The following report details mergers and acquisitions activity in Iberia in November 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. Iberian M&A surges to new 12-month high The value of mergers and acquisitions (M&A) targeting Iberian companies jumped to a new 12-month high in November of EUR 16,185 million, quadruple the EUR 4,030 million-worth of deals announced during October. Dealmaking was supported by five blockbusters each worth USD 1,000 million or more and which accounted for 89 per cent of the month s total value. Volume also rose over the four weeks, though by a slower rate of 7 per cent, to a high not recorded since July when there were 360 deals announced over the month. Deals by volume and value Announced date No of deals Total deal value Nov-14 288 16,185 Oct-14 269 4,030 Sep-14 200 4,626 Aug-14 131 1,775 Jul-14 360 14,951 Jun-14 324 9,345 May-14 223 7,356 Apr-14 219 3,240 Mar-14 188 11,357 Feb-14 184 5,223 Jan-14 199 4,900 Dec-13 220 3,764 Nov-13 264 2,003 Page 1
Deals by volume and value Deal value 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 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-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. 7,025 Acquisition 100% Oi SA's Portuguese assets PT Altice SA LU Announced 2. 3,133 Minority stake 22% Endesa SA ES Minority investors; Minority shareholders; Qualified investor Completed 3. 2,000 Minority stake 4% Banco Bilbao Vizcaya Argentaria SA ES Qualified investors ES Completed 4. 1,210 Acquisition 100% Portugal Telecom SGPS SA PT Terra Peregrin - Participacoes SGPS SA PT Pending 5. 1,000 Acquisition 51% Fomento de Construcciones y Contratas SA ES Soros Fund Management LLC; Shareholders; Control Empresarial US; MX Pending de Capitales SA de CV 6. 346 Minority stake 3% Ferrovial SA ES Rijn Capital BV NL Completed 7. 305 Minority stake 1% Repsol SA ES Completed 8. 194 Minority stake 1% Amadeus IT Holding SA ES Qualified investors Completed 9. 146 IBO 65% Tunels de Barcelona I Cadi Concessionaria de La Generalitat ES Ardian France FR Pending de Catalunya SA 10. 146 Acquisition 100% Eroski Sociedad Cooperativa Limitada de Consumo's 160 ES Distribuidora Internacional De Alimentacion SA ES Pending supermakets 11. 112 Acquisition 100% Lusomedicamenta Sociedade Tecnica Farmaceutica SA PT Recipharm AB SE Completed 12. 88 Minority stake 50% Sumol+Compal Marcas SA PT Copagef SA FR Announced 13. 55 IBO 100% Industrias Alimentarias Navarra SA ES Portobello Capital Gestion SGECR SA ES Pending 14. 50 Acquisition 1% to 100% EBN Banco de Negocios SA ES Mr Santiago Fernandez; Mr Jose Gracia ES Announced 15. 45 IBO 100% La Sirena Alimentacion Congelada SL ES OpCapita LLP GB Pending 16. 45 Acquisition Andorrana del Carton Ondulado SA; Andorrana del Cajas de ES; ES DS Smith plc GB Completed Carton Ondulado SA 17. 40 Acquisition ECISA - Compania General de Construcciones SA; Harinsa ES; QA Al Alfia Holding QA Completed Contracting Company Qatar WLL 18. 30 Minority stake 43% Zyncro Tech SL ES Desarrolladora Rio Parana SA de CV MX Completed 19. 27 Acquisition Tejas Cobert SA; CT Cobert Telhas SA ES; PT Braas Monier Building Group Services GmbH DE Announced 20. 26 Minority stake 2% CTT - Correios de Portugal SA PT Morgan Stanley US Completed Page 3
Target sectors by volume Target sectors by value Target sector Nov-13 Oct-14 Nov-14 Target sector Nov-13 Oct-14 Nov-14 Other services 100 118 119 Construction 31 36 44 Wholesale & retail trade 43 33 40 Transport 10 11 14 Machinery, equipment, furniture 13 11 11 Education, health 6 5 11 Chemicals, rubber, plastics 7 9 9 Food, beverages, tobacco 7 6 9 Publishing, printing 10 13 8 Primary sector 8 7 8 Metals & metal products 8 6 7 Banks 9 8 7 Hotels & restaurants 8 7 6 Gas, water, electricity 9 6 5 Post and telecommunications 0 1 4 Textiles, wearing apparel, leather 1 2 3 Public administration and defence 0 0 1 Wood, cork, paper 6 4 1 Insurance companies 1 2 0 Other services 456 197 8,851 Gas, water, electricity 0 111 3,133 Banks 900 1 2,067 Construction 23 508 1,398 Food, beverages, tobacco 9 6 185 Transport 1 2,381 147 Wholesale & retail trade 92 2 146 Chemicals, rubber, plastics 0 7 143 Wood, cork, paper 488 1 45 Post and telecommunications 0 6 42 Textiles, wearing apparel, leather 0 0 14 Publishing, printing 3 3 5 Primary sector 0 1 3 Metals & metal products 3 5 0 Public administration and defence 0 0 0 Education, health 0 560 0 Hotels & restaurants 0 243 0 Machinery, equipment, furniture, recycling 0 0 0 Insurance companies 28 0 0 Page 4
Target countries by volume Target countries by value Target country Nov-13 Oct-14 Nov-14 Target country Nov-13 Oct-14 Nov-14 UK 597 549 433 Spain 255 251 272 France 163 245 131 Germany 165 180 100 Sweden 144 107 86 Netherlands 159 102 78 Italy 104 110 61 Finland 179 64 56 Norway 86 61 47 Denmark 61 40 32 Turkey 76 27 31 Belgium 42 30 22 Portugal 9 18 16 Switzerland 45 31 15 Austria 15 19 15 Ireland 23 22 14 Luxembourg 16 5 8 Iceland 2 3 6 Cyprus 8 6 4 Gibraltar 1 0 3 UK 10,930 16,003 16,273 Netherlands 8,490 10,466 9,957 Portugal 18 560 8,544 Spain 1,985 3,470 7,667 France 5,391 12,275 6,409 Italy 6,736 3,137 5,409 Germany 5,380 1,164 4,780 Switzerland 1,947 618 4,429 Belgium 4,164 1,635 3,841 Sweden 2,119 503 2,384 Norway 2,553 1,246 1,462 Austria 62 1,279 1,059 Ireland 159 3,242 1,018 Finland 496 1,937 619 Turkey 1,400 1,217 527 Greece 765 261 525 Iceland 0 11 492 Luxembourg 398 390 392 Denmark 3,130 432 361 Cyprus 2,413 0 76 Page 5
Private equity deals by volume and value Announced date No of deals Total deal value Nov-14 16 259 Oct-14 30 2,184 Sep-14 22 291 Aug-14 17 286 Jul-14 52 932 Jun-14 30 1,530 May-14 30 11 Apr-14 32 227 Mar-14 26 570 Feb-14 29 174 Jan-14 21 715 Dec-13 36 745 Nov-13 13 17 Page 6
Private equity deals by volume and value 2,500 60 Deal value 2,000 1,500 1,000 50 40 30 20 500 10 0 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-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. 146 IBO 65% Tunels de Barcelona I Cadi Concessionaria de La Generalitat de Catalunya SA ES Ardian France Pending 2. 55 IBO 100% Industrias Alimentarias Navarra SA ES Portobello Capital Gestion SGECR SA Pending 3. 45 IBO 100% La Sirena Alimentacion Congelada SL ES OpCapita LLP Pending 4. 5 Minority stake 20% Secondhanding Networks SL ES Accel Management Company LLC Completed 5. 3 Minority stake Bibulu Pets SL; mydogbuddy ES; GB Announced 6. 3 Minority stake Tyba Tecnologias SL ES Sunstone Capital A/S; Impulse International Completed 7. 1 Minority stake Red Points Solutions SL ES Esadeban Business Angels Network Completed 8. 0 Minority stake Cocunat SL ES Cabiedes & Partners SA Completed 9. 0 Minority stake Coinffeine SL ES Bankinter Capital Riesgo SGECR SA Completed 10. 0 Minority stake Geenapp Internet SL ES Wayra Investigacion y Desarrollo SL Completed 11. 0 Minority stake iclassics Productions SL ES IESE Business School - Universidad de Navarra Completed 12. n.a. IBO 80% Goldcar Spain SL ES Bi-Invest Holdings SA Announced 13. n.a. IBO 100% Repli SL ES Ariol Capital Ltd Completed 14. n.a. IBO 13% Benito Urban SL ES Ergon Capital Partners Completed 15. n.a. IBO Turyleader SGPS SA PT Oxy Capital - Sociedade de Capital de Risco SA Announced 16. n.a. Acquisition 100% Estaleiros Navais de Peniche SA PT Oxy Capital - Sociedade de Capital de Risco SA Completed Page 8
Private equity providers Equity provider Number of deals Number with consideration Total deal value Average deal value Ardian France 1 1 146 146 Portobello Capital Gestion SGECR SA 1 1 55 55 OpCapita LLP 1 1 45 45 Accel Management Company LLC 1 1 5 5 Sunstone Capital A/S 1 1 3 3 Impulse International 1 1 3 3 Esadeban Business Angels Network 1 1 1 1 Cabiedes & Partners SA 1 1 0 0 Bankinter Capital Riesgo SGECR SA 1 1 0 0 IESE Business School - Universidad de Navarra 1 1 0 0 Wayra Investigacion y Desarrollo SL 1 1 0 0 Oxy Capital - Sociedade de Capital de Risco SA 2 0 n.a. n.a. Ergon Capital Partners 1 0 n.a. n.a. Ariol Capital Ltd 1 0 n.a. n.a. Bi-Invest Holdings SA 1 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 Nov-13 Oct-14 Nov-14 Target sector Nov-13 Oct-14 Nov-14 Other services 7 11 7 Publishing, printing 3 7 2 Wholesale & retail trade 0 4 2 Machinery, equipment, furniture, recycling 1 1 2 Transport 1 1 1 Food, beverages, tobacco 1 0 1 Chemicals, rubber, plastics 0 0 1 Education, health 0 1 0 Insurance companies 0 0 0 Banks 0 0 0 Wood, cork, paper 0 1 0 Textiles, wearing apparel, leather 0 0 0 Primary sector 0 0 0 Metals & metal products 0 0 0 Hotels & restaurants 0 2 0 Construction 0 2 0 Gas, water, electricity 0 0 0 Transport 1 1,617 146 Food, beverages, tobacco 0 0 95 Other services 13 20 7 Publishing, printing 3 3 5 Hotels & restaurants 0 241 0 Construction 0 200 0 Education, health 0 100 0 Wholesale & retail trade 0 1 0 Wood, cork, paper 0 1 0 Machinery, equipment, furniture, recycling 0 0 0 Banks 0 0 0 Insurance companies 0 0 0 Primary sector 0 0 0 Metals & metal products 0 0 0 Chemicals, rubber, plastics 0 0 0 Gas, water, electricity 0 0 0 Textiles, wearing apparel, leather 0 0 0 Page 10
Target countries by volume for private equity deals Target countries by value for private equity deals Target country Nov-13 Oct-14 Nov-14 Target country Nov-13 Oct-14 Nov-14 UK 71 84 61 France 39 58 37 Germany 34 43 27 Finland 19 13 19 Spain 10 29 14 Italy 13 14 12 Sweden 9 16 10 Netherlands 15 18 8 Denmark 6 0 7 Norway 2 3 4 Belgium 5 6 4 Ireland 5 7 3 Switzerland 8 5 3 Portugal 3 1 2 Andorra 0 0 1 Luxembourg 0 0 1 Liechtenstein 0 0 1 Switzerland 48 73 3,754 UK 2,051 3,632 3,450 Germany 1,939 89 2,197 France 135 1,470 312 Spain 8 2,184 259 Luxembourg 0 0 241 Norway 7 357 176 Italy 161 4 138 Sweden 1,318 68 134 Denmark 1,751 0 101 Finland 81 721 65 Netherlands 280 1,085 51 Belgium 15 603 27 Ireland 15 3 5 Portugal 9 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