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DEAL DRIVERS EMEAThe comprehensive review of mergers and acquisitions in the EMEA region.

2014

Published by:

In association with:

Half-YearEdition

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03

DEAL DRIVERS – EMEA

Foreword 04

EMEA Heat Chart 05

All Sectors 06

Financial Services 14

Industrials & Chemicals 18

Energy, Mining & Utilities 22

Consumer 26

Telecoms, Media & Technology 30

Transportation 34

Pharma, Medical & Biotech 38

Construction 42

The Middle East & North Africa 46

About Merrill Corporation 50 and Merrill DataSite

Merrill Corporation Contacts 52

CONTENTS

ABOUT MERGERMARKET

Mergermarket is an unparalleled mergers and acquisitions intelligence tool. In any market, the life blood of advisers is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations and corporate markets.

With an unrivalled network of journalists and analysts covering M&A in Europe and North America, Mergermarket generates proprietary intelligence and delivers it,

together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to its subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial, has proven time and time again that this product can, and does, provide real revenues for Mergermarket’s clients. This is apparent when you see that Mergermarket is used by over 400 of the world’s foremost advisory firms to assist in their origination

process. Mergermarket is not interested in news, by then the opportunity has usually passed. Mergermarket focuses on revenue generating intelligence and proves daily that it is one of the most useful and powerful tools for the M&A market.

04


FOREWORD

Welcome to the half-year 2014 edition of Deal Drivers EMEA, published by Mergermarket in association with Merrill DataSite. This report provides an extensive review of M&A activity in Europe, the Middle East and North Africa (MENA). We offer detailed analysis of specific sectors and geographies, and identify emerging trends for the next six months.

Dealmaking in the first half of 2014 has seen a 30% year-on-year (YoY) increase in value to €333.2bn – a high last seen in 2008. Notably, transatlantic transaction deal values more than doubled YoY by 156% to €128.2bn. Values have increased across a number of geographies and sectors as large corporates are seeking to establish economies of scale through outbound activity. Despite this, volumes remained relatively flat over the same period with only a 1% increase to 2,816 deals.

Underpinning higher deal values is a rosier economic outlook in 2014. Projected gross domestic product (GDP) growth in the EU is 1.6% in 2014, up from 0.1% in 2013, while economic recovery in the US is set to boost GDP to 2.8%, up from 1.9% in the previous year.

Bank lending conditions to enterprises also improved in the second quarter, as an easing of sovereign debt tensions improved banks’ access to funding, according to a recent survey by the European Central Bank.

Meanwhile, private equity activity also showed signs of life. In particular, exits were able to achieve higher premiums, with deal values spiking by 73% YoY to €53.5bn, signalling buyers’ confidence in the market. Strong interest by trade buyers in asset auctions in H1 also signifies appetite for inorganic company growth and companies wanting to enter new markets through acquisitions.

These trends are best exemplified in the announcements of recent mega deals in the pharmaceuticals, medical and biotech sector, which raised the industry's M&A value in Q2 2014.

In the biggest deal of H1 2014, US-based Medtronic announced plans to acquire Ireland-based medical devices business

Covidien. The sector saw four out of the top six EMEA deals in H1 2014, with a combined value of €71.4bn.

A second pharmaceutical transaction was announced in July between US company Abbvie and Ireland-based Shire. In the wake of the failed bid by US pharmaceutical giant Pfizer to take over UK-based AstraZeneca earlier this year, the planned Irish acquisitions underline further efforts to consolidate the sector. Inbound activity also signifies a trend of North American companies trying to seek out tax advantages in Europe, while at the same time enhancing their product portfolios. As seen in the previous year, the UK & Ireland remained an attractive market and drove both H1 2014 values and volumes for the EMEA region at 26.9% and 22.1% respectively.

Looking ahead, the industrial and chemicals sectors are mooted to be among the hottest markets in the EMEA region for likely future deal activity, according to Mergermarket’s Heat Chart. In this sector, M&A value has increased to €39.5bn, up 60% from H1 2013, with much of this growth spurt coming from transformations in the European energy sector.

The following pages provide an in-depth review of EMEA-based M&A for the first two quarters of 2014, drawing from geography- and sector-specific data, and from the expertise of Mergermarket journalists. We hope that you find this half-year edition of Deal Drivers useful, and, as always, we welcome your feedback.

05


EMEA HEAT CHART

Mergermarket’s H1 2014 Heat Chart, which tracks ‘companies for sale’ stories, shows that there are likely to be strong appetites for dealmaking over the coming months. Activity is spread throughout a range of sectors and countries, indicating that the gradual recovery of M&A is set to continue in the mid-term.

As in recent editions of Deal Drivers, the busiest region is tipped to be Central and Eastern Europe (CEE), excluding Russia. The bulk of these for sale announcements are in the region’s larger, fast-growing economies, particularly Poland and the Czech Republic. The region may take a slight hit, however, as Ukraine typically sees a sizeable amount of M&A activity. As tensions rise between Ukraine and Russia, the region overall may see M&A figures constrained.

The UK and Ireland rank second in terms of deal heat. Both countries are seeing strong economic recoveries, with the UK in particular set to return to pre-crisis GDP growth levels by the end of 2014. Ireland has proven increasingly attractive for

foreign investors, with the biggest European deal of 2014 thus far – Medtronic’s €33.9bn purchase of Covidien – involving an Irish target and a US-based bidder.

In terms of busy sectors, consumer is tipped for the most activity. With consumer spending increasing in key economies, it is unsurprising that businesses in the sector are eyeing Europe for growth opportunities. Already, we have seen major activity in the space, as with personal care giant L’Oreal’s buy-back of an 8% stake in its business from Nestlé for €6bn.

TMT is another sector primed for strong levels of M&A. Telecommunications has been particularly busy, as corporates in the space look to broaden their offerings to include quadruple play services, encompassing wireless, television, telephone and internet services. The EU particularly is expected to see sustained levels of M&A. The European Commission is currently encouraging consolidation among telecommunications operators, as it moves to a single market.

Sector CEE (excl.

Russia)

UK & Ireland

Germanic Russia Italy Nordics Benelux MENA France Iberia SEE Total

Consumer 88 86 67 60 87 38 45 21 21 20 32 565

TMT 68 67 80 50 36 51 38 63 45 43 11 552

Industrials and Chemicals 100 53 98 48 55 46 55 22 35 17 18 547

Energy/Mining/Utilities 68 58 20 41 30 22 16 26 10 20 22 333

Financial Services 48 63 31 20 26 11 23 19 8 23 16 288

Pharma/Med/Biotech 37 46 45 12 15 27 18 17 20 8 6 251

Business Services 33 57 31 17 25 20 23 8 12 17 6 249

Leisure 29 37 15 16 12 8 6 7 12 18 20 180

Transportation 36 16 12 20 18 15 8 5 7 7 11 155

Construction 22 20 13 14 6 11 8 7 12 8 4 125

Real Estate 12 12 8 8 4 4 3 10 2 4 1 68

Agriculture 13 2 1 14 1 1 2 2 2 38

Government 9 1 1 11

Defence 2 2 1 2 2 9

Other 1 3 1 5

Total 566 522 421 322 314 254 245 209 188 185 150 3,376

Hot Warm Cold

80 50 20

70 40 10

60 30 0

Note: Mergermarket’s Heat Chart of predicted deal flow is based on the intelligence collected in our database relating to companies rumoured to be up for sale, or officially up for sale in the EMEA region. It is therefore indicative of areas that are likely to be active in the months to come. The intelligence comes from a range of sources, including press reports, company statements and our own team of journalists gathering proprietary intelligence from M&A practitioners across the region. The data does not differentiate between small and large transactions, nor between deals that could happen in the short or long term.

The Intelligence Heat Chart is based on ‘companies for sale’ stories tracked by Mergermarket in Europe between 01/01/2014 and 30/06/2014. Opportunities are captured according to the dominant geography and sector of the potential target company.

06

DEAL DRIVERS – EMEA - ALL SECTORS

ALL SECTORS

ALL SECTORS

Globally, it seems that animal spirits have revived, and that dealmaking is squarely back on the corporate agenda. This enthusiasm for M&A is increasingly evident in EMEA, although the region experienced more muted growth than elsewhere. In EMEA, dealmaking surged 30% year-on-year (YoY) by value to €333.2bn, although volume only edged up 1% to 2,816 deals.

The macroeconomic pieces are falling into place to sustain M&A flows. GDP growth in the euro area is set to grow 1.6% in 2014, compared to 0.1% in 2013. Other pieces, such as consumer spending and the purchasing managers’ index, have grown from 2013 to 2014. Taken together, these factors have instilled – and will likely continue to instil – confidence in Europe’s dealmakers.

In terms of financing, bank lending was somewhat of a mixed bag in H1 2014. The European Central Bank’s recent survey of euro area banks found that credit conditions to enterprises had stabilised, with activity remaining flat when compared to the previous quarter. But conditions are extremely uneven throughout the euro area: while conditions have eased substantially in northern countries such as the Netherlands, they are still tight in several southern European economies.

Perhaps to compensate for the lacklustre bank lending climate, corporates have increasingly sought out less traditional sources of financing. For instance, Apple issued US$14bn worth of bonds in April 2014, in order to raise funds for shareholders and finance growth without repatriating (and paying tax on) overseas cash. Over the past few years, bond issuance among SMEs – companies most deeply hurt by the lack of bank lending – has proliferated.

Alternative lenders are also increasingly common. Fund managers, including BlueBay, Ares Management and Hayfin have all launched direct lending arms. These funds tend to be targeted toward SMEs, and have provided a crucial lifeline for growth for many of these businesses. As alternative lenders are currently largely

unregulated, it is unclear if current activity levels will continue as the space matures and regulation is put in place.

In H1 2014, a few key countries were hotbeds of M&A activity. The UK & Ireland was the most active region in Europe, seeing 26.9% and 22.1% of deal value and volume, respectively. These proportions closely mirror the UK & Ireland-based M&A market share in H1 2013. Ireland in particular was targeted by overseas pharmaceuticals buyers for its ‘inversion’ opportunities. Indeed, the biggest European deal of H1 2014 saw a US-based life science firm, Medtronic, announce plans to purchase Covidien, an Ireland-based medical devices business, in large part to reduce its tax bill. The deal is valued at €33.9bn, and will give Medtronic operations in roughly 150 countries.

Private equity (PE) activity too is seeing renewed signs of life. Buyout activity increased by 12% YoY to 486 deals, although value remained flat at €43.5bn. Exits experienced an opposite trend, with value surging 73% YoY to €53.5bn and volume dipping 2% to 322 deals over the same period. Exit figures were buoyed by several bulge-bracket transactions, with PE players making trade sales. This is a change in pace from the past few years, when secondary buyouts were increasingly prevalent. Largely because PE firms could not find trade buyers willing to pay the premiums necessary for sellers to recoup their boom-era investments, PE firms sold assets to one another. But H1 2014 saw more trade buyers willing to pay premiums for exiting business, a strong sign of renewed confidence in the market.

One such deal was UK-based Vodafone’s purchase of Grupo Corporativo ONO, the Spanish cable operator, from a private equity consortium led by Providence Equity Partners for €7.2bn. Ono’s sellers are exiting their 2005 investment, made for less than €1bn. The deal gives Vodafone a stronger foothold in the Spanish market.

In the mid-term, businesses seem set to pursue inorganic growth. Mergermarket’s Heat Chart – which tracks company for

sale announcements over the previous six months – indicates that the consumer and industrials and chemicals sectors are likely to bustle toward the end of 2014. More broadly, the uncertainty that has plagued dealmakers since the global financial downturn in 2009 seems to have finally lifted. Although there has not been runaway economic recovery, businesses have realised that taking on some risk is necessary for their long-term success.

by Kristina Thompson

07


Announced Date

Status Bidder Company Target Company Sector Vendor Company Deal Value (€m)

15-Jun-14 P Medtronic Inc Covidien Plc Pharma, Medical & Biotech 33,916

07-Apr-14 P Holcim Ltd Lafarge SA Construction 28,806

05-Apr-14 P Altice SA SFR SA TMT Vivendi SA 17,000

18-Feb-14 C Actavis Plc Forest Laboratories Inc Pharma, Medical & Biotech 16,813

22-Apr-14 P Novartis AG GlaxoSmithKline Plc (Oncology division) Pharma, Medical & Biotech GlaxoSmithKline Plc 10,506

06-May-14 P Bayer AG Merck & Co (Consumer care business) Pharma, Medical & Biotech Merck & Co Inc 10,197

20-Feb-14 P Oi SA Portugal Telecom SGPS SA TMT 8,663

27-Jan-14 P Liberty Global Plc Ziggo BV (71.5% Stake) TMT 8,043

17-Mar-14 C Vodafone Group Plc Grupo Corporativo ONO SA TMT Providence Equity Partners LLC; CCMP Capital Advisors LLC; Quadrangle Group LLC; Thomas H. Lee Partners LP; and Caisse de Depot et Placement du Quebec

7,200

21-Feb-14 C Volkswagen AG Scania AB (37.4% Stake) Industrials & Chemicals 6,660

11-Feb-14 C L'Oreal SA L'Oreal SA (8% Stake) Consumer Nestle SA 6,000

16-Mar-14 P LetterOne Group RWE Dea AG Energy, Mining & Utilities RWE AG 5,100

13-Apr-14 C MMG South America Management Company Limited

Xstrata Las Bambas SA (99.99% Stake) Energy, Mining & Utilities Glencore Xstrata Plc 5,038

23-Jan-14 C McKesson Corporation Celesio AG (75.93% Stake) Business Services Franz Haniel & Cie GmbH; and Elliott Management Corporation

4,989

29-Apr-14 P Banco Santander SA Banco Santander Brasil SA (25% Stake) Financial Services 4,708

20-Jan-14 C Anheuser-Busch InBev NV Oriental Brewery Co Ltd Consumer Kohlberg Kravis Roberts & Co LP; and Affinity Equity Partners

4,588

22-Apr-14 P Eli Lilly and Company Limited

Novartis Animal Health Inc Pharma, Medical & Biotech Novartis AG 3,913

07-Apr-14 C Altice SA Numericable (34.6% Stake) TMT Cinven Limited; and The Carlyle Group 3,886

22-Apr-14 P GlaxoSmithKline Plc Novartis AG (Global vaccines business) Pharma, Medical & Biotech Novartis AG 3,804

25-Feb-14 C Government of Argentina YPF Sociedad Anonima (51% Stake) Energy, Mining & Utilities Repsol SA 3,636

C = Completed; P = Pending; L = Lapsed

ALL SECTORSTOP 20 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

08


ALL SECTORSEUROPEAN M&A SPLIT BY DEAL SIZE

VALUE VOLUME

Valu

e (€

bn)

Volu

me

>€5,001m

€2,001m – €5,000m

€501m – €2,000m

€251m – €500m

€5m – €250m >€5,001m

€2,001m – €5,000m

€501m – €2,000m

€251m – €500m

€5m – €250m

Value not disclosed

QUARTERLY M&A ACTIVITY – ALL SECTORS

VALUE VOLUME

Moving average trend line

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

Volu

me

Quarter ended Quarter ended

0

50,000

100,000

150,000

200,000

250,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

100

200

300

400

500

600

700

800

H1 2014201320122011201020092008

263.9

109.8

88.9

105.7 100.8

60.1

88.5

94.6

139.8

80.1

140.1160.6 147.9 138.8

43.8

28.845.4

130.9

84.3

161.8

53.0

90.6

113.1

59.5

96.9

101.4

45.0

85.6

66.5

87.6

67.9

98.6

62.4

116.130.8

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

H1 2014201320122011201020092008

181

1,961

3,329

1,7401,821

1,725

903

3,5853,204

1,858

2,722

2,510

2,714

2136

16034

12 1311

174

1,479

2,101

228

80

78

86

933156130

153

14236

167

108515

16715032

Valu

e (€

m)

09


ALL SECTORSEUROPEAN BUYOUTS EUROPEAN EXITS

Value Volume

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.

Based on dominant location of target and bidder and excludes all buyouts.

TRANSATLANTIC DEALS

VALUE VOLUME

European bidder acquiring a North American target

North American bidder acquiring a European target

Total North American/ European deals

Valu

e (€

m)

Volu

me

Quarter ended

Quarter ended

Quarter ended

Quarter ended

Valu

e (€

m)

Volu

me

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

25

50

75

100

125

150

175

200

225

250

275

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Volume

Valu

e (€

m) Volum

e

Valu

e (€

m)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

50

100

150

200

250

300

350

400

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

20

40

60

80

100

120

140

160

180

200

220

240

260

10


ALL SECTORSMIX OF DEALS BY GEOGRAPHIC REGION

VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic

Central & Eastern Europe

Other

MIX OF DEALS BY INDUSTRY SECTOR

VALUE VOLUME

Industrials & Chemicals

Financial Services

Business Services

Consumer

Energy, Mining & Utilities

TMT

Leisure

Transportation

Pharma, Medical & Biotech

Construction

Real Estate

Defence

Agriculture

2.2%

26.9%

12.9%

25.0%

3.0%

8.0%

5.5%

10.1%

6.4%

0.9%

19.5%

11.9%

5.9%

5.8%

8.3%

9.2%2.9%2.5%

0.1%

5.1%

10.0%

17.9%

3.9%

22.1%

16.1%

12.5%6.5%

6.2%

7.7%

14.1%

10.9%

1.0%

15.0%

20.4%

7.6%

12.3%

15.3%

6.9%

4.4%

4.1%

0.1%2.0%

4.1%

6.8%

Based on announced deals, excluding those that lapsed or were withdrawn. Geographic region is determined with reference to the dominant location of the target.

Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe. Industry sector is based on the dominant industry of the target.

11


ALL SECTORSFINANCIAL ADVISERS

LEGAL ADVISERS

TOP 20 – RANKED BY VALUE TOP 20 – RANKED BY VOLUME


H1 2013

H1 2014

Company Name Value (€m)

Number of Deals

1 1 Goldman Sachs 164,866 58

3 2 Morgan Stanley 146,937 57

11 3 Bank of America Merrill Lynch 119,847 50

2 4 JPMorgan 119,214 56

9 5 Citi 103,946 47

7 6 Lazard 101,896 73

8 7 BNP Paribas 83,276 45

6 8 Deutsche Bank 80,048 47

10 9 Rothschild 73,632 98

5 10 Credit Suisse 70,494 34

4 11 Barclays 63,989 44

21 12 Perella Weinberg Partners 62,933 9

16 13 Societe Generale 58,353 26

- 14 Zaoui & Co 50,716 6

14 15 UBS Investment Bank 49,594 36

19 16 HSBC 37,265 18

43 17 Credit Agricole 31,679 22

17 18 EY 25,213 68

28 19 Greenhill & Co 23,731 10

41 20 Santander Global Banking and Markets 17,289 10

H1 2013

H1 2014


Number of Deals

2 1 Freshfields Bruckhaus Deringer 174,501 97

16 2 Cleary Gottlieb Steen & Hamilton 105,498 28

1 3 Linklaters 90,403 94

7 4 Skadden Arps Slate Meagher & Flom 90,128 29

25 5 Sullivan & Cromwell 88,390 22

31 6 Slaughter and May 66,144 30

26 7 Simpson Thacher & Bartlett 65,887 31

- 8 Wachtell, Lipton, Rosen & Katz 59,054 8

35 9 Arthur Cox 57,572 17

169 10 Blake, Cassels & Graydon 57,006 11

3 11 Latham & Watkins 47,143 64

4 12 Clifford Chance 46,196 87

47 13 Weil Gotshal & Manges 45,376 48

188 14 Baer & Karrer 45,316 10

5 15 Allen & Overy 43,553 76

24 16 Matheson 40,025 9

84 17 Homburger 36,225 4

58 18 Bredin Prat 36,213 20

28 19 A&L Goodbody 35,588 11

6 20 White & Case 35,172 76

H1 2013

H1 2014


Number of Deals



1 3 DLA Piper 13,767 92


3 5 CMS 2,278 78

5 6 Allen & Overy 43,553 76

8 7 White & Case 35,172 76

10 8 Jones Day 15,034 69


7 10 Baker & McKenzie 17,371 64

12 11 King & Wood Mallesons 5,772 56

9 12 Hogan Lovells International 24,109 53

23 13 Vinge 10,779 50


38 15 Mannheimer Swartling 12,366 47

11 16 Eversheds 948 44

15 17 Herbert Smith Freehills 25,849 37

31 18 Squire Patton Boggs 3,553 35

17 19 Kirkland & Ellis 14,765 34

27 20 Norton Rose Fulbright 3,931 33

H1 2013

H1 2014


Number of Deals

1 1 PwC 10,913 130

2 2 KPMG 8,413 100


5 4 Deloitte 3,839 84

8 5 Lazard 101,896 73

3 6 EY 25,213 68



7 9 JPMorgan 119,214 56


14 11 Citi 103,946 47


12 13 BNP Paribas 83,276 45

13 14 Barclays 63,989 44

11 15 BDO 1,955 41



9 18 M&A International 536 30

24 19 UniCredit Group 5,974 28

18 20 Canaccord Genuity 5,255 27

The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and cover all sectors.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals. The tables are pan-European and cover all sectors.

12


ALL SECTORSFINANCIAL ADVISERS – SMALL-CAP (€5M – €250M)

LEGAL ADVISERS – SMALL-CAP (€5M – €250M)



The financial adviser small-cap league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and cover all sectors.

The legal adviser small-cap league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals.The tables are pan-European and cover all sectors.

H1 2013

H1 2014


Number of Deals

3 1 KPMG 3,811 51


2 3 PwC 2,954 44

9 4 Deloitte 2,695 36

5 5 Lazard 2,225 23


4 7 EY 1,606 17

14 8 Citi 1,336 11

11 9 JPMorgan 1,296 8



10 12 Barclays 1,079 8


16 14 Deutsche Bank 958 6

21 15 Credit Suisse 925 8

20 16 Banca IMI/Intesa Sanpaolo 915 10

31 17 Nordea Corporate Finance 911 7

6 18 BNP Paribas 865 9

46 19 Macquarie Group 850 6

68 20 William Blair & Company 820 5

H1 2013

H1 2014


Number of Deals



5 3 DLA Piper 2,295 32


3 5 Allen & Overy 2,242 23


13 7 White & Case 1,827 24

19 8 Jones Day 1,813 20

7 9 CMS 1,570 26






81 15 Vinge 1,141 19



20 18 Cuatrecasas, Gonçalves Pereira 1,108 13


15 20 Uria Menendez 1,046 10

H1 2013

H1 2014


Number of Deals

1 1 DLA Piper 2,295 32


8 3 CMS 1,570 26


12 5 White & Case 1,827 24

3 6 Allen & Overy 2,242 23




16 10 Jones Day 1,813 20



26 13 Vinge 1,141 19



30 16 Pinsent Masons 925 16



51 19 Garrigues 501 14


H1 2013

H1 2014


Number of Deals

2 1 KPMG 3,811 51

1 2 PwC 2,954 44

3 3 Deloitte 2,695 36


8 5 Lazard 2,225 23


5 7 EY 1,606 17

11 8 BDO 533 16

16 9 Cenkos Securities 732 13

15 10 Citi 1,336 11


36 12 Banca IMI/Intesa Sanpaolo 915 10



19 15 ABG Sundal Collier Holding 683 9

9 16 JPMorgan 1,296 8

12 17 Barclays 1,079 8

30 18 Credit Suisse 925 8

20 19 Grant Thornton Corporate Finance 668 8

13 20 UniCredit Group 594 8

13


ALL SECTORSPR ADVISERS

PR ADVISERS – SMALL-CAP (€5M – €250M)



The PR adviser small-cap league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and exclude lapsed and withdrawn deals.The tables are based on advice to a European bidder, target or vendor.

The PR adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and exclude lapsed and withdrawn deals.The tables are based on advice to a European bidder, target or vendor.

H1 2013

H1 2014


Number of Deals

1 1 Brunswick Group 110,637 59

21 2 Joele Frank Wilkinson Brimmer Katcher 51,855 9

30 3 Havas Worldwide Paris (AMO) 50,799 8

4 4 RLM Finsbury 46,292 22

31 5 Image Sept 31,078 11

2 6 FTI Consulting 20,578 65

29 7 Kekst (Publicis/MSLGROUP) 15,055 14

7 8 Hering Schuppener Consulting (AMO) 12,848 16

9 9 CNC (Publicis/MSLGROUP) 12,242 10

15 10 Abernathy MacGregor Group (AMO) 10,142 12

14 11 Sard Verbinnen & Co 8,454 9

172 12 Grupo Albion 8,030 5

- 13= Fogel & Partners 6,660 1

48 13= JKL Group (Publicis/MSLGROUP) 6,660 1

- 15 Ashton Consulting 6,163 2

28 16 Tulchan Communications 5,656 31

63 17 Weber Shandwick Worldwide 5,323 4

10 18 Citigate 5,286 23

- 19= CorporateLink 5,038 1

- 19= Drysdale Forstner Hamilton 5,038 1

H1 2013

H1 2014


Number of Deals



6 3 MHP Communications 1,104 21

4 4 Maitland (AMO) 1,037 9

16 5 Tulchan Communications 966 15

15 6 Greenbrook Communications 677 4

3 7 RLM Finsbury 615 5

7 8 Citigate 575 10

5 9 Instinctif Partners 494 13

30 10 Barabino & Partners 458 4

17 11 Community Group 457 4

19 12 Hering Schuppener Consulting (AMO) 413 4

77 13 DGM Conseil 391 3

24 14 Kekst (Publicis/MSLGROUP) 378 3

- 15 Grupo Albion 320 3

12 16 Buchanan Communications 313 8

22 17 Weber Shandwick Worldwide 285 3

- 18 Adfactors PR 249 2

82 19= Equus Group 247 2

- 19= SVP Corporate Communications 247 2

H1 2013

H1 2014


Number of Deals




10 4 Tulchan Communications 966 15

4 5 Instinctif Partners 494 13

7 6 Citigate 575 10



18 9 Bell Pottinger Financial & Corporate 200 6

14 10 Newgate Communications 146 6

3 11 RLM Finsbury 615 5

23 12 Greenbrook Communications 677 4


17 14 Community Group 457 4

24 15 Hering Schuppener Consulting (AMO) 413 4

43 16= Edelman 229 4

8 16= Redleaf Polhill 229 4

95 18 Tavistock Communications 152 4

- 19 Abchurch Communications 115 4

- 20 Walbrook PR 113 4

H1 2013

H1 2014


Number of Deals



9 3 Tulchan Communications 5,656 31

6 4 Instinctif Partners 4,751 26


5 6 Citigate 5,286 23

2 7 RLM Finsbury 46,292 22


15 9 Hering Schuppener Consulting (AMO) 12,848 16

27 10 Kekst (Publicis/MSLGROUP) 15,055 14


19 12 Abernathy MacGregor Group (AMO) 10,142 12

21 13 Greenbrook Communications 4,048 12

8 14 Image Sept 31,078 11

23 15 Publicis Consultants – F2SCOM (Publicis/MSLGROUP)

1,991 11

11 16 Community Group 1,658 11

32 17 CNC (Publicis/MSLGROUP) 12,242 10

26 18 Bell Pottinger Financial & Corporate 1,063 10


40 20 Joele Frank Wilkinson Brimmer Katcher 51,855 9

14

DEAL DRIVERS – EMEA - FINANCIAL SERVICES

FINANCIAL SERVICES

FINANCIAL SERVICES

Financial services slumped to its lowest H1 levels since 2008 in a prelude to what could be a year of readjustment, restructuring and recapitalisation for many companies as regulatory preparation pushes M&A to one side.

The first six months of 2014 saw €19.7bn worth of deals take place versus €24.7bn in the corresponding period last year. H1 recorded a modest five deals priced at more than €1bn in the financial services sector. A lack of substantial megadeals dented the figures compared to the past half year.

But there were bright spots. Santander secured the largest deal in the sector with a 25% acquisition of Banco Santander Brasil for €4.7bn, followed by Pohjola Bank’s €3.3bn 62.8% sale to OP Pohjola Group. JPMorgan sold off its physical commodities business for a handsome €2.5bn, prompted by a push for banks to distance themselves from such trading activities in light of regulatory advice.

Financial services providers across a range of asset classes and segments are facing increased regulatory change. This has stymied M&A as institutions largely have occupied themselves preparing to comply with ongoing and soon-to-be-introduced reforms. Banks must keep their core tier 1 capital above set thresholds – 8% according to the latest directives set by the Basel Committee. Meanwhile, the insurance sector must comply with similar buffers. As a result, both banking and insurance could continue to see muted M&A activity in the coming quarters.

Capital marketsA dip in acquisitions has been countered by a surge in capital market activity. Having stepped away from any frenzied M&A, financial services firms have embraced the capital markets and enjoyed largely positive investor support. This year continued 2013’s momentum, with the IPOs of BRIT Insurance, Euronext TSB Banking Group, Coface, FinecoBank and NN Group all raising between €300m and €1.5bn. While support has been seen for new listings, institutions that have resorted to rights issues have similarly seen healthy investor

backing. There have, however, been some suggestions of a dimming IPO market: the likes of Saga’s disappointing IPO saw the company raise well below its initially anticipated level.

New eras, areas and playersThe European banking sector has long been plagued by controversy. The year so far has been no exception. Barclays has been embroiled in gold fixing. And the fallout of the LIBOR rigging is still hanging over the heads of banks including RBS and Barclays, as well as brokers and others – all of which carry heavy penalties. BNP Paribas takes the prize for the largest fine so far, racking up a €9bn penalty for breaching US trading sanctions. In best-case scenarios, banks have divested large chunks of non-core assets already and such fines are expected to be settled without the need for mass sell offs. But acquisitions will likely be moved to the back burner for many of these institutions.

Southern Europe has again suffered with Portugal’s Banco Espirito Santo the latest to receive state aid to the tune of a €4.9bn bailout. This followed hot on the heels of Bank of Cyprus’ own €1bn share capital increase, while the UK has seen the outlook of financial institutions downgraded from stable to negative in light of concerns that bailouts, such as those conducted with Lloyds and RBS, would not be likely repeated if such events were to happen again.

A new breed of retail banks are being ushered onto the UK high streets, with regulators again playing a part by encouraging increased competition. In the longer term, a review of the UK’s retail banking sector could be undertaken by the Competition and Markets Authority, which could lead to the break-up of some of the UK’s largest and most dominant banks. A decision into whether to launch such an investigation is not expected until autumn, but an inquiry could see Barclays, HSBC, Lloyds and RBS – which hold a combined 77% of current account business – broken up. And there are plenty of new challenger banks gearing up to take such business on. In a shift away from the usual call for stricter regulation, the British Bankers'

Association is calling for lower capital requirements for new lenders in an effort to step up the number of players in the market and subsequently increase competition.

Some segments are changing the way in which financial transactions are conducted. For instance, there has been an impressive increase in FinTech deals which is expected to carry on throughout the year and beyond. The emergence of the retail electronic payment sector alongside ever-maturing, sophisticated institutional platforms and facilities means banks and trading companies alike have entered a new era of the payment and trading evolution.

by Paul Francis-Grey

15


Announced Date

Status Bidder Company Target Company Vendor Company Deal Value (€m)

29-Apr-14 P Banco Santander SA Banco Santander Brasil SA (25% Stake) 4,708

06-Feb-14 C OP Pohjola Group Central Cooperative Pohjola Bank Plc (62.8% Stake) 3,371

19-Mar-14 P Mercuria Energy Group Holding SA JPMorgan Chase & Co (Physical commodities business)

JPMorgan Chase & Co 2,514

26-Jun-14 P London Stock Exchange (LSE) Plc Frank Russell Company The Northwestern Mutual Life Insurance Company

1,982

23-May-14 P BRS Ventures & Holdings Limited Travelex UK Limited Apax Partners LLP 1,234

27-Feb-14 C Caixa Bank SA (Bondholders) Caixa Bank SA (5.98% Stake) 1,180

09-Jan-14 C Fosun International Ltd Fidelidade – Companhia de Seguros SA (80% Stake); Multicare – Seguros de Saude SA (80% Stake); and Cares – Companhia de Seguros SA (80% Stake)

Caixa Geral de Depositos SA 1,000

24-Feb-14 C Jyske Bank BRFkredit AS BRFholding AS 992

28-Jan-14 C Bank of Montreal F&C Asset Management Plc 949

23-Jun-14 P Banco Santander SA GE Money Bank AB GE Capital Corporation 700

29-Jan-14 P Industrial and Commercial Bank of China Limited

Standard Bank Plc (60% Stake) Standard Bank London Holdings Limited 560

19-Jun-14 P A consortium led by Warburg Pincus LLC Banco Santander SA (Custody business in Spain, Mexico and Brazil) (50% Stake)

Banco Santander SA 488

26-Mar-14 C Standard Life Investments Limited Ignis Asset Management Limited Phoenix, Impala Holdings limited 469

15-Mar-14 C Allianz SE Milano Assicurazioni SpA (Property and Casualty insurance business)

UnipolSai Assicurazioni SpA 440

01-May-14 C GreyCastle Holdings Ltd XL Life Reinsurance (SAC) Ltd XL Insurance (Bermuda) Ltd 411


FINANCIAL SERVICESTOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

16


VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic


Other

QUARTERLY TRENDS

VALUE VOLUME



Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe.Industry sector is based on the dominant industry of the target.

FINANCIAL SERVICESMIX OF DEALS BY GEOGRAPHIC REGION

32.3%

2.8%

1.8%5.5%

19.7%

27.9%

7.4%2.6%

33.3%

8.0%

8.0%4.2%

10.3%

4.7%

9.4%

16.9%

5.2%

Valu

e (€

m)

Volu

me

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

25

50

75

100

125

150

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108


17


FINANCIAL SERVICESFINANCIAL ADVISERS


LEGAL ADVISERS


H1 2013

H1 2014


Number of Deals

6 1 JPMorgan 18,088 13







3 8 Barclays 4,103 8

27 9 Evercore Partners 2,331 8


- 11 Greenhill & Co 2,162 2

- 12 RBC Capital Markets 1,982 2

- 13= Peter J Solomon Company 1,982 1

- 13= Robey Warshaw 1,982 1

42 15 PwC 1,944 12

12 16 Citi 1,858 9

15 17 Deloitte 1,593 18

7 18 Lazard 1,390 7

33 19 KPMG 1,361 14

- 20= Smith Square Partners 1,234 1

- 20= Standard Chartered 1,234 1

H1 2013

H1 2014


Number of Deals


80 2 Pinheiro Neto Advogados 5,758 3



9 5 Davis Polk & Wardwell 4,993 3

- 6 Tozzini Freire Teixeira e Silva Advogados 4,708 1

148 7 Osler, Hoskin & Harcourt 4,496 2


- 9 Castren & Snellman 3,371 2

137 10 Hannes Snellman 3,371 1


- 12 Cadwalader, Wickersham & Taft 2,514 1

42 13 Debevoise & Plimpton 2,393 3



35 16 Macfarlanes 1,885 6

- 17 Berwin Leighton Paisner 1,557 2


22 19 White & Case 1,170 11


H1 2013

H1 2014


Number of Deals

9 1 Deloitte 1,593 18

2 2 KPMG 1,361 14

5 3 JPMorgan 18,088 13

12 4 PwC 1,944 12

8 5 Citi 1,858 9



3 8 Barclays 4,103 8






13 14 Lazard 1,390 7

22 15 Societe Generale 242 5

29 16 Fenchurch Advisory Partners 564 4

16 17 Canaccord Genuity 420 4


26 19 HSBC 129 4


H1 2013

H1 2014


Number of Deals


3 2 Allen & Overy 744 15



7 5 White & Case 1,170 11


14 7 CMS 230 9

23 8 Macfarlanes 1,885 6


5 10 Slaughter and May 817 6

13 11 Jones Day 596 6

15 12 King & Wood Mallesons 355 6

8 13 Hogan Lovells International 266 6

51 14 Latham & Watkins 163 6


138 16 Squire Patton Boggs 569 5

24 17 Baker & McKenzie 352 5




The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and cover the Financial Services sector.

The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals.The tables are pan-European and cover the Financial Services sector.

18

DEAL DRIVERS – EMEA - INDUSTRIALS & CHEMICALS

INDUSTRIALS & CHEMICALS

INDUSTRIALS & CHEMICALS

European industrials and chemicals M&A has surged. Value figures have been especially buoyant, totalling €39.5bn in H1 2014, a 59% year-on-year (YoY) increase. Some more cyclical sectors saw little in the way of dealmaking, but were countered by value-added segments including chemicals that saw a flurry of business, which observers expect will continue in H2 2014.

A range of factors are underpinning this increase in activity, including nascent economic recovery, and in Europe, demand for chemicals and construction services from energy companies transitioning from nuclear to gas and the search for environmentally-friendly, regulation-compliant fuels and materials.

In terms of individual segments, specialty chemicals distribution is primed for consolidation. EMEA players continue to snap up emerging market companies to increase their geographical reach. EMEA corporates are also buying specialised companies servicing the booming hydraulic fracturing industry.

There are also a number of serial acquirers who are set to continue generating a steady stream of deals within the chemicals distribution space. For instance, Brenntag is expected to be a dealmaking leader. The German chemicals distribution powerhouse continues snapping up smaller players as it diversifies across sectors and regions. In this spirit, its recent buys include Gafor Distribuidora of Brazil and Houston-based Philchem, which services the expanding shale gas industry.

Azelis is one distributor tipped as a takeover candidate. Private equity firm 3i has backed Belgium-based Azelis since 2006 and is expected to exit soon. The Azelis camp can take heart from Bain Capital’s successful €462m listing of competitor IMCD, which attracted plentiful investor interest. Netherlands-based IMCD, in turn, has declared its intention to continue consolidating the industry. In past years, IMCD has bought into Brazil, Turkey and Singapore.

Transformations in the energy sector have also spurred M&A in 2014 thus far. This year’s standout takeover battle was GE facing down the French government, Siemens and Mitsubishi Heavy Industries in its €17bn offer for Alstom. GE’s move for the French conglomerate was motivated in part by the desire to boost its turbine production capacity. This would allow GE to better serve utilities as they commission 'combined cycle' power stations, marrying gas and steam as they shift from atomic energy.

Continuing expansion in the offshore oil and gas industry, too, is generating M&A buzz and should yield opportunities for industrial service providers and construction companies. Anticipating sustained growth in demand, sponsors Parcom and Global Energy Capital have attached a €450m price tag to GustoMSC, an engineering company servicing this sector.

In printing and packaging, technological innovation and tightening regulations are expected to underpin a steady flow of transactions. Here, standout deals of the past half year include Clayton Dubilier & Rice’s €1.2bn buyout of German industrial packaging player Mauser; printing giant Heidelberger’s €69m acquisition of a majority stake in Switzerland-based Gallus; and Investcorp’s nabbing of Netherlands-based SPGPrints from PE backer Bencis, for €240m. Even before exiting SPGPrints, Bencis snapped up Netherlands-based Apeldoorn Flexible Packaging, showing that PE interest in the sector is alive and well.

In chemicals production, majors will continue to cast off low-margin traditional activities as part of a reorientation towards technologically advanced industries offering higher returns, such as food ingredients. DSM’s agreement to buy Aland, a Hong Kong-based maker of vitamin C, exemplifies this trend towards value-added buys with an emerging market flavour. AkzoNobel’s recent agreement to sell its paper chemicals arm to Kemira of Finland also fits this mould. Earlier this year, AkzoNobel exited small businesses in Japan and South Korea.

Chemicals majors are also buying into bio-based chemicals, as they seek to stay ahead of both regulation and competitors. Conglomerates including Solvay and BASF are tipped as potential buyers for smaller, technology-savvy players, such as bioethanol technology developer Biogasol of Denmark.

For smaller players, the €36m financing round announced by renewable chemicals developer Avantium shows that funding for innovation remains available. Netherlands-based Avantium brought on board backers such as packaging player Alpla and diversified conglomerate Swire Pacific.

Talk is also swirling around larger takeover candidates. SEKAB, the green chemicals developer controlled by local government bodies in northern Sweden, remains on the lookout for a commercially-minded buyer or joint venture partners who can boost exports to Asia.

Amid the bustle, sellers have started bulking up pricing expectations, which may have a knock-on effect on the number of announced deals. A valuation gap scuppered Scottish engineering company Weir’s proposed tie-up with Helsinki-listed conglomerate Metso. Both Weir and Metso, in turn, have been eyed by GE – which has so far held off on approaching either company on account of their shareholders’ high pricing expectations.

by Benaiah Moses

19


INDUSTRIALS & CHEMICALSTOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

Announced Date


21-Feb-14 C Volkswagen AG Scania AB (37.4% Stake) 6,660

01-Jan-14 C Fiat North America LLC Chrysler Group LLC (41.46% Stake) Voluntary Employees Beneficiary Association 2,651

16-Apr-14 P Rolls-Royce Plc Rolls-Royce Power Systems AG (50% Stake) Daimler AG 2,430

10-Apr-14 P Goldman Sachs; and Koch Equity Development LLC Flint Group CVC Capital Partners Limited 2,200

26-Jun-14 P Alcoa Inc Firth Rixson Limited Oak Hill Capital Partners LP 2,092

22-Jan-14 C SSAB Rautaruukki Oyj Solidium Oy 1,916

26-Mar-14 C Government of France; and Dongfeng Motor Group Co Ltd

PSA Peugeot-Citroen SA (28% Stake) 1,600

07-Apr-14 C Alfa Laval AB Frank Mohn AS Wimoh AS 1,582

03-Mar-14 C The Carlyle Group Tyco Fire & Security Services Korea Co Ltd Tyco International Ltd 1,422

10-Feb-14 P Continental Aktiengesellschaft Veyance Technologies Inc The Carlyle Group 1,400

16-Apr-14 P Triton Partners GEA Heat Exchangers GmbH GEA Group AG 1,300

12-Apr-14 C Symrise AG DIANA Group SA Ardian 1,300

12-Feb-14 L Imerys SA AMCOL International Corporation 1,252

11-May-14 C Clayton, Dubilier & Rice LLC Mauser AG Dubai International Capital LLC 1,200

30-Jun-14 P INEOS Group AG Styrolution Group GmbH (50% Stake) BASF SE 1,100


20


INDUSTRIALS & CHEMICALSMIX OF DEALS BY GEOGRAPHIC REGION

VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic


Other

VALUE VOLUME




QUARTERLY TRENDS

11.9%

32.2%

12.7%

8.4%

1.3%

1.6%

27.9%

3.3%

0.7%

14.3%

25.1%

13.2%10.1%

4.4%

6.6%

15.7%

8.0%2.6%

Valu

e (€

m)

Volu

me

0

5,000

10,000

15,000

20,000

25,000

30,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

50

100

150

200

250

300

350

400

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108


21


INDUSTRIALS & CHEMICALSFINANCIAL ADVISERS


LEGAL ADVISERS


H1 2013

H1 2014


Number of Deals





17 5 SEB 9,219 4

9 6 Lazard 8,864 14

33 7 Nordea Corporate Finance 8,518 2


- 9 Lenner & Partners 6,660 1

15 10 Barclays 5,659 7

1 11 JPMorgan 5,048 4

14 12 EY 4,921 21


10 14 Citi 4,139 7




16 18 Handelsbanken Capital Markets 1,942 4

81 19 Access Partners 1,858 2

12 20 PwC 1,709 32

H1 2013

H1 2014


Number of Deals







19 7 Vinge 8,685 17


41 9 Roschier 8,518 3

- 10 Hammarskiold & Co. 6,666 2

6 11 Hengeler Mueller 6,286 7

10 12 White & Case 5,249 14





- 17 Paul Weiss Rifkind Wharton & Garrison 2,452 2

22 18 Bredin Prat 2,313 4

18 19 Allen & Overy 2,286 11

- 20 Wachtell, Lipton, Rosen & Katz 2,092 1

H1 2013

H1 2014


Number of Deals

1 1 PwC 1,709 32


5 3 EY 4,921 21

2 4 KPMG 1,151 16

4 5 Deloitte 249 16

7 6 Lazard 8,864 14

11 7 BDO 77 10





9 12 Lincoln International 48 8


28 14 Barclays 5,659 7

36 15 Citi 4,139 7


6 17 M&A International 169 7

49 18 Baker Tilly International 49 7

72 19 Perspektiv 9 7


H1 2013

H1 2014


Number of Deals

1 1 DLA Piper 1,887 21


14 3 Jones Day 1,270 19

28 4 Vinge 8,685 17




6 8 White & Case 5,249 14

2 9 CMS 361 13



8 12 Allen & Overy 2,286 11


44 14 Schjodt 1,668 9

13 15 Gleiss Lutz 498 9




48 19 Gianni, Origoni, Grippo, Cappelli & Partners

583 8

138 20 Kromann Reumert - 8

The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Automotive; Chemicals & Materials; Industrials – electronics; automation; and products and services; and Manufacturing – other.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Automotive; Chemicals & Materials; Industrials – electronics; automation; and products and services; and Manufacturing – other.

22

DEAL DRIVERS – EMEA - ENERGY, MINING & UTILITIES

ENERGY, MINING & UTILITIES

ENERGY, MINING & UTILITIES

Energy, mining and utilities saw a slump in M&A activity. A continuing lull in commodity prices especially impacted mining and utilities, while oil and gas financing remains tough due to a lack of liquidity. The first half of the year saw a 40% dip in deal value compared to the equivalent period in 2013, and the outlook for the rest of the year remains just as muted.

The largest deal of H1 2014 was RWE’s sale of its oil and gas division to LetterOne Group, a Luxembourg-based investment vehicle. With a value of €5.4bn, the deal likely provided RWE’s balance sheet with much-needed funds for its reported net loss of €2.8bn last year. RWE and other European utilities have been blighted by the ongoing bearishness of European power prices, which have been squeezed by an increase in renewable generation, dwindling demand and a failing carbon market. This has triggered a flurry of divestments of the less profitable generation assets, such as gas-fired power plants. This trend looks set to continue.

Lower prices of base metals and most precious metals continued to drive M&A and joint venture activity in the mining sector in EMEA, as well as globally, in H1 2014. Smaller miners that have little or no cash flow make especially attractive targets during a price slump. Already, mid-tier gold mining companies with strong balance sheets have embarked on back-to-back acquisitions and will continue to make asset and corporate acquisitions as they currently see it as a cheaper and less risky route to secure production compared to the development of their portfolio assets.

Uncertainties over Europe’s renewable energy regulatory frameworks and subsidies schemes quashed utilities’ enthusiasm for larger green energy projects. The UK in particular ran into trouble with the European Commission, which said it might not approve the country’s contracts-for-difference renewable subsidy scheme. The event of a veto would severely dent the profits, and buying appetite, of renewable energy generators. These uncertainties are unlikely to be ironed out this year, and with

the general election taking place in mid-2015, deal activity is not expected to pick up for the next 12 months or so.

Meanwhile, the Middle East triggered panic among the industry. The uprising of Islamic extremist group Islamic State of Iraq and Greater Syria (ISIS) in Iraq in June could prove disastrous. Investors increasingly fear that the unrest could spill to other areas of the region. The troubles will prompt an increased focus on emerging oil and gas producers, and going forward we could see a flight of capital from the Middle East south of the Sahara.

Several large cross-border transactions facilitated African market entry for some mid-cap oil and gas suitors. These include Glencore Xstrata’s acquisition of Caracal Energy, a Canadian oil and gas firm with assets in Chad, for €987m. Heritage Oil, which has been producing assets in Nigeria, was bought by Al Mirqab, a Qatari investor, for €897m.

As Kenya and Uganda near production in 2016, the focus on East Africa has increased, with rumours that several Russian, Chinese and Indian companies are vying to enter the market. Towards the west of the continent, Oando Energy Resources completed its acquisition of ConocoPhillips’ Nigerian assets for €982m. It marked the first of several large ongoing deals of majors scaling back in the country.

In terms of the M&A outlook for the end of the year, it appears as though the market will remain tense. The turmoil in Ukraine shows no sign of ending, with oil and gas companies avoiding the region as an investment target and looking elsewhere.

Elsewhere in Europe, prospects for energy firms in Spain continue to look bleak. Argentina’s expropriation of Repsol’s 51% stake in YPF Sociedad Anonima, the Argentinian oil and gas group, finally closed. At €3.8bn (paid in government bonds), it represented 2014’s second largest deal in the sector to date. The transaction was a blow for Spain’s Repsol, however, as the firm was seeking €7.8bn in cash.

In the mining space, lower prices of base metals and most precious metals continued to drive M&A in the mining sector in EMEA in H1 2014. Particularly, smaller miners that have little or no cash flow make attractive targets during a price slump. Mid-tier gold mining companies with strong balance sheets embarked on spates of acquisitions. These firms will likely continue to look to inorganic growth, as they currently see it as a cheaper and less risky route to secure production, compared to the development of their portfolio assets.

Now is a favourable time to acquire as cheaper, quality assets are becoming more readily available. Moreover, banks are willing to lend to mining companies that already have production and are looking to acquire more producing assets.

by Katie McQue and Marta Dovnar

23


ENERGY, MINING & UTILITIESTOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

Announced Date


16-Mar-14 P LetterOne Group RWE Dea AG RWE AG 5,100

13-Apr-14 C MMG South America Management Company Limited

Xstrata Las Bambas SA (99.99% Stake) Glencore Xstrata plc 5,038

25-Feb-14 C Government of Argentina YPF Sociedad Anonima (51% Stake) Repsol SA 3,636

18-Apr-14 P IC Ictas Enerji Yenikoy Yatagan Electrik Uretim ve Ticaret AS; and Kemerkoy Elektrik Uretim Ve Tic AS

Government of Turkey 1,936

21-Feb-14 P Vitol Holding BV; and Abu Dhabi Investment Council

Royal Dutch Shell Plc (Downstream Assets in Australia) Royal Dutch Shell Plc 1,893

28-Apr-14 P Alliance Group/The Independent Petroleum Company Joint Venture

Alliance Oil; and The Independent Petroleum Company (Oil and gas assets in the Saratov region and Taymyr)

Alliance Group; and The Independent Petroleum Company

1,733

02-Jun-14 P Det Norske Oljeselskap ASA Marathon Oil Norge AS Marathon Oil Corporation 1,545

25-Mar-14 C Veolia Environnement SA Dalkia International (50% Stake) Electricite de France SA 1,489

19-May-14 P Volzhskaya TGK OAO TGK-9 OAO 1,345

30-Apr-14 C Al Mirqab Heritage Oil Plc (80% Stake) 1,106

30-May-14 P Turkish Petroleum Corporation Shah Deniz gas field (10% Stake); South Caucasus Pipeline Company Limited (10% Stake)

Total S.A. 1,102

19-Jun-14 P Energeticky a Prumyslovy Holding as Energeticky a Prumyslovy Holding, a.s. (40% Stake) PPF Group NV 1,100

25-Mar-14 C Centrica Plc; Brookfield Renewable Energy Partners LP; and iCON Infrastructure LLP

Bord Gais Energy Trading Limited Bord Gais Eireann Limited 1,100

23-Apr-14 P Hilcorp Energy Company Milne Point Oilfield (50% Stake); Endicott Oilfield (68% Stake); Northstar Oilfield (98.6% Stake); and Liberty Oilfield (50% Stake)

BP Plc 1,086

14-Apr-14 C Glencore Xstrata plc Caracal Energy 1,030


24


ENERGY, MINING & UTILITIESMIX OF DEALS BY GEOGRAPHIC REGION

VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic


Other

QUARTERLY TRENDS

VALUE VOLUME




11.0%18.7%

19.3%

4.9%

2.6%1.4%

0.6%8.0%

33.5%

8.2%

21.2%

11.9%

4.1%

8.2%6.2%4.6%

13.4%

22.2%

Valu

e (€

m)

Volu

me

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

20

40

60

80

100

120

140

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108


25


ENERGY, MINING & UTILITIESFINANCIAL ADVISERS


LEGAL ADVISERS


H1 2013

H1 2014


Number of Deals

10 1 Citi 10,956 8






11 7 Sberbank CIB 5,754 6

5 8 EY 5,707 5


28 10 BMO Capital Markets 5,038 1


22 12 RBC Capital Markets 3,758 6

39 13 Nomura Holdings 3,636 1

4 14 JPMorgan 2,981 3

1 15 VTB Capital 2,296 5

3 16 Barclays 1,865 3

- 17 Scotiabank 1,545 1



- 20 Qinvest 1,106 1

H1 2013

H1 2014


Number of Deals


10 2 White & Case 11,531 9


79 4 Arntzen de Besche 8,240 3


34 6 Dentons 6,859 7


145 8 Rodrigo Elias & Medrano 5,581 2

- 9 Hengeler Mueller 5,484 2

- 10= Amereller Rechtsanwalte Partnerschaft 5,100 1

19 10= Wiersholm 5,100 1

- 12 Estudio Grau 5,038 1




- 16 Marval, O'Farrell & Mairal 3,636 1


5 18 Allen & Overy 2,380 7

152 19 McCarthy Tetrault 2,356 3


H1 2013

H1 2014


Number of Deals

13 1 PwC 169 9

8 2 Citi 10,956 8


39 4 Jefferies 742 7


21 6 Sberbank CIB 5,754 6

12 7 RBC Capital Markets 3,758 6



1 10 EY 5,707 5


15 12 VTB Capital 2,296 5


5 14 KPMG 582 4

19 15 Macquarie Group 380 4

38 16 ABG Sundal Collier Holding 71 4


3 18 JPMorgan 2,981 3

16 19 Barclays 1,865 3

44 20 Banco Bilbao Vizcaya Argentaria 790 3

H1 2013

H1 2014


Number of Deals



9 3 White & Case 11,531 9

27 4 Watson, Farley & Williams 1,196 9

40 5 Dentons 6,859 7


4 7 Allen & Overy 2,380 7


11 9 Jones Day 304 6


19 11 BA-HR 1,794 5

29 12 Stibbe 870 5

5 13 Norton Rose Fulbright 796 5

33 14 DLA Piper 793 5

6 15 CMS 786 5

36 16 Gianni, Origoni, Grippo, Cappelli & Partners

445 5

34 17 Thommessen 376 5

12 18 Schjodt 36 5



The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Energy, Mining & Utilities.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Energy, Mining & Utilities.

26

DEAL DRIVERS – EMEA - CONSUMER

CONSUMER

CONSUMER

Deal activity in the European consumer and retail sectors showed strength during the first half of 2014. Although still a far cry from the best-performing sectors of TMT and pharmaceuticals, a number of high-ticket deals has confirmed the positive outlook for consumer activity. And with companies looking to further capitalise on global economic growth and improved consumer sentiment, the pipeline for the remainder of 2014 is cautiously optimistic.

EMEA-based consumer M&A reached a deal value of €27.5bn in the first half of the year, representing a moderate increase from H1 2013’s €26.8bn. By subsector, consumer foods totalled €7.4bn of deal value in H1 2014, while consumer retail reached €9.3bn. Other consumer sectors outperformed food and retail with €10.8bn in deal value.

Two deals made it to the top 20 of all announced deals in H1 2014, the largest being L'Oreal's 8% share buyback from Nestlé for €6bn. Belgium's Anheuser-Busch InBev's acquisition of South Korean Oriental Brewery reached €4.58bn. But equally relevant was the deal between D.E Master Blenders and Mondelez International to merge their coffee businesses under the name Jacobs Douwe Egberts. The €3.59bn merger will create the second ranked coffee company next to Nestlé.

There are currently a growing number of deals being financed with a combination of cash and stock, usually a small part of the market when compared to all-cash deals. This trend reflects attractive and better-rated company stocks and it is likely to continue as more large-cap transactions fill the pipeline.

Hungry and under pressure to invest, private equity suitors are seeing strong competition in auction processes from well-capitalised strategic players. Such large trade buyers have regained confidence in the market and are willing to pay substantial premiums for strategic and synergistic assets, reaching levels that are beyond the comfort zone of private equity houses. The auction process of French

ingredients group Diana saw a number of sponsors, including Blackstone, BC Partners, Eurazeo, CVC Capital Partners and Pamplona battle it out against heavyweights like Symrise and Ajinomoto. The chosen suitor was German Symrise, which paid €1.3bn for the asset. Similarly, the sale of Vion Ingredients, which launched in the second half of 2013 and completed in January, saw sponsors Advent, Apollo, CVC and Permira lose to US-based Darling Ingredients with a €1.5bn offer. Another highly contested asset in the retail space, the Co-operative Pharmacy, recently agreed a sale to Bestway Group for €784.2m over rival suitors Alliance Boots, Lloyds Pharmacy and private equity house Carlyle. Charterhouse, Terra Firma, Cinven, CVC and Montagu were also tipped as potential bidders.

Asian buyers are increasingly active in the consumer sector. Japan-based seasonings maker Ajinomoto offered €2.2bn to acquire German Wild Flavors. The asset was finally acquired by US-based competitor Archer Daniels Midland in a €2.3bn deal. Japanese fashion retailer Uniqlo had also been tipped as a potential suitor for UK-based retailer Cath Kidston, while UK snack food producer United Biscuits has been said to be of interest to Shanghai-based food giant Bright Food Group and Chinese private equity firm Hony Capital. The latter has just announced the acquisition of UK-based restaurant chain PizzaExpress from Gondola Group, a subsidiary of Cinven, for €1.1bn.

This momentum looks set to continue into the second half of 2014. Deals in the pipeline include Netherlands-based retailer Maxeda DIY, put on the market by owners KKR, Permira, Cinven and Carlyle-owned Alpinvest; Anglo-Dutch consumer goods group Unilever, which has sold its Slim-Fast brand to Kainos Capital, continues its disposal programme, having mandated PwC to sell its hair products unit Brylcreem. Dutch bottler and soft beverages manufacturer Refresco Gerber has hired JPMorgan to pursue a dual track, although a sale to the likes of KKR or Blackstone seems more feasible than an IPO, according to press reports. Likewise,

United Biscuits' owners Blackstone and PAI Partners are pursuing a dual track, having begun talks with fund managers in London to gauge the level of interest in a flotation.

Dual-track exits will remain a feature in the space for the rest of the year. IPOs still rank high on the agenda, driven mostly by private equity exits. Among the top 20 European listings seen so far in 2014 are B&M, Lenta, Pets at Home and Ontex. But, despite this surge, a more cautious approach is likely to dominate as pricing ambitions come down from earlier IPOs and the performance of some recent listings disappoints, with shares trading either flat or below their issue price, such as in the case of Pets at Home and Card Factory. UK-based retailer Fat Face has decided to table its IPO plans, citing current equity market conditions.

Other candidates in the IPO pipeline include Permira-owned Iglo Foods Group; Strauss Coffee, whose minority shareholder TPG Capital is looking to offload its 25.1% stake in the business; and Germany-based fashion retailer Zalando.

by Virginia Garcia Martinez

27


CONSUMERTOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

Announced Date


11-Feb-14 C L'Oreal SA L'Oreal SA (8% Stake) Nestle SA 6,000

20-Jan-14 C Anheuser-Busch InBev NV Oriental Brewery Co Ltd Kohlberg Kravis Roberts & Co LP; and Affinity Equity Partners

4,588

07-May-14 P Jacobs Douwe Egberts D.E Master Blenders 1753 NV; and Mondelez International Inc (Coffee business outside France)

Mondelez International Inc; and Acorn Holdings BV

3,592

07-Jan-14 C F. Salling AS Dansk Supermarked AS (49% Stake) A.P. Moller – Maersk AS 2,694

15-Apr-14 C Diageo Plc United Spirits Limited (26% Stake) 2,275

15-May-14 C The Carphone Warehouse Group Plc Dixons Retail Plc 2,212

22-May-14 C Mizkan Group Corporation Conopco Inc (North America Pasta Sauces Business) Conopco Inc (subsidiary of Unilever Plc) 1,575

04-Jun-14 P Dufry Group The Nuance Group AG GECOS SpA; and PAI Partners 1,271

05-Jun-14 P Henkel AG & Co KGaA Spotless Group SAS BC Partners Limited 940

19-Feb-14 C Signet Jewelers Limited Zale Corporation Golden Gate Capital 854

20-Jun-14 P Carrefour SA DIA France Distribuidora Internacionale de Alimentacion SA

600

17-Jun-14 P PAI Partners Labeyrie Fine Foods PLC LBO France; and Le Groupe Lur Berri 590

12-Apr-14 P NanJing Xinjiekou Department Store Co Ltd Highland Group Holdings Ltd (89% Stake) Baugur Group hf 555

14-Feb-14 P AI Perfume France SAS Nocibe France Distribution SAS Charterhouse Capital Partners LLP 540

06-May-14 P Alliance Boots GmbH Farmacias Ahumada SA Grupo Casa Saba SAB de CV 537


28


CONSUMERMIX OF DEALS BY GEOGRAPHIC REGION

VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic


Other

QUARTERLY TRENDS

VALUE VOLUME


Based on announced deals, excluding those that lapsed or were withdrawn, where the dominant location of the target is in Europe. Industry sector is based on the dominant industry of the target.

2.2%

19.8%

8.3%

29.1%4.7%

3.0%

14.5%

14.2%

4.2% 6.9%

18.5%

13.4%

14.8%

11.3%

6.0%

8.1%

10.6%

10.4%


Valu

e (€

m)

Volu

me

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

25

50

75

100

125

150

175

200

225

250

275

300

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108


29


CONSUMERFINANCIAL ADVISERS


LEGAL ADVISERS


H1 2013

H1 2014


Number of Deals

6 1 Lazard 15,553 15

8 2 Citi 15,523 6








3 10 JPMorgan 6,311 6

- 11 Zaoui & Co 6,000 1



- 14= BDT Capital Partners 3,592 1

- 14= Centerview Partners 3,592 1

16 16 Barclays 2,865 3

9 17 HSBC 2,685 5

- 18 JM Financial 2,275 1

5 19 Rabobank 1,427 11


H1 2013

H1 2014


Number of Deals


- 2 Kim & Chang 9,332 3


- 4 Homburger 7,271 2



41 7= Darrois Villey Maillot Brochier 6,000 2

49 7= Gide Loyrette Nouel 6,000 2

- 9 Orrick Herrington & Sutcliffe 6,000 1




- 13 Arnold & Porter 3,605 2

6 14 Stibbe 3,592 2

10 15 Oppenhoff & Partner 3,592 1


122 17 Gorrissen Federspiel 2,763 4


47 19 Bech-Bruun 2,694 4


H1 2013

H1 2014


Number of Deals


2 2 PwC 1,246 20

11 3 Lazard 15,553 15

5 4 Deloitte 697 14

3 5 Rabobank 1,427 11

4 6 KPMG 768 11


- 8 Macquarie Group 1,150 9



19 11 Citi 15,523 6



8 14 JPMorgan 6,311 6

74 15 Mediobanca 1,090 6



26 18 HSBC 2,685 5

9 19 EY 783 5

50 20 Vitale & Associati 272 5

H1 2013

H1 2014


Number of Deals

2 1 DLA Piper 1,124 17

6 2 Allen & Overy 1,625 16



8 5 White & Case 1,592 11






10 11 CMS 21 8


136 13 Mayer Brown 1,334 7

15 14 Plesner 151 7



17 17 PwC legal 724 6

11 18 De Brauw Blackstone Westbroek 289 6

142 19 Gleiss Lutz 143 6


The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Consumer – retail, food and other.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn bids. The tables are pan-European and are based on the following sectors: Consumer – retail, food and other.

30

DEAL DRIVERS – EMEA - TMT

TELECOMS, MEDIA & TECHNOLOGY

TMT

In H1 2014, TMT deals dominated European M&A, as telecom consolidation and further convergence between the TMT sub-sectors contributed to a raft of megadeals. With 422 deals amounting to €65.1bn, TMT accounted for 19.5% of total M&A deal values. As appetites increased for big-ticket buys, there were 25 deals valued north of €2bn in H1 2014, compared to 24 in H1 2013, and 16 in H1 2009. Vivendi's €17bn sale of SFR to Altice is among the largest European deals this year. Meanwhile, TMT deal volumes were dominated by the UK & Ireland, which accounted for 25.6% of total deal volumes.

The search for scale and global reach has led European bidders to acquire 50 North American TMT targets for a total of €6.4bn. This is up five times in value and up 28.2% in volume from the same period in 2013. As technological innovation breaks down traditional geographical and sector boundaries, it has never been more important to take a truly internationalised view, BDO’s global head of technology Julian Frost said, adding that companies looking beyond their domestic environment will be the ones to steal a march on the competition.

In terms of individual sub-sectors, there were 40 telecommunications deals worth €49.6bn in H1 2014 – the highest H1 values on Mergermarket records in 14 years. Deal volumes, up 25% from the same period in 2009, continue to inch towards pre-crisis levels. The consolidation of the UK’s five carriers into four in 2010 and the recent approval of Telefonica Deutschland's €8.6bn merger with rival KPN's E-Plus in Germany is expected to set a precedent for future consolidation in the European telecom sector.

Future telecom investment will also be driven by emerging business models, including mobile payments and the spread of operators into vertical markets such as education, healthcare, automotive and hospitality. Telecom players will also be keen to lead cutting-edge innovation in wearable technology to gain a competitive edge, MegaFon’s M&A director Dmitri Kononov said.

Meanwhile, media M&A transactions have focused on the consolidation of European pay-TV assets. High profile deals announced in the first half of 2014 include Telefonica's €295m agreement to acquire Mediaset's 22% stake in DTS.

And with the global success of streaming services and pay-TV disruptors such as Netflix and Hulu, European corporates are increasingly investing in the digital video market. Last year, RTL Group, a Bertelsmann-owned entertainment group, issued an initial investment of €26.6m in BroadbandTV while the advertising group WPP took part in online video company Fullscreen’s €22m Series A round alongside Comcast Ventures and Chernin Group last summer.

The technology sub-sector saw 271 deals worth €9.4bn, compared to 243 deals worth €4.8bn in H1 2013. The higher availability of debt and private equity funding prompted increases in both early-stage startup investments and mid-tier deals. Furthermore, large cash reserves stockpiled during the last few years drove corporates to redeploy funds towards M&A after years of risk aversion and organic expansion in the aftermath of the Lehman Brothers collapse. However, technology deal activity is likely to be affected as interest rates continue to rise.

High margin revenue growth potential in big data, social media, mobile computing and Software-as-a-Service (SaaS) will likely continue to be very attractive to dealmakers. At the same time, there is growing appeal in cloud technologies as software companies increasingly look to integrate with cloud-connected hardware devices – including smart phones, cars and household appliances – as we witness greater convergence among hardware, software and managed services companies.

However, industry experts have cautioned that the industry’s current high valuations are unusual and may prove difficult to maintain over the medium term. For instance, the reignited IPO market has presented some “remarkable and unsustainable” valuations, particularly

among internet businesses, Altium managing director Stephen Georgiadis said. He added that some of these businesses should be classified as e-retailers, rather than technology businesses. Nonetheless, he anticipates that strong technology assets will remain highly priced in the short term, in what has evolved into a seller’s market.

Ultimately, the M&A market for TMT players will remain strong for a number of reasons, Georgiadis said. Not only is the availability of debt and equity finance very strong, but high valuations are also likely to persuade sellers to exit. Moreover, quoted buyers have highly valued paper and strong balance sheets and, for some companies with high ratings but modest organic top-line growth prospects, an M&A strategy may need to be executed in order to sustain their ratings.

by Vinjeru Mkandawire

31


TELECOMS, MEDIA & TECHNOLOGYTOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

Announced Date


05-Apr-14 P Altice SA SFR SA Vivendi SA 17,000

27-Jan-14 P Liberty Global Plc Ziggo BV (71.5% Stake) 8,043

20-Feb-14 P Oi SA Portugal Telecom SGPS SA 7,718

17-Mar-14 C Vodafone Group Plc Grupo Corporativo ONO SA Providence Equity Partners LLC; CCMP Capital Advisors LLC; Quadrangle Group LLC; Thomas H. Lee Partners LP; and Caisse de Depot et Placement du Quebec

7,200

07-Apr-14 C Altice SA Numericable (34.6% Stake) Cinven Limited; and The Carlyle Group 3,886

16-Jun-14 P CVC Capital Partners Limited; and Leonard Green & Partners LP

Advantage Sales & Marketing LLC Apax Partners LLP 2,948

24-Mar-14 C Bain Capital LLC; Advent International Corporation; and ATP Group

Nets Holding AS 1,945

14-Mar-14 C Charterhouse Capital Partners LLP SkillSoft Limited SSI Investments III Ltd 1,673

24-Apr-14 C America Movil SAB de CV Telekom Austria AG 1,418

20-May-14 P Cobham Plc Aeroflex Incorporated Golden Gate Capital; and Veritas Capital 1,048

02-Jun-14 P PPF Group NV O2 Czech Republic (27.93% Stake) 931

27-Jan-14 C LetterOne Group Altimo (14.17% Stake) Mr Gleb Fetisov (Private investor) 841

10-Feb-14 C Deutsche Telekom AG T-Mobile Czech Republic AS (39.23% Stake)

Mid Europa Partners LLP 828

06-May-14 P Telefonica SA DTS Distribuidora de Television Digital SA (56% Stake)

Promotora de Informaciones SA 750

05-Feb-14 C CVC Capital Partners Limited; and Summit Partners LP

AVAST Software AS 739


32


TELECOMS, MEDIA & TECHNOLOGYMIX OF DEALS BY GEOGRAPHIC REGION

VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic


Other

VALUE VOLUME

QUARTERLY TRENDS



0.8%7.6%

4.2%

35.5%

1.1%

25.2%

13.8%

5.3%

6.5% 3.1%

25.6%

14.9%

13.0%2.8%5.0%

9.7%

15.9%

10.0%


Valu

e (€

m)

Volu

me

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

25

50

75

100

125

150

175

200

225

250

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108


33


TELECOMS, MEDIA & TECHNOLOGYFINANCIAL ADVISERS


LEGAL ADVISERS


H1 2013

H1 2014


Number of Deals



2 3 JPMorgan 43,414 12



10 6 Barclays 26,500 5





14 11 Citi 19,799 4


25 13 Lazard 17,858 7


- 15 Santander Global Banking and Markets 9,413 2

- 16= Banco BTG Pactual 8,663 1

15 16= Banco Espirito Santo de Investimento 8,663 1

17 16= Caixa Banco de Investimento 8,663 1

- 19 ABN AMRO Bank 8,268 4

- 20 Banco Bilbao Vizcaya Argentaria 7,200 2

H1 2013

H1 2014


Number of Deals


7 2 Ropes & Gray 28,929 4

26 3 Allen & Overy 27,878 14

93 4 Franklin Societe d'Avocats 21,333 4



- 7 Cleary Gottlieb Steen & Hamilton 17,623 5

65 8 Bird & Bird 17,245 10


- 10 Luther 17,018 3

29 11 Mayer Brown 17,002 2

- 12= August & Debouzy 17,000 1

- 12= Cabinet Bompoint 17,000 1

- 12= Cotty Vivant Marchisio & Lauzeral 17,000 1

- 12= Nabarro & Hinge 17,000 1

- 12= Veil Jourde 17,000 1

63 17 Garrigues 12,628 4

12 18 White & Case 11,040 11


3 20 Shearman & Sterling 10,281 13

H1 2013

H1 2014


Number of Deals

4 1 PwC 1,869 20

1 2 KPMG 938 13

6 3 JPMorgan 43,414 12






3 9 EY 361 8

2 10 Deloitte 174 8

27 11 Lazard 17,858 7

94 12 Arma Partners 278 7




18 16 BDO 1,555 6



59 19 GP Bullhound 139 6

8 20 Barclays 26,500 5

H1 2013

H1 2014


Number of Deals

2 1 DLA Piper 8,307 21


3 3 Allen & Overy 27,878 14



4 6 CMS 170 12

8 7 White & Case 11,040 11


15 9 Mannheimer Swartling 811 11

16 10 Bird & Bird 17,245 10

7 11 Jones Day 465 10



23 14 Osborne Clarke 156 9

44 15 Bech-Bruun 2,494 8

93 16 Gorrissen Federspiel 1,945 8



21 19 Loyens & Loeff 8,450 7

20 20 Linklaters 947 7

The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Computer – software, hardware and semiconductors; Telecoms – Hardware and Carriers; Internet/e-Commerce and Media.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Computer – software, hardware and semiconductors; Telecoms – Hardware and Carriers; Internet/e-Commerce and Media.

34

DEAL DRIVERS – EMEA - TRANSPORTATION

TRANSPORTATION

TRANSPORTATION

European transport M&A activity reached €8.4bn worth of deals in H1 2014, compared to €12.4bn in the first half of 2013. These figures reflect a muted M&A environment for transport in 2014, although many observers predict an uplift in activity during the second half of the year.

This growing momentum is also reflected in the improvement of deal flow in the second quarter of 2014, which stood at €4.8bn, compared to €3.6bn worth of transportation deals in Q1 2014. The UK & Ireland saw the largest share of deal value at €2.6bn of deals, followed by the Nordics with €982m.

In terms of volume, the transport sector this year represents 4.1% of total European M&A, or 116 deals. In MENA, although only 1% of deal value is from the sector, transport deal volume was 5% for the first half of the year. Europe saw a marginal uplift in M&A volume, as smaller deals were undertaken thanks to more realistic valuations. This adjustment in deal prices could breathe further life into the sector, say bankers and industry experts.

The sector’s largest deal saw Babcock International, the UK engineering support services company, acquire the entire issued share capital of Avincis for €1.1bn from World Helicopters.

The second largest deal was the €991m shipping merger between Hapag-Lloyd and Compañía Sud Americana de Vapores. The new Hapag-Lloyd entity ranks among the four largest shipping companies in the world, with some 200 vessels of a total transport capacity of around one million TEU (twenty-foot equivalent unit) and an annual transport volume of 7.5m.

In MENA, transport infrastructure is seen as a key growth area, particularly in the Gulf Cooperative Council (GCC) countries as expansion programmes undertake long-term planning for events such as the Dubai Government’s US$7bn Expo 2020. As the region continues to grow, construction players in the region such Arabtec, Al Jaber, Orascom and Emaar are also likely to become involved

in projects to build highways, ports, and bus and train stations – especially in Qatar and Bahrain.

In Europe, dealmakers polled by this news service said the shipping sector is expected to see solid levels of activity in the latter half of 2014 into 2015. The Nordics and Greece are especially tipped for growth. Over the past two years, shipping has seen increasing numbers of large ship orders. This has led to financing headaches in some cases, causing some players to look to mergers and other solutions to finance expansion or to deal with distressed assets.

The M&A mood in shipping is reflected in the proliferation of shipping deals in the top 10 biggest transactions this year to date. For instance, French ship owner, builder and operator Jaccar Holdings made a €801m public offer for Bourbon, the French offshore services provider.

Another transformative deal saw Greece’s Star Bulk Carriers Corp merge with Oceanbulk to create the largest US-listed dry bulk company. Through the transaction, Star Bulk has acquired an operating fleet of 15 dry bulk carrier vessels.

The liquefied natural gas (LNG) and liquefied petroleum gas (LPG) segments have fared best in the shipping sector. Unlike other shipping segments, this niche market is not as yet flooded with vessels. However, with over 50% of the LPG fleet still on order – some 92 vessels – there is a danger that the LPG space could become saturated. The shipping industry’s exposure to environmental risk and tighter regulatory controls are also expected to drive rapid growth in the sector.

Private equity continues to be interested in transport, with some funds now exiting from earlier investments. World Helicopters, the top vendor among deals in the sector, is actually a portfolio company of investment funds affiliated with Investindustrial and Kohlberg Kravis Roberts. PE firm Oaktree Investors was also behind the Star Bulk deal and the latter will now control 61.3% of its shares.

Questions nonetheless remain over who will buy transport assets in the near term, as the sector often takes a much longer-term view of return on investment than PE firms are typically able to.

Turning to the airline industry, carriers are looking to do more cross-border deals in MENA and Africa. For example, Turkish Airlines is planning to establish a regional airline in Uganda via a joint venture.

IAG’s stake reduction in regional airline Flybe to below 5% is also symptomatic of this trend. IAG’s CEO Willie Walsh is among industry leaders that have gone on record regarding instead the attractiveness of airline assets outside of Europe.

by Elaine Green

35


TRANSPORTATIONTOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

Announced Date


27-Mar-14 C Babcock International Group Plc Avincis Group Kohlberg Kravis Roberts & Co LP; and Investindustrial SpA

1,965

16-Apr-14 P Hapag-Lloyd AG Compañía Sud Americana de Vapores SA (Container business)

Compañía Sud Americana de Vapores SA 999

30-Apr-14 C Jaccar Holdings SA Bourbon SA (44.77% Stake) 801

22-May-14 P Gazprombank OAO; and a consortium led by Russian Direct Investment Fund

OJSC SIBUR Holding (Marine terminal in Ust-Luga) OJSC SIBUR Holding 513

23-May-14 P Tek-Art Kalamis ve Fenerbahce Marmara Turizm Tesisleri AS

Fenerbahce – Kalamis Marina Government of Turkey 487

16-May-14 P Hestya Energy BV H.E.S. Beheer NV 469

16-Jun-14 C Star Bulk Carriers Corp Oceanbulk Shipping LLC; Oceanbulk Carriers LLC; and Heron Ventures Limited (2 Tsuneishi (Japan) Kamsarmax vessels)

Oaktree Capital Group LLC; Heron Ventures Limited; and Pappas Family

449

05-Jun-14 C Safi Kati Yakit Sanayi Ve Ticaret AS Derince Port Government of Turkey 398

06-Mar-14 C DouglasBay Capital Plc Eddie Stobart Logistics Limited (51% Stake) Stobart Group Limited 340

21-May-14 P Abertis Infraestructuras SA Invin SA (42.3% Stake) Capital Riesgo Global SCR de Regimen Simplificado SA

291

20-Jan-14 P JP Morgan Asset Management; and Klaveness Marine Holding AS

Norwegian Car Carriers ASA (70.2% Stake) 228

23-Jun-14 C KNOT Offshore Partners LP Knutsen Shuttle Tankers 15 AS Knutsen NYK Offshore Tankers AS 206

23-Jun-14 C KNOT Offshore Partners LP Knutsen Shuttle Tankers 14 AS Knutsen NYK Offshore Tankers AS 202

21-Feb-14 P Teekay Offshore Partners LP ALP Maritime Services BV 190

24-Apr-14 C Dynagas LNG Partners LP Dynagas Holding Ltd (Arctic Aurora) Dynagas Holding Ltd 170


36


TRANSPORTATIONMIX OF DEALS BY GEOGRAPHIC REGION

VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic


Other

QUARTERLY TRENDS

VALUE VOLUME

Valu

e (€

m)

Volu

me



19.6%

30.5%

2.8%

11.4%

4.5%3.2%9.3%

11.7%

7.0%

6.0%

17.3%

12.9%

10.3%

5.2%8.6%

14.7%

14.7%

10.3%


0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

10

20

30

40

50

60

70

80

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108


37


TRANSPORTATIONFINANCIAL ADVISERS


LEGAL ADVISERS


H1 2013

H1 2014


Number of Deals



15 3 JPMorgan 1,965 1

38 4 KPMG 1,344 9

10 5 Goldman Sachs 999 1

- 6 Bank of America Merrill Lynch 982 1

2 7= BNP Paribas 801 2

- 7= Natixis 801 2

23 9= Lazard 801 1

24 9= Societe Generale 801 1

- 11 Evercore Partners 481 2

13 12 ING 469 2

- 13 Kempen & Co 469 1

- 14 Raiffeisen Centrobank 398 1

50 15 UBS Investment Bank 369 1

- 16 Cenkos Securities 340 1

34 17 Santander Global Banking and Markets 291 1

- 18 ABG Sundal Collier Holding 268 2

27 19 Nordea Corporate Finance 228 1

- 20 Atlas Advisors 220 2

H1 2013

H1 2014


Number of Deals


- 2 Ashurst 2,110 3

61 3 Stibbe 1,981 3

1 4 Freshfields Bruckhaus Deringer 999 3


71 6= Allen & Overy 999 1

- 6= Allens 999 1

- 6= Carey y Cia 999 1

- 6= Claro y Cia 999 1

- 6= Demarest 999 1

- 6= Gleiss Lutz 999 1


- 13 Simpson Thacher & Bartlett 982 1

- 14 White & Case 940 5

- 15= Bredin Prat 801 1

- 15= Ginestié Magellan Paley-Vincent 801 1

- 17 De Brauw Blackstone Westbroek 689 3

35 18 Loyens & Loeff 682 4

- 19 Kirkland & Ellis 619 2

- 20= Paul Weiss Rifkind Wharton & Garrison 481 2

- 20= Seward & Kissel 481 2

H1 2013

H1 2014


Number of Deals

2 1 KPMG 1,344 9


13 3 EY - 4

3 4 PwC 122 3

14 5 UniCredit Group - 3


6 7= BNP Paribas 801 2

- 7= Natixis 801 2

- 9 Evercore Partners 481 2

1 10 ING 469 2

- 11 ABG Sundal Collier Holding 268 2

- 12 Atlas Advisors 220 2

- 13 ABN AMRO Bank 190 2

32 14 Nomura Holdings 187 2

- 15= Advizer - 2

- 15= Lincoln International - 2

63 15= Saphir Capital Partners - 2

18 18 JPMorgan 1,965 1

25 19 Goldman Sachs 999 1

- 20 Bank of America Merrill Lynch 982 1

H1 2013

H1 2014


Number of Deals

9 1 Eversheds 123 6

- 2 White & Case 940 5

48 3 Loyens & Loeff 682 5


- 5 Ashurst 2,110 3

23 6 Stibbe 1,981 3

1 7 Freshfields Bruckhaus Deringer 999 3

- 8 De Brauw Blackstone Westbroek 689 3

- 9 NautaDutilh 65 3

5 10 CMS - 3



- 13= Kirkland & Ellis 619 2

- 13= Paul Weiss Rifkind Wharton & Garrison 481 2

- 13= Seward & Kissel 481 2

- 13= Wachtell, Lipton, Rosen & Katz 481 2

85 17 Houthoff Buruma 469 2

- 18 Wiersholm 395 2

104 19 Uria Menendez 291 2

42 20 Arntzen de Besche 112 2

The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and cover the Transportation sector.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals. The tables are pan-European and cover the Transportation sector.

38

DEAL DRIVERS – EMEA - PHARMA, MEDICAL & BIOTECH

PHARMA, MEDICAL & BIOTECH

PHARMA, MEDICAL

& BIOTECH

July 2014’s announcement of a €51.2bn merger between US-based Abbvie and Ireland-headquartered Shire is the ultimate cherry on top of the pharmaceuticals M&A news flow that has kept the markets on their toes throughout H1. This deal is yet another example of the tax inversion trend that dominated headlines so far in 2014.

The strategy first came to the M&A community’s attention with the courtship between US-based Pfizer and UK-domiciled AstraZeneca. The deal failed to materialise in spite of lengthy discussions between all parties involved, including shareholders, management and UK policy makers. The lesson learnt from the failed €88.4bn transatlantic tie-up is that an M&A rhetoric that is too heavily reliant on tax inversion advantages and too little based on post-integration assurances cannot succeed in the current M&A environment.

Animal healthcare has been one of pharmaceuticals, medical and biotech’s most active segments. The much-prized French Ceva Sante Animale was eyed by major private equity players, and was eventually sold to a consortium of investors in June. Before that, Eli Lilly acquired Novartis’ animal health division in April for €3.9bn, leaving the animal healthcare landscape with few assets up for grabs.

Over-the-counter (OTC) drug transactions have also bustled. We wait with anticipation to see whether companies such as US-listed Perrigo, which became Ireland headquartered pursuant to its acquisition of Elan in 2013, will be snapped up for tax inversion purposes. Perrigo not only boasts a mix of OTC products, nutritional supplements, prescription drugs and animal health offerings, but also has royalties for multibillion dollar multiple sclerosis drug Tysabri.

Similarly, Belgium-headquartered OTC player Omega Pharma has been rumoured to be a potential takeover target, with a price tag numbering in the billions of euros. These companies will likely be in the limelight as takeover targets over the coming months.

After so many pharmaceuticals and biotech deals, M&A in the medical devices sector is expected to grow. Medtronic’s €33.9bn acquisition of Covidien in June this year was not only the largest healthcare sector deal in H1, but also the top deal by value amid all sectors – a clear indication that the sector overall remains healthy and buoyant.

In that same month, the UK’s GSK purchased Novartis’ global vaccines business for €3.8bn and US-headquartered Mallinckrodt snatched up Questcor Pharmaceuticals for €3.6bn in a deal that will widen the bidder’s portfolio to include specialised drugs for difficult-to-treat autoimmune and inflammatory disorders.

To further highlight the vibrant healthcare M&A market, of the top six deals in the all sectors chart announced in H1 2014, four were in the pharmaceuticals, medical and biotech sector. Actavis’ acquisition of Forest Laboratories in February for €16.8bn took fourth place, followed by Novartis’ acquisition of GSK’s oncology division for €10.6bn in April and German Bayer’s acquisition of US-based Merck & Co’s consumer care division for €10.1bn in May.

European cross-border dealmaking is set to continue. Outbound activity will likely be characterised by European pharmaceuticals companies seeking to replenish pipelines with new platform technologies and gain access to wider patient populations in the US; M&A inbound activity will continue to be driven by tax-beneficial environments until US Congress enacts legislation that will put a break to tax inversion deals.

Healthcare M&A in Q2 2014 reached €56.7bn – the highest recorded quarterly activity since 2008. Yet in terms of volume, it averaged values close to those reached in 2011 and 2012.

Among European deals, pharmaceuticals, medical and biotech took a 17.9% stake in terms of value, just behind TMT, but comprised only 6.8% in terms of volume, placing it in seventh place amid 13 sectors. Consolidation is clearly happening among the larger players, but it is not yet certain

whether this will cause a ripple effect to mid-market deals.

Capital markets activity has also been notable in the healthcare services and clinics sector. Examples include The Cambian Group, Integrated Dental Holding and Spire Healthcare faring well on valuations. Italian prescription drug business Rottapharm caused a stir when it suddenly chose not to list on the Milan stock exchange (contrary to the expected London Stock Exchange listing), and completely abandoned IPO plans, signalling that perhaps this sub-sector is best left to the hungry M&A world of hunters and targets.

by Mintoi Chessa-Florea

39


PHARMA, MEDICAL & BIOTECHTOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

Announced Date


15-Jun-14 P Medtronic Inc Covidien Plc 33,916

18-Feb-14 C Actavis Plc Forest Laboratories Inc 16,813

22-Apr-14 P Novartis AG GlaxoSmithKline Plc (Oncology division) GlaxoSmithKline Plc 10,506

06-May-14 P Bayer AG Merck & Co (Consumer care business) Merck & Co Inc 10,197

22-Apr-14 P Eli Lilly and Company Limited Novartis Animal Health Inc Novartis AG 3,916

22-Apr-14 P GlaxoSmithKline Plc Novartis AG (Global vaccines business) Novartis AG 3,804

07-Apr-14 P Mallinckrodt Plc Questcor Pharmaceuticals Inc 3,603

11-Jun-14 P Ramsay Health Care Limited; and Credit Agricole Assurances SA

Generale de Sante SA Sante Developpement Europe SAS; and Sante SA

1,508

11-Jun-14 C Temasek Holdings Pte Ltd; and CDH Investments

Ceva Sante Animale SA NiXEN Partners SAS 1,500

01-Jun-14 P Montagu Private Equity LLP Sebia SA Cinven Limited; Astorg Partners 1,200

30-Jun-14 C The Cooper Companies Inc Sauflon Pharmaceuticals Limited 918

11-Feb-14 C Mallinckrodt Plc Cadence Pharmaceuticals Inc 878

03-Feb-14 C Smith & Nephew Plc ArthroCare Corporation One Equity Partners LLC 859

06-Jan-14 C GE Healthcare Ltd Thermo Fisher Scientific Inc (Cell Culture business); Thermo Fisher Scientific Inc (Gene Modulation business); and Thermo Fisher Scientific Inc (Magnetic Beads business)

Thermo Fisher Scientific Inc 777

22-May-14 C Pharmstandart OAO and Millhouse LLC CJSC Biocad (70% Stake) Gazprombank OAO 513


40


PHARMA, MEDICAL & BIOTECHMIX OF DEALS BY GEOGRAPHIC REGION

VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic


Other

QUARTERLY TRENDS

VALUE VOLUME



78.5%

9.5%

8.1%0.1%0.7% 0.6% 0.6%

1.9% 1.6%

20.3%

22.9%

14.1%2.6%

7.8%

7.3%

13.0%

10.4%

Valu

e (€

m)

Volu

me


0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

55,000

60,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

10

20

30

40

50

60

70

80

90

100

110

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108


41


PHARMA, MEDICAL & BIOTECHFINANCIAL ADVISERS


LEGAL ADVISERS


H1 2013

H1 2014


Number of Deals



- 3 Perella Weinberg Partners 33,916 2

10 4 JPMorgan 28,748 6

- 5 Morgan Stanley 27,750 6

44 6 Lazard 19,470 10

4 7 Greenhill & Co 16,813 2

- 8 Mizuho Financial Group 16,813 1

5 9 Citi 16,429 8

- 10 Zaoui & Co 14,310 3

26 11 EY 10,849 9

- 12 Arkle Associates 10,506 1

6 13 Centerview Partners 5,567 5

17 14 Barclays 5,235 5


- 16 Nomura Holdings 1,712 3


- 18 Mediobanca 1,508 1

- 19 Capitalmind Corporate Finance Advisory 1,500 3

- 20= Callisto 1,500 1

21 20= Natixis 1,500 1

H1 2013

H1 2014


Number of Deals


7 2= Arthur Cox 55,210 4

- 2= Wachtell, Lipton, Rosen & Katz 55,210 4



- 6 Slaughter and May 49,003 5


2 8 Matheson 37,536 3

3 9 A&L Goodbody 34,426 3

5 10 Fried Frank Harris Shriver & Jacobson 28,279 5



- 13 Blake, Cassels & Graydon 24,507 4

- 14 Simpson Thacher & Bartlett 20,855 3


- 16 William Fry 16,813 2

17 17 Linklaters 14,773 11

- 18 Herbert Smith Freehills 14,332 5

36 19= Baer & Karrer 14,310 3

37 19= Niederer Kraft & Frey 14,310 3

H1 2013

H1 2014


Number of Deals

50 1 Lazard 19,470 10

2 2 KPMG 174 10


4 4 EY 10,849 9

8 5 Deloitte 281 9

15 6 Citi 16,429 8



7 9 JPMorgan 28,748 6


28 11 Centerview Partners 5,567 5

11 12 Barclays 5,235 5

10 13 Jefferies 840 5

3 14 PwC 108 5



13 17 M&A International - 4

- 18 Zaoui & Co 14,310 3

- 19 Nomura Holdings 1,712 3

- 20 Capitalmind Corporate Finance Advisory 1,500 3

H1 2014

H12014


Number of Deals




2 4 Jones Day 10,363 11




4 8 DLA Piper 325 8

29 9 Vinge 50 7



80 12 Covington & Burling 10,892 6


1 14 CMS 218 6

- 15 Slaughter and May 49,003 5

20 16 Fried Frank Harris Shriver & Jacobson 28,279 5

- 17 Herbert Smith Freehills 14,332 5


60 19 White & Case 690 5

- 20 Walder Wyss 159 5

The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and are based on the following sectors: Biotechnology; Medical; and Pharmaceuticals.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals.The tables are pan-European and are based on the following sectors: Biotechnology; Medical; and Pharmaceuticals.

42

DEAL DRIVERS – EMEA - CONSTRUCTION

CONSTRUCTION

CONSTRUCTION

In H1 2014, there was evidence that construction M&A activity across EMEA began to improve. Momentum started to build in the closing months of 2013 as more stable stock and currency markets across the Eurozone began to foster a climate of renewed confidence among dealmakers. Improving GDP growth, the continuing low interest rate environment, and strong growth in corporate earnings and cash generation also aided sentiment with many corporates sitting on surplus cash balances. Against this improving backdrop, access to debt and credit markets also began to improve with corporates looking to leverage their balance sheets rather than call on shareholders for fresh equity. With keen pricing in debt and credit markets expected to continue, the shift towards debt financing is anticipated to be an ongoing trend with companies looking to either refinance or extend their current debt and loan facilities.

Overall, construction M&A in H1 2014 was dominated by the proposed €28.8bn merger between Holcim and Lafarge, two of Europe's largest building materials companies. The transaction, which was announced in April, is one of the largest in Europe so far this year. The complexity of this transaction, however, means the merger is unlikely to complete until 2015. It is also part of a broader consolidation trend, in which European aggregates producers seek to achieve increased geographical scale. While the Holcim/Lafarge deal is likely to reach completion, an increasing number of buyers are interested in some of the €3.7bn worth of assets put up for sale by the pair to satisfy the relevant regulatory bodies. Around two-thirds of the potential divestments are thought to be in Europe. The remainder are largely based in the US, Canada, India and China. Potential buyers for aggregates assets, such as sand, rock and gravel, include Vulcan Materials and Martin Marietta Materials, as well as some private equity firms.

Blackstone, Cinven and a Canadian pension fund are also believed to be exploring a joint bid for some assets. Other potential private equity bidders include Apollo, Carlyle, TPG Capital, CVC, KKR and BC Partners, according to reports.

Apart from the Holcim/Lafarge mega-merger, there was a shift towards larger and more transformational deals in the first half of 2014. UK civil engineering and construction group AMEC agreed a €25bn bid for its US-based rival, Foster Wheeler. This deal typifies a growing trend, with construction companies seeking increased exposure to the energy sector, especially the oil and gas, power generation and petrochemicals segments. Construction companies are now looking to provide end-to-end service solutions for customers and are targeting acquisitions which can bring in new technologies, skill sets and intellectual property. In terms of recent IPO activity, UK plastic pipes manufacturer Polypipe successfully listed in London in April with a market capitalisation of €620m. There are signs that the upward momentum generated in H1 2014 is set to continue. Balfour Beatty, the UK-based civil engineering firm, has put its US construction arm up for sale. The company is in the process of evaluating first round bids for its Parsons Brinckerhof subsidiary following a strategic review. Potential bidders are thought to include Dutch-based Arcadis, Canadian group WSP Global and UK civil engineering group WS Akins. Based on recent exit multiples, observers estimate that Parsons Brinckerhof could command a valuation of around €740m. In Germany, construction group Bilfinger has put its Austrian civil engineering unit up for sale. It has received expressions of interest from Austria-based companies Strabag and Porr, according to reports. Analysts estimate the unit could fetch around €200m.

Acquisitions are also on the agenda for several major construction companies. For instance, Tarkett, the French flooring

company which was listed in Paris last year, is now looking to accelerate its growth through selective acquisitions. Following last year's listing, it now has some €500m to fund its growth strategy. Tarkett is keen to broaden its product portfolio and extend its geographical reach in emerging markets such as Mexico, Brazil and other South American countries as well as China and Asia. by Malcolm Locke

43


CONSTRUCTIONTOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 (ANY EUROPEAN INVOLVEMENT)

Announced Date


07-Apr-14 P Holcim Ltd Lafarge SA 28,806

23-Jun-14 P SNC-Lavalin Group Inc Kentz Corporation Limited 1,217

31-Mar-14 C CVC Capital Partners Limited Parex Group SA Materis SAS 880

04-Jun-14 P Lafarge Africa Plc Lafarge South Africa (Pty) Ltd; AshakaCem PLC (58.61% Stake); United Cement Company of Nigeria (Ltd) (35% Stake); and Atlas Cement Company Limited

Lafarge SA 860

10-Mar-14 C Hochtief AG Leighton Holdings Limited (15.46% Stake) 762

06-Mar-14 C Italcementi SpA Ciments Français (16.84% Stake) 479

12-May-14 C OBOS Nye Hjem AS BWG Homes ASA (67.01% Stake) 411

27-May-14 P Union Andina de Cementos SAA Lafarge Cementos SA (98.57% Stake) Lafarge SA 399

24-Mar-14 C CALA Group Limited Banner Homes Group Plc Prowting Family 238

10-Jan-14 P Bluegrass Materials Company LLC Lafarge SA (Five aggregates quarries and related assets) Lafarge SA 234

19-Mar-14 C Egeria BV JET Gruppe H2 Equity Partners BV 200

25-Mar-14 P Hornbach family Hornbach Holding AG (12.5% Stake) Kingfisher Plc 191

19-Mar-14 P Nippon Steel & Sumikin Engineering Co Ltd Fisia Babcock Environment GmbH Salini Impregilo SpA 139

26-May-14 C Ahlstrom Capital Oy Destia Ltd Government of Finland 130

03-Mar-14 C Valmont Industries Inc Valmont SM AS (90% Stake) DS Gruppen AS 96


44


CONSTRUCTIONMIX OF DEALS BY GEOGRAPHIC REGION

VALUE VOLUME

UK & Ireland

Germanic

France

Italy

Iberia

Benelux

Nordic


Other

QUARTERLY TRENDS

VALUE VOLUME



2.2%5.1% 1.6%

90.3%

0.4%

0.4% 0.9%18.3%

14.8%

15.7%

0.9%5.2%

7.8%

21.6%

14.8%

Valu

e (€

m)

Volu

me


0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

10

20

30

40

50

60

70

80

90

100

110

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108


45


CONSTRUCTIONFINANCIAL ADVISERS


LEGAL ADVISERS


H1 2013

H1 2014


Number of Deals



2 3 Lazard 29,924 3


1 5 Citi 29,666 2



9 8= Goldman Sachs 28,806 1

- 8= HSBC 28,806 1

- 8= Zaoui & Co 28,806 1

4 11 Barclays 4,004 1

- 12= Investec 1,217 1

- 12= Ondra Partners 1,217 1

- 12= RBC Capital Markets 1,217 1

- 15 Sycomore Corporate Finance 880 1

- 16= Chapel Hill Advisory Partners 860 1

- 16= Standard Chartered 860 1

49 18 KPMG 826 5


10 20 JPMorgan 762 1

H1 2013

H1 2014


Number of Deals




14 4 AZB & Partners 28,814 2

27 5= Amarchand & Mangaldas & Suresh A Shroff & Co

28,806 1

54 5= Baer & Karrer 28,806 1

17 5= Blake, Cassels & Graydon 28,806 1

- 5= Homburger 28,806 1

- 9 Bredin Prat 6,020 1

- 10 Lenz & Staehelin 5,790 1

1 11 Allen & Overy 4,004 1

- 12 Norton Rose Fulbright 1,227 2

- 13= Simmons & Simmons 1,217 1

- 13= Stikeman Elliott 1,217 1


- 16= Scotto & Associes 880 1

25 16= Weil Gotshal & Manges 880 1

- 18= Udo Udoma & Belo-Osagie 860 1

- 18= Webber Wentzel 860 1

- 20 Allens 766 2

H1 2013

H1 2014


Number of Deals



49 3 KPMG 826 5

5 4 Deloitte 302 5

14 5 BDO 39 4

4 6 PwC 4 4


2 8 Lazard 29,924 3


7 10 Citi 29,666 2



- 13 Advium Corporate Finance 130 2

- 14 Swedbank 30 2

- 15= Keystone Advisers - 2

- 15= MCF Corporate Finance - 2

20 17= Goldman Sachs 28,806 1

- 17= HSBC 28,806 1

- 17= Zaoui & Co 28,806 1

17 20 Barclays 4,004 1

H1 2013

H1 2014


Number of Deals


94 2 White & Case 179 3

68 3 Hannes Snellman 130 3

86 4 SORAINEN 17 3

- 5= Bech-Bruun - 3

- 5= Krogerus - 3

50 5= Roschier - 3



30 10 AZB & Partners 28,814 2

- 11 Norton Rose Fulbright 1,227 2


- 13 Allens 766 2

4 14 Ashurst 762 2

- 15 Thommessen 411 2

42 16 Travers Smith 376 2


- 18 Kim & Chang 111 2

- 19 NautaDutilh 70 2

- 20 Castren & Snellman 60 2

The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are pan-European and cover the Construction sector.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals. The tables are pan-European and cover the Construction sector.

46

DEAL DRIVERS – EMEA - THE MIDDLE EAST & NORTH AFRICA

THE MIDDLE EAST & NORTH AFRICA

THE MIDDLE EAST & NORTH

AFRICA

M&A in the Middle East and North Africa (MENA) region is set to pick up in H2 2014, particularly in the Gulf Cooporation Council (GCC) where business confidence is high and economies are robust. In terms of the broader economic picture, MENA’s GDP is expected to grow 3.2% in 2014 compared with 2.2% in 2013, as global economic conditions improve and oil production recovers.

But the strong economic climate has yet to translate into an uptick in M&A activity: MENA M&A in H1 2014 was valued at €5.9bn, down 50% compared to H1 2013, according to Mergermarket data. That said, Q2 2014 already showed signs of improvement after a shaky start to the year: Q2 saw 28 deals worth €4.3bn, compared to 27 deals worth €1.5bn in Q1 2014.

The economic climate also looks set to buoy M&A activity, particularly in GCC countries, where population growth is putting increased demands on goods and services. As such, defensive sectors including healthcare, education, and food and beverages will likely remain a focus for investors. Sustained levels of M&A are also expected in the real estate, financial services, hospitality and retail sectors. Joint ventures continue to play an important role in the dealmaking landscape in the region.

The UAE and Saudi Arabia are expected to lead both inbound and outbound deal flows in the region. In these countries, there is greater interest in capital markets transactions. There is also a continuing and healthy growth trend in terms of small and mid-sized deals in the region where 80% of the deals are valued at US$100m or less.

Observers anticipate that private equity will play a significant role in M&A in the region throughout 2014, with exits expected for maturing portfolio companies. A number of private equity players who have now established a track record in the region are raising new funds and making investments.

There is also ongoing outbound investment from sovereign wealth funds and intra-regional M&A activity. Corporates that have benefited from economic growth in the

region are looking for growth opportunities, whether that be through additional financing, exit buys or mergers.

In terms of key sectors, energy, mining and utilities comprised the lion’s share of H1 2014 activity. The Netherlands’ Vitol Holding and the Abu Dhabi Investment Council have teamed up to acquire the Australian downstream assets of Royal Dutch Shell for a transaction valued at €1.6bn, and Qatar’s Al Mirqab made a recommended public offer to acquire the UK's Heritage Oil at a deal value of €1.1bn.

Activity in the financial services sector has also gained pace, with nine deals valued at €1.1bn. In May 2014, the UAE’s B.R. Shetty, together with equity partners associated with Centurion Investments, agreed to acquire UK foreign exchange group Travelex from Apax Partners for an estimated €1.2bn. Qatari Diar Real Estate Investment Company also acquired a 37.34% stake in Barwa Bank from Barwa Real Estate Company for €484m.

In TMT, the largest deal was Algeria-based Fonds National d’Investissement’s purchase of a 51% stake in Algeria’s Orascom Telecom Algerie from Egypt’s Global Telecom Holding for a cash consideration of €1.9bn.

Another busy sector was consumer. In one notable transaction, Bahrain’s Investcorp and US Freeman Spogli & Co agreed to acquire US-based Totes Isotoner Corporation for €363m.

On the equity capital markets front, the Dubai Financial Market (DFM) General Index was up around 50% earlier this year. This surge in activity was cause for corporates to revisit some of the transactions they had previously put on hold.

This year has also seen global markets index provider MSCI upgrading the UAE and Qatar from ’frontier markets’ to ’emerging markets’, sparking hope that this will attract more foreign investors to these countries.

The major IPO the region saw this year was Mesaieed Petrochemical Holding

Company in Qatar raising €670m, and becoming the first IPO on the Qatari stock exchange since 2010.

Looking ahead, Emaar Malls Group is set to list a 25% stake on the DFM and the Saudi government plans to make public a 15% stake in National Commercial Bank, the country’s largest lender. This IPO is expected to be the largest ever in the Kingdom’s history.

by Ruth McKee

47


THE MIDDLE EAST & NORTH AFRICATOP 15 ANNOUNCED DEALS FOR YEAR ENDING 30 JUNE 2014 – MIDDLE EAST & NORTH AFRICA ALL SECTORS

Announced date

Status Bidder company Target company Sector Vendor company Deal value (€m)

18-Apr-14 P Fonds National d'Investissement Orascom Telecom Algerie SPA (51% Stake)

TMT Global Telecom Holding SAE 1,916

19-Feb-14 C Vitol Holding BV; and Abu Dhabi Investment Council

Royal Dutch Shell Plc (Downstream assets in Australia)

Energy, Mining & Utilities Royal Dutch Shell Plc 1,575

22-May-14 P Bright Food (Group) Co Ltd Tnuva Food Industries Ltd (56.1% Stake)

Consumer Apax Partners LLP 1,281

23-May-14 P BRS Ventures & Holdings Limited Travelex UK Limited Financial Services Apax Partners LLP 1,234

30-Apr-14 C Al Mirqab Heritage Oil Plc (80% Stake) Energy, Mining & Utilities 1,106

27-Feb-14 C International Petroleum Investment Company Oil Search Limited (13.17% Stake) Energy, Mining & Utilities Government of Papua New Guinea 1,102

13-Jun-14 C Government of Chad Chevron Global Energy Inc (Producing oil concession in Southern Chad) (25% Stake); and Chevron Global Energy Inc (Export pipeline interests) (21% Stake)

Energy, Mining & Utilities Chevron Global Energy Inc 961

20-Jan-14 P Kuwait Foreign Petroleum Exploration Company KSC

Wheatstone LNG Project (6.4% Stake); and Wheatstone LNG Project (Gas fields) (8% Stake)

Energy, Mining & Utilities Royal Dutch Shell Plc 837

29-Jan-14 C Qatar Petroleum (QP) Block BC-10 Energy, Mining & Utilities Royal Dutch Shell Plc 732

14-Feb-14 C Rakuten Inc Viber Media Inc TMT Shabtai Family; IRS WEST LLC; and Marco family

657

20-Jan-14 P Qatari Diar Real Estate Investment Company Barwa Bank PQSC (37.34% Stake) Financial Services Barwa Real Estate Company QSC 484

05-May-14 P Maroc Telecom Atlantique Telecom Group; and Prestige Telecom SA

TMT Emirates Telecommunications Corporation

469

02-Mar-14 P Abu Dhabi National Energy Company PJSC Karcham Wangtoo hydropower project; and Baspa II hydropower project

Energy, Mining & Utilities Jaiprakash Associates Limited 446

20-Jan-14 C Emirates Central Cooling Systems Corporation Palm Utilities Energy, Mining & Utilities Istithmar World Capital 369

17-Apr-14 P TDR Capital LLP Delek Europe BV Consumer Delek Europe Holdings Ltd 367


48


THE MIDDLE EAST & NORTH AFRICAMIX OF DEALS BY INDUSTRY SECTOR

VALUE VOLUME

Industrials & Chemicals

Financial Services

Business Services

Consumer

Energy, Mining & Utilities

TMT

Leisure

Transportation

Pharma, Medical & Biotech

Construction

Real Estate

Defence

Agriculture

18.3%

7.9%

33.1%

0.2%

32.7%

0.1% 5.5%0.4%

0.5%

1.2% 0.1%

16.4%

14.5%

21.7%

1.8%

10.9%

5.5%

1.8%

7.3%

5.5%

7.3% 7.3%

QUARTERLY TRENDS

VALUE VOLUME

Valu

e (€

m)

Volu

me



0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

0

5

10

15

20

25

30

35

40

45

50

55

60

Q214

Q114

Q413

Q313

Q213

Q113

Q412

Q312

Q212

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108



49


THE MIDDLE EAST & NORTH AFRICAFINANCIAL ADVISERS



LEGAL ADVISERS

H1 2013

H1 2014


Number of Deals

25 1 KPMG 3,370 4

11 2 JPMorgan 2,340 2



- 5 FTI Consulting 1,916 1




- 9 Evercore Partners 1,234 2


42 10= Standard Chartered 1,234 1

19 12 QInvest 1,106 1

4 13 Barclays 937 3

- 14 BNP Paribas 739 4

- 15 Attijariwafa Bank (Middle East) 467 1

21 16 EY 446 1

35 17 Simmons & Company International 410 2

10 18 HSBC 362 3

1 19 Morgan Stanley 268 2

38 20= Canaccord Genuity 240 1

- 20= Nielen Schuman 240 1

31 20= William Blair & Company 240 1

H1 2013

H1 2014


Number of Deals

17 1 KPMG 3,370 4


- 3 BNP Paribas 739 4



8 6 Barclays 937 3

9 7 HSBC 362 3

2 8 PwC 50 3

10 9 JPMorgan 2,340 2



- 12 Evercore Partners 1,234 2

6 13 Simmons & Company International 410 2

3 14 Morgan Stanley 268 2

5 15 Citi 118 2

51 16 BDO 77 2

- 17 Perella Weinberg Partners 60 2

15 18 Rothschild 23 2

- 19 FTI Consulting 1,916 1


43 20= Standard Chartered 1,234 1

H1 2013

H1 2014


Number of Deals

3 1 White & Case 4,009 7

33 2 Gibson Dunn & Crutcher 2,776 4








8 10 Jones Day 1,284 4

64 11= Berwin Leighton Paisner 1,234 1

- 11= Macfarlanes 1,234 1

- 13= Debevoise & Plimpton 1,200 1

- 13= Loyens & Loeff 1,200 1

- 15 McCarthy Tetrault 1,112 2

57 16= Herbert Smith Freehills 1,106 1

- 16= Mishcon de Reya 1,106 1

- 16= Mourant Ozannes 1,106 1

90 19 Stibbe 1,103 4

- 20 Akin Gump Strauss Hauer & Feld 1,068 2

H1 2013

H1 2014


Number of Deals



3 3 White & Case 4,009 7



8 6 Gibson Dunn & Crutcher 2,776 4

16 7 Jones Day 1,284 4

90 8 Stibbe 1,103 4





6 13 DLA Piper 53 3



- 16 McCarthy Tetrault 1,112 2

- 17 Akin Gump Strauss Hauer & Feld 1,068 2

13 18 Norton Rose Fulbright 275 2

9 19 CMS 240 2

- 20 Dechert 77 2

The financial adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014, excluding lapsed and withdrawn deals. The tables are based on advice to a Euro-pean bidder, target or vendor and cover the Middle East and North Africa excluding Israel, and cover all sectors.

The legal adviser league tables by value and volume have been run from 01/01/2014 to 30/06/2014 and include lapsed and withdrawn deals. The tables are based on advice to a European bidder, target or vendor and cover the Middle East and North Africa excluding Israel, and cover all sectors.

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ABOUT MERRILL CORPORATIONMerrill DataSite (Division of Merrill Corporation) ContactsTel: +44 845 602 6916 (Europe) +1 888 867 0309 (US)

EXECUTIVE MANAGEMENTEd BifulkPresidentTel: +1 212 229 6563

EXECUTIVE SALES

Anna ScottRegional Director, U.K.Tel: +44 20 7422 6263

Chris BeckmannRegional Director, Germany, Switzerland & PolandTel: +49 69 244 321 480

Martin AlamriRegional Director, GermanyTel: +49 69 244 321 471

Jérôme PottierRegional Director, FranceTel: +33 1 40 06 13 12

Hakema El-HadadRegional Director, France & Northern AfricaTel: +33 1 40 06 13 10

Mike HinchliffeRegional Director, EuropeTel: +44 20 7422 6256

Adam PangRegional Director, EuropeTel: +44 20 7422 6268

Merlin J. PiscitelliRegional Director, EuropeTel: +44 20 7422 6266

Mary WalshRegional Director, EuropeTel: +44 20 7422 6270

Bryan BrightonRegional Director, EuropeTel: +44 20 7422 6212

Jonathan HughesAccount Manager, EuropeTel: +44 20 7422 6267

Malcolm NeateAccount Manager, EuropeTel: +44 20 7422 6272

Alex GrossRegional Director, Eastern Europe & Middle EastTel: +49 69 7593 7148

Alvaro OrtegaRegional Director, Southern EuropeTel: +39 27 636 2314Tel: +34 91 769 1022

David HaynesRegional Director, Asia PacificTel: +852 2536 2288

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Manuel BentosinosRegional Director, Mexico,Columbia & CaribbeanTel: +52 55 9171 2237

Ana Paula Macêdo Távora de CastroVice President, South AmericaTel: +55 11 9908 0858

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Brian GilbreathVice President, Midwest & Latin AmericaTel: +1 404 934 8085

Hank GregorySVP, Western Canada & Pacific NorthwestTel: + 604 603 4360

Todd CaveNorthern California, Pacific Northwest &Western CanadaTel: +1 651 632 4369

Ryan MacMillanRegional Director, CanadaTel: +1 416 214 2448

Michael KennedyRegional Director, New EnglandTel: +1 207 829 4369

Ross WhittakerRegional Director, New EnglandTel: +1 617 535 1516

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Scott RedikerRegional Director, Mid AtlanticTel: +1 443 690 3122

Forrest R. DoaneRegional Director, New YorkTel: +1 212 229 6620

Bill PoleseRegional Director, New York+1 212 229 6612

John McElroneRegional Director, New YorkTel: +1 212 229 6656

Joseph SolanoRegional Director, New YorkTel: +1 212 229 6576

Hillary PryorRegional Director, New YorkTel: +1 212 367 5924

Harry PoulosRegional Director, New YorkTel: +1 212 367 5924

Meiken CastilloRegional Director, New YorkTel: +1 212 229 6879

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53

ABOUT REMARK

Remark, the publishing, market research and events division of The Mergermarket Group, offers a range of services that give clients the opportunity to enhance their brand profile, and to develop new business opportunities. Remark publishes over 50 thought leadership reports and holds over 70 events across the globe each year which enable its clients to demonstrate their expertise and underline their credentials in a given market, sector or product.

Remark is part of The Mergermarket Group. To find out more please visit www.mergermarket.com/remark/ or www.mergermarket.com/events/.

Any queries regarding this publication or the data within it should be directed to:

Erik Wickman Global Managing Director, Remark Tel: +1 212 686 3329 [email protected]

Elias Latsis Head of Research, Mergermarket [email protected]

David Swettenham Head of Production, Remark [email protected]

Dan PhelanRegional Director, Los AngelesTel: +1 213 253 2139

Aleshia HlivkaAccount Executive, CaliforniaTel: +1 651 632 4967

David YearyVice President, DataSite Life SciencesTel: +1 415 307 4414

Jon BlueVice President, Clean TechTel: +1 206 696 916

The following notes pertain to data contained in this publication:

• Deals are included where the deal value is greater than or equal to US$5m.

• Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.

• Transactions excluded include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

• Deals are included in the graphs for each section if the target is a European company.

• The list of Top Deals and the data underlying the League Tables are based on deals where the bidder, target or parent of either is a European company.

© Mergermarket

Published by: Remark 80 Strand London WC2R ORL Tel:+44 (0) 20 7059 6100 www.mergermarket.com

This publication contains general information and is not intended to be comprehensive nor to provide financial, investment, legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any investment or other decision or action that may affect you or your business. Before taking any such decision you should consult a suitably qualified professional adviser. Whilst reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither Mergermarket nor any of its subsidiaries nor any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at the user’s risk.

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