Zephyr Monthly M&A Report

Transcription

1

2 The following report details mergers and acquisitions activity in Russia/CEE in May 2013 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. Value steady despite plunge in volume The value of mergers and acquisitions (M&A) activity targeting companies based in Central and Eastern Europe (CEE) and Russia largely held month-on-month, while volume dropped sharply across both regions during May In CEE there were 236 transactions worth a combined EUR 13,245 during the month compared to 772 worth EUR 13,266 million in April, a fractional decrease in monetary terms, but a two-thirds drop in volume month-on-month to mark the lowest point of the last 12 months under review. Similarly in Russia, volume fell three-quarters from 223 in April to 63 and again was the low-point of the year. Meanwhile, value was up by 23 per cent month-on-month to EUR 12,844 million in May, and was the second increase in a row (March 2013: EUR 7,245 million; April 2013: EUR 10,452 million). CEE deals by volume and value Announced date No of deals Total deal value May ,245 Apr ,266 Mar ,035 Feb ,900 Jan ,595 Dec ,674 Nov ,074 Oct ,044 Sep ,083 Aug ,096 Jul ,347 Jun ,656 May ,856 Page 1

3 Deals by volume and value 25, Deal value 20,000 15,000 10,000 5, May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 0 Aggregate deal value Number of deals Page 2

4 Russian deals by volume and value Announced date No of deals Total deal value May ,844 Apr ,452 Mar ,245 Feb ,236 Jan ,290 Dec ,170 Nov ,173 Oct ,957 Sep ,833 Aug ,797 Jul ,551 Jun ,695 May ,898 Page 3

5 One mega-deal dominates A single deal accounted for almost half of the regional value for May, which was a public offer by Russia-based electricity company Rossiiskie Seti worth a whopping EUR 11,076 million, making it the number one deal by value during the month. Some way behind this was the EUR 1,233 million acquisition of Russian solid fuels wholesaler Sibuglemet by entities affiliated with the businessman AM Palankoev. These were the only two deals worth more than EUR 1,000 million during May, and more than half of the top 20 transactions involved Russian targets. Russia leads by volume and value Russia was the number one country by deal value in May with EUR 12,844 million of deal-making recorded, one of its best results of the last 12 months and due in large part to the Rossiiskie Seti cash call. Utilities ranks as highest value sector Unsurprisingly, given the Rossiiskie Seti transaction, deal-making in the gas, water and electricity sector was worth the most in May, with EUR 11,233 million recorded, the best result for the industry in the last 12 months. Again reflecting the top deals by value, wholesale and retail was ranked second with EUR 1,307 million, also the sector s highest result in the last year. Value in the primary sector, which includes agriculture and mining and is often the target of deal-making in the region, was disappointing in May with just EUR 219 million recorded, compared with EUR 3,514 million last month. Companies operating in the banking industry featured prominently in the month s deals and placed it second by volume with 39 transactions, down on 115 last month. Wholesale and retail followed with 27 transactions, against 64 in April, and construction was next with 23, almost halving month-onmonth. Romania was ranked second with EUR 139 million, almost half the EUR 244 million recorded last month, and Poland third with EUR 111 million, a significant drop on EUR 924 million in April. After briefly being overtaken by Ukraine in the volume stakes last month, Russia resumed its number one spot in May with 63 transactions, but this compares poorly with the 223 recorded in April. Ukraine came second with 45, again a significant decrease from last month s 222, and Poland ranked third with 28 compared with 110 in April. In fact, with one or two exceptions, volume was down across all countries, in line with the regional picture. Page 4

6 Top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Deal status 1. 11,076 Acquisition 73% Rossiiskie Seti OAO RU Announced 2. 1,233 Acquisition 100% Sibuglemet OAO RU Mr SA Kerimov; Mr AM Palankoev RU Completed Minority stake 43% Otkrytoe Aktsionernoe Obshchestvo Energetiki i Elektrifikatsii Lenenergo RU Shareholders; Komitet Po Upravleniyu Gorodskim Imushchestvom Sankt-Peterburga; Rossiiskie Seti OAO RU Announced Minority stake increased to 3% MegaFon OAO RU Mr Ivan Tavrin's company Completed Acquisition StandartNafta OOO; Uralnefteservis ZAO RU Neftegazovaya Kompaniya Russneft OAO RU Completed Acquisition 89% Fabryka Lozysk Tocznych - Krasnik SA PL ZXY Luxembourg Investment Sarl LU Announced Minority stake 9% Sakhatransneftegaz OAO RU Respublikanskaya Investitsionnaya Kompaniya OAO RU Announced Minority stake 9% Mashinostroitelnyi Zavod OAO RU Announced Minority stake 1% OMV Petrom SA RO Societatea de Investitii Financiare Oltenia SA; Undisclosed acquirors RO Completed Acquisition 100% Mobilochka TOV UA Allo TOV UA Completed IBO Starman AS EE East Capital Explorer AB; Mr Peeter Kern; Mr Indrek Kuivallik SE; EE; EE Acquisition Chortkivskyy Tsukrovyy Zavod TOV; Chortkivskyy Tsukor TOV Pending UA Pfeifer & Langen Inwestycje Sp zoo PL Announced Acquisition 100% Snoro Lizingas UAB LT LHV Group AS; RAZFin EE; LT Pending Minority stake increased to 5% BRD-Groupe Société Générale SA RO Aberdeen Asset Managers Ltd GB Completed Minority stake 41% Krasnaya Polyana OAO RU Mr Mikhail Gutseriev RU Completed Minority stake 4% Integer.pl SA PL Announced Minority stake 25% Aktsionernyi Chelyabinskii Investitsionnyi Bank Chelyabinvestbank OAO RU Individuals; Ms SM Burtseva; Mr TA Vasik; Ms VV Vatsurina; Ms AY Lyukova; Ms DS Piskunova; Ms EE Rachilova RU Announced Acquisition 100% Plemzavod Kolos ZAO RU Firma Agrokompleks ZAO RU Completed Minority stake 34% Natsionalnyi Bank Razvitiya Biznesa OAO RU Agroservis OOO; Selkhozsbyt OOO; Mr PL Kachalov RU Completed Acquisition 93% Uzinele Sodice Govora - Ciech Chemical Group SA RO Janikowskie Zaklady Sodowe Janikosoda SA PL Completed Page 5

7 Top 20 private equity deals by value Deal value Deal type Target Target country Equity provider Deal status 1. 0 Minority stake Aivengo OOO RU Fond Razvitiya Venchurnogo Investvovaniya Goroda Moskvy Completed Page 6

8 PE value plummets Private equity deals by volume and value Private equity and venture capital investment across the CEE and Russia during May was very disappointing, as both value and volume fell sharply. Announced date No of deals Total deal value A total of EUR 29 million was invested across just two deals in the former, the third consecutive monthly decline (March 2013: 16 worth EUR 4,525 million; April 2013: 15 worth EUR 1,240 million. In the latter the picture was even worse, as just one investment worth less than EUR 1 million was recorded, again marking the third fall in a row (March 2013: nine transactions worth EUR 2,918 million; April 2013: seven transactions worth EUR 1,161 million). This single deal involved Russian mobile advertising firm ivengo raising USD 250,000 seed funding from Moscow Seed Fund. May Apr ,240 Mar ,525 Feb Jan Dec Nov Oct Sep Aug Jul Jun May Page 7

9 Russian private equity deals by volume and value Announced date No of deals Total deal value May Apr ,161 Mar ,918 Feb Jan Dec Nov Oct Sep Aug Jul Jun May Page 8

10 Private equity deals by volume and value in CEE Deal value 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 0 Total deal value Number of deals Page 9

11 Deal types by volume in May Deal types by volume Deal type May-12 Apr-13 May-13 Minority stake Acquisition Demerger IBO Minority stake Acquisition Demerger IBO Deal types by value in May Deal types by value Deal type May-12 Apr-13 May-13 Acquisition Minority stake IBO Acquisition 4,496 6,107 12,617 Minority stake 4,321 7, IBO Page 10

12 Target sectors by volume Target sectors by value Target sector May-12 Apr-13 May-13 Target sector May-12 Apr-13 May-13 Other services Banks Wholesale & retail trade Construction Machinery, equipment, furniture, recycling Primary sector Food, beverages, tobacco Chemicals, rubber, plastics Gas, water, electricity Hotels & restaurants Transport Metals & metal products Wood, cork, paper Publishing, printing Education, health Textiles, wearing apparel, leather Insurance companies Post and telecommunications Public administration and defence Gas, water, electricity 3, ,223 Wholesale & retail trade ,307 Other services 592 2, Primary sector 463 3, Banks 529 2, Machinery, equipment, furniture, recycling Metals & metal products 1, Food, beverages, tobacco Chemicals, rubber, plastics 93 1, Transport Construction Education, health Hotels & restaurants Publishing, printing Insurance companies Wood, cork, paper Textiles, wearing apparel, leather Post and telecommunications Public administration and defence Page 11

13 Top countries by volume Top countries by value Target country May-12 Apr-13 May-13 Target country May-12 Apr-13 May-13 Russia Ukraine Poland Romania Bulgaria Belarus Estonia Serbia Latvia Slovakia Moldova Czech Republic Bosnia And Herzegovina Hungary Lithuania Macedonia Slovenia Croatia Russia 5,898 10,452 12,844 Romania Poland Ukraine Estonia Lithuania Bulgaria Czech Republic 2, Moldova Serbia Belarus Page 12

14 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 01/05/ /05/2013 inclusive Page 13