Zephyr Quarterly M&A Report

Transcription

1 Nordic Report, Q4 2011

2 The following report details mergers and acquisitions activity in the Nordic Region in Q 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. Volume and value up on Q3 Dealmaking activity targeting the Nordic region in the fourth quarter of 2011 was higher than the preceding period in terms of both volume and value. The number of transactions increased 12 per cent from 845 to 946 deals, while their value soared 73 per cent from EUR 8,743 million to EUR 15,118 million. However, in comparison with the year-ago quarter the picture is less positive. While deal volume rose 16 per cent from the 817 transactions recorded in Q4 2010, value has dropped 29 per cent from EUR 21,268 million. Five deals together covering targets in each of the countries which make up the Nordic region were worth more than EUR 1,000 million in the quarter under review. Deals by volume and value Announced date No of deals Total deal value Q ,118 Q ,743 Q ,020 23,880 Q ,796 Q ,268 Q ,752 Q ,639 Q ,257 Q ,552 Page 1

3 Nordic deals by volume and value Deal value Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 2

4 Finnish IBO is quarter s largest deal The largest private equity transaction of Q was also its highest value deal overall. LNI Acquisition, a consortium composed of 3i Infrastructure, 3i Group, GS Infrastructure Partners and Ilmarinen Mutual Pension Insurance, agreed to pay EUR 1,540 million for Vattenfall s Finnish electricity distribution and district heating businesses. The second largest deal of the period saw UK energy group Centrica wholly acquire Norwegian oil and gas company Statoil Petroleum s production and development assets for EUR 1,201 million. Sweden s Sony Ericsson Mobile Communications was the target of the region s third most valuable transaction in Q Sony agreed to buy out partner Telefonaktiebolaget LM Ericsson to raise its stake in the joint venture from 50 to 100 per cent. Sweden ahead on value, Finland leads on volume Despite accounting for the quarter s top deal, Finnish companies attracted the least investment of the four Nordic countries. With deals valued at a total EUR 2,396 million, targets in Finland were worth less than half the EUR 5,477 million that Swedish businesses brought in. Sweden held on to first position for the fifth month in a row. Nevertheless, the Q result is 43 per cent lower than in the year-ago quarter, when Swedish targets were worth EUR 9,579 million. Norway placed second (EUR 4,799 million) and Denmark third (EUR 2,446 million). The value of transactions in all four countries was higher than in the preceding quarter, but only Finland managed to improve on the year-ago period. Finland took first spot for deal volume for the fourth quarter on the trot, accounting for 40 per cent of the region s total. Page 3

5 Nordic Region top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1 1,540 IBO Vattenfall Verkko Oy; Vattenfall Lämpö Oy FI; FI LNI Acquisition Oy FI 16/12/ ,201 Acquisition 100% Statoil Petroleum AS's North Sea oil and gas production and development assets NO Centrica plc GB 21/11/ ,050 Acquisition increased from 50% to 100% Sony Ericsson Mobile Communications AB SE Sony Corp. JP 27/10/ ,035 Acquisition increased from 100% to 100% DNB Bank ASA NO Den norske Bank ASA NO 20/12/ ,028 Acquisition 100% Maersk LNG A/S DK Marubeni Corporation; Teekay LNG Operating LLC JP 12/10/ Acquisition 100% Point International AB SE VeriFone Systems Inc. US 14/11/ Acquisition increased from 60% to 100% Seco Tools AB SE Sandvik AB SE 07/11/ Acquisition 100% Länsförsäkringar Fondliv Försäkrings AB SE Länsförsäkringar AB SE 27/10/ Minority stake 5% Danske Bank A/S DK Cevian Capital AB SE 22/11/ Acquisition increased from 100% to 100% Preemraff i Lysekil AB SE Mr Muhammed al Amoudi 27/12/ Minority stake 33% DNO International ASA NO Petrolia Invest AS NO 07/11/ Acquisition 100% HHIC-Denmark APS DK Hanjin Heavy Industries & Construction Co., Ltd KR 30/11/ Acquisition 100% Jädraås Vindkraft AB SE Arise Windpower AB SE 06/10/ IBO 100% Ventelo Holding AS NO EQT Partners AB SE 21/12/ Minority stake 11% Chr Hansen Holding A/S DK 17/11/ IBO 100% Orc Group AB SE Cidron Delfi Intressenter AB SE 19/12/ Acquisition 100% Mecom Europe AS NO A-pressen ASA NO 04/12/ Acquisition 100% Meca Scandinavia AB SE Mekonomen AB SE 12/10/ Acquisition Nordisk Aviation Products AS; Telair International GmbH NO; DE AAR Corporation US 21/10/ IBO 100% Fortum Termest AS; Fortum Energiaratkaisut Oy EE; FI EQT Partners AB SE 19/12/2011 Page 4

6 Nordic Region top 20 private equity deals by value Deal value Deal type Target Target country Equity provider Announced date 1 1,540 IBO Vattenfall Verkko Oy; Vattenfall Lämpö Oy FI; FI Ilmarinen Mutual Pension Insurance Company; 3i Infrastructure plc 16/12/ Minority stake 5% Danske Bank A/S DK Cevian Capital AB 22/11/ Acquisition 100% Jädraås Vindkraft AB SE Platina Partners LLP 06/10/ IBO 100% Ventelo Holding AS NO EQT Partners AB 21/12/ IBO 100% Orc Group AB SE Nordic Capital Ltd 19/12/ IBO 100% Fortum Termest AS; Fortum Energiaratkaisut Oy EE; FI EQT Partners AB 19/12/ Minority stake Klarna AB SE General Atlantic Corporation; Mail.ru Group Ltd 09/12/ Minority stake Explora Petroleum AS NO Warburg Pincus LLC 06/10/ IBO 100% Inmeta Crayon ASA NO Norvestor Equity AS 08/12/ Minority stake Finnprotein Oy FI Finnvera Oyj; Suomen Teollisuussijoitus Oy; Keskinäinen työeläkevakuutusyhtiö Varma; Keskinäinen Eläkevakuutusyhtiö Etera; Pontos Oy IBO 100% Moventas Wind Oy; Moventas Santasalo Oy 22/11/2011 FI; FI Clyde Blowers Capital IM LLP 15/11/ Minority stake izettle AB SE Index Venture Management SA; Creandum Advisor AB 19/10/ Minority stake 10% Thrane & Thrane A/S DK Jupiter Asset Management Ltd 14/10/ MBO 100% Interflora AB SE Provider Venture Partners AB 24/11/ Minority stake less than 1% Vestas Wind Systems A/S DK Danske Bank A/S; Morgan Stanley 25/10/ Minority stake 40% Teknikmagasinet AB SE SEB Venture Capital 22/11/ Minority stake 9% Oasmia Pharmaceutical AB SE Nexttobe AB 25/10/ Minority stake Vissim AS NO Skagerak Venture Capital AS 26/10/ Minority stake 16% Bluefish Pharmaceuticals AB SE Nexttobe AB 06/12/ Minority stake Shark Solutions A/S DK VækstFonden 03/11/2011 Page 5

7 Private equity investment hits a high Private equity investment in the Nordic countries hit a yearly high of EUR 3,653 million in Q4 2011; indeed, the quarter was the most profitable since targets in the region scooped EUR 7,757 million in Q Value was up 45 per cent on the preceding quarter and 49 per cent on the year-ago period, although volume fell back to 62 deals from 70 in Q and 90 in Q The strong showing during the quarter under review was clearly boosted by the institutional buy-out of Vattenfall s Finnish activities, which accounted for 42 per cent of all Nordic private equity investment. It was Q4 s only deal priced at more than EUR 1,000 million. The second largest private equity transaction was Swedish firm Cevian Capital s EUR 465 million purchase of a 5 per cent stake in Denmark s Danske Bank. Private equity deals by volume and value Announced date No of deals Q ,653 Q ,522 Q ,312 Q ,491 Q ,453 Q ,067 Q ,184 Q ,258 Q Total deal value Page 6

8 Nordic private equity deals by volume and value Deal value 4,000 3,500 3,000 2,500 2,000 1,500 1, Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 7

9 Deal types by volume in Q Deal types by volume Deal type Q Q Q Acquisition Minority stake IBO Merger MBO Acquisition Minority stake IBO Merger MBO MBI / MBO Deal types by value Deal types by value in Q Deal type Q Q Q Acquisition 11,429 3,978 10,168 Acquisition Minority stake IBO Minority stake 8,931 2,867 2,531 IBO 923 1,898 2,405 MBO Page 8

10 Target sectors by volume Target sectors by value Target sector Q Q Q Target sector Q Q Q Other services Wholesale & retail trade Machinery, equipment, furniture, recycling Banks Construction Transport Education, health Publishing, printing Chemicals, rubber, plastics Metals & metal products Primary sector Wood, cork, paper Hotels & restaurants Food, beverages, tobacco Gas, water, electricity Insurance companies Textiles, wearing apparel, leather Post and telecommunications Public administration and defence Other services 4,185 3,460 3,144 Primary sector 647 1,280 2,103 Banks ,021 Gas, water, electricity 2, ,743 Machinery, equipment, furniture, recycling 7, ,622 Transport 228 1,523 1,380 Chemicals, rubber, plastics Insurance companies Wholesale & retail trade 1, Construction Publishing, printing Metals & metal products Food, beverages, tobacco Wood, cork, paper 1, Hotels & restaurants 1, Education, health Post and telecommunications Public administration and defence Textiles, wearing apparel, leather Page 9

11 Countries by volume Target country Q Q Q Q Q Finland Sweden Norway Denmark Countries by value Target country Q Q Q Q Q Sweden 9,579 6,944 10,749 3,776 5,477 Norway 6,156 3,280 3,945 2,765 4,799 Denmark 3,968 3,710 7,747 1,642 2,446 Finland 2, , ,396 Page 10

12 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 Q date range is from 01/10/2011 to 29/12/2011 inclusive Page 11