Germany: Cross Border M&A Yearbook 2015 Edition · © 2016 Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft 2 Foreword Welcome to the second edition of the Deloitte Germany

Germany: Cross Border M&A Yearbook2015 EditionMarch 2016

© 2016 Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft 2

Foreword

Welcome to the second edition of the Deloitte Germany Corporate Finance “Cross-Border M&A Yearbook”. This book provides a general overview of German cross border M&A activity from a regional, industry, and inves-tor perspective over the last three years. Looking back on 2015, German cross border M&A activity continued to grow in terms of volume but shows a decline in terms of deal volume in particular to outbound.

This is partly caused by the numbers of deals with non-disclosed deal value but also attributable to the outbound mega-deals that fueled 2014 M&A activity. German companies in particular were not as aggressive as foreign investors in seeking large opportunities in the M&A space in 2015. Looking at inbound deals the high-growth real estate market, outstanding technology, and manufactur-ing prowess of Germany have contributed to continued high inbound activity. With an abundance of capital due to a revived financing environment, private equity backed activity reached a high not seen since 2008.

Germany’s high-quality corporate assets that are already attractive to foreign acquirers also became less expen-sive with the weakening Euro. Germany continues to be the bright spot in an otherwise difficult but improving Eurozone. Recent German economic data points to slow but stable growth, with stronger GDP forecast for 2016. This adds to the optimism surrounding the ongoing development of German cross border M&A activity and defines a positive outlook for the year ahead.

Germany continued to be a bright spot in terms of cross-border M&A activity

Source: S&P Capital IQ/Deloitte Analysis

Inbound Outbound

Deal Value Deal Volume

0

20

40

60

80

100

120

140

160

20152014201320122011201020092008200720062005200420032002200120000

100

200

300

400

500

600

700

800

900

Dea

l Val

ue (€

bn)

Dea

l Vol

ume

(Num

ber

of d

eals

)

Cross-Border M&A Activity in Germany between 2000 and 2015


Contents

Germany: Cross Border M&A Yearbook

4 Cross Border M&A Key Trends

5 German Cross Border M&A Activity

5 by volume and value

6 by quarter

7 by region

8 by deal size

9 Top 10 Countries as Acquirers and Targets

10 Top 10 Inbound and Outbound Transactions/Deals

11 Inbound and Outbound M&A Activity

12 by industry

14 by investor type

15 by industry and investor type

17 Methodology & Contacts


Total deal volume surged by 23.1% in 2015. The US dominated both inbound and outbound activity, while CB and TMT emerged as the most active inbound industries

Cross Border M&A Key Trends

• Overall, Germany’s cross border M&A activity registered an impressive 23.1% YoY growth in total deal volume in 2015. While inbound and outbound deal volumes incre-ased by 28.6% and 17.6% respectively; compared to 2014, inbound deal value increased by 40.5% and outbound deal value saw a decline of 60.2% during the same period. The decline in outbound deal value can best be explained by the absence of “mega” -deals as in prior year, e.g. the large outbound deal of Sigma-Aldrich acquired by Merck KGaA.

• 2015 witnessed a notable decrease in average value per large-deal (which we define as a deal greater than €0.5bn) from €3.0bn in 2014 to €1.4bn in 2015 despite an increase in the number of inbound large-deals (16 in 2014 to 21 in 2015) and unchanged number of outbound large-deals (17 in 2014 and 2015). It should also be noticed that deal values are often not disclosed.

• In terms of volume, European deals led all regions both in inbound and outbound deal activity, accounting for 65.7% and 72.3% of total inbound and outbound deals in 2015 respectively. The stable German economy, geographical and cultural proximity, and easy access to promising infrastructure and assets in industrial, chemical, and automotive industries encouraged intra-European deals.

• In terms of single countries the US continued to be the top acquirer as well as target in the German cross border M&A market, accounting for 36.1% of total inbound value and 33.0% of total outbound value (despite the 79.3% YoY decline in outbound value). In 2015, inbound deals from the US increased (23.4% by deal volume, 217.8% by deal value) from 2014. Positive US economic fundamentals, the persistence of low interest rates, the appreciating US dollar, and the apparent valuation differenti-als in the Eurozone made inbound deals from the US appealing while simultaneously slowing German investments in the US.

• The economic uncertainty in the Asia-Pacific region did not stop German corporations from executing deals in this region. Prompted by Asia-Pacific’s growing consumer spen-ding in 2015, YoY outbound growth of 20% and 71.3% was recorded in deal volume and deal value, respectively. On the other side, we continue to see an increasing inte-rest of Asian buyers for investments in Germany. Recent establishment of an initial fund supported by Germany and China together is expected to propel M&A acti-vity between the two nations, making Asia-Pacific more attractive.

• As this global record-breaking year draws to a close, concerns over global growth are back, along with divergence in economic and monetary policies. Looking ahead, we expect such divergence to create (inbound & outbound) M&A opportunities. This is supported by current valuation of the euro, favorable debt market condi-tions, attractive valuations and a positive growth outlook through a rallying European economy.

• CB emerged as the most attractive industry in terms of inbound and outbound activity in 2015 (20.0% of total inbound deal volume, 25.3% of total outbound deal volume), fueled by increased investments in mature and stable markets, as lackluster organic growth left many consumer business companies with an opportunity to deploy shareholder cash in value-accretive acquisitions.

• TMT witnessed strong inbound activity in 2015 (17.8% of inbound deal volume, 20.1% of inbound deal value), spurred by investors interest in German techno-logical know-how. TMT’s strong outbound deal volume (19.5% share) was driven by German corporates diversifying into new business innovations through acquisition. This is highlighted by the acquisition of Here, the US-based company engaged in the development of location intelligence and location-based services, by BMW, Audi and Daimler. The LSHC industry observed a significant fall in M&A activity, with an 81.8% YoY decrease in total deal value in 2015. The unprecedented deal activity in 2014 enabled corpo-rate healthcare firms to bolster their portfolios with high growth assets which in turn led to limited deals in the industry this year.

• M&A activity by financial institutions surged in 2015, both in inbound (43.5% YoY growth in volume and 19.8% in value) and outbound deals (39.5% YoY growth in volume and 141.9% in value).


Deal volume shows a record-high level of activity in 2015

German Cross Border M&A Activity by Volume and Value

German M&A Deal Activity: Volume and Value Growth

Inbound Deals Outbound Deals

2013 2014 YoY 2015 YoY 2013 2014 YoY 2015 YoY

Deal Volume 486 615 26.5% 791 28.6% 565 621 9.9% 730 17.6%

Deal Volume with disclosed deal value 183 195 6.6% 239 22.6% 188 170 (9.6%) 200 17.6%

Deal Value (€bn) 20.8 37.5 80.2% 52.7 40.5% 26.5 86.5 227.0% 34.4 (60.2%)

Source: S&P Capital IQ


Inbound Outbound

201520142013

730

791

621

615486

38

1,236

1,051

1,521

24

565

Deal Volume (absolute number, 2013–2015)


Inbound Outbound

201520142013

34.4

52.7

86.5

37.520.8

124.1

47.3

87.1

26.5

Deal Value (€bn, 2013–2015)


FY15 activity by quarter shows some kind of different picture compared to prior year

Cross Border Quarterly M&A Activity

Quarterly Deal Activity By Investor Type: Inbound

2013 2014 2015

Q1 Q2 Q3 Q4 YoY Q1 Q2 Q3 Q4 YoY Q1 Q2 Q3 Q4

Total Deal Volume 111 104 129 142 26.5% 149 136 170 160 28.6% 206 209 176 200

Total Disclosed Value deals 35 38 49 61 45 40 54 56 68 56 44 71

Total Deal Value (€bn) 2.6 8.5 3.3 6.4 80.2% 12.2 10.0 8.3 7.0 40.5% 8,2 14,9 15,3 14,3

Thereof PE (€bn) 1.3 7.1 1.5 2.6 6.8 6.6 1.7 4.1 5,2 9,3 1,4 7,0

Average Deal Value (€bn) 0.1 0.2 0.1 0.1 69.1% 0.3 0.3 0.2 0.1 14.6% 0,1 0,3 0,3 0,2

Quarterly Deal Activity By Investor Type: Outbound

2013 2014 2015

Q1 Q2 Q3 Q4 YoY Q1 Q2 Q3 Q4 YoY Q1 Q2 Q3 Q4

Total Deal Volume 144 140 135 146 9.9% 164 144 153 160 17.6% 181 165 209 175

Total Disclosed Value deals 51 39 44 54 39 48 46 37 48 50 57 45

Total Deal Value (€bn) 13.0 3.0 3.3 7.1 227.0% 12.2 19.3 43.7 11.4 (60.2%) 8,0 6,6 13,7 6,1

Thereof PE (€bn) 11.4 1.2 1.6 1.6 0.8 1.3 3.0 1.5 5,7 3,1 3,9 3,1

Average Deal Value (€bn) 0.3 0.1 0.1 0.1 261.6% 0.3 0.4 0.9 0.3 (66.2%) 0,2 0,1 0,2 0,1

(74.7%)

Decrease in Q3 values over pre-vious year is attributable to the decline in the number of mega deals – four >€5.0bn deals in 2014 versus none in 2015

Num

ber

of D

eals

FY15FY13 FY14

100

130

160

190

220

Q4 Q3 Q2 Q1

Inbound Deal Activity by Quarter


Num

ber

of D

eals

FY13 FY14 FY15

120

145

170

195

220

Q4 Q3 Q2 Q1

Outbound Deal Activity by Quarter

2015 Cross Border Deal Flow by Region


Europe continued to dominate the cross border volume, with China and Japan leading the deal market in Asia; North America emerged as a prime investor in Germany in terms of deal value

Cross Border Deal Flow by Region

North America as

Target Acquirer Total

Deal Volume 108 168 276

Growth (YoY) (16.3%) 16.9% 0.7%

Deal Value (€bn) 11.3 24.4 38.5

Growth (YoY) (79.3%) 251.9% (42.1%)

Europe as


Deal Volume 528 520 1,048

Growth (YoY) 28.2% 32.8% 30.4%

Deal Value (€bn) 20.7 20.7 41.3

Growth (YoY) (30.6%) (27.6%) (29.1%)

South America as


Deal Volume 19 7 26

Growth (YoY) (9.5%) 75.0% 4.0%

Deal Value (€bn) 0.1 0.0 0.1

Growth (YoY) (83.6%) >1,000% (74.4%)

Middle East & Africa as



Growth (YoY) 66.7% (33.3%) 2.0%

Deal Value (€bn) 0.2 0.3 0.6

Growth (YoY) (5.5%) 79.5% 29.2%

Asia-Pacific as



Growth (YoY) 20.0% 46.6% 34.3%

Deal Value (€bn) 2.1 7.3 9.4

Growth (YoY) 713.0% 282.5% 200.2%



Volume of large-value-deals (greater than €0.5bn) grew strongly in 2015 but in the absence of mega-deals (greater than 5bn€) compared to prior year

Cross Border M&A Activity by Deal Size

Key observations• 2015 witnessed an increase in the number of €0.5-

€5.0bn deals, the increase being offset by essentially the absence of the number of >€5.0bn deals over 2014.

- The €5.9bn purchase of Elster Group GmbH, the international metering and other networking and

software solutions provider, by Honeywell Inter-national Inc., topped the list of (value disclosed) inbound deals.

- The largest outbound deal was the acquisition of US-based Here Holding Corporation, a computer software and application developer specializing in navigation and location-based services, by auto-

motive OEMs Daimler AG, BMW, and Audi AG for €2.8bn. In 2014, the largest outbound deal was €13.5bn Sigma-Aldrich acquisition by Merck KGaA.

Source: S&P Capital IQ/Deloitte AnalysisGesamtkosten Verfügbarkeit

Undisclosed €0.0–€0.1bn €0.1–€0.5bn€0.5–€5.0bn >€5.0bn YoY growth in the number of deals with value >€0.5bn

201520142013

141+220.0%

+37.5%

38

420

159

58

552

303 38

615

791

4865

16

211

24

140

38

Inbound Deals

Deal Volume by Size (absolute number, 2013–2015)

Source: S&P Capital IQ/Deloitte AnalysisGesamtkosten Verfügbarkeit

Undisclosed €0.0–€0.1bn €0.1–€0.5bn€0.5–€5.0bn >€5.0bn

201520142013

136

no change

+112.5%

47

530451

730

621

17

71 10

7

110

43

377

565

152

28

Outbound Deals


The US and the UK dominated both inbound and outbound activity despite the US outbound activity declining sharply in 2015 but still leading the table

Top 10 Countries as Acquirers and Targets

Inbound Deals

Top Countries by Deal Volume

Country 2014 Volume YoY 2015 Volume Share

United States 124 23.4% 153 19.3%

United Kingdom 96 51.3% 145 18.3%

France 43 89.4% 81 10.2%

Switzerland 47 50.5% 70 8.8%

Netherlands 43 (20.0%) 34 4.3%

Austria 39 (16.7%) 33 4.1%

Sweden 19 70.3% 32 4.0%

Luxembourg 18 54.3% 27 3.4%

China 12 58.3% 19 2.4%

Italy 11 63.6% 18 2.3%

Others 37 - 181 22.9%

Total 486 62.8% 791 100.0%

Top Countries by Deal Value (€bn)

Country 2014 Value YoY 2015 Value Share

United States 6.0 217.8% 19.1 36.1%

United Kingdom 11.6 (6.8%) 10.8 20.5%

Canada 0.7 636.6% 5.3 10.1%

China 0.6 483.3% 3.8 7.2%

Switzerland 1.4 61.1% 2.2 4.3%

Japan 0.5 292.9% 2.1 4.0%

France 1.7 (0.8%) 1.7 3.3%

Netherlands 0.7 - 1.6 3.1%

Sweden 1.2 0.8% 1.2 2.3%

Luxembourg 5.2 (79.9%) 1.0 2.0%

Others 7.9 - 3.9 7.3%

Total 37.5 40.5% 52.7 100.0%


Outbound Deals

Top Countries by Deal Volume

Country 2014 Volume YoY 2015 Volume Share

United States 114 (11.4%) 101 13.8%

United Kingdom 64 23.4% 79 10.8%

Austria 35 57.1% 55 7.5%

France 57 (19.3%) 46 6.3%

Italy 30 40.0% 42 5.8%

Netherlands 35 20.0% 42 5.8%

Switzerland 26 34.6% 35 4.8%

Spain 15 120.0% 33 4.5%

Poland 15 100.0% 30 4.1%

Sweden 18 50.0% 27 3.7%

Others 212 - 240 32.9%

Total 621 17.6% 730 100.0%

Top Countries by Deal Value (€bn)

Country 2014 Value YoY 2015 Value Share

United States 54.7 (79.3%) 11.3 33.0%

Ireland 0.5 729.2% 3.8 11.2%

United Kingdom 4.5 (23.5%) 3.4 10.0%

Italy 0.7 208.6% 2.1 6.2%

Norway 0.1 >1,000% 1.7 5.0%

Netherlands 1.0 33.7% 1.3 3.9%

Spain 0.1 >1,000% 1.1 3.2%

Australia 0.3 214.4% 1.1 3.1%

Poland 0.6 65.0% 1.0 2.9%

Slovakia 0.0 >1,000% 0.9 2.6%

Others 24.0 - 6.6 19.1%

Total 86.5 (60.2%) 34.4 100.0%


Top 10 deals were split equally between financial and strategic acquirers

Top 10 Inbound Deals by (Disclosed) Value in 2015

Top 10 Inbound Deals by Value in 2015

Date Sector Acquirer Acquirer Country TargetDeal Value

(€bn)Stake

AcquiredBuyer Type

28-Jul-15 Technology Honeywell International Inc. United States Elster Group SE 5.9 100.0% Strategic Buyer

30-Oct-15 Retail, Wholesale & Distribution CIC Capital China Autobahn Tank & Rast Holding GmbH

3.5 - Financial Buyer

6-Aug-15 Consumer Product Companies - Food & Beverage

Coca-Cola Enterprises, Inc. United States Coca-Cola Erfrischungsgetränke AG 2.9 100.0% Strategic Buyer

1-Jun-15 Retail, Wholesale & Distribution CVC Capital Partners Limited United Kingdom Douglas Holding AG 2.9 100.0% Financial Buyer

16-Jul-15 Automotive Magna International Inc. Canada Getrag Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH & Cie KG

2.5 100.0% Strategic Buyer

15-Jun-15 Real Estate Operating Companies Hudson's Bay Company Canada Galeria Holding GmbH & Asset Objekte Vermögensverwaltungs-gesellschaft mbH


17-Oct-15 Technology Diebold, Incorporated United States Wincor Nixdorf Aktiengesellschaft 1.8 90.1% Strategic Buyer

25-Jun-15 Health Care Providers Cinven Limited United Kingdom synlab Holding GmbH 1.7 - Financial Buyer

22-Sep-15 Process Industries Aramco Overseas Company B.V. Netherlands Lanxess AG (Synthetic-Rubber Business)


22-Jan-15 Industrial Products & Services Centerbridge Partners, L.P. United States Senvion SE 1.1 100.0% Financial Buyer



German strategic buyers across all industries have been active in seeking opportunities, particularly in the US

Top 10 Outbound Deals by (Disclosed) Value in 2015

Top 10 Outbound Deals by Value in 2015

Date Sector Acquirer Target Target CountryDeal Value

(€bn)Percent Sought

Buyer Type

3-Aug-15 Technology Daimler AG, Bayerische Motoren Werke Aktiengesellschaft, AUDI AG

HERE Holding Corporation United States 2.8 100.0% Strategic Buyer

7-Jan-15 Real Estate Residential REITs Clarion Partners, LLC, Teachers Insur-ance and Annuity Association, Allianz Real Estate

Lion Gables Residential Trust United States 2.6 100.0% Financial Buyer

28-Jul-15 Process Industries HeidelbergCement AG Italcementi SpA Italy 1.6 45.0% Strategic Buyer

14-Oct-15 Oil & Gas DEA E.ON Ruhrgas Norge AS Norway 1.4 100.0% Strategic Buyer

17-Aug-15 Automotive Mann & Hummel Holding GmbH Affinia Group Holdings Inc. United States 1.2 100.0% Strategic Buyer

19-May-15 Telecommunications Deutsche Telekom AG Slovak Telekom, a. s. Slovakia 0.9 49.0% Strategic Buyer

4-Oct-15 Industrial Products & Services Nordex SE Corporación Acciona Windpower S.L.

Spain 0.8 100.0% Strategic Buyer

28-Jul-15 Process Industries Gerresheimer AG Centor, Inc. United States 0.7 100.0% Strategic Buyer

18-May-15 Pharmaceutical Industries Boehringer Ingelheim GmbH Pharmaxis Ltd. Australia 0.6 100.0% Strategic Buyer

19-Feb-15 Automotive MAHLE Industrial Thermal Systems GmbH & Co. KG

Delphi Automotive PLC United Kingdom 0.6 100.0% Strategic Buyer



CB, Real Estate, and TMT dominated deal volume and value; falling oil and commodity prices impacted deal value in the E&R industry

Inbound M&A Activity by Industry in 2015

Key observations• CB shows the highest deal value accounting for

23.1% of the inbound deal value, spearheaded by several large-deals such as €3.5bn CIC Capital-Auto-bahn Tank & Rast Holding GmbH deal and two other €2.9bn deals in the retail sub-sector. The primary reason for this increase is foreign investors looking for established extensive store networks but also strong online presence in mature and stable markets.

• Real Estate dominated deal activity, accounting for 26.0% of total inbound deal volume and 18.5% of

total inbound deal value. The increase (7.9% in deal volume, 17.8% in deal value) over the previous year is supported by the strong rental and capital value growth that has been continuing in the German resi-dential market and is expected to deliver long-term stable returns for the foreign investors.

• The increased deal value (89.0% YoY) in TMT was mainly driven by €5.9bn acquisition of Elster Group SE by Honeywell International Inc. European and the US companies are seeking deals in Germany with a need for best-in-class German blue-chip technology.

• FSI witnessed a strong increase in deal volume (161.9% YoY) and value (1,680.2% YoY) in 2015, driven by technology-driven disruption and integration in FSI. This has resulted in a number of larger acqui-sitions in response to anticipated competition and future trends.


North America Europe Middle East & Africa Asia-Pacific South America

2.3

0.5 2.3 1.2

3.7

0.2

0.1

0.33.9 4.3

3.7 1.3

5.0

8.3 1.0 1.2

6.9 0.8

2.51.0

2.1

39

14

612

6327

1530

88

393 12

26114

2

1

2

2

2

1

2

25

15

10 41

40146

1044

Inbound Deal Volume by Region and Industry (2015) Inbound Deal Value (€bn) by Region and Industry (2015)

FSI

LSHC

Mfg

TMT

CB

E&R

Real Estate

Inbound Deal Volume and YoY Growth

CB E&R LSHC Mfg TMT FSI Real Est. Total

158 55 61 115 141 55 206 791

61.2% 161.9% 56.4% - 8.5% 161.9% 7.9% 28.6%

Inbound Deal Value (€bn) and YoY Growth


12.16 3.56 3.94 7.44 10.61 5.24 9.8 52.7

695.6% (36.4%) 12.4% (41.4%) 89.0% >1,000% 17.8% 40.5%


Outbound deal volume was led by consumer business but with relatively low deal values

Outbound M&A Activity by Industry in 2015

Key observations• CB led outbound deal activity in terms of volume,

accounting for 25.3% of deals in 2015. This can be attributed to the continued uptick in activity in travel and hospitality sector, driven by a need to diversify into new markets. Consolidation in the internet retail segment, an increase in demand for third-party logi-stics services, efficiencies in scale, and geographic reach are driving acquisitions by German players.

• FSI deal value grew 352.2% in 2015 and was the only industry that witnessed an increase over the previous year.

• Manufacturing accounted for 17.4% of total volume and 20.7% of total value in 2015. This was driven by slow economic growth in other European nations, a need for an increase in scale of production, and German manufacturers looking for ways to spread the ‘German way’ of running manufacturing businesses overseas.

• A main driver of TMT deal volume (19.5% of total) was the focus of many German companies gaining pan-European presence by expanding their footprint into new businesses such as location and mobility

services like the acquisition of US-based Here Holding Corporation.

• In 2015, the decline in value (94.7% YoY) of LSHC deals was due to absence of mega-deals such as Merck’s €13.5bn acquisition of Sigma-Aldrich and Bayer’s €10.2bn acquisition of Merck’s consumer care business that had driven up values in 2014.


North America Europe Middle East & Africa Asia-Pacific South America

2.1

3.9 0.3

25.1

2.8 4.8

0.3 0.20.2

0.10.1

0.03

2.9

3.3 2.0 0.4

2.0 5.2 0.5

1.8

0.60.7

50

151

784

1033

93

397 6 6

185 5 6

242

21

1

1

19

17 29

196

741

11

84

Outbound Deal Volume by Region and Industry (2015) Outbound Deal Value (€bn) by Region and Industry (2015)

FSI

LSHC

Mfg

TMT

CB

E&R

Real Estate

Outbound Deal Volume and YoY Growth


185 63 45 127 142 59 109 730

14.9% 10.5% 7.1% 28.3% 12.7% 96.7% 2.8% 17.6%

Outbound Deal Value (€bn) and YoY Growth


2.82 1.97 1.35 7.11 5.72 7.71 7.73 34.4

(56.4%) (68.4%) (94.7%) (66.0%) (49.1%) 352.2% (46.3%) (60.2%)


PE-backed deal volume reached the highest since 2008, with a 43.5% YoY growth in 2015; outbound strategic deals were characterized by lower values leading to a 76.7% YoY fall in 2015

Cross Border M&A Activity by Investor Type in 2015

66.2%

615(2014)

YoY: 43.5%

YoY: 22.1%

791(2015)

69.8%

30.2%

33.8%

Inbound DealsDeal Volume

74.6%

621(2014)

YoY: 39.5%

YoY: 11.6%

730(2015)

78.6%

21.4%

25.4%

Outbound DealsDeal Volume


Financial Investors Corporate Investors

2014

2015

YoY: 62.0%YoY: 19.8%

22.9 29.8

19.1 18.4

Deal Value (€bn)


Financial Investors Corporate Investors

2014

2015

YoY: 141.9% YoY: (76.7%)

15.8 18.6

6.5 80.0

Deal Value (€bn)


CB remained a major focus area for both financial and strategic buyers; TMT was of particular impor-tance for strategic investors

Inbound M&A Activity by Industry and Investor Type in 2015

Key Observations• Financial investors focused on Real Estate, FSI and

Consumer Business

• Strategic investors focused on Consumer Business, TMT and Manufacturing

267

12.4%, 33

9.4%, 25

6,7%, 18

4.9%, 13

4.1%, 11 3.4%, 9

59.2%, 158

Financial Buyers: Activity by Deal Volume

Real Estate CB Mfg FSI LSHC E&R TMT


524

18.5%, 97

9.2%, 48

9.2%, 48

8.4%, 44

5.7%, 30

25.2%, 132

23.9%, 125

Strategic Buyers: Activity by Deal Volume

€22.9bn

9.8%, 2.2

7.9%, 1.8

8.8%, 2.0

7.5%, 1.7 0.1%, 0.02

34.0%, 7.8

31.9%, 7.3

Financial Buyers: Activity by Deal Value (€bn)

€29.8bn

16.2%, 4.8

10.1%, 3.0

7.5%, 2.2

5.9%, 1.86.7%, 2.0

35.5%, 10.6

18.2%, 5.4

Strategic Buyers: Activity by Deal Value (€bn)


While Real Estate was a focus area for financial buyers, TMT, Manufacturing, and CB continued to contribute to strategic activity

Outbound M&A Activity by Industry and Investor Type in 2015

Key Observations• Financial investors focused on Real Estate, FSI and

Consumer Business

• Strategic investors focused on Consumer Business, TMT and Manufacturing

186

13.7%, 26

11.3%, 21

8.6%, 16

4.9%, 92.2%, 43.8%, 7

55.5%, 103

Financial Buyers: Activity by Deal Volume

Real Estate CB Mfg FSI LSHC E&R TMT


545

21.7%, 118

7.9%, 43

7.7%, 42

7.5%, 41 1.1%, 6

29.3%, 160

24.8%, 135

Strategic Buyers: Activity by Deal Volume

€15.8bn

38.3%, 6.0

9.8%, 1.5

1.9%, 0.3

1.6%, 0.3

0.1%, 0.01

0.2%, 0.03

48.2%, 7.6

Financial Buyers: Activity by Deal Value (€bn)

€18.6bn

9.3%, 1.7

8.9%, 1.7

7.1%, 1.3

0.6%, 0.16.8%, 1.3

38.2%, 7.1

29.1%, 5.4

Strategic Buyers: Activity by Deal Value (€bn)


Methodology & Contacts

Data Screening Criteria• Source: S&P Capital IQ

• Deal Type: Mergers & Acquisitions

• Deal Status: Closed or Announced

• Minority Deals: Excluded less than 25% stake

• Geography: Target or Acquirer (Parent of Acquirer) from Germany

• Time Period: 01/01/2013 to 12/31/2015

Definitions• Inbound Deals: Deals with Germany as the target geography

• Outbound Deals: Deals with Germany as the acquirer geography or as the acquirer’s parent geography

• Deal Value: Total gross transaction value of inbound/outbound deals if disclosed

• Industry Acronyms: FSI – Financial Services Industry TMT – Technology, Media & Telecommunications Mfg – Manufacturing LSHC – Life Sciences & Health Care E&R – Energy & Resources CB – Consumer Business

Methodology

Your Contacts

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Issued 3/2016

Documents

Germany: Cross Border M&A Yearbook 2015 Edition · © 2016 Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft 2 Foreword Welcome to the second edition of the Deloitte Germany