Monthly MA Insider May 2014

8/10/2019 Monthly MA Insider May 2014

1/35

A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY

MONTHLY M&A INSIDERMAY 2014


2/35

Monthly M&A Insider| May

INSIDE:

GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIAPACIFIC

EUROPE

MIDDLE EAST & AFRICA

ABOUT MERRILL DATASITE & MERRILL CORPORATION

MERRILL CORPORATION CONTACTS


3/35

GLOBAL OVERVIEW

Monthly M&A Insider| May | 01

Jumbo deals reign

Financial Services saw three large transactions from various

parts of the world totalling approximately US$49.3bn. In fact,

the largest deal during the month was from the Asia-Pacific.

In a move that said it will increase its capital base, China-based

CITIC Pacific Limited purchased for US$35.6bn a 100% stake in

CITIC Limited from CITIC Group Corporation and Beijing CITIC

Enterprise Management Co. Two other large-scale financial

services deals were announced in April: a US$6.3bn private

equity exit involving Madison Dearborn Partners sale of Nuveen

Investments to TIAA-CREF and Banco Santaders approximate

US$6.5bn acquisition of all of the shares of its Brazilian unit

Banco Santander Brasil.

Europes Construction sector also saw Holcims US$28.3bn

purchase of Lafarge in a landmark deal not only for its size

but because the combination resulted in the worlds biggest

cement manufacturer. The deal is also as controversial as it

was large because it underwent heavy scrutiny from European

antitrust regulators, which required the companies to divest

some assets for the merger to push through.

During the month, there was a smattering of sectors that

contributed to the significant rise in numbers including

transactions from Business Services, Energy, Mining and Utilities,

Industrial and Chemicals as well as Telecommunications.

Sizeable drug deals

In contrast to the one-off large-scale deals from various

industries, the Pharmaceuticals, Medical and Biotech sector

grabbed headlines during the month because of the number and

size of M&A deals that came one after the other. In fact, four out of

Aprils 13 deals with values of over US$5bn were from the sector.

These transactions, which totalled almost US$35bn, were led

by Zimmer Holdings acquisition of Biomet worth approximately

US$13.4bn. The combination of the former rivals in orthopedic

medical device manufacturing was a way for these medical device

companies to remain dominant in a competitive marketplace.

Another mega transaction is Novartis AGs US$10.5bn acquisition

of the oncology division of GlaxoSmithKline, which was alsoannounced in April. The transaction happened simultaneously

with GlaxoSmithKlines purchase of Novartis AGs global vaccines

business for US$5.3bn. These deals allow Novartis to focus on its

more profitable businesses where it already has a global presence.

GSK, on the other hand, is able to significantly expand its vaccine

business by using Novartis extensive worldwide network. These

transactions come at a time when pharmaceutical companies are

rationalising their businesses to focus on core competencies as

they deal with increased competition for their products.

The slew of large-scale transactions seen in April seems to

suggest that that recent industry talk of a return of mega deals

might be on the mark.

Deal values rose in April 2014 as certain sectors witnessed an array of mega transactions. In fact,the total value of deals announced during the month reached US$348.2bn, which is double that ofApril 2013 (US$168.3bn). At the same time, the beginning of Q2 2014 is slightly behind in terms ofthe number of transactions at 1,022 compared to 1,110 deals at the same time last year. LeadingApril numbers were two transactions from the Asia-Pacifics Financial Services and EuropesConstruction sectors.

Head of Research: Elias Latsis

Editor:Laura Resetar

For advertising opportunities contact:Erik WickmanTel: + (1) 212 686 3329

[email protected]

Global Overview:Karen Sibayan and Demis Memedoski

Latin America:Raquel Mozzer and Fabio Lopes

North America:Urna Chakraborty and Lana Vilner

Asia-Pacific:Brandon Taylor and Hiro Mak

Europe:Alan Nasrat and Damien Julliard

Middle East & Africa:Silvia Paparello and Andrea Putaturo


4/35

TREND GRAPHS

GLOBAL OVERVIEW Monthly M&A Insider| May | 02

GLOBAL M&A QUARTERLY TREND GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND

GLOBAL M&A ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

Value

(US$bn

)

Number

ofdeals

0

200

400

600

800

1,000

1,200

1,400

Q2

14*

Q1

14

Q4

13

Q3

13

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Total value Mid-market value Total volume Mid-market volume

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Nu

mberofdeals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

YTD 2014*201320122011201020092008


Value

(US$b

n)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Nu

mberofdeals

0

100

200

300

400

500

600

700

800

900

YTD 2014*201320122011201020092008

Value

(US$b

n)

Buyout value Exit value Buyout volume Exit volume

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Value

(US$bn

)

Number

ofdeals

0

50

100

150

200

250

300

350

400

Q2

14*

Q1

14

Q4

13

Q3

13

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08


0

100

200

300

400

500

600

700

800

900


5/35


TREND GRAPHS

GLOBAL M&A SECTOR BREAKDOWN YTD 2014

VALUE VOLUME

GLOBAL M&A GEOGRAPHIC BREAKDOWN YTD 2014

VALUE VOLUME

13.0%

12.0%

19.7%

11.4%

9.3%

8.9%

7.3%

4.2%

1.9%

1.1%

3.7%

3.1%3.3%

0.9%

0.2%

Industrials & Chemicals

Consumer

Technology

Business Services

Energy, Mining & Utilities

Financial Services

Pharma, Medical & Biotech

Leisure

Media

Transportation

Construction

Real Estate

Telecommunications

Agriculture

Defence

10.6%

10.5%

7.7%

4.8%

8.1%

12.5%

14.0%

2.9%

1.4%

5.2%

2.6%

4.2%

14.4%

1.1%


Consumer

Technology

Business Services


Financial Services


Leisure

Media

Transportation

Construction

Real Estate

Telecommunications

Agriculture

22.5%

30.6%

41.6%

1.1%4.2%

Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America

21.5%

37.8%

35.0%

2.2%

3.5%

Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America


6/35


TREND GRAPHS

GLOBAL M&A DEAL SIZE BREAKDOWN YTD 2014

VALUE VOLUME

Return to contents

80

82

84

86

88

90

92

94

96

98

100

YTD 2014*201320122011201020092008

Percentage

90.1% 90.9%89.3% 89.0% 89.2%

0.9% 1.0% 1.1% 1.0% 1.0%

4.6% 3.9%

4.5% 4.8% 4.6%

3.8% 3.7%4.7% 4.7% 4.8%

0.6% 0.5% 0.4% 0.5%

0.7%

0.4% 0.4%

89.8%

1.0%

4.3%

4.5%

88.7%

1.2%

4.7%

4.7%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

0

10

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008

Percentage

41.9% 40.5%

27.3%29.9% 29.3%

8.9% 7.9% 9.7% 10.1% 9.7%

15.2% 16.5%

20.4%

19.0% 19.5%

19.4% 20.5%

27.5% 26.3% 27.6%

14.6% 14.6% 15.1% 14.7% 13.9%

44.0%

7.7%

15.4%

21.7%

11.2%

28.7%

9.8%

18.9%

27.8%

14.8%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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


7/35


8/35

A MERGERMARKET M&A REPORT ON

LATIN AMERICA


Even though the first quarter saw an increase in M&A activity, the first month of the secondquarter witnessed a big slow down. During Q1 there were 121 deals valued at US$25.8bn, whilein April 2014 there were only 28 deals, valued at US$15.4bn. There has to be a 500% increase indeal volume for the rest of the quarter in order to reach the 168 deals announced in Q2 2013.

The Industrial and Chemicals sector announced 29 deals worth

US$1.4bn and the Consumer sector registered 19 deals worth

US$2.6bn. The deal of the month was in the Financial Services

sector, which by April had 12 deals worth US$9.9bn. A total

of US$6.5bn came from Banco Santanders voluntary offer toacquire 25% of Banco Santander Brasil. Banco Santander is a

Spain based financial services company. The deal is still pending

shareholders and regulatory approval and is expected to be

completed in October this year.

If all minority shareholders accept the offer, Banco Santander

will be issuing roughly 665 million shares. The shareholders

of Santander Brasil will get 0.7 shares of Banco Santander for

every Brazilian Depositary Receipts, which represents a 20%

premium to Santander Brasils closing price on 28-Apr-14.

Advisors on the deal include Goldman Sachs,UBS Investment

Bank, Davis Polk & Wardwell and Santander Global Bankingand Markets.

The weakening market in Brazil has made Santander Brasil

shares decrease 40% in the past four and a half years. Britain

now contributes as much to Santanders earnings as Brazil

about 20%. Santander Brasil has declined more than 40% since

2009, when its initial public offering price was at R$23.5, the

worst performer in the MSCI Latin America/Financials Index.

The most active sector was once again Energy, Mining and

Utilities, with 34 deals announced, worth US$22.2bn. The

second highest deal in April was in this sector, with MMG

South America Management Company Limiteds acquisitionof a 99.99% stake in Xstrata Las Bambas from Glencore

Queensland Limited and Xstrata South America Limited for

a cash consideration of US$5.9bn.

Brazil has been one of the most active countries in Energy

deals. In the year-to-date, Brazil saw eight deals in Q1 and

three additional transactions happened in April. From these

11 deals, four of them had targets operating in the alternative

energy subsector: Dobreve Energia, Rio Pardo Termoeletrica,Hidroeletrica de Candonga, and CLWP Brasil III. From the same

pool, eight transactions were domestic. The upward trend to

domestic deals in the Energy sector, especially in Brazil, has

been very clear throughout the years. During 2011, 65.5% of all

Energy deals were domestic transactions (20 transactions). In

2012 the number went up to 65.7% (23 transactions) and in 2013

increased again to 72.7% (24 deals).

The heat in the Energy sector and in domestic deals has

kept its steady growth so far, even with Law 12.783 that was

approved on January 2013. According to Oliver Hill, Deputy

Editor, Latin America and the Caribbean, at Mergermarket,the reform prompted major energy generators like Companhia

Energtica de Minas Gerais (Cemig) and Companhia Energtica

de So Paulo (CESP) to give up rather than renew generation

concessions expiring between 2015 and 2017 and accept lower

energy tarriffs imposed by the new law. The activity in the

sector can be explained by the necessity these companies have

to acquire energy assets in Brazil and regionally to compensate

for their losses or just to find alternative ways to generate

energy at a lower cost. As a result, the expectation is that the

Energy sector will continue its upward trend throughout 2014.


9/35


TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR14)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA P/E

29-Apr-14 Banco Santander SA Banco Santander Brasil SA(25% stake)

Financial Services - n/a n/a 8.3 18.7% 6,517

13-Apr-14 MMG South AmericaManagement Company Limited

Xstrata Las Bambas SA(99.99% stake)

Energy, Mining& Utilities

Glencore QueenslandLimited; and XstrataSouth America Limited

- - - - 5,850

4-Apr-14 Empresa de Energia de BogotaSA ESP

Transportadora de GasInternacional SA ESP(31.92% stake)

Transportation Citi Venture CapitalInternational

- - - - 880

01-Apr-14 Kohlberg Kravis Roberts& Co LP

Aceco TI SA Business Services General Atlantic LLC 2.8 13.5 - - 665

07-Apr-14 Banco Santander Brasil SA Getnet Tecnologia emCaptura e Processamentode Transacoes HUAH SA(88.5% stake)

Business Services - - - - - 495

15-Apr-14 The Mosaic Company Archer Daniels MidlandCompany (Fertilizerdistribution business inBrazil and Paraguay)

Business Services Archer DanielsMidland Company

- - - - 200

21-Apr-14 InterGen NV Energia Sierra Juarez(50% stake)


InfraestructuraEnergetica Nova SABde CV

- - - - 150

08-Apr-14 International Paper Company Orsa International Paper

Embalagens SA (25% stake)

Industrials &

Chemicals

Jari Celulose SA 1.8 - - - 141

10-Apr-14 GAEC Anima Educacao SA Universidade SaoJudas Tadeu

Business Services Mesquita family(private investor)

1.8 10.3 - - 140

30-Apr-14 Alicorp SA Global Alimentos; andMolinos Saracolca SAC

Consumer - - - - - 107

n/a=not applicable

Based on announced deals, including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 05-May-14

Source: Mergermarket


10/35

TREND GRAPHS

LATIN AMERICA Monthly M&A Insider| May | 08

LATIN AMERICAN M&A QUARTERLY TREND LATIN AMERICAN M&A QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUALPRIVATE EQUITY TREND

Value

(US$bn

)

Number

ofdeals

0

10

20

30

40

50

60

70

Q2

14*

Q1

14

Q4

13

Q3

13

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08


0

50

100

150

200

250

Nu

mberofdeals

0

20

40

60

80

100

120

140

160

180

YTD 2014*201320122011201020092008


Value

(US$b

n)

0

100

200

300

400

500

600

700

800

Nu

mberofdeals

0

1,000

2,000

3,000

4000

5,000

6,000

7,000

8,000

YTD 2014*201320122011201020092008

Value

(US$m

)


0

10

20

30

40

50

60

70

Value

(US$m

)Number

ofdeals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q2

14*

Q1

14

Q4

13

Q3

13

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08


0

5

10

15

20

25

30


11/35

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2014

LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2014

VALUE VOLUME

LATIN AMERICA Monthly M&A Insider| May | 09

TREND GRAPHS

VALUE VOLUME

53.7%

3.5%

6.3%

4.5%

24.0%

2.9%

2.8%

0.2%

0.2%

1.0%

0.1%

0.1%0.6%



Consumer

Business Services

Financial Services

Technology


Leisure

Transportation

Telecommunications

Construction

Real Estate

Agriculture

22.4%

19.1%

12.5%

9.9%

7.9%

5.9%

3.9%

3.3%

2.0%

2.0%

0.7%

0.7%

4.6%

5.3%



Consumer

Business Services

Financial Services

Technology


Leisure

Transportation

Media

Telecommunications

Construction

Real Estate

Agriculture

19.4%

0.2%

0.1%

5.0%

40.2%

23.0%

9.0%

3.1%

Argentina

Brazil

Chile

Colombia

Mexico

Peru

Uruguay

Venezuela

0.7%

0.7%

5.9%

0.7%

7.9%

0.7%

13.8%

0.7%

0.7%

50.7%

7.9%

9.9%

Argentina

Brazil

Chile

Colombia

Costa Rica

Dominican Republic

Guatemala

Mexico

Panama

Peru

Uruguay

Venezuela


12/35

LATIN AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2014

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly M&A Insider| May | 10

TREND GRAPHS

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008

Percentage

88.0% 85.8% 86.3% 86.7%

4.9% 6.8%8.1%

6.2% 5.8%

5.3%5.3%

6.7%

5.6% 6.5%

1.2% 1.8% 2.0% 1.1% 0.7%0.6% 0.3% 1.2% 0.9%0.8% 2.0%0.3%

86.1%

6.0%

7.0% 1.3%

84.2%

5.3%

7.2%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

82.0%

0

10

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008

Percentage

30.3%

9.2%

39.2%

28.6%21.9%

9.9% 10.1%

7.5%

9.5%

10.3%13.6%

25.1%

36.6%

24.8%

28.6%

33.8%

20.1%

29.3%

19.0%

18.2%

14.4%

14.6% 14.8% 14.3% 16.3%

16.4%

45.8%

17.4%

20.4%8.0%

21.0%

50.1%

10.3%

10.6%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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


13/35



NORTH AMERICA

April M&A activity in North America ended with 339 deals, worth US$103.2bn. Two transactionsover US$10bn in the Pharma, Medical & Biotech and Energy, Mining & Utilities sectors primarilyhelped boost Aprils total deal value and this quarter is already poised to overtake Q2 2013sdeal value of US$187.6bn if Aprils M&A activity continues to produce higher value transactions.This quarters private equity activity started off with 55 buyout deals worth US$12.1bn and 61exit deals worth US$36.8bn.

The Pharma, Medical & Biotech sector took the lead with 151

deals in the year-to-date, collectively valued at US$76.6bn.The top deal for April, Zimmer Holdingss acquisition of Biomet

Inc. for US$13.4bn, helped bring the sectors market share to

19% by value. The merger of the companies will position the

combined entity as a leader in the musculoskeletal industry and

comes on the back of increased consolidation in the sector with

industry players looking to set their long term strategies.

The Energy, Mining & Utilities sector is the third largest by

value with 167 deals worth US$56.6bn. Exelon Corporations

US$12.1bn acquisition of Pepco Holdings and Yamana Gold and

Agnico Eagle Mines Limiteds US$3.4bn acquisition of Osisko

Mining Corporation helped boost the sectors market share to

14% by value. The sector may be seeing increased activity as theyear progresses due to a rise in investor confidence.

The Telecommunications, Media and Technology sectors have

been seeing a flurry of activity with a collective 304 deals worthUS$125.8bn. These sectors have been an interesting study for

acquisitions as investors are more willing to pay a premium

for a target that they believe demonstrates significant growth

potential. A large player in the Asian TMT sector, Alibaba

Groups US listing offer could value the company at more than

US$100bn, making it one of the largest stock listings in history.

The company has been ramping up with acquisitions pre-IPO,

with three in April alone ranging from US$250m to US$1.2bn.

The first quarter has set a positive tone for 2014 and with Q2

starting strong with April numbers, North American M&A

seems to be back on the rise. The TMT, Pharma, Medical &

Biotech, and Energy, Mining & Utilities sectors will be in thespotlight for the upcoming months as the outcome of optimistic

predictions in these sectors remain to be seen.


14/35


TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR14)



Dealvalue


24-Apr-14 Zimmer Holdings Inc Biomet Inc Pharma, Medical& Biotech

- 4.4 40.3 (loss) - 13,350

30-Apr-14 Exelon Corporation Pepco Holdings Inc Energy, Mining& Utilities

- 2.6 10.6 60.6 19.6% 12,138

14-Apr-14 Teachers Insurance andAnnuity Association ofAmerica-College RetirementEquities Fund

Nuveen Investments Inc Financial Services Madison DearbornPartners LLC

n/a n/a - - 6,250

07-Apr-14 Mallinckrodt Plc Questcor Pharmaceuticals Inc Pharma, Medical& Biotech

- 6.9 12.5 18.1 26.8% 5,546

04-Apr-14 Blackstone Group LP The Gates Corporation Industrials &Chemicals

Onex Corporation; andCanada Pension PlanInvestment Board

1.8 10.0 - - 5,400

22-Apr-14 GlaxoSmithKline Plc Novartis AG(Global vaccines business)

Pharma, Medical& Biotech

Novartis AG - - - - 5,250

15-Apr-14 Zebra TechnologiesCorporation

Motorola Solutions Inc(Enterprise division)

Technology Motorola Solutions Inc 1.4 10.9 - - 3,450

16-Apr-14 Yamana Gold Inc; andAgnico Eagle Mines Limited

Osisko Mining Corporation Energy, Mining& Utilities

- 5.4 (loss) (loss) 11.2% 3,410

09-Apr-14 Mars Incorporated Procter & Gamble Company(Iams, Eukanuba, and Natura

pet-food brands)

Consumer Procter & GambleCompany

- - - - 2,900

17-Apr-14 Post Holdings Inc Michael Foods Inc Consumer Thomas H. LeePartners LP; andGS Capital Partners

- - - - 2,450

n/a=not applicable


Based on dominant geography of target company being North American (US + Canada)




15/35


16/35

Monthly M&A Insider| May | 14NORTH AMERICA

NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2014

VALUE VOLUME

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN YTD 2014

VALUE VOLUME

TREND GRAPHS

Return to contents

75

80

85

90

95

100

YTD 2014*201320122011201020092008

Percentage

90.5% 91.1%

87.6% 87.6% 87.1%

0.9% 1.0% 1.1% 1.4% 1.4%

4.2% 3.8%

5.2% 5.4%5.0%

3.7% 3.4%5.5% 4.9% 6.0%

0.7% 0.7% 0.6% 0.7% 0.7%0.5%

86.9%

1.3%

5.1%

6.0%

0.7%

88.4%

1.0%

4.5%

5.4%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

0

10

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008

Percentage

49.1%

58.7%

31.8%37.2%

32.3%

7.3%5.5%

9.8% 9.0% 8.2%

17.4%

13.2%

27.7%20.8% 27.5%

13.9%

13.3%

17.9%

21.2%

21.3%

12.3% 9.3% 12.8% 11.8% 10.7%

43.3%

7.3%

24.0%

15.0%

44.5%

14.7%

9.2%

6.9%

24.7%

10.4%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

!"#!$

!%#&$

!'#($

!)#*$

"#($

"#*$

"#'$

+#!$

'#'$

)#($

!#"$

)#*$

)#&$

+#+$

)#+$


Technology

Business Services


Consumer


Financial Services

Leisure

Media

Construction

Transportation

Telecommunications

Real Estate

Agriculture

Defence

!"#$

%&"'$

(")$

%("'$

%&"%$

%!"'$

*")$

%"'$

%#"!$

'"#$

'"!$

%")$

'"*$

'"%$


Technology

Business Services


Consumer


Financial Services

Leisure

Media

Construction

Transportation

Telecommunications

Real Estate

Agriculture


17/35



ASIAPACIFIC

M&A activity for April yielded 235 deals worth US$95.3bn, a 1% decrease by volume but a 38%increase in value from March figures. Of these transactions, PE buyouts produced 20 dealsworth US$8.7bn, a 15% decrease in volume and a 34% decrease in value from the previousmonth. Highlighting deal activity for the month was the US$37bn merger of CITIC Group and itsHong-Kong-listed subsidiary CITIC Pacific, a deal that has helped make 2014 a record year forM&A in the region.

Standout sectors

Asias Industrials & Chemicals sector saw the bulk of deal activity

(21% of volume), driven by a number of industry consolidations

in China, followed by TMT (19%). Tech M&A has recently seen a

number of major tech companies set their sights on small and

mid-cap startups in the mobile space to add new hardware and

software assets to their portfolios.

The Energy, Mining & Utilities and Consumer sectors

accounted for 11% of transaction volume each for the

month. Energy deals were led by China Petroleum &

Chemical Corporations acquisition of a 50% stake in Caspian

Investments Resource, based in Kazakhstan, from Russian

Lukoil for US$1.2bn. Highlighting consumer deals wasUnited Kingdom based Diageos 26% stake acquisition in

Indian United Spirits, a transaction valued at US$3.1bn.

Alibaba continues M&A forays

Chinese ecommerce giant Alibaba, in a continuation of an

ongoing M&A buying spree, completed three transactions in

April highlighted by the US$1.2bn acquisition of a 24% stake

in Youku Tudou, the listed China-based Internet television

company. The deal was made in partnership with Yunfeng

Capital. The investment will help Alibaba bring new products

and services to its customers while strengthening Youku

Tudous balance sheet.

Alibaba also completed a 20% acquisition of Wasu Media

Holdings through Hangzhou Yunxi Investment Partnership

for US$1bn, followed by a 72% stake acquisition of navigation

provider and digital map application AutoNavi for US$649m.

The ecommerce giant has been acquisitive as of late as

competition in the Chinese tech space escalates between

Alibaba and Tencent Holdings. Each company has turned to

M&A to buy potentially useful assets before the other has the

opportunity to acquire.

The acquisitions also come as Alibaba prepares for a much

anticipated public listing in the United States.

Japan PE upbeat on exit, buyout opportunities

Cultural shifts and economic changes could be setting the stage

for a wave of opportunities involving small to mid-cap exits and

buyouts in Japan. A solid pipeline comprising founder-backed

exits, renewed inbound acquisition interest, and potential non-

core divestitures are all contributing to an uptick in deal flow,

according to Mergermarket intelligence.

While Abenomics has certainly been recognised as a catalyst

for change, the current rise in mid-market deal flow can be

attributed to a shift in cultural attitudes and to the rise of a

new generation of entrepreneurs. This has been seen in the

emergence of a younger generation of founders in their 40s

looking to sell their companies. Many may not be looking topursue an IPO and are instead considering private equity buyers

as an exit strategy. According to Mergermarket intelligence,

some may consider the timing perfect to exit, given higher

benchmark valuations.


18/35

TOP DEALS

Monthly M&A Insider| May | 16ASIAPACIFIC

TOP 10 ASIAPACIFIC ANNOUNCED DEALS OF THE MONTH (APR14)



Dealvalue


16-Apr-14 CITIC Pacific Limited CITIC Limited Financial Services CITIC Group Corporation 0.90 3.11 - - 36,490

23-Apr-14 Transurban Group;AustralianSuper Pty Ltd; andTawreed Investments Ltd

Queensland MotorwaysPty Limited

Business Services QIC Limited - - - - 6,195

13-Apr-14 MMG South AmericaManagement Company Limited

Xstrata Las Bambas SA(99.99% stake)


Glencore QueenslandLimited; and XstrataSouth America Limited

- - - - 5,850

01-Apr-14 Oversea Chinese BankingCorporation Limited Wing Hang Bank Limited Financial Services n/a n/a 17.43 1.6% 4,953

02-Apr-14 COFCO Corporation Noble Agri Limited(51% stake)

Agriculture Noble Group Limited 0.37 - - - 4,000

07-Apr-14 Sun PharmaceuticalIndustries Limited

Ranbaxy LaboratoriesLimited


Daiichi Sankyo CompanyLimited

2.21 29.00 - -0.5% 3,991

15-Apr-14 Diageo Plc United Spirits Limited(26% stake)

Consumer - - - - 18.5% 3,140

14-Apr-14 CapitaLand Limited CapitaMalls Asia Limited(34.7% stake)

Real Estate - 27.03 16.49 14.62 23.2% 2,390

09-Apr-14 Woolworths Holdings Ltd David Jones Limited Consumer - 1.16 10.92 22.60 25.4% 2,010

14-Apr-14 Consortium for HotelProperties Ltd

Hotel Properties Limited(58.1% stake)

Leisure - 3.98 10.59 9.70 0.12 1,577

n/a=not applicable


Based on dominant geography of target company being Asia-Pacific




19/35


20/35

ASIAPACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2014

VALUE VOLUME


TREND GRAPHS

6.8%

8.3%

11.8%

10.9%

25.6%

4.5%

3.1%

3.1%

5.8%

10.4%

1.7% 2.3%

3.0%

2.7%


Technology

Consumer


Financial Services

Business Services

LeisurePharma, Medical & Biotech

Transportation

Media

Real Estate

Construction

Agriculture

Telecommunications

12.9%

20.3%

12.1%

9.7%

9.1%

8.3%

6.2%

5.6%

3.9%

3.8%

2.5%

3.8%

1.1%

0.7%


Technology

Consumer


Financial Services

Business Services

LeisurePharma, Medical & Biotech

Transportation

Media

Real Estate

Construction

Agriculture

Telecommunications

44.6%

13.0%

11.1%

8.2%

4.9%

5.9%

1.6%

4.7%

1.6% 1.1%

3.3%

China

Australia

South Korea

Japan

Singapore

India

Papua New Guinea

Malaysia

Hong Kong

Taiwan

Other

34.7%

9.8%

13.1%

4.9%

4.5%

7.9%

0.3%

12.9%

2.7%

0.4%8.6%

China

Australia

South Korea

Japan

Singapore

India

Papua New Guinea

Malaysia

Hong Kong

Taiwan

Other

ASIAPACIFIC M&A SECTOR BREAKDOWN YTD 2014

VALUE VOLUME


21/35


ASIAPACIFIC M&A DEAL SIZE BREAKDOWN YTD 2014

VALUE VOLUME

TREND GRAPHS

Return to contents

75

80

85

90

95

100

YTD 2014*201320122011201020092008

Percentage

88.5%

0.9%

5.7%

4.5%

0.4% 0.2%0.3%0.4%

87.9% 88.7%

87.6% 88.6%

1.0% 1.5% 0.8% 0.9%

5.3% 5.1%

5.9%5.5%

5.4% 4.4% 5.3% 4.7%

0.4% 0.3%

88.1%

5.6%

0.8%

5.3%

0.6%

86.4%

6.4%

1.5%

5.1%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

0

10

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008

Percentage

13.5%

34.2%

11.7%

17.0%

23.6%

9.9%

21.8%

33.2%

18.4%

16.7%

29.6%

19.9%13.4%

24.4% 20.6%

12.0% 11.2% 11.1% 12.0% 12.1%

22.2%30.4%

26.2% 29.7% 28.9%

15.7%

17.0% 27.3%

13.6% 16.6%

20.5% 22.0% 20.3% 21.8%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

21.5%


22/35



EUROPE

In April 2014, Europe increased in overall value as transactions totalled US$132.1bn, up 83.3%from US$72.1bn in April 2013 though logging a 12.6% decrease in number of deals from 453 to396. April 2013 marks the best month in value since the financial crisis, following the regionsrecord figure of US$197.9bn in April 2007.

Aprils high performance marks a positive development as so

far this year total value in the region has reached US$309.3bn,

reaching 48.2% of last years value (US$641.1bn), with three

quarters of the year remaining.

European buyout activity showed a slowdown in April 2014 with

US$10.5bn worth of deals, representing a 33.4% decrease to

the same period in 2013 (US$15.7bn). On the other hand, exit

activity increased by 80.6% reaching US$18.7bn from US$10.4bn

in 2013, however the number of deals has decreased from 64 in

2013 to 50 in 2014.

The most active sector in April was Telecommunication with

US$54.3bn worth of deals accounting for an 18.2% share of the

region. With two of the top ten deals announced in the region in

April 2014, the sector posted a 60.6% increase on its deal value

performance compared to YTD 2012 (US$33.8bn), at which time

the sector accounted for 16.3% of the dealmaking landscape. The

top deal in the sector was Luxembourg-based ALTICE acquisition

of France-based SFR SA, for a total consideration of US$23.3bn.

With the largest deal in April, Construction followed suit,

claiming a 13.8% share of the market as it logged US$41.1bn

worth of deals through 2014. The figure represents a 1,138.6%

increase on the US$3.3bn value logged in the same period 2013.

The sectors top deal Holcim Ltd acquisition of Lafarge SA, for

a total consideration of US$38.8bn will create synergies valued

at US$1.9bn and expand Holcims capabilities to 90 countries

around the world.

Switzerland (US$55.8bn) and USA (US$51.6bn) were the most

active countries by deal value with market shares ranking at

18.7% and 17.3% respectively. The United Kingdom, which was the

third most active country in terms of value (US$38.4bn), led the

market by share of transaction volume, logging 271 deals (15.7%).


23/35

TOP DEALS

Monthly M&A Insider| May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR14)



Dealvalue


07-Apr-14 Holcim Ltd Lafarge SA Construction - 1.9 9.1 29.4 4.3% 28,261

05-Apr-14 ALTICE VII SA SFR SA Telecommunications Vivendi SA - - - - 17,000

22-Apr-14 Novartis AG GlaxoSmithKline Plc(Oncology division)


GlaxoSmithKline Plc - - - - 10,506

22-Apr-14 Eli Lilly andCompany Limited

Novartis Animal Health Inc Pharma, Medical& Biotech

Novartis AG 4.9 - - - 3,916

07-Apr-14 ALTICE VII SA Numericable (34.6% stake) Telecommunications Cinven Limited; andThe Carlyle Group 4.8 11.2 53.1 12.5% 3,886

28-Apr-14 Cinven Limited Visma ASA Business Services HgCapital; Montagu PrivateEquity LLP; and KohlbergKravis Roberts & Co LP

3.3 15.9 - - 2,524

16-Apr-14 Rolls-Royce Plc Rolls-Royce PowerSystems AG (50% stake)

Industrial &Chemicals

Daimler AG - - - - 2,430

10-Apr-14 Goldman Sachs;and Koch EquityDevelopment LLC

Flint Group (Formed fromthe merged Flint InkCorporation and XSYSPrint Solutions)

Industrial &Chemicals

CVC Capital PartnersLimited

1.0 6.3 - - 2,200

18-Apr-14 IC Ictas Enerj i Yenikoy Yatagan ElectrikUretim ve Ticaret AS; andKemerkoy Elektrik UretimVe Tic AS


Government of Turkey - - - - 1,936

07-Apr-14 Alfa Laval AB Frank Mohn AS Industrial &Chemicals

Wimoh AS 3.9 - - - 1,582


Based on dominant geography of target company being European




24/35


25/35


EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2014

EUROPEAN M&A SECTOR BREAKDOWN YTD 2014

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

EUROPE

16.0%

12.7%8.9%

8.4%

6.5%

6.4%

4.5%

4.2%

4.1%

1.3%

0.2%

0.9%

3.7%

1.7%

20.5% Industrials & Chemicals

Consumer

Business Services

Technology

Financial Services



Construction

Transportation

Media

Leisure

Real Estate

Telecommunications

Agriculture

Defence

5.6%

2.1%

7.0%

6.7%

8.9%

10.5%

2.0%

13.8%

5.3%

1.2%

4.3%

18.2%

1.1%0.1%

13.3%Industrials & Chemicals

Consumer

Business Services

Technology

Financial Services



Construction

Transportation

Media

Leisure

Real Estate

Telecommunications

Agriculture

Defence

18.7%

12.9%

17.3%

9.2%

10.6%

5.7%

3.6%

2.8%

2.8%

3.5%

2.2%

1.7% 7.5%1.4%

Switzerland

USA

UK

Luxembourg

France

Germany

CEE

Brazil

China

Denmark

Sweden

Finland

Canada

Others

12.3%

3.5%

15.7%

0.5%

9.3%7.9%

1.2%

27.4%

1.0%

1.9%

4.5%

2.1%

0.1%

12.5%

Switzerland

USA

UK

Luxembourg

France

Germany

CEE

Brazil

China

Denmark

Sweden

Finland

Canada

Others


26/35

Monthly M&A Insider| May | 24EUROPE

TREND GRAPHS

EUROPEAN M&A DEAL SIZE BREAKDOWN YTD 2014

VALUE VOLUME

Return to contents

80

82

84

86

88

90

92

94

96

98

100

YTD 2014*201320122011201020092008

Percentage

90.6%

93.1%92.0% 91.1% 91.6%

0.9% 0.9% 0.7% 0.9% 0.8%

4.2%

2.9%

3.2%

3.6% 3.7%

3.7%2.7% 3.8%

4.0% 3.5%

0.6%

0.7%

92.0%

0.9%

3.2%

3.2%

0.4%0.4% 0.4%

92.4%

0.9%

3.2%

3.3%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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

>US$5,001m

0.3% 0.2%

0

10

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008

Percentage

44.3%

8.4%

19.2%

15.0%

13.1%

33.6% 28.6% 26.6%

33.9%

8.5% 9.0% 9.8% 9.5%

20.9%29.1% 28.9%

25.3%

20.7%

18.7% 20.4%

18.7%

16.3% 14.6% 14.3% 12.6%

22.1%

10.2%

27.5%

25.8%

14.4%

50.6%

6.6%

17.9%

15.6%

9.3%

US$0-US$250m

US$251m-US$500m

US$501m-US$2,000m

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


27/35



THE MIDDLE EAST& AFRICA

After a lacklustre first quarter, deal activity in the Middle East and Africa (ME&A) offers a morerefreshing picture in April, with total value well ahead of the same period last year (US$4.5bnagainst US$2.4bn - a 90.5% increase) but volume (25 transactions against 33) was down 24.2%.The average deal size in Q2 14 is already double the average recorded in the first quarter(US$182m against US$90m). The overall trend year-to-date (YTD) is instead on the downside,both in terms of volume (98 vs 112 deals) and value (US$11.1bn vs US$15.1bn), reflecting amore general trajectory on M&A across the world.

Deal activity YTD shows an overall rebalancing across sectors,with Telecommunications (TMT) coming up on top in terms

of value (US$3.1bn spread on just 5 transactions), followed

by Energy, Mining & Utilities (US$2.1bn), Financial Services

(US$1.8bn), Technology (US$1.4bn), and Consumer (US$1.1bn).

These five sectors together account for 84.9% of deal activity

by value in the region, but hold a market share of only 57.1%

in terms of number of transactions. The same period last year

saw Energy, Mining & Utilities having the lions share (36%),

with 19 transactions worth US$5.4bn. Together with Real

Estate, Construction, and Pharma, these four sectors covered

almost three-quarters of 2013 deal activity by value. A different

picture emerges as far as deal counting is concerned: so farthis year Consumer leads with 17 transactions, followed by

Industrials & Chemicals (14 operations worth only US$201m,

which is equivalent to less than 2% of market by value), Financial

Services (13), and Energy (11). Last year Industrials & Chemicals,

Financial Services and Energy each had 19 deals on record.

However, the very nature of the regions deals has to be taken

into account when running year-on-year comparisons. Given the

average transaction size and the modest contributions on global

M&A activity, single high-value operations in the Middle East

and Africa can have a substantial impact on sector contributions

and significantly skew the overall order.

As we outlined in the Q1 Insider released last month, TMT

was the dominant sector when Mergermarket ran its original

report in 2013, but the same sector declined to a meagre 0.7%

share by value and 3 deals in total after updating the rankings

this year. Last June, Cyprus-based Baskindale dropped its bid

to acquire Egyptian telecommunications provider Orascom

Telecom, taking out a transaction worth US$6.4bn and

prompting a major re-ranking.

The TMT sector offers a similar case this year: one singlehigh-ticket deal that is responsible for 84% of sectors total

contribution - the US$2.65bn acquisition by the Algerian Fonds

National dInvestissement of a 51% stake in Orascom Telecom

Algerie. Because of this operation, Algeria accounts for 24.1%

of total transactions by value (top country), but just 2% in terms

of volume. In geographical terms, April continues the trend

outlined in recent years, with Israel, South Africa and United Arab

Emirates covering most of deal activity, both by value and volume.

Following an IMF-backed overhaul of national GDP statistics,

Nigeria announced in April that it has moved up to become the

largest African economy, overtaking South Africa. Compared

to last year, Nigerias deal contribution by value remained the

same at around 5%.

Other noteworthy operations are the acquisition (US$500m)

of National Petroleum Services by a consortium led by Fajr

Capital Limited, in the United Arab Emirates; and Growthpoint

Properties acquisition of a 34.9% stake in Acucap Properties for

US$291m. Both companies are based in South Africa.

Private equity activity was negligible, with just two buyouts

(against five last year) and a single US$22m exit (against four

worth US$1.1bn in 2013).


28/35

TOP DEALS

Monthly M&A Insider| May | 26MIDDLE EAST & AFRICA

TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF THE MONTH (APR14)



Dealvalue


18-Apr-14 Fonds Nationald'Investissement

Orascom Telecom Algerie SPA(51% stake)

Telecommunications Global TelecomHolding SAE

2.9 4.9 - - 2,643

22-Apr-14 A consortium led byFajr Capital Limited

National Petroleum Services Energy, Mining& Utilities

- - - - - 500

14-Apr-14 Growthpoint Properties Ltd Acucap Properties Ltd(34.9% stake)

Real Estate - - - - 7.2% 291

10-Apr-14 BNP Paribas

Personal Finance

RCS Group (Pty) Ltd Financial Services Standard Bank

Group Limited; andFoschini Limited

- - - - 253

06-Apr-14 Abu Dhabi Islamic Bank Barclays UAE retail assets Financial Services Barclays Plc - - - - 177

14-Apr-14 Growthpoint Properties Ltd Sycom Property Fund(31.5% stake)

Financial Services - - - 14.5% 166

16-Apr-14 Holmarcom SA Cie D'assurances Et DeReassurances Atlanta SA(30% stake)

Financial Services Caisse de Depot etde Gestion

- - - - 147

03-Apr-14 The Cullinan Hotel (Pty) Ltd Garden Court Kings BeachHotel; Garden Court EastgateHotel; Garden Court HatfieldHotel; StayEasy Eastgate Hotel;and Southern Sun WaterfrontCape Town Hotel

Leisure Liberty GroupLimited; andSouthern Sun Hotels(Pty) Limited

- - - - 130

01-Apr-14 Arrowhead PropertiesLimited Vividend Income Fund Ltd(68.34% stake) Real Estate - - - 0.5 4.7% 82

06-Apr-14 Avnei Shoham Rotshtein Realestate Ltd(55% stake)

Real Estate - 0.8 9.2 13.7 0.3% 25


Based on dominant geography of target company being Middle East or Africa




29/35

TREND GRAPHS


MIDDLE EASTERN & AFRICAN M&A

QUARTERLY TREND

MIDDLE EASTERN & AFRICAN M&A QUARTERLY


MIDDLE EASTERN & AFRICAN M&A

ANNUAL TREND

MIDDLE EASTERN & AFRICAN M&A ANNUAL


Value

(US$b

n)

Nu

mberofdeals

0

2

4

6

8

10

12

14

YTD 2014*201320122011201020092008


0

10

20

30

40

50

60

70

Value

(US$b

n)

Nu

mberofdeals

0

10

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008


0

100

200

300

400

500

600

Value

(US$m

)Number

ofdeals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q2

14*

Q1

14

Q4

13

Q3

13

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08


0

5

10

15

20

25

Value

(US$m

)Number

ofdeals

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q2

14*

Q1

14

Q4

13

Q3

13

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08


0

20

40

60

80

100

120

140

160


30/35


MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2014

VALUE

TREND GRAPHS

VOLUME

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2014

VALUE VOLUME

16.8%

14.9%

2.7%

1.2%

24.1%

6.7%

0.9%5.9%

1.3%

0.4% 0.2%

0.1%

3.5%

0.3%5.1%

14.7%

1.0%

South Africa

Israel

United Arab Emirates

Kenya

NigeriaSaudi Arabia

Egypt

Algeria

Angola

Namibia

Botswana

Mozambique

Qatar

Morocco

Ghana

Oman

Tunisia

1.0%

24.5%

20.4%

13.3%

6.1%

5.1%

4.1%

3.1%

2.0%

South Africa

Israel

United Arab Emirates

Kenya

NigeriaSaudi Arabia

Egypt

Algeria

Angola

Namibia

Botswana

Mozambique

Lebanon

Tanzania

Qatar

Morocco

Ghana

Oman

Tunisia

LiberiaEthiopia

Bahrain

Jordan

14.3%

13.3%

17.3%

5.1%

11.2%

10.2%

5.1%

5.1%

4.1%

4.1%

3.1%

2.0%

5.1%

Consumer


Financial ServicesEnergy, Mining & Utilities

Technology

Telecommunications

Real Estate

Leisure

Business Services


Transportation

Media

Agriculture

9.6%

7.4%

1.5%

12.0%

0.8%2.2%

1.1%

0.2%

0.1%

1.8%

15.8%

19.3%

28.2%

Consumer


Financial ServicesEnergy, Mining & Utilities

Technology

Telecommunications

Real Estate

Leisure

Business Services


Transportation

Media

Agriculture


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MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN YTD 2014

VALUE VOLUME

TREND GRAPHS

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0

10

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008

Percentage

47.5%53.1%

67.8%

59.2%

65.7%

13.7% 12.9%9.0% 9.0% 8.2%

18.9%13.2%

12.6%

13.6% 13.8%

44.5%

10.5%

23.0%

20.9%18.2% 19.2%

9.6%

16.9%11.4%

1.6% 1.0% 1.3%

72.5%

6.3%

10.0%

10.4%

US$0-US$14.9m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m>US$501m

1.7% 0.9% 0.8% 1.1% 0

10

20

30

40

50

60

70

80

90

100

YTD 2014*201320122011201020092008

Percentage

42.6% 47.3% 45.1% 46.6% 45.5%

5.6% 4.0%5.6% 6.1% 4.7%

11.5% 13.0% 10.3%11.1% 12.5%

36.5%

32.4%33.1%

28.6% 29.7%

3.8% 3.3% 5.9% 7.6% 7.6%

54.9%

4.3%

9.4%

25.6%

5.8%

44.9%

15.3%

28.6%

4.1%

7.1%

US$0-US$14.9m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m>US$501m

32.4%


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34/35


MERRILL CORPORATION CONTACTS

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EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel: +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director, FranceTel: +33 1 40 06 13 02

Anna ScottRegional Director, UKTel: +44 (0) 207 422 6263

Chris BeckmannRegional Director, Germany, Switzerland & PolandTel: +49 69 244 321 480

Martin AlamriRegional Director, GermanyTel: +49 69 244 321 471

Jrme PottierRegional Director, FranceTel: +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director, France & Northern AfricaTel: +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director, EuropeTel: +44 (0) 207 422 6271

Mike HinchliffeRegional Director, EuropeTel: +44 (0) 207 422 6256

Bryan BrightonRegional Director, EuropeTel: +44 (0)207 422 6212

Adam PangRegional Director, EuropeTel: +44 (0) 207 422 6268

Merlin J. PiscitelliRegional Director, EuropeTel: +44 (0) 207 422 6266

Mary WalshRegional Director, Europe

Tel: +44 (0) 207 422 6270Jonathan HughesAccount Manager, EuropeTel: +44 (0) 207 422 6267

Malcolm NeateAccount Manager, EuropeTel: +44 (0) 207 422 6272

Alex GrossRegional Director, Eastern Europe & Middle EastTel: +49 69 7593 7148

Alvaro OrtegaRegional Director, Southern EuropeTel: +39 27 6362314Tel: +34 91 7691022

David Haynes

Regional Director, Asia-PacificTel: +852 2536 2288

Vincent LorkRegional Director, South East AsiaTel: +65 6248 4602

Patrick CabreraRegional Director, South East AsiaTel: +65 9834 4557

John PateRegional Director, Australia & New ZealandTel: +61 (0) 499 992 400

Manuel BentosinosRegional Director, Mexico,Columbia & CaribbeanTel: +52 55 9171 2237

Ana Paula Macdo Tvora de CastroVice President, South AmericaTel: +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director, BrazilTel: +55 11 3568 2429

Brian GilbreathVice President, Midwest & Latin AmericaTel: +1 404 934 8085

Hank GregorySVP, Western Canada & Pacific NorthwestTel: + 604 603 4360

Todd CaveNorthern California, Pacific Northwest &Western CanadaTel: +1 651 632 4369

Ryan MacMillanRegional Director, CanadaTel: +1 416 214 2448

Michael KennedyRegional Director, New EnglandTel: +1 207 829 4369

Ross WhittakerRegional Director, New EnglandTel: +1 617.535.1516

Jon LenihanRegional Director, BostonTel: +1 617 535 1618

Scott RedikerRegional Director, Mid AtlanticTel: +1 443 690 3122

Forrest R. DoaneRegional Director, New YorkTel: +1 212 229 6620

Bill PoleseRegional Director, New York+1 212 229 6612

John McElroneRegional Director, New YorkTel: +1 212 229 6656

Joseph SolanoRegional Director, New YorkTel: +1 212 229 6576

Hillary PryorRegional Director, New York

Tel: +1 212 367 5924

Harry PoulosRegional Director, New YorkTel: +1 212 367 5924

Meiken CastilloRegional Director, New YorkTel: +1 212 229 6879

Steve PicconeVice President, New YorkTel: +1 212 229 6883

BJ BirtzRegional Director, RaleighTel: +1 919 996 9117

Paul KleinkaufRegional Director, SoutheastTel: +1 404 602 3251

Colin Schopbach

Regional Director, SoutheastTel: +1 404 796 1478

Michail SidorovRegional Director, Ohio & MichiganTel: +1 216 333 1274

Scott HaugenRegional Director, Minnesota & WisconsinTel: +1 651 632 4375

Anthony CrosbyRegional Director, ChicagoTel: +1 312 674 6511

Mark PlaehnRegional Director, ChicagoTel: +1 312 674 6527

Kelly-Leigh KeefeRegional Director, ChicagoTel: +1 312 386 2229

Ted SengpielRegional Director, Missouri, Kansas, Nebraska& IowaTel: +1 314 315 2909

Nicholas RenterRegional Director, TexasTel: +1 214 754 2100

Angela PedersenAccount Executive, Greater Texas RegionTel: + 651 632 4394

Andrew BuonincontroRegional Director, Bay AreaTel: +1 650 493 1400

Erik SandieRegional Director, Bay AreaTel: +1 650 493 1400

Jay LoyolaRegional Director, Bay AreaTel: +1 949 622 0663

Dan PhelanRegional Director, Los AngelesTel: +1 213 253 2139

Aleshia HlivkaAccount Executive, CaliforniaTel: +1 651 632 4967

David YearyVice President, DataSite Life SciencesTel: +1 415 307 4414

Jon BlueVice President, Clean TechTel: +1 206 696 916


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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 thetarget is greater than or equal to US$10m.

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company. Data underlyingthe League Tables are based on deals where the bidder, target or parent geographyof either is that of the geography in focus.

Mid-market is defined as US$10m - US$250m.

*Q2 2014 refers to the period 01-Apr-14 to 30-Apr-14.*YTD 2014 refers to the period 01-Jan-14 to 30-Apr-14.

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

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financial,investment, legal, tax or other professional advice or services. This publication is not a substitute for suchprofessional advice or services, and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business. Before taking any such decision, you should consulta qualified professional adviser. While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication, this cannot be guaranteed and neither Schulte Roth & Zabel nor Mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication, including incidental or consequential damages arising fromerrors or omissions. Any such reliance is solely at the users risk.

Part of The Mergermarket Group

www.mergermarket.comUSA: 11 West 19th Street, 2nd floor, New York, NY 10011, USA

t: +1 212 686-5606 f: +1 212 686-2664 [email protected]

United Kingdom: 80 Strand, London WC2R 0RL, United Kingdom

t: +44 (0)20 7059 6100 f: +44 (0)20 7059 6101 [email protected]

Hong Kong: Suite 2401-3, Grand Millennium Plaza, 181 Queens Road, Central, Hong Kong

t: +852 2158 9700 f: +852 2158 9701 [email protected]

Monthly MA Insider May 2014

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