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 2013. 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-14 162 11,351 Feb-14 169 4,474 Jan-14 187 4,770 Dec-13 203 3,410 Nov-13 258 1,901 Oct-13 247 4,862 Sep-13 206 4,062 Aug-13 132 5,148 Jul-13 350 2,665 Jun-13 330 4,875 May-13 248 7,038 Apr-13 194 18,928 Mar-13 137 5,438 Page 1
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 2,000 400 350 300 250 200 150 100 50 0 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
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 3. 702 Minority stake 8% Galp Energia SGPS SA PT Institutional Investors Completed 4. 285 Minority stake 10% Abasic SL ES Eurazeo SA FR Announced 5. 253 Minority stake 1% CaixaBank SA ES Announced 6. 154 Minority stake 1% EDP Energias de Portugal SA PT Completed 7. 150 Minority stake 30% Aernnova Aerospace SA ES Springwater Capital LLC Completed 8. 122 IBO 70% Total Terminal International Algeciras SA ES Korea Investment Partners Co., Ltd; IBK Securities Co., KR; KR Announced Ltd 9. 117 Minority stake 1% ACS Actividades de Construcción y Servicios SA ES Completed 10. 111 Minority stake 27% Cementos Portland Valderrivas SA ES Fomento de Construcciones y Contratas SA ES Announced 11. 87 Minority stake 1% Banco Popular Español SA ES Black Rock Inc. US Completed 12. 80 Acquisition 100% CEMUSA Corporación Europea de Mobiliario Urbano SA ES JCDecaux SA FR Announced 13. 80 Minority stake 3% Atresmedia Corporación de Medios de Comunicación SA ES Institutional Investors ES Completed 14. 76 Acquisition 80% Ibérica de Sales SA ES Minerales y Productos Derivados SA ES Completed 15. 72 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 16. 50 Minority stake 8% to 10% Ebro Foods SA ES Corporación Financiera Alba SA ES Completed 17. 40 Minority stake 23% Compañía Española de Viviendas en Alquiler SA ES Banco Popular Español SA ES Completed 18. 37 Acquisition 70% BancoFar SA ES Banco Caminos SA ES Announced 19. 32 Acquisition 38% Xestión Urbanística de Pontevedra SA ES Instituto Galego de Vivenda e Solo ES Announced 20. 30 Acquisition Colegio Peñalvento SL; Colegio Valdefuentes SL ES; ES Investor; Gestión de Centros Educativos SL ES Completed Page 3
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 50 70 62 Wholesale & retail trade 20 14 20 Publishing, printing 1 7 18 Chemicals, rubber, plastics 3 7 9 Construction 16 15 9 Banks 12 6 9 Gas, water, electricity 4 6 8 Machinery, equipment, furniture, recycling 6 7 7 Transport 9 9 6 Primary sector 4 4 6 Education, health 2 4 4 Hotels & restaurants 1 4 3 Metals & metal products 5 6 2 Insurance companies 2 1 2 Textiles, wearing apparel, leather 2 3 1 Wood, cork, paper 3 3 1 Food, beverages, tobacco 6 12 1 Post and telecommunications 0 0 0 Public administration and defence 0 0 0 Other services 2,121 1,863 8,128 Banks 1,297 1,432 1,892 Wholesale & retail trade 0 0 287 Construction 166 190 201 Gas, water, electricity 821 388 181 Machinery, equipment, furniture, recycling 0 153 178 Transport 485 57 124 Chemicals, rubber, plastics 9 0 120 Primary sector 3 0 76 Publishing, printing 1 89 75 Food, beverages, tobacco 87 86 50 Education, health 0 90 30 Insurance companies 447 0 7 Hotels & restaurants 0 18 3 Metals & metal products 0 104 0 Public administration and defence 0 0 0 Wood, cork, paper 0 4 0 Post and telecommunications 0 0 0 Textiles, wearing apparel, leather 0 0 0 Page 4
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 524 470 521 France 120 157 158 Germany 114 125 146 Spain 123 155 143 Italy 78 95 121 Sweden 97 119 109 Finland 96 118 109 Netherlands 88 118 101 Turkey 79 47 66 Denmark 39 53 44 Norway 55 48 44 Belgium 30 54 28 Switzerland 31 35 25 Ireland 16 21 22 Portugal 14 14 20 Austria 10 12 13 Luxembourg 7 11 10 Greece 2 5 5 Cyprus 11 6 4 Malta 1 4 4 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 293 268 3,622 Greece 63 431 2,955 Switzerland 223 5,901 2,243 France 2,724 2,010 2,149 Sweden 3,824 8,030 1,772 Portugal 689 2,348 981 Norway 697 1,782 840 Austria 543 210 600 Turkey 1,706 259 450 Malta 8 163 322 Finland 726 3,539 263 Belgium 771 579 177 Luxembourg 584 1,710 94 Russia 0 0 25 Page 5
Private equity deals by volume and value Announced date No of deals Total deal value Mar-14 25 570 Feb-14 25 163 Jan-14 22 714 Dec-13 30 394 Nov-13 10 8 Oct-13 23 57 Sep-13 38 562 Aug-13 8 88 Jul-13 24 83 Jun-13 10 8 May-13 22 162 Apr-13 20 1,093 Mar-13 14 13 Page 6
Private equity deals by volume and value Deal value 1,200 1,000 800 600 400 200 40 35 30 25 20 15 10 5 0 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
Private equity deals by known value Deal value (mil EUR) Deal type Target Target country Equity provider Deal status 1. 285 Minority stake 10% Abasic SL ES Eurazeo SA Announced 2. 150 Minority stake 30% Aernnova Aerospace SA ES Springwater Capital LLC Completed 3. 122 IBO 70% Total Terminal International Algeciras SA ES Korea Investment Partners Co., Ltd; IBK Securities Co., Ltd Announced 4. 10 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 10. 0 Minority stake Tappcelerator Media SL ES Wayra Investigación y Desarrollo SL Completed 11. 0 Minority stake First V1sion ES Wayra Investigación y Desarrollo SL Completed 12. 0 Minority stake Avuxi ES Wayra Investigación y Desarrollo SL Completed 13. 0 Minority stake Aditium ES Wayra Investigación y Desarrollo SL Completed 14. 0 Minority stake Dum Dum SL ES Wayra Investigación y Desarrollo SL Completed 15. 0 Minority stake Mencanta ES Wayra Investigación y Desarrollo SL Completed 16. 0 Minority stake Punta Alta Tech SL ES Wayra Investigación y Desarrollo SL Completed 17. 0 Minority stake 89bits Entertainment ES Wayra Investigación y Desarrollo SL Completed 18. 0 Minority stake Upplication Software Technologies SL ES Wayra Investigación y Desarrollo SL Completed 19. 0 Minority stake 8% Top Research PT Rockstart Accelerator Management BV Completed 20. 0 Minority stake 8% Songvice PT Rockstart Accelerator Management BV Completed Page 8
Private equity providers Equity provider Number of deals Number with consideration Total deal value Average deal value Eurazeo SA 1 1 285 285 Springwater Capital LLC 1 1 150 150 IBK Securities Co., Ltd 1 1 122 122 Korea Investment Partners Co., Ltd 1 1 122 122 ProA Capital de Inversiones SGECR SA 1 1 10 10 Bonsái Venture Capital SA 1 1 2 2 Cabiedes & Partners SA 1 1 2 2 Caixa Capital Risc SGECR SA 1 1 2 2 Institut Català de Finances Capital SGECR SA 1 1 1 1 Wayra Investigación y Desarrollo SL 9 9 0 0 Digital Assets Deployment SL 1 1 0 0 Alantis Seed Capital SL 1 1 0 0 Deusto Invest 1 1 0 0 La Cigüeña del Bebé SL 1 1 0 0 Fourcats Media SL 1 1 0 0 Rockstart Accelerator Management BV 2 2 0 0 Plug and Play Platform Spain SL 5 0 n.a. n.a. Page 9
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 11 14 10 Publishing, printing 0 4 10 Machinery, equipment, furniture, recycling 0 0 2 Wholesale & retail trade 1 0 2 Transport 0 2 1 Hotels & restaurants 0 0 0 Education, health 0 1 0 Banks 1 0 0 Textiles, wearing apparel, leather 0 0 0 Wood, cork, paper 0 1 0 Primary sector 0 0 0 Food, beverages, tobacco 0 0 0 Gas, water, electricity 0 0 0 Construction 1 0 0 Chemicals, rubber, plastics 0 1 0 Metals & metal products 0 2 0 Wholesale & retail trade 4 2 0 Construction 0 0 0 Gas, water, electricity 0 0 0 Wholesale & retail trade 0 0 286 Machinery, equipment, furniture, recycling 0 0 160 Transport 0 32 122 Other services 7 5 2 Publishing, printing 0 3 1 Hotels & restaurants 0 0 0 Education, health 0 90 0 Banks 2 0 0 Textiles, wearing apparel, leather 0 0 0 Wood, cork, paper 0 0 0 Primary sector 0 0 0 Food, beverages, tobacco 0 0 0 Gas, water, electricity 0 0 0 Construction 5 0 0 Chemicals, rubber, plastics 0 0 0 Metals & metal products 0 33 0 Construction 0 0 0 Chemicals, rubber, plastics 0 0 0 Machinery, equipment, furniture, recycling 0 0 0 Page 10
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 67 71 70 France 27 36 40 Germany 17 24 25 Spain 13 23 22 Italy 8 11 16 Sweden 8 16 12 Netherlands 10 9 10 Finland 9 10 7 Norway 2 6 7 Denmark 6 10 6 Belgium 4 4 5 Ireland 3 4 5 Turkey 1 0 3 Austria 1 2 3 Portugal 1 2 2 Luxembourg 0 0 2 Switzerland 4 8 2 Canary Islands 0 0 1 Iceland 0 0 1 UK 701 1,693 3,711 Denmark 6 6 2,741 Spain 13 163 570 Italy 87 951 559 Ireland 25 196 544 Norway 297 80 222 Sweden 3,424 55 211 Germany 90 1,051 168 Turkey 21 0 145 France 327 116 117 Austria 0 0 80 Gibraltar 0 0 13 Netherlands 27 26 12 Belgium 209 24 9 Finland 230 3 9 Iceland 0 0 1 Switzerland 24 59 1 Greece 0 400 1 Portugal 0 0 0 Page 11
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