and ensuing lockdowns, with consumer goods and services companies suffering double-digit drops in stock market valuations. Despite furlough schemes and similar state support programmes, unemployment in the euro area reached 7.4% in June, blunting consumer spending.

Against this difficult backdrop, consumer deal volume and value have slumped. Deal value has almost halved from €24.6bn in H1 2019 to €13.8bn in H1 2020. Volume has seen a similar decline, dropping 42% from 476 transactions to 276.

However, as the sector emerges from the COVID-19 crisis, M&A could play a major role in its revival. The pandemic has changed the landscape for consumer companies, accelerating the uptake of ecommerce and digital technologies and throwing a spotlight on sustainability and supply chain resilience. M&A will be a key tool for integrating supply chains and procuring sustainability- and technology-related expertise.

Long-term deal drivers aside, the stabilisation of markets as the number of new coronavirus infections has reduced has helped kickstart dealmaking. In Q2, there were €7.6bn worth of consumer deals, making the sector the second largest by value, bested only by TMT.

Five of this year’s 15 largest consumer deals so far were announced in June, including PE giant KKR’s €2.3bn buyout of Coty’s professional and retail hair and beauty division. The deal is part of a long-term divestment plan laid out by Coty and will see the business retain a 40% stake in the portfolio of haircare assets. The deal is viewed as a key step in helping Coty to focus on its core beauty business and strengthen its balance sheet post-lockdown.

Another sizable consumer deal to cross the line in June was the €1.3bn sale of skincare and make-up brand Charlotte Tilbury to PE buyers Puig and BDT Capital Partners. The business was launched seven years ago by its eponymous founder Charlotte Tilbury, the celebrity make-up artist, and shows that fast-growing brands in attractive consumer sub-sectors are still drawing significant buyer interest. Consumer multinationals L’Oréal, Shiseido and Unilever all reportedly bid for Charlotte Tilbury before Puig and BDT prevailed.

In Q2, there were €7.6bn worth of consumer deals, making the sector the second largest by value, bested only by TMT.

Deal Drivers EMEA

mergermarket.com

Mergermarket 37HY 2020Consumer


Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 – European Targets Consumer Sector

AnnouncedDate


1-Jun-20 P Kohlberg Kravis Roberts & Co LP Coty Inc (Professional and retail hair beauty business) (60% stake) Coty Inc 2,318

21-Mar-20 C Marina Caprotti (Private investor); and Giuliana Albera (Private investor) Esselunga SpA (30% stake) Giuseppe Caprotti (Private investor); and Violetta Caprotti (Private investor) 1,830

4-Jun-20 C Puig SL; and BDT Capital Partners LLC Charlotte Tilbury Beauty Limited Sequoia Capital; Venrex Investment Management LLP; and Samos Investments Advisory Ltd

1,338

27-Apr-20 P Allied Cigar Corporation SL Imperial Brands plc (Premium cigar RoW business) Imperial Brands Plc 1,040

18-Feb-20 C SCP Group SARL; and X+Bricks AG Real GmbH Metro AG 1,000

4-Feb-20 P Central Group; and Signa Holding GmbH Magazine Zum Globus AG Migros-Genossenschafts-Bund 934

8-Jun-20 C Management Vehicle Iceland Foods Limited (63.1% stake) Brait SE 922

20-Mar-20 P ALDI Group Casino Guichard Perrachon SA (3 warehouses and 567 Leader Price stores) Casino Guichard Perrachon SA 700

21-Feb-20 C Electrolux AB (Shareholders) Electrolux Professional AB Electrolux AB 486

24-Apr-20 C Metall Zug AG (Shareholders) V-ZUG Holding AG Metall Zug AG 483

20-Jan-20 C Ordu Yardimlasma Kurumu Guzel Enerji Akaryakit A/S; and Milan Petrol Sanayi ve Ticaret A/S Demiroren Holding A/S 406

22-May-20 P Carlsberg Marston's Brewing Company Marston's Plc (Brewing business); and Carlsberg UK Limited (Brewing business) Marston's Plc; and Carlsberg UK Limited 349

23-Jun-20 C Lagfin SCA Davide Campari-Milano SpA (2.58% stake) 251

21-Apr-20 C CITIC Capital Holdings Limited LELO Group (60% stake) Filip Sedic (Private investor) 231

18-Jun-20 P Salling Group A/S Tesco Polska Sp. z o. o. Tesco Plc 202


mergermarket.com

Deal Drivers EMEAMergermarket 38HY 2020Consumer


Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

10.5%

10.5%

2.2%

16.3%

16.3%

16.7%

11.2%

7.2%

9.1%

1.8%

5.3%1.5%

44.3%

18.3%

6.1%

19.2%

3.4%0.1%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





Deal Drivers EMEA

mergermarket.com



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Deal Drivers EMEA

mergermarket.com




League tables


The financial adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and are based on the following sector: Consumer – retail, food and other.

The legal adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sector: Consumer – retail, food and other.


Number of Deals

1 8 JPMorgan 13,777 7



4 14 HSBC 10,056 3

5 - Barclays 9,461 2

6 17 Greenhill & Co 9,342 2

7 - The Quant Group 9,259 1

8 9 Citi 3,012 3

9 38 UniCredit Group 2,318 3



Number of Deals


2 26 Allen & Overy 10,484 9



5 - Adnan Sundra & Low 9,259 1

6 5 Skadden Arps Slate Meagher & Flom 5,358 8


8 - Simpson Thacher & Bartlett 2,820 2

9= 261 Gleiss Lutz 2,318 2

9= 53 McDermott Will & Emery 2,318 2


Number of Deals

1 6 KPMG 361 11

2 4 Oaklins 91 9

3 1 Deloitte 35 9

4 7 EY 635 8

5 2 PwC 200 8

6 13 JPMorgan 13,777 7


8 3 Rothschild & Co 4 7

9 - Vitale & Co 215 5

10 26 Clairfield International SA 10 5


Number of Deals

1 6 Allen & Overy 10,484 9

2 12 Latham & Watkins 918 9

3 1 DLA Piper 79 9


5 62 Skadden Arps Slate Meagher & Flom 5,358 8


7 3 CMS 1,079 8

8 15 Dentons 1,230 7

9 11 White & Case 1,830 6

10 50 Cuatrecasas - 6

mergermarket.com

Deal Drivers EMEAMergermarket 41HY 2020Consumer


Mergermarket


Telecoms, Media & Technology

mergermarket.com

Deal Drivers EMEA 42HY 2020Telecoms, Media & Technology


Telecoms, Media & TechnologyOverview

TMT deal value did not suffer a major drop off as European lockdowns came into force – indeed, the sector recorded an increase in aggregate value between Q1 and Q2. This resilience in M&A activity mirrors that of the TMT sector generally, which has emerged as 2020’s best-performing industry. European technology stocks are up just under 10% this year and have climbed by almost a fifth over the last 12 months. Global technology companies like Amazon and Netflix have reported double-digit growth in revenues and new subscriptions.

Demand for technology services, products and infrastructure has grown through the lockdown period. Consumers, employees and families have relied on software and digital connectivity more than ever for work, leisure and learning. Sustained demand, steady earnings and a much clearer picture of what the future holds than in other sectors have all helped to support dealmaking and large transactions in this space.

The sector’s largest deal – a mega-merger between Virgin Media and O2 – was announced in May, after lockdown measures were put in place. The long-term strategic imperative of the deal (to create a challenger of scale to rival BT and Sky) and the fact that demand for fast broadband had sky-rocketed during lockdown gave both parties confidence to proceed with the transaction.

Other large telecoms deals have gone ahead, with vendors and sellers responding to the same drivers. MasMovil, the fourth largest telecoms operator in Spain, received a €4.7bn take-private offer from a private equity consortium in June. The same month, telecoms infrastructure group Telxius agreed to acquire a portfolio of 10,000 rooftop sites and 80 tower sites from Telefónica Deutschland for €1.5bn.

The steady flow of TMT deals during H1 2020 and the role technology has played in keeping economies moving through the coronavirus crisis puts the sector in an advantageous position to continue generating sizable M&A opportunities.

The steady flow of TMT deals during H1 2020 and the role technology has played in keeping economies moving through the coronavirus crisis puts the sector in an advantageous position to continue generating sizable M&A opportunities.

Deal Drivers EMEA

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Mergermarket 43HY 2020Telecoms, Media & Technology


Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 – European Targets Telecoms, Media & Technology Sector

AnnouncedDate


07-May-20 P Virgin Mobile Inc / Telefónica O2 Europe Plc JV Virgin Media Inc; and Telefónica O2 Europe Plc Telefónica SA; and Liberty Global Plc 11,484

01-Jun-20 P Lorca telecom BidCo MasMovil Ibercom SA (90.8% stake) 4,724

09-Jan-20 C Insight Partners Veeam Software AG Canada Pension Plan Investment Board 4,501

10-Feb-20 C EQT Partners AB; and OMERS Infrastructure Management Inc Deutsche Glasfaser Holding GmbH Kohlberg Kravis Roberts & Co LP; and Reggeborgh Groep 2,800

12-Feb-20 C Rostelecom PJSC Tele2 Russia Telecom (55% stake) VTB Bank OAO; Rossiya Bank OAO; and Invintel BV 1,903

01-Jun-20 C Zynga Inc Peak Oyun Yazilim ve Pazarlama AS Earlybird Venture Capital GmbH & Co KG; Hummingbird Ventures; and Endeavor Catalyst 1,618

24-Jan-20 P WEX Inc eNett International (Singapore) Pte Ltd; and Optal Limited Travelport Worldwide Limited 1,540

04-Jun-20 P Telxius Telecom SA Telefónica Deutschland Holding AG (10,000 rooftop sites and 80 tower sites) Telefónica Deutschland Holding AG 1,500

13-Feb-20 C Schneider Electric SE RIB Software SE 1,381

24-Jun-20 P A consortium led by Ardian Infrastrutture Wireless Italiane SpA (14.8% stake) Telecom Italia SpA 1,346

10-Feb-20 C Atlas Copco AB ISRA Vision Systems AG 1,095

26-Mar-20 P Wingtech Technology Co Ltd Nexperia BV (23.77% stake) An investor group led by Hefei Xinping Industry Investment Fund (Limited partnership) 815

02-Jan-20 P Cellnex Telecom SA OMTEL, Estruturas de Comunicacoes, SA Altice Europe NV; Morgan Stanley Infrastructure Inc; and Horizon Equity Partners 800

31-Jan-20 C Telewizja Kablowa Vectra SA Multimedia Polska SA Tri Media Holdings; M2 Investments Limited; Dunaville Trading Limited; and Collegium Anetta Kolasinska i Wspolnicy

635

03-Mar-20 C Clayton, Dubilier & Rice LLC Huntsworth Plc 591


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Deal Drivers EMEAMergermarket 44HY 2020Telecoms, Media & Technology


Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

6.3%2.2%

16.4%

23.7%

18.3%

5.2%

11.8%4.1%

12%

4.3%

1.6%

8%

37%

24.9%

5.1%

3.7%

13.2%

2.2%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





Deal Drivers EMEA

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League tables


The legal adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Computer – software, hardware and semiconductors; Telecoms – hardware and carriers; Internet/e–Commerce; and Media.

The financial adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Computer – software, hardware and semiconductors; Telecoms – hardware and carriers; Internet/e–Commerce; and Media.


Number of Deals


2 2 JPMorgan 21,606 8



5 7 Citi 13,635 4

6 30 LionTree Advisors 12,254 3

7 24 BNP Paribas 6,815 5

8 69 Evercore 6,472 3

9 27 Centerview Partners 6,178 2

10 8 Barclays 5,639 6


Number of Deals


2 80 Ropes & Gray 16,390 6

3 14 Davis Polk & Wardwell 16,376 3

4 6 Allen & Overy 13,175 15


6 9 Shearman & Sterling 11,957 4


8 72 Wilson Sonsini Goodrich & Rosati 7,491 13




Number of Deals

1 3 EY 1,071 23

2 1 Deloitte 336 21

3 10 GCA Corporation 211 19

4 2 PwC 580 18

5 4 KPMG 509 18





10 87 Bryan, Garnier & Co 17 9


Number of Deals

1 1 DLA Piper 1,185 30

2 10 CMS 2,081 27

3 2 White & Case 4,671 21

4 38 Goodwin Procter 676 21





9 14 Taylor Wessing 484 16

10 4 Allen & Overy 13,175 15

mergermarket.com

Deal Drivers EMEAMergermarket 47HY 2020Telecoms, Media & Technology


Mergermarket


Transportation

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Deal Drivers EMEA 48HY 2020Transportation


TransportationOverview

The aggregate deal value of the transportation sector declined by more than 40% YoY, slipping from €13.7bn in H1 2019 to €7.8bn in H1 2020. Deal volume also suffered, falling from 145 transactions to 93 across the same period, a 35.9% drop.

The largest deal in the sector was the €4.1bn sale of an 81% stake in toll road operator Brisa-Auto Estradas de Portugal by Arcus Infrastructure Partners and José de Mello to a consortium of pension funds including APG, the National Pension Service of Korea and Swiss Life Asset Management. Indeed, pension funds were among the most active buyers in the industry, with Dutch fund manager PGGM paying €334m for a 66% stake in Autoroute de Liaison Seine-Sarthe, a French toll operator.

Infrastructure assets like toll roads, ports and airports have become a focus area for pension funds that have had to look at other ways to secure yields in a low-interest rate environment where returns on government bonds are miniscule. Central banks globally have reduced interest rates to stimulate economies following the COVID-19 slowdown, which should see pension funds continue to target deals in transport infrastructure in search of yield.

Restructurings and distressed deals have been a feature of transportation deal activity, particularly in aviation. COVID-19 travel restrictions have severely impacted airlines that

have had to continue covering high fixed costs even as passenger numbers have dwindled.

According to the European Organisation for the Safety of Air Navigation, European air traffic was down 93% in April and was still 78% below 2019 levels in June. This shock has seen Norway’s low-cost operator Norwegian Air receive a US$292m bail-out from the government and agree a debt-for-equity swap with its aircraft lease holders.

In a similar rescue deal, the German government granted national carrier Lufthansa a €9bn bail-out package and took a 20% stake in the airline for €300m. Franco-Dutch carrier Air France-KLM and Italy’s Alitalia have also sought government support.

The damning themes that have informed dealmaking across the transportation sector since the spread of the coronavirus look set to continue in the second half of 2020 and into 2021. Although air travel has begun to reopen across the continent, passenger numbers are still severely depressed. Further restructurings,bailouts and rescue deals are a distinct possibility.

Restructurings and distressed deals have been a feature of transportation deal activity, particularly in aviation.

Deal Drivers EMEA

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Mergermarket 49HY 2020Transportation


Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 – European Targets Transportation Sector

AnnouncedDate


28-Apr-20 P National Pension Service; APG Group NV; and Swiss Life Asset Management AG Brisa-Auto Estradas de Portugal SA (81.2% stake) José de Mello, SGPS SA; and Arcus Infrastructure Partners LLP 4,121

23-Mar-20 C AustralianSuper Pty Ltd Peel Ports Group Limited (25% stake) Deutsche Bank AG; and John Whittaker (Private investor) 1,080

20-May-20 C Norwegian Air Shuttle ASA (Leaseholders) Norwegian Air Shuttle ASA (55.08% stake) 658

12-May-20 P PGGM NV Autoroute de Liaison Seine-Sarthe SA (66.83% stake) Abertis Infraestructuras, SA; Egis Avia SA; Mirova SA; and Aberdeen Infrastructure Fund 334

25-May-20 C Government of Germany Lufthansa AG (20% stake) 300

4-May-20 P Haefen und Gueterverkehr Koeln AG Imperial Shipping Services GmbH Imperial Logistics Limited 225

30-Jun-20 P SAS AB (Bondholders) SAS AB (13.66% stake) 175

7-Jan-20 P Oaktree Capital Management LP MBE WorldWide SpA (40% stake) 120

16-Jan-20 C European Healthcare Distribution Holding Group Movianto Group Owens & Minor Inc 119

1-Jun-20 C Culina Group Limited Fowler Welch Limited Dart Group Plc 109

30-Jun-20 P SAS AB (Hybrid noteholders) SAS AB (7.9% stake) 101

6-Feb-20 C Pasco Investment Holding Co NBulkGas Gubre Fabrikalari TAS 68

23-Mar-20 C VTB Bank OAO Taman Grain Terminal Holdings Limited (50% stake) Kernel Holding SA 61

5-Mar-20 C Net de Gerrers SL Tunel d'Envalira SA Banco Bilbao Vizcaya Argentaria SA; Andorra Banc Agricol Reig SA; and Globalvia Inversiones SAU

60

3-Mar-20 C JSC Rusagrotrans Trans-Grain LLC Far Eastern Shipping Company 59


mergermarket.com

Deal Drivers EMEAMergermarket 50HY 2020Transportation


Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

3.2%

8.6%

16%

15.1%

15.1%

9.7%

9.7%

8.6%

14%

0.9%1.7%

6.7%

4.5%

2%

53.9%

0.4%

12% 17.9%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





Deal Drivers EMEA

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mergermarket.com




League tables


The legal adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sector: Transportation.

The financial adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and are based on the following sector: Transportation.


Number of Deals





5= - Caixa Banco de Investimento 2,061 1

5= - Millennium Investment Banking 2,061 1

7= 31 ABG Sundal Collier Holding ASA 658 1

7= - Seabury Group 658 1

9= 25 Barclays 505 1

9= - Raymond James 505 1


Number of Deals


2= 7 Clifford Chance 4,121 1

2= 113 Latham & Watkins 4,121 1

2= - MLGTS Morais Leitao Galvao Teles Soares Da Silva & Associados 4,121 1

5 - Loyens & Loeff 2,074 2

6= - Campos Ferreira, Sa Carneiro e Asociados 2,061 1

6= - Vieira de Almeida & Associados 2,061 1

8 - Travers Smith 1,080 1

9= - Arntzen de Besche 658 1

9= - BAHR 658 1

9= 51 Wikborg Rein 658 1


Number of Deals

1 1 KPMG - 5


3 4 Deloitte 10 4


5 9 EY 1 3



8 - SEB 276 2

9 61 Global M&A Partners 121 2

10 17 VTB Capital AO 120 2


Number of Deals

1 19 Hogan Lovells International 300 6

2 - Mannheimer Swartling 276 5

3 46 Moalem Weitemeyer Bendtsen - 4


5 22 White & Case 300 3

6 - Vinge 276 3

7 2 Linklaters 113 3

8 36 Garrigues 7 3

9 27 Noerr - 3

10 - Loyens & Loeff 2,074 2

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Deal Drivers EMEAMergermarket 53HY 2020Transportation


Mergermarket


Pharma, Medical & Biotech

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Deal Drivers EMEA 54HY 2020Pharma, Medical & Biotech


Pharma, Medical & BiotechOverview

PMB deal activity started 2020 strongly with the announcements of several large deals, including Thermo Fisher Scientific’s €9.8bn move for Dutch biotech group QIAGEN and a €5bn swoop by Mitsui and Temasek for France-based vet group Ceva Santé Animale.

The sector, however, endured a quiet Q2, with deal value in that period reaching only €4.6bn. That dragged H1 2020 deal value down to just under €24.8bn, a 79.1% decline from the €118.8bn worth of PMB deals logged in H1 2019. Deal volumes for the space likewise slid YoY from 294 to 188, a 36.1% decline.

That being said, the figures showing the large fall in YoY PMB deal values may be a little misleading. H1 2019 was a bumper period for PMB deals and the large overall values for the sector during that time were inflated by US pharma group AbbVie’s €75.8bn acquisition of Dublin-domiciled Allergan and Swiss firm Novartis’s €23.7bn spin-off of eye-care specialist Alcon. Comparisons with H1 2020 figures are less stark when these outlying jumbo deals are filtered out.

The PMB deal market does present opportunities and has continued to attract investment through the lockdown period. The COVID-19 outbreak has highlighted the importance of investment in healthcare services, infrastructure and medicines, with

the MSCI Europe Health Care stock index up 17% compared to a year ago. Seven of the eight largest deals in the space crossed the line during or post-lockdown.

PMB deals have been especially attractive for PE firms, who see healthcare assets as the best placed to offer growth potential and reduce downside risk. In January, a PE consortium led by Ardian, for example, acquired a majority stake in home healthcare provider Elivie for €950m. The next month, Warburg Pincus acquired biotech company Polyplus Transfection from specialist healthcare investor ArchiMed for €550m.

The sector has also delivered good returns for firms, with CBPE Capital banking a return thought to be in excess of 6.5x money from the €331m sale of SparMedica to Nordic Capital-backed Ober Scharrer.

Strategic buyer deals included Dutch health and nutrition multinational Royal DSM buying Austrian animal nutrition business Erber Group for €980m, as well as the company’s €765m acquisition of Denmark-based baby formula producer Glycom.

Analysts expect PMB companies to continue to attract financial support and investment as healthcare systems work to find a COVID-19 vaccine, build up testing and protective

equipment stocks and devote resources to operate effective track-and-trace systems and digital healthcare technology.

Deal Drivers EMEA

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Mergermarket 55HY 2020Pharma, Medical & Biotech


Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 – European Targets Pharma, Medical & Biotech Sector

AnnouncedDate


3-Mar-20 P Thermo Fisher Scientific Inc. QIAGEN NV 9,843*

4-Feb-20 C Mitsui & Co Ltd; Temasek Holdings Pte Ltd; Sofiproteol SA; EMZ Partners; Sagard Private Equity Partners; Public Sector Pension Investment Board; Klocke Gruppe; ContiGroup Companies, Inc; Hopu Investment Management Co Ltd; Tethys Investment Management LLC; and Merieux Equity Partners SAS

Ceva Santé Animale SA 5,000

12-Jun-20 P Royal DSM NV ERBER AG San Pacific Investments Pte Ltd 980

17-Jan-20 C Ardian; and UI Gestion SA; Groupe HLD Elivie SAS 950

21-Feb-20 C Royal DSM NV Glycom A/S Nestlé S.A. 765

28-Feb-20 C Asklepios Kliniken GmbH Rhoen-Klinikum Aktiengesellschaft (51.32% stake) Eugen Muench (Private investor); and Ingeborg Muench (Private investor) 663

24-Apr-20 P Orifarm Group A/S Takeda Pharmaceutical Company Limited (OTC drug operations in Europe) Takeda Pharmaceutical Company Limited 615

29-Apr-20 C Warburg Pincus LLC Polyplus Transfection SA ArchiMed SAS 550

16-Mar-20 P Ober Scharrer Gruppe GmbH SpaMedica Limited CBPE Capital LLP 331

17-Mar-20 C ARYA Sciences Acquisition Corp Immatics Biotechnologies GmbH 316

29-May-20 C Avista Capital Partners LP Vision Healthcare NV 305

15-Jun-20 P KfW Bankengruppe CureVac AG (23% stake) 300

12-Jun-20 P Blackstone Group LP Medtronic MiniMed Inc (Undisclosed stake) 299

3-Feb-20 C Catalent Inc MaSTherCell SA The Federal Holding and Investment Company; Great Point Partners LLC; and Orgenesis Inc

285

5-Jun-20 P Acacia Research Corporation 19 public and private Life Sciences Companies Link Fund Solutions Limited 250


*In early H2 2020, on 16 July, Thermo Fisher amended the agreement to acquire all outstanding shares of QIAGEN. As per the amended agreement, Thermo Fisher will increase the cash consideration of the tender offer to €43 from €39 for each share of QIAGEN, raising the potential value of the deal to €10,754m.

mergermarket.com

Deal Drivers EMEAMergermarket 56HY 2020Pharma, Medical & Biotech


Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

Value

6.4% 1.6%

17.6%

28.2%

10.6%

5.3%

6.9%

13.3%

10.1%

7.5%

11.6%

0.6%

0.7%

6.4%

1.4%

0.9%

27.8%

43.1%


Italy Italy

Nordic Nordic

DACH DACH

Iberia Iberia


France France

Benelux Benelux

Other Other





Deal Drivers EMEA

mergermarket.com



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League tables


The legal adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Pharmaceuticals; Medical; and Biotechnology.

The financial adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Pharmaceuticals; Medical; and Biotechnology.


Number of Deals


2 17 Lazard 15,899 5

3 3 JPMorgan 13,394 7


5= 20 Barclays 10,754 2

5= 28 Moelis & Company 10,754 2

7 - Callisto 5,950 2



10 12 Jefferies 1,623 5


Number of Deals

1 5 Weil Gotshal & Manges 16,079 5

2 13 Wachtell, Lipton, Rosen & Katz 15,344 2



5 221 De Brauw Blackstone Westbroek 11,106 4

6 143 Mintz Levin Cohn Ferris Glovsky & Popeo 11,039 2


8 140 NautaDutilh 10,871 4

9 108 Gleiss Lutz 10,754 4

10 193 Hengeler Mueller 10,754 3


Number of Deals

1 2 Deloitte 365 11

2 1 PwC 111 11


4 8 JPMorgan 13,394 7

5 6 EY 186 7



8 15 Lazard 15,899 5

9 4 Jefferies 1,623 5

10 16 Alantra 724 5


Number of Deals

1 4 Goodwin Procter 6,729 13


3 6 DLA Piper 1,375 10

4 7 Hogan Lovells International 471 9

5 8 White & Case 1,824 8

6 1 Baker McKenzie 775 7

7 83 Covington & Burling 679 7

8 59 Dechert 5,627 6



mergermarket.com

Deal Drivers EMEAMergermarket 59HY 2020Pharma, Medical & Biotech


Mergermarket


The Middle East & North Africa MENA

mergermarket.com

Deal Drivers EMEA 60HY 2020The Middle East & North Africa


The Middle East & North AfricaOverview

The Middle East & North Africa (MENA) economies and capital markets have been impacted by COVID-19 disruption, which has shut down key industries like tourism and depressed oil prices, the region’s largest and most important export.

The S&P AFE 40, a stock index tracking 40 of the largest liquid stocks in the MENA region, has shed 17% of its value this year. The International Monetary Fund is forecasting negative growth of 4.2% for the region.

Although MENA M&A has been affected by the economic downturn, deal activity in the region has proved more resilient than in other parts of the world. The aggregate deal value of €33.6bn recorded in Q2 represents the second highest quarterly total since 2008. While YoY volume and value figures have dropped, deal activity for H1 2020 is in line with long-term averages.

The EMU and financial services industries were the major contributors, accounting for 59.5% and 20% of total deal value respectively, owing to megadeals in each sector. Abu Dhabi National Energy’s €18.7bn tie-up with Abu Dhabi Power Corporation was the largest in the region for H1, followed by an €8.9bn acquisition of the ADNOC Gas Pipeline Assets by a consortium of PE, infrastructure and pension fund dealmakers from Abu Dhabi National Oil. The €8.9bn sale of Ahli United

Bank to Kuwait Finance House was the region’s third largest deal in H1 2020.

These transactions inflated deal figures during lockdown periods, but the fact that vendors and buyers have been willing to move forward with such large transactions in the face of COVID-19 related uncertainty demonstrates that there is confidence in the market for the right deals.

Deal volume numbers also reveal that activity has not been restricted to a handful of industries. Consumer (14%), industrials and chemicals (16.3%) and PMB (16.3%) all contributed strongly to activity through H1 2020. With a little luck, momentum in these sectors will build on the strong deal value numbers posted in Q2 and carry through the rest of the year.

With the oil price recovering and countries around the world reopening their borders for tourism, MENA dealmakers will hope that deals can progress against a more favourable and stable economic backdrop.

Although MENA M&A has been affected by the economic downturn, deal activity in the region has proved more resilient than in other parts of the world.

Deal Drivers EMEA

mergermarket.com

Mergermarket 61HY 2020The Middle East & North Africa


Top deals

Top 15 Announced Deals for Half Year Ending 30 June 2020 – The Middle East & North Africa All Sectors (Based On Target, Excludes Israel)

AnnouncedDate

Status Bidder Company Target Company Sector Vendor Company Deal Value(€m)

29-Apr-20 P Abu Dhabi National Energy Company PJSC Abu Dhabi Power Corporation PJSC (Water and electricity generation, transmission, and distribution assets)

Energy, Mining & Utilities Abu Dhabi Power Corporation PJSC 18,674

23-Jun-20 P Snam SpA; Ontario Teachers' Pension Plan; Brookfield Asset Management Inc; GIC Private Limited; NH Investment & Securities Co Ltd; and Global Infrastructure Partners LLC

ADNOC Gas Pipeline Assets LLC (49% stake) Energy, Mining & Utilities Abu Dhabi National Oil Company 8,941

1-Mar-20 P Kuwait Finance House Ahli United Bank BSC Financial Services 8,885

22-May-20 P PT Indofood CBP Sukses Makmur TBK Pinehill Company Limited Consumer Argyle Street Management Limited; and Antony Salim (Private investor)

2,686

17-Feb-20 P Port & Free Zone World FZE DP World PLC (19.55% stake) Transportation 2,508

5-Mar-20 P United Brands Of Shisha Bidco Limited Al-Eqbal Company for Investment PLC Financial Services 1,364

22-Apr-20 C Sheikh Sultan Bin Tahnoon Al Nahyan (Private investor) Lulu Group International (20% stake) Other 920

30-Jun-20 P Templar Investments Limited Jindal Shadeed Iron & Steel LLC Industrials & Chemicals Jindal Steel & Power Limited 891

8-Mar-20 P Qatar Petroleum Qatar Fertiliser Company (PSC) (25% stake) Industrials & Chemicals Yara International ASA 886

6-Apr-20 C Tabreed Emaar Properties PJSC (Downtown Dubai district cooling business) (80% stake) Energy, Mining & Utilities Emaar Properties PJSC 625

28-Apr-20 P OLX Global BV Emerging Markets Property Group (39% stake) Technology 138

8-May-20 P Qifei Limited Jushi Egypt Glass Fiber Co Ltd (24.99% stake) Industrials & Chemicals China Jushi Co Ltd 127

10-Jun-20 P Bupa Investments Limited Bupa Arabia for Cooperative Insurance Company (4% stake) Financial Services Nazer Group Ltd 118

22-May-20 C DEG – Deutsche Investitions – und Entwicklungsgesellschaft mbH; The European Bank for Reconstruction and Development; Proparco SA; FMO – Netherlands Development Finance Company; and Mediterrania Capital Partners

MetaMed Pharma, Medical & Biotech Gulf Capital PJSC 100

9-Jan-20 C Gulf Capital PJSC IVIRMA Global (Three fertility clinics) Pharma, Medical & Biotech IVIRMA Global 90


mergermarket.com

Deal Drivers EMEAMergermarket 62HY 2020The Middle East & North Africa


0

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59 46 386 13 0 01441,951

10,464

2,740 2,508

28,265

Mix of deals by industry sectorValue

Based on announced deals in 2020, excluding those that lapsed or were withdrawn, where the dominant location of the target is in the Middle East (excl. Israel) or North Africa. Industry sector is based on the dominant industry of the target.

Mix of deals by industry sectorDeal count

Based on announced deals in 2020, excluding those that lapsed or were withdrawn, where the dominant location of the target is in the Middle East (excl. Israel) or North Africa. Industry sector is based on the dominant industry of the target.

Deal Drivers EMEA

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Valu

e (€

m)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


Num

ber

of d

eals

0

5

10

15

20

25

30

35

40

45

50



Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in the Middle East (excl. Israel) or North Africa.


Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is the Middle East (excl. Israel) or North Africa.

Moving average trend lineDeal Vvalue Moving average trend lineDeal count

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League tables


The legal adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and include lapsed and withdrawn deals.The tables are based on dominant target, bidder or seller company geography being the Middle East and North Africa excluding Israel, and cover all sectors.

The financial adviser league tables by value and count have been run from 01/01/2020 to 30/06/2020 and exclude lapsed and withdrawn deals. The tables are based on dominant target, bidder or seller company geography being the Middle East and North Africa excluding Israel, and cover all sectors.


Number of Deals

1 6 Citi 40,340 5


3 1 JPMorgan 18,674 1

4= 4 Bank of America 8,941 1

4= - First Abu Dhabi Bank 8,941 1

4= - Mizuho Financial Group 8,941 1


8= 3 Goldman Sachs & Co 8,885 1

8= 39 KPMG 8,885 1



Number of Deals

1 1 Allen & Overy 27,747 6


3 2 White & Case 19,518 9




7= 9 Ashurst 8,941 1

7= 13 Simpson Thacher & Bartlett 8,941 1

9 - Al-Sarraf & Al Ruwayeh 8,885 1

10= 21 CERHA HEMPEL 5,712 1

10= - Eisenberger & Herzog Rechtsanwalts 5,712 1

10= 22 Schoenherr 5,712 1


Number of Deals

1 4 Citi 40,340 5


3 12 PwC 115 4


5 17 Barclays 1,566 2

6 1 JPMorgan 18,674 1

7= 8 Bank of America 8,941 1

7= - First Abu Dhabi Bank 8,941 1

7= - Mizuho Financial Group 8,941 1



Number of Deals

1 2 White & Case 19,518 9

2 1 Allen & Overy 27,747 6




6 21 CMS 1,029 4


8= 75 AZB & Partners 3,070 3

8= 57 Davis Polk & Wardwell 3,070 3

10 - Shardul Amarchand Mangaldas & Co 2,184 3

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Criteria

The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.

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

Deals where the effective stake acquired is less than 30% will only be included if the value is greater than US$100m.

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 seller geography of either is that of the geography in focus.

Mid-market is defined as €5-€250m.

All data included is correct as of 06 July 2020.

League Tables correct as of 06 July 2020.

Top deals correct as of 23 July 2020.

For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to: www.mergermarket.com/pdf/deal_criteria.pdf

Simon Elliott [email protected] +44 20 3741 1060

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Documents

Deal Drivers EMEA HY2020 - Datasite€¦ · Financial services posted far fewer deals, with only 166 transactions over the period. Tech sector most resilient and consistent Deal value