Zephyr Quarterly M&A Report Nordic Region, Q1 2010

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1 The following report details mergers and acquisitions activity in the Nordic Region in the first quarter of 2010 using data from the ZEPHYR database. It focuses on deal activity by target company for firms in Sweden, Norway, Finland and Denmark. Click here to access the raw data in an Excel spreadsheet. Volume and value M&A activity in the Nordic region in Q failed to sustain the significant gains recorded the previous quarter as volume weakened by a fifth over the three months to a new low of 713 deals from 896 in Q and value declined at a higher rate of 54 per cent to EUR 7,977 million from a high of EUR 17,376 million. Deal volume formed a series of peaks and troughs between Q and Q and both deal volume and value were down 17 per cent and 49 per cent, respectively, from 855 deals worth EUR 15,619 million in Q Announced date No of deals Total deal value Q ,977 Q ,376 Q ,972 Q ,405 Q ,619-1-

2 Deals by volume and value 20,000 1,000 18, Deal value 16,000 14,000 12,000 10,000 8,000 6,000 4, , Q Q Q Q Q Aggregate deal value Number of deals -2-

3 Top 20 deals by value The quarter s largest deal by value involved the long awaited acquisition of the Swedish car manufacturer Volvo by China s Zhejiang Geely Holding Group Company for EUR 1,356 million, a deal which is expected to complete in the third quarter of 2010 following regulatory approval. This was one of two deals worth more than EUR 1,000 million in Q1 2010, the second being the sale of the Swedish healthcare and care home operator Ambea by 3i Group, mangement and the Government of Singapore Investment Corporation for EUR 1,133 million. A Danish company appeared in a top five dominated by Swedish targets; Nykredit Realkredit agreed to sell its Danish insurance services provider Nykredit Forsikring to Gjensidige Forsikring for EUR 336 million in a deal which needs to be approved by the Danish and Norwegian financial supervisory authorities. Top 20 private equity deals by value Private equity investment in the Nordic region in Q was undoubtedly dominated by the institutional buyout of the Swedish healthcare and care home operator Ambea by Triton Advisers Nordic for EUR 1,133 million. Although this was one of eight top 20 deals targeting Swedish companies, the second highest transaction by value for the quarter involved Climate Change Capital investing in Metallkraft, a Norwegian recycled products wholesaler. -3-

4 Top 20 deals by value Deal value Deal type Target Target country code Acquiror Acquiror country code Announced date 1 1,356 Acquisition 100% Volvo Personvagnar Holding AB SE Zhejiang Geely Holding Group Co., Ltd CN 28/03/ ,133 IBO 100% Ambea AB SE Triton Advisers (Nordic) AB SE 23/02/ Minority stake Industrivärden AB SE 13/01/ Acquisition 100% Nykredit Forsikring A/S DK Gjensidige Forsikring BA NO 08/03/ Acquisition 100% Saab Automobile AB SE Spyker Cars NV NL 26/01/ Minority stake Marine Harvest ASA NO 24/02/ Acquisition increased 33% to 100% Odim ASA NO Rolls-Royce Marine AS NO 26/02/ Minority stake 2% Vestas Wind Systems A/S DK Schouw Finans A/S DK 04/01/ Minority stake SAS AB SE 19/03/ Acquisition 71% Jeudan A/S DK 08/03/

5 Top 20 deals by value Deal value Deal type Target Target country code Acquiror Acquiror country code Announced date Acquisition 100% NeoNet AB SE Orc Software AB SE 25/01/ Minority stake 10% NCC AB SE Institutional Investors 12/02/ Acquisition increased 38% to 100% TriOptima AB SE ICAP Group Holdings plc GB 05/02/ Minority stake 11% Hufvudstaden AB SE Institutional Investors 19/01/ Minority stake increased 20% to 30% Saab AB SE Investor AB SE 05/03/ Acquisition 100% Tricorona AB SE Opcon AB SE 10/02/ Acquisition increased Berlingske Media A/S DK Mecom Denmark Holdings ApS DK 04/01/ Minority stake 26% SpareBank 1 SMN NO 03/03/ Minority stake Sparebank 1 Boligkreditt AS NO Sparebank 1 Ringerike; Sparebank1 Nord-Norge; Sparebanken Hedmark; Bank 1 Oslo AS; Kvinnherad Sparebank; Rygge-Vaaler Sparebank; Sparebank 1 SR-Bank; Sparebanken Hardanger; Nøtterø Sparebank; Sparebanken Telemark; SpareBank 1 SMN; SpareBank1 Buskerud-Vestfold; Sparebank 1 Nordvest; Sparebanken Jevnaker Lunner; Sparebanken Volda Ørsta; Sparebank 1 Hallingdal; Lom og Skjåk Sparebank; Sparebank 1 Modum; Sparebank 1 Gudbrandsdal; Halden Sparebank NO 18/02/ Acquisition increased 53% to 100% GC Rieber Shipping ASA NO GC Rieber AS NO 26/02/

6 Top 20 private equity deals by value Deal value Deal type Target Target country code Equity provider Announced date 1 1,133 IBO 100% Ambea AB SE Triton Advisers (Nordic) AB 23/02/ Minority stake Metallkraft AS NO Climate Change Capital Ltd 04/02/ Minority stake Pekkaniska Oy FI Keskinäinen Eläkevakuutusyhtiö Ilmarinen; Suomen Teollisuussijoitus Oy 08/02/ Minority stake FlatFrog Laboratories AB SE The Invus Group Ltd; Sunstone Capital A/S; Promethean Ltd 20/01/ IBO 40% Bid 2 Ticket Travel Group AB SE Braganza AS 16/02/ Minority stake Energy Micro AS NO Northzone Ventures AB; Investinor AS 17/03/ Minority stake Effpower AB SE Industrifonden; Volvo Technology Transfer AB; K-Svets Venture AB; Banner Batterien Österreich GmbH; Fouriertransform AB 19/02/ Minority stake Footbalance System Oy FI Scope Capital Advisory AB 02/02/ Acquisition Dantherm Power A/S DK Danfoss Ventures A/S 18/01/ IBO 20% Ticket Travel Group AB SE Braganza AS 15/02/ Minority stake GasSecure NO SINTEF Venture AS; Proventure Seed AS; Investinor AS; Viking Venture Management AS 11/03/ Minority stake Videoplaza AB SE Northzone Ventures AB; Creandum Advisor AB 18/03/ Minority stake Rightware Oy FI Nexit Ventures Oy; Inventure Oy 07/01/ Minority stake Voddler Sweden AB SE Eqvitec Partners Oy 05/02/ Minority stake Atacama Labs Oy FI 31/01/ Minority stake 30% Pretax Oy FI Sponsor Capital Oy 07/01/ Minority stake Accumulate AB SE Sjätte AP-fonden 27/01/ Minority stake 25% Conmio Oy FI Inventure Oy 26/01/ Minority stake LinkoTec Oy FI Veraventure Oy; HTT Sixgen Oy 15/02/ Minority stake XIHA Oy FI Veraventure Oy 25/01/

7 Private equity deals by volume and value The value of private equity investment in the Nordic region rose for the third successive quarter in Q1 2010, soaring 89 per cent to a high of EUR 1,245 million from EUR 657 million in Q on the back of the billion-euro buyout of Ambea, indicating there may be a return to high-value deals as the financial markets recover from the credit crisis. However, volume failed to sustain growth recorded the previous quarter, falling back 26 per cent over the three months to 45 deals from 61 in Q Announced date No of deals Total deal value Q ,245 Q Q Q Q Private equity deals as a percentage of total volume Private equity deals as a percentage of total value Announced date Private equity Total volume Percentage volume Q Q Q Announced date Private equity Total value Percentage value Q ,245 7, Q ,376 4 Q ,

8 Deals by volume and value Deal value 1,400 1,200 1, Q Q Q Q Q Aggregate deal value Number of deals -8-

9 Deal types by volume Deal type Q Q Q Q Q Minority stake Acquisition IBO Merger MBO Deal types by value Deal type Q Q Q Q Q Acquisition 7,605 2,344 1,193 11,049 3,527 Minority stake 7,451 5,911 5,529 5,883 3,301 IBO ,149-9-

10 Top five target sectors by volume Target sector Q Q Q Q Q Other services Machinery, equipment, furniture, recycling Wholesale & retail trade Banks Chemicals, rubber, plastics, non-metallic products Top five target sectors by value Target sector Q Q Q Q Q Other services 5,185 2,858 1,743 6,386 2,359 Machinery, equipment, furniture, recycling 2,863 2, ,620 2,261 Banks 6,869 1,035 2,677 3,008 1,250 Education, health ,144 Primary sector 734 1,

11 Countries by volume Target country Q Q Q Q Q Sweden Denmark Norway Finland Countries by value Target country Q Q Q Q Q Sweden 8,588 2,011 2,634 3,279 5,063 Norway 1,387 3,355 1,605 6,441 1,587 Denmark 4,659 1,719 2,021 6,951 1,049 Finland 985 1,

12 Top 20 financial advisors Financial advisor Number of deals Number with consideration Total deal value Average deal value 1 Rothschild 3 3 1, Danske Markets, Corporate Finance 2 2 1, KPMG Corporate Finance 2 2 1, Citigroup Global Markets Holdings Inc ,356 1,356 5 JP Morgan 1 1 1,356 1,356 6 Morgan Stanley 1 1 1,133 1,133 7 McKinsey & Co Inc ,133 1,133 8 SEB Enskilda FIH PARTNERS A/S AlixPartners LLC ABG Sundal Collier HDR Partners AB HSBC Bank Deloitte Banque Invik SA Carnegie Investment Bank AB Carnegie ASA FondFinans

13 Top 20 legal advisors Legal advisor Number of deals Number with consideration Total deal value Average deal value 1 Mannheimer Swartling Advokatbyrå AB 4 4 1, Freshfields Bruckhaus Deringer 2 2 1, Hannes Snellman 2 2 1, Castrén & Snellman Oy 1 1 1,133 1,133 5 O Melveny & Myers LLP 1 1 1,133 1,133 6 Linklaters 1 1 1,133 1,133 7 Kromann Reumert Gorrissen Federspiel Advokatfirman Törngren Magnell AB Houthoff Buruma Hammarskiöld & Co Allen & Overy LLP Roschier Asianajotoimisto Oy Advokatfirmaet Schjødt DA Wiersholm Mellbye & Bech Grönberg Advokatbyrå AB Macfarlanes Advokatfirman Cederquist Gernandt & Danielsson Advokatbyra AB Hamilton Advokatbyrå KB

14 Notes to editors Activity is based on the activity of the target company for firms in Sweden, Norway, Finland and Denmark. Deal status is announced within the time period. The sector breakdown uses targets activities as defined to be Major Sectors by ZEPHYR. When a deal has multiple targets the value of the deal will count against the target countries and sectors of companies involved in the deal. Data range is from 01/01/2010 to 29/03/2010 inclusive. -14-