Zephyr Monthly M&A Activity Report

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2 The following report details mergers and acquisitions activity in Western Europe in February 2016 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. M&A value up while volume declines month-on-month There were 1,498 mergers and acquisitions (M&A) deals worth an aggregate EUR 85,793 million targeting Western European companies announced in February. In terms of value this represents a considerable increase on January, while volume dropped 27 per cent over the same timeframe. Year-on-year the result was less impressive as both volume and value were down on February 2015, when 1,907 deals worth EUR 117,754 million were signed off. A few significant transactions compensated for declining volume in February as ten deals broke the EUR 1,000 million-barrier. One of these even came close to the EUR 40,000 million mark. This marks a significant improvement on January, when the largest deal announced was worth just EUR 1,990 million and only four transactions were worth EUR 1,000 million or above. Deals by volume and value Announced date No of deals Total deal value Feb-16 1,498 85,793 Jan-16 2,049 32,131 Dec-15 2,171 66,657 Nov-15 2, ,545 Oct-15 2,259 60,113 Sep-15 2,296 77,182 Aug-15 1, ,572 Jul-15 2, ,507 Jun-15 2, ,247 May-15 2, ,941 Apr-15 2, ,106 Mar-15 2, ,629 Feb-15 1, ,754 Page 1

3 Deals by volume and value Deal value 450, , , , , , , ,000 50,000 3,000 2,500 2,000 1,500 1, Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 0 Aggregate deal value Number of deals Page 2

4 Expanded EU of 28 countries deals by volume and value Announced date No of deals Total deal value Feb-16 1,721 41,358 Jan-16 2,439 30,164 Dec-15 2,526 61,981 Nov-15 2, ,806 Oct-15 2,476 51,600 Sep-15 2,566 73,615 Aug-15 1, ,745 Jul-15 2, ,045 Jun-15 2, ,934 May-15 2, ,035 Apr-15 2, ,627 Mar-15 2, ,948 Feb-15 2, ,834 Page 3

5 China National Chemical s Syngenta acquisition is February s largest deal The most valuable transaction announced during February was worth EUR 39,359 million and took the form of an acquisition of Swiss pesticides maker Syngenta by China National Chemical Corporation. Closing remains subject to regulatory approval and is expected by the end of The month s second largest deal was significantly smaller as Dutch pharmaceuticals player Mylan agreed to pick up Swedish peer Meda for EUR 8,805 million. Eight other deals were worth more than EUR 1,000 million in February and the Syngenta deal alone accounted for 46 per cent of total Western European dealmaking for the month. PE follows same pattern as M&A In line with the overall M&A pattern in the region, Western European private equity volume declined in February against an increase in value month-onmonth. In all there were 188 deals worth a combined EUR 6,001 million, compared to 248 deals worth EUR 3,089 million in January. Year-on-year results also followed the same pattern as M&A, declining across the board from the EUR 6,553 million invested across 299 transactions in February The largest PE and VC transaction of the month was a EUR 1,249 million acquisition of Swiss tour operator Kuoni Reisen Holding by EQT, through holding company Kiwi Holding IV. Switzerland tops value rankings Switzerland attracted the most investment in February by a considerable distance, bringing in EUR 43,778 million over the course of the month. This placed it some way ahead of second-placed UK with EUR 14,086 million. However, it is worth noting that a large portion of this amount is due to the aforementioned EUR 39,359 million Syngenta deal. Other countries which performed well include Sweden (EUR 9,594 million) and France (EUR 5,042 million). The UK led the way by volume with 434 transactions, followed by France, Germany and Spain with 208, 169 and 160, respectively. Despite its impressive showing by value, Switzerland placed seventh by volume, once again highlighting the importance of individual considerations to a country s performance. Page 4

6 Top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Deal status 1. 39,359 Acquisition 100% Syngenta AG CH China National Chemical Corporation CN Pending 2. 8,805 Acquisition 100% Meda AB SE Mylan NV NL Announced 3. 3,665 Capital Increase Vodafone Group plc GB Completed 4. 2,789 Acquisition 100% Brake Bros Ltd GB Sysco Corporation US Pending 5. 1,900 Acquisition increased Transportes Aereos Portugueses SA PT Government of Portugal PT Announced from 39% to 50% 6. 1,438 Acquisition 100% EEW Holding GmbH; M+E Holding GmbH DE; DE Luxembourg Investment Company 121 Sarl; Pure Success International Ltd LU Pending & Co KG 7. 1,249 IBO 100% Kuoni Reisen Holding AG CH Kiwi Holding IV Sarl Announced 8. 1,206 Acquisition 100% BSI SA CH EFG International AG CH Announced 9. 1,094 Minority stake 23% Auto Trader Group plc GB Announced 10. 1,082 Acquisition 100% Opera Software ASA NO Golden Brick Silk Road (Shenzhen) Equity Investment Fund II LLP; Qihoo 360 CN; CN; Announced Software (Beijing) Co., Ltd; Beijing Kunlun Tech Co., Ltd CN Acquisition 35% Gestamp Automocion SA ES Riberas Family ES Completed Acquisition 50% DONG Energy Burbo Extension (UK) Ltd GB Pensionskassernes Administration A/S; Kirkbi A/S DK; DK Completed Acquisition 100% Creganna Medical Technology Unlimited GB TE Connectivity Ltd CH Announced IBO InfoPro Digital SAS FR TowerBrook Capital Partners LP US Announced Minority stake increased LafargeHolcim Ltd CH Harris Associates Investment Trust US Completed from 3% to 6% Minority stake 1% Total SA FR Completed Acquisition 100% Forum Capita Oy Ab; Mercator Oy Ab FI; FI Sponda Oyj FI Announced Acquisition 100% GLID Wind Farms Topco Ltd GB BlackRock Inc.; The UK Green Investment Bank Offshore Wind Fund US; GB Completed Capital Increase 48% Vallourec SA FR Announced Capital Increase Vallourec SA FR BPI Groupe SA FR Completed Page 5

7 Top 20 private equity deals by value Deal value Deal type Target Target country Equity provider Deal status 1. 1,249 IBO 100% Kuoni Reisen Holding AG CH EQT Partners AB Announced 2. 1,082 Acquisition 100% Opera Software ASA NO Golden Brick Capital Management Ltd Announced IBO InfoPro Digital SAS FR TowerBrook Capital Partners LP Announced Acquisition 100% GLID Wind Farms Topco Ltd GB BlackRock Inc. Completed IBO 100% Bora Wind Energy Management SL's ES Exus Management Partners SL Completed 8 wind farms Minority stake 37% Engineering Ingegneria Informatica SpA IT Neuberger Berman LLC; Apax Partners LLP Announced MBO 100% CitySprint (UK) Ltd GB Lloyds Development Capital (Holdings) Ltd; Dunedin LLP Completed IBO 100% Eolica Sierra Sesnandez SL; Parque ES; ES; ES; Cerberus European Investment LLC; Exus Management Partners SL Completed Eolico Magaz SL; Parque Eolico Loma Del Capon SL; Parque Eolico Cova Da Serpe II SL ES IBO Alpha Financial Markets Consulting Ltd GB Dunedin LLP Completed IBO majority stake So Ma Ci S SpA IT Quadrivio Capital SGR SpA Completed Minority stake Mission Therapeutics Ltd GB SR One Ltd; Sofinnova Partners SAS; Roche Holding AG; Imperial Innovations Group plc; Completed Pfizer Venture Investments; Woodford Investment Management LLP Minority stake Ardyne Technologies Ltd GB Lime Rock Partners LLC Completed Minority stake Aquafil SpA IT Three Hills Capital Partners LLP Completed IBO 70% Airteam A/S DK Ratos AB Announced Minority stake Student.com (UK) Ltd GB Horizons Ventures Ltd; Expa; VY Capital Management Company Ltd Completed Minority stake OutSystems-Software em Rede SA PT North Bridge Growth Equity Completed IBO 46% Orolia SA FR Eurazeo PME Announced Minority stake 42% Orolia SA FR Eurazeo PME Announced Minority stake WorldRemit Ltd GB SVB Financial Group; TriplePoint Venture Growth BDC Corporation Completed IBO 27% Royal Reesink NV NL Gilde Buy Out Partners BV Announced Page 6

8 PE follows same pattern as M&A In line with the overall M&A pattern in the region, Western European private equity volume declined in February against an increase in value month-onmonth. In all there were 188 deals worth a combined EUR 6,001 million, compared to 248 deals worth EUR 3,089 million in January. Year-on-year results also followed the same pattern as M&A, declining across the board from the EUR 6,553 million invested across 299 transactions in February The largest PE and VC transaction of the month was a EUR 1,249 million acquisition of Swiss tour operator Kuoni Reisen Holding by EQT, through holding company Kiwi Holding IV. Private equity deals by volume and value Announced date No of deals Feb ,001 Jan ,089 Dec ,940 Nov ,527 Oct ,940 Sep ,745 Aug ,628 Total deal value Jul ,650 Jun ,712 May ,985 Apr ,042 Mar ,014 Feb ,553 Page 7

9 Private equity deals as a percentage of total volume Announced date Private equity volume Total volume Percentage Feb , Jan , Feb , Private equity deals as a percentage of total value Announced date Private equity value Total value Percentage Feb-16 6,001 85,793 7 Jan-16 3,089 32, Feb-15 6, ,754 6 Page 8

10 Private equity deals by volume and value Deal value 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 0 Total deal value Number of deals Page 9

11 Deal types by volume in February Minority stake Acquisition Capital increase IBO MBO Merger MBI Demerger Deal types by volume Deal type Feb-15 Jan-16 Feb-16 Minority stake 851 1, Acquisition Capital increase IBO MBO Merger MBI Demerger Deal types by value in February Deal types by value Acquisition Deal type Feb-15 Jan-16 Feb-16 Minority stake Capital increase IBO MBO Acquisition 61,234 12,164 63,322 Minority stake 35,275 15,750 11,779 Capital increase 17,092 3,568 7,558 IBO 3, ,881 MBO Page 10

12 Target sectors by volume Target sectors by value Target sector Feb-15 Jan-16 Feb-16 Target sector Feb-15 Jan-16 Feb-16 Other services Machinery, equipment, furniture, recycling Wholesale & retail trade Publishing, printing Metals & metal products Chemicals, rubber, plastics Transport Post and telecommunications Construction Food, beverages, tobacco Insurance companies Gas, water, electricity Banks Education, health Primary sector Hotels & restaurants Textiles, wearing apparel, leather Wood, cork, paper Public administration and defence Chemicals, rubber, plastics 24,117 3,938 49,427 Other services 17,810 7,455 11,079 Machinery, equipment, furniture, recycling 8,505 3,755 4,452 Post and telecommunications 20, ,405 Gas, water, electricity 10, ,853 Wholesale & retail trade 2,833 2,070 3,660 Publishing, printing 1, ,624 Transport 2,742 1,802 2,060 Metals & metal products 8,072 1,910 1,328 Primary sector 419 1, Banks 6, Insurance companies 7,084 1, Construction 3,551 2, Hotels & restaurants Textiles, wearing apparel, leather 1, Food, beverages, tobacco 1, Education, health 164 2, Wood, cork, paper Public administration and defence Page 11

13 Top countries by volume Top countries by value Target country Feb-15 Jan-16 Feb-16 Target country Feb-15 Jan-16 Feb-16 UK France Germany Spain Netherlands Sweden Switzerland Italy Finland Belgium Austria Ireland Luxembourg Turkey Denmark Norway Portugal Greece Cyprus Switzerland 8,982 2,591 43,778 UK 44,999 7,060 14,086 Sweden 10,330 1,039 9,594 France 15,959 2,473 5,042 Germany 12,408 4,307 2,835 Portugal ,049 Spain 3,835 3,655 2,046 Italy 7,428 1,347 1,756 Netherlands 7,591 3,365 1,365 Norway ,086 Finland 1, Luxembourg 636 1, Belgium 1,035 1, Ireland 9, Denmark 5,066 1, Austria Turkey Greece 1 1, 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 Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the United Kingdom Data refers to target companies based in Western Europe except where specified as expanded EU of 27 countries on page 3 The date range is 01/02/ /02/2016 inclusive Page 13