Mergers and Acquisitions

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2 M&A handbook - iberian market An analysis of transactions in 2011, including M&A, private equity and venture capital

3 M&A handbook - iberian market Note from the Authors: The M&A Handbook is a result of local research and market analysis by TTR s Research and Business Intelligence team. Our team follows the transactional markets analysed in this Handbook at a local level, in local language, and on a daily basis researching transactional and financial data by contacting market players, collecting their input and crosschecking and analysing the data throughout the year. For full access to all of the transactional data on Latin America and the Iberian market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition Finance and Project Finance) visit TTR at

4 First edition, May 2012 El editor no se hace responsable de las opiniones recogidas, comentarios y manifestaciones vertidas por los autores. La presente obra recoge exclusivamente la opinión de su autor como manifestación de su derecho de libertad de expresión. Reservados todos los derechos. El contenido de esta publicación no puede ser reproducido, ni en todo ni en parte, ni transmitido, ni registrado por ningún sistema de recuperación de información, en ninguna forma ni por ningún medio, sin el permiso previo, por escrito, de Editorial Aranzadi, SA. TTR - Transactional Track Record y el logotipo TTR son marcas de Zuvi Nova, S.A. Thomson Reuters y el logotipo de Thomson Reuters son marcas de Thomson Reuters Aranzadi es una marca de Thomson Reuters (Legal) Limited 2010 [Thomson Reuters (Legal) Limited / Mercedes García Ordaz] Editorial Aranzadi, SA Camino de Galar, Cizur Menor (Navarra) Imprime: Rodona Industria Gráfica, SL Polígono Agustinos, Calle A, Nave D Pamplona Depósito Legal: NA 2225/2010 ISBN: Compuesto en Printing 94 Printed in Spain. Impreso en España

5 contents... acknowlegements 9 introduction 11 definitions 13 transactions 15 spain portugal High-End Market (>500m) 17 Privatisations 91 Mid-Market (>100m) 43 High-End Market (>250m) 99 Smaller Market (<100m) 67 Mid-Market (>15m) 111 Smaller Market (<15m) 125 entities 139 spain portugal Banks and Savings Banks 143 Banks 181 Private Equity / Venture Capital 147 Private Equity / Venture Capital 183 Legal Advisers 164 Legal Advisers 185 Consultancy Firms / Financial Advisers 171 Consultancy Firms / Financial Advisers 191 sector - subsector 193 spain portugal Energy and Renewable Energies 197 Energy and Renewable Energies 219 Industry 200 Industry 221 Infrastructure 203 Infrastructure 223 Natural Resources 205 Natural Resources 225 Real Estate and Construction 206 Real Estate and Construction 226 Services and Distribution 207 Services and Distribution 227 Technology and Telecoms 214 Technology and Telecoms 231 iberian transactions 233 spain portugal Spanish Target (Portuguese Buyer) 235 Portuguese Target (Spanish Buyer) 237 corporate profiles 239 index of Entities and Individuals 263

6 acknowledgements... We would like to thank all of those who have co-operated with our Research and Business Intelligence team throughout the year, particularly Thomson Reuters Aranzadi, Informa D&B and all of the experts and professionals from the corporate, financial and legal sectors who have shared their opinions and M&A expertise with us. ttr - transactional track record (Visit for more information on M&A deals) 9

7 introduction... TTR -Transactional Track Record- presents the second edition of its M&A Handbook, which organises and analyses all non-confidential M&A data, involving Spanish and Portuguese companies, in The M&A Handbook and its contents have been graphically laid out in a way that enables the reader to quickly access all the necessary details of a specific transaction, as well as the year s most active industry sectors, companies, financial entities, consultancy firms, financial advisers and legal advisers. Highlights in the Iberian M&A market in 2011 include: 15% increase in the overall number of M&A deals compared to the previous year, even though the overall investment was similar to 2010 levels Financing conditions are still very harsh creating limited access to credit. Acquisition finance maintained the same low levels of 2010 Highlighted M&A sectors: as in 2010, technology and telecoms companies remained the most sought for targets for acquisitions in Other highlights were the food industry and the energy and renewable energies sectors New challenges for Spanish multinationals, which are facing strategies of divestment and restructuring Private equity: increase in the number of deals, even though with similar volumes of investment as in 2010 Number of cross-border deals increased 40% compared to 2010 Number of deals involving legal and/or financial advisers with a slight increase of 5% compared to 2010 ttr - transactional track record (Visit for more information on M&A deals) 11

8 definitions... m&a transactions TTR considers Iberian M&A deals to include any acquisition of shares, both of public and private companies headquartered in Spain or in Portugal, or of any other company worldwide by a Spanish or Portuguese entity. For the purpose of this Handbook, the acquisition of assets or any other corporate acquisition that does not imply the acquisition of shares is not considered a M&A transaction. The acquisition of shares in a target company which configures a mere stock market transaction (namely, through a broker or any type of intermediary) is also not considered to be a M&A transaction. private equity transactions All investments or divestments carried out by private equity firms and/or funds under management are registered as private equity deals. When the purchase or sale of a specific target company is carried out through one of the private equity firms /funds subsidiaries, the deal will only be considered a private equity deal if the subsidiary is controlled by the referred to private equity/fund. venture capital deals Investments carried out by private funds which concentrate their activity on companies in a start up phase, including seed capital, early stage and expansion. high-end market Spain: All M&A deals which total deal value is in excess of EUR 500m. Portugal: All M&A deals which total deal value is in excess of EUR 250m. mid-market Spain: All M&A deals which total deal value is in excess of EUR 100m. Portugal: All M&A deals which total deal value is in excess of EUR 15m. ttr - transactional track record (Visit for more information on M&A deals) 13

9 smaller market Spain: All M&A deals which total deal value is less than EUR 100m. Portugal: All M&A deals which total deal value is less than EUR 15m. 14 (Visit for more information on M&A deals) ttr - transactional track record

10 transactions spain 17 portugal 91

11 SPAIN Transactions - high-end >500M >100M <100M spain high-end market Largest deals Private equity - Highlights - Investments - Exits 17 mid-market Largest deals Private equity - Highlights - Investments - Exits 43 smaller market Largest deals Private equity / Venture capital - Highlights - Investments - Exits 67 high-end market > 500m mid-market > 100m smaller market < 100m (Visit for more information on M&A deals) ttr - transactional track record 17

12 SPAIN Transactions - high-end largest deals in 2011 >500M target country subsector buyer seller amount (EUR million) >100M Bank Zachodni Garanti Bankasi Poland Turkey Financial and Insurance Financial and Insurance Banco Santander BBVA Cepsa Spain Oil and Gas IPIC British Airways Iberia Talecris United Kingdom United States Transports, Aviation and Logistics Pharmaceutical, Parapharmaceutical and Cosmetics Private Shareholders AIB Group General Electric Company Dogus Group Private Shareholders Total Grifols Repsol YPF Spain Oil and Gas Repsol YPF Elektro Brazil Electric Vidacaixa - Adeslas Seguros Generales Capio España Spain Spain Financial and Insurance Healthcare, Hygiene, Medical Aesthetics and Cosmetics Iberdrola Energia do Brasil, EPC - Empresa Paranaense Mutua Madrileña Automovilista CVC Capital Partners Private Shareholders, Cerberus Citibank España ING Bank Natixis Société Générale Group Crédit Agricole Bankia (merger of Caja Madrid and Bancaja) Banco Santander Sacyr Vallehermoso Ashmore Energy International CaixaBank (Criteria CaixaCorp) Capio, Nordic Capital Apax Partners (España) <100M Mivisa Spain Steel, Metallurgy and Industrial Production Private Shareholders N+1 Private Equity Fund I Blackstone CVC Capital Partners 900 largest deals in 2010 target country subsector buyer seller Source: amount (EUR million) Brasilcel Netherlands Telecoms Telefónica PT - Portugal Telecom Repsol Brasil Brazil Oil and Gas Sinopec Repsol YPF Abertis Spain Infrastructures CVC Capital Partners ACS ACS Banco Santander Financial and Mexico (México) Insurance Banco Santander Bank of America Securities China Unicom China Telefónica Spain Telecoms Adeslas Spain Financial and Malakoff Médéric Criteria CaixaCorp Insurance Agbar Hansenet Telekommunikation Germany Telecoms Telefónica Deutschland Telecom Italia 900 Endesa Cogeneración y Renovables Spain - Enel Green Power Endesa 860 Endesa Gas (Nubia 2000) Spain Oil and Gas Goldman Sachs Endesa 800 Madrileña Servicios Comunes Madrileña Red de Gas Madrileña Suministro de Gas S.U.R Madrileña Suministro de Gas 2010 Spain Oil and Gas Morgan Stanley Infrastructure Galp Energia Gas Natural 800 Source: (Visit for more information on M&A deals) ttr - transactional track record 19

13 SPAIN Transactions - high-end >500M >100M <100M The Spanish transactional market was particularly active, in 2011, registering a considerable increase in number of deals registered, compared to Regarding deals in excess of EUR 1.000m, we registered nine closed acquisitions, two deals more than in 2010, and 13 deals exceeding EUR 500m, which represented three more deals in this segment than in One of the tendencies observed in high-end market deals, in 2011, was the fact that many were cross-border, a tendency that was also noted in both the mid-market and the smaller M&A market. The five largest deals in 2011 involved Spanish companies looking to investment abroad, such as Grifols, a Spain-based multinational, which acquired USbased Talecris, for EUR 2.800m. Two of the five largest deals registered involved the financial sector. BBVA and Banco Santander chose the foreign market for strategic acquisitions, and acquired a 24.9% stake in Turkish Garanti Bankasi, and 100% stake in Polish Bank Zachodni s share capital, respectively. In addition, the energy sector in general and the oil and gas segment in particular, again this year, also fielded some of the largest deals of 2011, with the acquisition of Spanish Cepsa by IPIC, an Arab-based fund. 20 ttr - transactional track record (Visit for more information on M&A deals)