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Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 1 © Zephyr
The following report details mergers and acquisitions activity in Russia/CEE in Q1 2014 using data from the Zephyr database.
It focuses on deal activity by target company.
Click here to access the raw data in an Excel spreadsheet.
M&A fails to maintain growth
Mergers and acquisitions (M&A) targeting companies based in Central and Eastern Europe (CEE) during the first three months of 2014 failed to continue the momentum achieved in the previous quarter, which marked a two-year high.
Both volume and value weakened in Q1 2014 to 2,288 transactions worth an aggregate EUR 21,639 million from a high base of 3,236 worth a combined EUR 58,554 million, which in turn was an increase on the preceding quarter (Q3 2013: 2,689 transactions worth a total EUR 32,997 million).
There was little comfort in a year-on-year comparison as volume was 13 per cent higher than the 2,016 deals recorded in Q1 2013 but value was down 41 per cent from EUR 36,651 million.
In Russia the decline was even more marked: there were 536 transactions worth an aggregate EUR 13,075 million compared to 852 worth EUR 42,570 million in Q4 2013, which again was a two-year high point.
Year-over-year, volume was 14 per cent weaker while value was 45 per cent lower (Q1 2013: 620 deals worth EUR 23,909 million).
Deals by volume and value
Announced date No of deals Total deal value (mil EUR)
Q1 2014 2,288 21,639
Q4 2013 3,236 58,554
Q3 2013 2,689 32,997
Q2 2013 2,333 47,933
Q1 2013 2,016 36,651
Q4 2012 2,104 40,605
Q3 2012 1,830 20,580
Q2 2012 1,910 25,294
Q1 2012 1,747 12,518
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 2 © Zephyr
Deals by volume and value
0
500
1,000
1,500
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3,000
3,500
0
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30,000
40,000
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Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Dea
l val
ue (m
il EU
R)
Aggregate deal value (mil EUR) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 3 © Zephyr
Russian deals by volume and value
Announced date No of deals Total deal value (mil EUR)
Q1 2014 536 13,075
Q4 2013 852 42,570
Q3 2013 646 28,418
Q2 2013 664 40,553
Q1 2013 620 23,909
Q4 2012 812 32,920
Q3 2012 623 15,609
Q2 2012 668 19,196
Q1 2012 521 6,886
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 4 © Zephyr
Three deals break EUR 1,000 million-barrier
Despite the downturn in value, there were still some reasonably sizeable deals during Q1 2014 with three transactions each surpassing EUR 1,000 million, and which accounted for 31 per cent of total value for the three months (EUR 21,639 million).
Highest of these was an acquisition worth EUR 4,366 million and involved Bank VTB 24 issuing shares to existing stockholders. The lender sold 74,394 million shares, of which parent Bank VTB subscribed for 11,152 million, or 15 per cent.
This was followed at number two by the transfer by MetalUkr Holding of a 78 per cent stake in iron ore mining business Pivnichnyy Hirnycho-Zbahachuvalnyy Kombinat to MetInvest in a deal valued at EUR 1,195 million.
At number three was another acquisition, this time involving the sale by Russian oil giant Rosneft, through RN Kholding, of its 49 per cent stake in the Yugragazpererabotka natural gas processing venture to Sibur Kholding, a Russian petrochemicals company owned by billionaires Leonid Mikhelson and Gennady Timchenko, for EUR 1,141 million.
The top twenty transactions by value involved targets based in quite a diverse range of sectors, from iron and diamond mining, banking and electricity production to cinema operation, digital telecommunications and machine tools manufacturing.
Russia tops the value table, Bulgaria number one by volume
Russia once again took top spot in the rankings of countries by value with M&A worth an aggregate EUR 13,075 million recorded, although, as previously mentioned, this was a significant decrease both month-on-month and year-on-year.
Ukraine followed at number two with EUR 3,616 million, a 52 per cent increase on EUR 2,373 million in Q4 2013 and the country’s best result in the last two years. It was also a particularly encouraging result given the country’s political climate.
Increases in the value of M&A targeting companies based in Romania, Bulgaria, Lithuania, Latvia and Moldova over the four weeks came at the expense of countries like Poland, Czech Republic and Croatia, where value declined from the preceding quarter.
Meanwhile, companies based in Bulgaria were the most targeted by volume with 715 transactions, although this was the second dip in a row (Q4 2013: 892; Q3 2013: 901). Russia followed with 536 deals, down from 852 the previous quarter, and Poland was third with 274, half the 539 recorded in Q4 2014.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 5 © Zephyr
Top 20 deals by value
Deal value (mil EUR) Deal type Target Target
country Acquiror Acquiror country Deal status Announced
date
1. 4,366 Acquisition 59% Bank VTB 24 ZAO RU Shareholders; Bank VTB OAO RU Announced 21/01/2014
2. 1,195 Acquisition 78% Pivnichnyy Hirnycho-Zbahachuvalnyy Kombinat PAT
UA MetInvest BV NL Completed 12/02/2014
3. 1,141 Acquisition 51% to 100% Yugragazpererabotka OOO RU Sibur Kholding OAO RU Completed 21/02/2014
4. 921 Acquisition 100% to 100% Natsionalna Aktsionerna Kompaniya Naftohaz Ukrayiny PAT
UA Ukrainian Government UA Announced 14/02/2014
5. 828 Acquisition 61% to 100% T-Mobile Czech Republic AS CZ Deutsche Telekom AG DE Completed 10/02/2014
6. 732 Acquisition 99% Tsentralnyy Hirnicho-Zbahachuvalnyy Kombinat PAT
UA MetInvest BV NL Completed 12/02/2014
7. 659 Acquisition 99% Stankoprom OAO RU Obyedinennaya Promyshlennaya Korporatsiya Oboronprom OAO; Rostekh
RU Announced 20/01/2014
8. 600 Acquisition 100% Cinema City Romania SRL RO Cineworld Group plc GB Completed 13/01/2014
9. 385 Minority stake 13% to 26% Inter RAO EES OAO RU Rosneftegaz OAO RU Completed 19/02/2014
10. 351 Minority stake 41% Severalmaz OAO RU Pending 15/01/2014
11. 351 Acquisition 100% to 100% Yakutskaya GRES-2 ZAO RU Federalnaya Gidrogeneriruyushchaya Kompaniya - Rusgidro OAO RU Announced 30/01/2014
12. 348 Minority stake Finansovaya Korporatsiya Otkrytie OAO RU Gatecraft Ltd; Reserve Invest Holding (Cyprus) Ltd CY; CY Announced 23/01/2014
13. 293 Acquisition 50% to 65% Korporatsiya VSMPO-Avisma OAO RU Cador Enterprises Ltd; Jivanta Ventures Ltd; Biznes Alyans Kompani ZAO
CY; CY; RU
Completed 24/02/2014
14. 288 Acquisition 100% to 100% TETs v g Sovetskaya Gavan ZAO RU Federalnaya Gidrogeneriruyushchaya Kompaniya - Rusgidro OAO RU Announced 30/01/2014
15. 282 Minority stake 5% to 34% Gruppa Kompanii PIK OAO RU Tsentralnyi Bank Rossiiskoi Federatsii RU Completed 14/01/2014
16. 270 Acquisition 100% to 100% Sakhalinskaya GRES-2 ZAO RU Federalnaya Gidrogeneriruyushchaya Kompaniya - Rusgidro OAO RU Announced 30/01/2014
17. 269 Acquisition 100% Odeskyy Naftopererobnyy Zavod PAT's assets UA Bank VTB OAO RU Completed 14/01/2014
18. 264 Minority stake 36% MKB Bank Zrt HU Bayerische Landesbank DE Announced 27/01/2014
19. 249 Minority stake 19% Enea SA PL Completed 15/01/2014
20. 245 Acquisition 66% Ciech SA PL KI Chemistry Srl LU Announced 05/03/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 6 © Zephyr
Top 20 private equity deals by value
Deal value (mil EUR) Deal type Target Target
country Equity provider Deal status Announced date
1. 74 IBO 50% Kompaniya Russkaya Fitnes Gruppa RU Goldman Sachs Group Inc.; VTB Kapital ZAO Completed 03/02/2014
2. 72 IBO 75% Fashion Arena Centre Management SRO CZ Meyer Bergman Ltd Announced 26/02/2014
3. 40 Minority stake Kotton Vei OOO RU Upravlyayushchaya Kompaniya RFPI OOO Completed 17/01/2014
4. 19 Minority stake SocialBakers AS CZ EarlyBird Capital Inc.; Index Venture Management LLP Completed 18/02/2014
5. 16 IBO 100% Ecoservice UAB LT BaltCap AS Pending 21/02/2014
6. 15 Acquisition 80% Kujawskie Zaklady Poligraficzne Druk-Pak SA PL Highlander Partners LP Pending 14/02/2014
7. 12 Minority stake Softklub OOO BY Zubr Kapital OOO Completed 06/02/2014
8. 10 Minority stake 48% Primekss SIA LV Wermuth Asset Management GmbH Completed 23/01/2014
9. 7 Minority stake Mango Telekom OOO RU Intel Capital Corporation Completed 03/02/2014
10. 7 Minority stake 30% Aviasales.ru RU iTech Capital Completed 11/02/2014
11. 7 Minority stake Kupishuz OOO RU The International Finance Corporation Completed 28/01/2014
12. 5 Minority stake TeamNet International SA RO The International Finance Corporation Announced 11/02/2014
13. 4 IBO 100% Pod Fortem - 2 Sp zoo PL Calatrava Capital SA Completed 23/01/2014
14. 4 Minority stake CityAds Media RU Klever Internet Investments Ltd Completed 25/02/2014
15. v 3 Minority stake 33% Tahe Outdoors OÜ EE Enterprise Investors Sp zoo Completed 14/03/2014
16. 2 Minority stake Median OOO RU Bright Capital OOO; Aurora Venture Capital Fund; Guard Capital Completed 20/03/2014
17. 2 Minority stake 25% Serfingberd OOO RU Klever Internet Investments Ltd 25/02/2014 25/02/2014
18. 1 Minority stake Infogram SIA LV Point Nine Management GmbH; Connect Ventures; HackFwd GmbH & Co. KG 13/02/2014 13/02/2014
19. 1 Minority stake UXPin Sp zoo PL IDG Ventures Management Company LLP; Freestyle Capital Inc.; Andreessen Horowitz
06/02/2014 06/02/2014
20. 1 Minority stake Deshbord Sistems OAO RU Buran Venture Capital 28/02/2014 28/02/2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 7 © Zephyr
PE value plummets
There were 122 private equity investment transactions worth a combined EUR 309 million targeting countries based in CEE during Q1 2014, compared to 164 worth an aggregate EUR 7,391 million in Q4 2013.
While value fell from a high base the previous quarter, a 12-month comparison shows the result was disappointingly low (Q1 2013: EUR 2,330 million). However, volume in the three months under review was double the 65 deals signed off a year ago.
Once again, the decline was magnified in Russia, where value slumped quarter-on-quarter from EUR 3,344 million to just EUR 148 million against a weakening in volume from 95 transactions to 70.
Private equity deals by volume and value
Announced date No of deals Total deal value (mil EUR)
Q1 2014 122 309
Q4 2013 164 7,391
Q3 2013 80 286
Q2 2013 54 1,517
Q1 2013 65 2,330
Q4 2012 83 428
Q3 2012 78 1,121
Q2 2012 60 583
Q1 2012 42 1,010
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 8 © Zephyr
Russian private equity deals by volume and value
Announced date No of deals Total deal value (mil EUR)
Q1 2014 70 148
Q4 2013 95 3,344
Q3 2013 30 145
Q2 2013 23 1,346
Q1 2013 18 682
Q4 2012 30 311
Q3 2012 25 446
Q2 2012 22 269
Q1 2012 18 888
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 9 © Zephyr
Private equity deals by volume and value
0
20
40
60
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180
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Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Dea
l val
ue (m
il EU
R)
Total deal value (mil EUR) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 10 © Zephyr
Deal types by volume
Deal type Q1 2013 Q4 2013 Q1 2014
Acquisition 880 1,754 1,225
Minority stake 1,119 1,454 1,045
IBO 9 15 11
MBO 2 6 5
Merger 0 2 2
Demerger 7 8 1
Deal types by volume in Q1
Deal types by value in Q1 Deal types by value
Deal type Q1 2013 (mil EUR)
Q4 2013 (mil EUR)
Q1 2014 (mil EUR)
Acquisition 15,527 24,413 15,737
Minority stake 19,505 30,437 5,725
IBO 1,629 3,689 166
MBO 0 7 11
AcquisitionMinority stakeIBOMBOMergerDemerger
Acquisition
Minority stake
IBO
MBO
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 11 © Zephyr
Target sectors by value
Target sector Q1 2013 (mil EUR)
Q4 2013 (mil EUR)
Q1 2014 (mil EUR)
Banks 7,800 8,873 6,428
Primary sector 4,547 8,178 2,941
Other services 3,091 11,540 2,682
Metals & metal products 3,527 1,364 2,345
Gas, water, electricity 9,250 1,627 1,904
Machinery, equipment, furniture, recycling 3,585 1,909 1,628
Construction 1,950 7,402 1,124
Chemicals, rubber, plastics 674 12,729 1,085
Wholesale & retail trade 271 843 851
Insurance companies 268 170 230
Transport 1,167 2,511 162
Education, health 32 47 77
Food, beverages, tobacco 208 573 60
Hotels & restaurants 13 140 42
Wood, cork, paper 199 38 18
Post and telecommunications 0 7 16
Publishing, printing 28 16 9
Textiles, wearing apparel, leather 47 27 5
Public administration and defence 1 0 0
Target sectors by volume
Target sector Q1 2013 Q4 2013 Q1 2014
Other services 463 1,048 729
Wholesale & retail trade 201 383 265
Banks 241 301 252
Construction 146 225 172
Machinery, equipment, furniture, recycling 180 203 162
Primary sector 121 151 126
Chemicals, rubber, plastics 109 132 88
Food, beverages, tobacco 105 95 85
Transport 84 155 85
Gas, water, electricity 115 149 69
Metals & metal products 55 84 53
Hotels & restaurants 26 75 50
Insurance companies 38 48 37
Education, health 20 40 36
Textiles, wearing apparel, leather 38 47 30
Publishing, printing 33 44 23
Wood, cork, paper 23 22 12
Post and telecommunications 0 1 3
Public administration and defence 1 3 1
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 12 © Zephyr
Top countries by volume
Target country Q1 2013 Q4 2013 Q1 2014
Bulgaria 108 892 715
Russia 620 852 536
Poland 383 539 274
Ukraine 377 283 233
Romania 114 90 147
Estonia 65 103 75
Belarus 73 92 56
Latvia 37 58 47
Moldova 40 61 38
Hungary 36 61 37
Czech Republic 51 49 37
Lithuania 20 50 22
Serbia 37 33 22
Bosnia And Herzegovina 16 23 19
Slovakia 7 11 15
Croatia 14 17 8
Macedonia 8 8 7
Slovenia 10 18 6
Montenegro 2 1 1
Albania 1 1 1
Kosovo 0 0 0
Top countries by value
Target country Q1 2013 (mil EUR)
Q4 2013 (mil EUR)
Q1 2014 (mil EUR)
Russia 23,909 42,570 13,075
Ukraine 3,138 2,373 3,616
Poland 5,290 7,519 1,199
Czech Republic 2,436 3,820 1,167
Romania 311 509 1,137
Bulgaria 229 469 551
Hungary 156 595 363
Lithuania 851 26 146
Croatia 63 1,111 129
Belarus 205 198 75
Latvia 18 28 67
Serbia 39 233 63
Moldova 2 19 42
Bosnia And Herzegovina 9 14 10
Estonia 25 153 8
Macedonia 4 6 7
Albania 0 0 6
Slovenia 107 107 5
Montenegro 0 0 3
Slovakia 0 30 0
Kosovo 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportRussia/CEE, Q1 2014
Page 13 © Zephyr
Notes to editors
Activity is based on the activity of the target company
Deal status is announced within the time period
The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr
The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.
The date range is 01/01/2014 - 23/03/2014 inclusive
