Zephyr Monthly M&A Report

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2 The following report details mergers and acquisitions activity in Iberia in March 2014 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. Iberia M&A soars,boosted by ONO deal The value of mergers and acquisitions (M&A) targeting Iberian companies soared in March 2014 to EUR 11,351 million, the highest recorded since April Value was boosted by two transactions each worth more than EUR 1,000 million and which together accounted for 77 per cent of the month s total value. Conversely, volume slipped 4 per cent to 162 transactions from 169 in February 2014, representing the lowest recorded since August 2013 (132 deals). The value of private equity investment in Iberian companies more than tripled over the four weeks to EUR 570 million from EUR 163 million in February 2014, supported by Eurazeo s purchase of a 10 per cent stake in Abasic for EUR 285 million. Deals by volume and value Announced date No of deals Total deal value Mar ,351 Feb ,474 Jan ,770 Dec ,410 Nov ,901 Oct ,862 Sep ,062 Aug ,148 Jul ,665 Jun ,875 May ,038 Apr ,928 Mar ,438 Page 1

3 Deals by volume and value Deal value 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 0 Total deal value Number of deals Page 2

4 Top deals by value Deal value (mil EUR) Deal type Target Target country Acquiror Acquiror country Deal status 1. 7,200 Acquisition 100% Grupo Corporativo ONO SA ES Vodafone Holdings Europe SL ES Pending 2. 1,500 Minority stake Banco Santander SA ES Qualified investors ES Announced Minority stake 8% Galp Energia SGPS SA PT Institutional Investors Completed Minority stake 10% Abasic SL ES Eurazeo SA FR Announced Minority stake 1% CaixaBank SA ES Announced Minority stake 1% EDP Energias de Portugal SA PT Completed Minority stake 30% Aernnova Aerospace SA ES Springwater Capital LLC Completed IBO 70% Total Terminal International Algeciras SA ES Korea Investment Partners Co., Ltd; IBK Securities Co., KR; KR Announced Ltd Minority stake 1% ACS Actividades de Construcción y Servicios SA ES Completed Minority stake 27% Cementos Portland Valderrivas SA ES Fomento de Construcciones y Contratas SA ES Announced Minority stake 1% Banco Popular Español SA ES Black Rock Inc. US Completed Acquisition 100% CEMUSA Corporación Europea de Mobiliario Urbano SA ES JCDecaux SA FR Announced Minority stake 3% Atresmedia Corporación de Medios de Comunicación SA ES Institutional Investors ES Completed Acquisition 80% Ibérica de Sales SA ES Minerales y Productos Derivados SA ES Completed Acquisition Editora Objetiva Ltda; Santillana Ediciones Generales SL's Spain BR; ES; PT Penguin Random House Holdings (Brazil) Ltda; Penguin BR; ES Announced based business companies; Santillana Ediciones Generales SL's Portugal based business companies; Santillana Ediciones Generales SL's Latin Amerira business companies Random House Grupo Editorial SA Minority stake 8% to 10% Ebro Foods SA ES Corporación Financiera Alba SA ES Completed Minority stake 23% Compañía Española de Viviendas en Alquiler SA ES Banco Popular Español SA ES Completed Acquisition 70% BancoFar SA ES Banco Caminos SA ES Announced Acquisition 38% Xestión Urbanística de Pontevedra SA ES Instituto Galego de Vivenda e Solo ES Announced Acquisition Colegio Peñalvento SL; Colegio Valdefuentes SL ES; ES Investor; Gestión de Centros Educativos SL ES Completed Page 3

5 Target sectors by volume Target sectors by value Target sector Mar-13 Feb-14 Mar-14 Target sector Mar-13 Feb-14 Mar-14 Other services Wholesale & retail trade Publishing, printing Chemicals, rubber, plastics Construction Banks Gas, water, electricity Machinery, equipment, furniture, recycling Transport Primary sector Education, health Hotels & restaurants Metals & metal products Insurance companies Textiles, wearing apparel, leather Wood, cork, paper Food, beverages, tobacco Post and telecommunications Public administration and defence Other services 2,121 1,863 8,128 Banks 1,297 1,432 1,892 Wholesale & retail trade Construction Gas, water, electricity Machinery, equipment, furniture, recycling Transport Chemicals, rubber, plastics Primary sector Publishing, printing Food, beverages, tobacco Education, health Insurance companies Hotels & restaurants Metals & metal products Public administration and defence Wood, cork, paper Post and telecommunications Textiles, wearing apparel, leather Page 4

6 Target countries by volume Target countries by value Target country Mar-13 Feb-14 Mar-14 Target country Mar-13 Feb-14 Mar-14 UK France Germany Spain Italy Sweden Finland Netherlands Turkey Denmark Norway Belgium Switzerland Ireland Portugal Austria Luxembourg Greece Cyprus Malta UK 10,200 7,640 22,799 Italy 789 6,335 10,595 Spain 4,749 2,126 10,442 Germany 7,905 3,639 9,851 Netherlands 4,576 2,706 4,161 Denmark 1,488 1,647 4,120 Ireland ,622 Greece ,955 Switzerland 223 5,901 2,243 France 2,724 2,010 2,149 Sweden 3,824 8,030 1,772 Portugal 689 2, Norway 697 1, Austria Turkey 1, Malta Finland 726 3, Belgium Luxembourg 584 1, Russia Page 5

7 Private equity deals by volume and value Announced date No of deals Total deal value Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr ,093 Mar Page 6

8 Private equity deals by volume and value Deal value 1,200 1, Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 0 Total deal value Number of deals Page 7

9 Private equity deals by known value Deal value (mil EUR) Deal type Target Target country Equity provider Deal status Minority stake 10% Abasic SL ES Eurazeo SA Announced Minority stake 30% Aernnova Aerospace SA ES Springwater Capital LLC Completed IBO 70% Total Terminal International Algeciras SA ES Korea Investment Partners Co., Ltd; IBK Securities Co., Ltd Announced IBO Rotor Componentes Tecnológicos SL ES ProA Capital de Inversiones SGECR SA Completed 5. 2 Minority stake Gigas Hosting SL ES Caixa Capital Risc SGECR SA; Bonsái Venture Capital SA; Cabiedes & Partners SA Completed 6. 1 Minority stake Sux Trit SL ES Institut Català de Finances Capital SGECR SA Completed 7. 0 Minority stake Grupo Promineo SL ES Completed 8. 0 Minority stake Ikiora SL ES Digital Assets Deployment SL; Alantis Seed Capital SL Completed 9. 0 Minority stake Misoky for kids SL ES Fourcats Media SL; Deusto Invest; La Cigüeña del Bebé SL Completed Minority stake Tappcelerator Media SL ES Wayra Investigación y Desarrollo SL Completed Minority stake First V1sion ES Wayra Investigación y Desarrollo SL Completed Minority stake Avuxi ES Wayra Investigación y Desarrollo SL Completed Minority stake Aditium ES Wayra Investigación y Desarrollo SL Completed Minority stake Dum Dum SL ES Wayra Investigación y Desarrollo SL Completed Minority stake Mencanta ES Wayra Investigación y Desarrollo SL Completed Minority stake Punta Alta Tech SL ES Wayra Investigación y Desarrollo SL Completed Minority stake 89bits Entertainment ES Wayra Investigación y Desarrollo SL Completed Minority stake Upplication Software Technologies SL ES Wayra Investigación y Desarrollo SL Completed Minority stake 8% Top Research PT Rockstart Accelerator Management BV Completed Minority stake 8% Songvice PT Rockstart Accelerator Management BV Completed Page 8

10 Private equity providers Equity provider Number of deals Number with consideration Total deal value Average deal value Eurazeo SA Springwater Capital LLC IBK Securities Co., Ltd Korea Investment Partners Co., Ltd ProA Capital de Inversiones SGECR SA Bonsái Venture Capital SA Cabiedes & Partners SA Caixa Capital Risc SGECR SA Institut Català de Finances Capital SGECR SA Wayra Investigación y Desarrollo SL Digital Assets Deployment SL Alantis Seed Capital SL Deusto Invest La Cigüeña del Bebé SL Fourcats Media SL Rockstart Accelerator Management BV Plug and Play Platform Spain SL 5 0 n.a. n.a. Page 9

11 Target sectors by volume for private equity deals Target sectors by value for private equity deals Target sector Mar-13 Feb-14 Mar-14 Target sector Mar-13 Feb-14 Mar-14 Other services Publishing, printing Machinery, equipment, furniture, recycling Wholesale & retail trade Transport Hotels & restaurants Education, health Banks Textiles, wearing apparel, leather Wood, cork, paper Primary sector Food, beverages, tobacco Gas, water, electricity Construction Chemicals, rubber, plastics Metals & metal products Wholesale & retail trade Construction Gas, water, electricity Wholesale & retail trade Machinery, equipment, furniture, recycling Transport Other services Publishing, printing Hotels & restaurants Education, health Banks Textiles, wearing apparel, leather Wood, cork, paper Primary sector Food, beverages, tobacco Gas, water, electricity Construction Chemicals, rubber, plastics Metals & metal products Construction Chemicals, rubber, plastics Machinery, equipment, furniture, recycling Page 10

12 Target countries by volume for private equity deals Target countries by value for private equity deals Target country Mar-13 Feb-14 Mar-14 Target country Mar-13 Feb-14 Mar-14 UK France Germany Spain Italy Sweden Netherlands Finland Norway Denmark Belgium Ireland Turkey Austria Portugal Luxembourg Switzerland Canary Islands Iceland UK 701 1,693 3,711 Denmark 6 6 2,741 Spain Italy Ireland Norway Sweden 3, Germany 90 1, Turkey France Austria Gibraltar Netherlands Belgium Finland Iceland Switzerland Greece Portugal Page 11

13 Notes to editors Activity is based on the activity of the target company Iberia targets refers to target companies from Spain and Portugal Deal status: all deal statuses except rumoured, withdrawn and postponed The sector breakdown uses targets activities as defined to be Major Sectors by Zephyr Page 12