Zephyr Quarterly M&A Report

Transcription

1 Nordic Report, Q1 2012

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 gets off to a negative start as volume and value fall The first quarter of 2012 saw dealmaking in the Nordic region down on Q4 2011, with value slipping 35 per cent from EUR 14,871 million to EUR 9,602 million. There were also fewer deals in the period under review, with 802 transactions recorded as against 1,115 in the previous quarter. Figures were also down on the year-ago period, when 948 deals with an aggregate value of EUR 14,728 million were done. In fact, the numbers are the lowest they have been since Q Echoing this downward trend, only two deals this quarter exceeded EUR 1,000 million in value, compared with the five deals that topped this amount in Q Deals by volume and value Announced date No of deals Q ,602 Total deal value Q ,115 14,871 Q ,740 Q ,024 23,901 Q ,728 Q ,373 Q ,893 Q ,700 Q ,259 Page 1

3 Nordic deals by volume and value 30,000 1,200 Deal value 25,000 20,000 15,000 10,000 1, , Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 2

4 Ahlsell IBO was the quarter s biggest deal The largest private equity transaction of the period was also the highest value deal overall, as UK buyout house CVC Capital Partners announced the acquisition of Swedish tools and machinery supplier Ahlsell for EUR 1,800 million. The only other deal surpassing the EUR 1,000 million mark was a rights issue by Finnish steel and copper products business Outokumpu, valued at EUR 1,006 million. The offer comprised the issue of shares on a 7-for-1 basis at a price of EUR 0.79 apiece, equating to an 87 per cent stake in the listed company. For the second quarter in a row, Finland leads on volume, Sweden on value In a repeat of last quarter, Q saw Finland top the table for the number of deals done in the country, with Sweden again leading in value. Despite being top, deals targeting Finnish companies were fewer in the period under review, with 291 transactions compared to 476. Likewise for Sweden, despite chalking up deal value of EUR 3,840 million this quarter, the figure was down on Q when it stood at EUR 5,796 million. Dealmaking targeting Norwegian companies experienced the biggest loss this quarter, with just 171 transactions valued at EUR 1,518 million recorded, compared with 220 deals worth an aggregate of EUR 4,194 million last quarter. Page 3

5 Nordic Region top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1. 1,800 IBO 100% Ahlsell AB SE CVC Capital Partners Ltd GB 29/02/ ,006 Acquisition 87% Outokumpu Oyj FI 31/01/ Minority stake 16% TDC A/S DK Institutional Investors 13/02/ Minority stake 26% Chr Hansen Holding A/S DK Novo A/S DK 11/01/ Acquisition 100% NKT Flexibles I/S DK National Oilwell Varco Inc. US 03/02/ Minority stake 2% TeliaSonera AB SE Institutional Investors 20/03/ Minority stake 2% TeliaSonera AB SE Institutional Investors 21/03/ Acquisition increased from 50% to 100% TV 2 AS NO Egmont International Holding A/S DK 09/01/ Minority stake Elekta AB SE 05/03/ Acquisition 100% Kverneland ASA NO KUBOTA Norway Holdings AS NO 05/01/ Acquisition increased from 71% to 92% DNA Oy FI Ilmarinen Mutual Pension Insurance Company FI 23/02/ Acquisition increased from 33% to 92% Fornebu Utvikling ASA NO Oslo Bolig- og Sparelag NO 31/01/ Minority stake increased from 4% to 5% Sandvik AB SE Swedbank Robur Fonder AB SE 23/01/ Minority stake 9% Jyske Bank A/S DK Institutional Investors 01/03/ Minority stake 4% DSV A/S DK BlackRock Inc. US 03/02/ Acquisition Sanoma Oyj's R-Kioski operations in Finland, Lithuania and Estonia Acquisition 100% UPM-Kymmene Oyj's packaging paper production business FI Reitangruppen AS NO 05/03/12 FI Billerud Finland Oy FI 01/02/ Acquisition 50% Spar Nord Bank A/S DK 05/03/ Minority stake Cloetta AB SE 07/03/ Minority stake Sparebank 1 Boligkreditt AS NO 03/01/12 Page 4

6 Nordic Region top 20 private equity deals by value Deal value Deal type Target Target country Equity provider Announced date 1. 1,800 IBO 100% Ahlsell AB SE CVC Capital Partners Ltd 29/02/ Minority stake 26% Chr Hansen Holding A/S DK Novo A/S 11/01/ IBO Expert AS NO AWilhelmsen Capital AS 02/02/ IBO 100% Jeeves Information Systems AB SE Battery Management Corporation 26/03/ IBO 100% Nordic Tankers A/S' chemical tanker activities DK Triton Advisers (Nordic) AB 27/03/ Minority stake 10% Tobii Technology AB SE Intel Capital Corporation 15/03/ Minority stake BabySam A/S DK Polaris Management A/S; AAC Capital Partners Holding BV 24/02/ Minority stake Videoplaza AB SE Northzone Ventures AB; Innovacom Venture Capital; QUALCOMM Ventures; Creandum Advisor AB 9. 7 Minority stake BerGenBio AS NO Sarsia Seed Management AS; Investinor AS 04/01/ Minority stake ForgeRock AS NO Accel Management Company LLC 02/03/ Minority stake Galecto Biotech AB SE Novo A/S; Merck Serono Ventures 02/01/ Minority stake increased from 5% to 10% FinnvedenBulten AB SE Volito AB 31/01/ Minority stake increased to 6% Atlas Copco AB SE Capital Research & Management Company 24/01/ IBO 10% Aldata Solution Oyj FI Symphony Technology Group LLC 15/02/ Minority stake Leox Holding AB SE AGS Capital Group LLC 02/02/ Minority stake The Online Backup Company AS NO Northzone Ventures AB 02/01/ Minority stake increased to 5% Statoil Fuel & Retail ASA NO Capital Research & Management Company 06/01/ Minority stake 38% Boost Communications AS NO Televenture Management AS; Investinor AS 26/02/ Minority stake Footway AB SE Industrifonden; eequity 25/01/ Minority stake 27% Hansa Medical AB SE NXT2B 25/01/12 01/02/12 Page 5

7 Private Equity doesn t fare any better Continuing the trend for declining figures in the region, private equity deal activity also fell in both volume and value this quarter, with 68 transactions valued at EUR 2,541 million compared with 72 deals worth an aggregate EUR 3,667 million in Q The Ahlsell buyout by CVC did at least mark the highest value deal involving a Nordic country. The acquisition of a 26 per cent stake in Danish food ingredients maker Chr. Hansen by Novo was the second-highest private equity transaction, worth EUR 557 million. Private equity deals by volume and value Announced date No of deals Q ,541 Q ,667 Q ,524 Q ,312 Q ,491 Q ,540 Q ,168 Q ,184 Q ,258 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 Acquisition Minority stake IBO Merger MBO Demerger Deal type Q Q Q Acquisition Minority stake IBO Merger MBO Demerger Deal types by value Deal types by value in Q Deal type Q Q Q Minority stake 8,387 2,340 4,472 Minority stake Acquisition IBO Acquisition 4,182 10,336 3,244 IBO 2,234 2,181 1,886 Page 8

10 Target sectors by volume Target sectors by value Target sector Q Q Q Target sector Q Q Q Other services Machinery, equipment, furniture, recycling Wholesale & retail trade Construction Banks Transport Hotels & restaurants Primary sector Chemicals, rubber, plastics Education, health Publishing, printing Metals & metal products Food, beverages, tobacco Wood, cork, paper Insurance companies Gas, water, electricity Textiles, wearing apparel, leather Public administration and defence Post and telecommunications Other services 1,838 3,384 2,716 Wholesale & retail trade ,124 Metals & metal products ,178 Chemicals, rubber, plastics 2, ,092 Machinery, equipment, furniture, recycling 2,937 1, Banks 5,598 1, Construction Transport 87 1, Food, beverages, tobacco Wood, cork, paper Primary sector 369 1, Insurance companies Gas, water, electricity 122 1, Publishing, printing Hotels & restaurants Textiles, wearing apparel, leather Education, health Post and telecommunications Public administration and defence 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 6,944 10,738 3,805 5,796 3,840 Denmark 3,709 7,747 1,634 2,439 2,430 Finland 803 1, ,442 1,814 Norway 3,272 3,984 3,741 4,194 1,518 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 01/01/2012 to 29/03/2012 inclusive Page 11