edition monthly m&a insider july 2011 - mergermarket | m&a insider global overview 01...

Monthly M&A InsIderA mergermArket report on globAl m&A Activity

JUly 2011

EDITION

Monthly M&A InsIdermergermarket

GlobAl overvIew 01

AmericAs: lAtin AmericA 09

north AmericA 17

AsiA-pAcific 29

eUrope 39

middle eAst & AfricA 49

About MerrIll corporAtIon 59

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www.mergermarket.comPart of the mergermarket group

CONTENTS

Monthly M&A Insider

global overview

01

Compared to the first quarter of 2011, however, the global M&A figures look somewhat less bright: deal volume and value fell by 5.7% and 16.1% against the backdrop of the worrying sovereign debt situation in Europe, political upheaval in the Middle East & North Africa and ongoing fallout from the earthquakes in Japan earlier in the year.

The top two global transactions by value in the quarter came to market in the Pharma, Medical & Biotech sector, always a stable bulwark for dealmaking even in uncertain times. In the largest such deal, in late April Johnson & Johnson struck a deal to acquire Synthes, the orthopaedics and trauma device manufacturer listed in Switzerland, in a transaction valued at US$21.2bn. The deal ranks as the largest ever acquisition undertaken by the US-based healthcare group, which has been actively building up its business through M&A in recent years, and will position it as one of the world’s top producers of medical devices.

With the return on R&D spending under pressure for big healthcare groups facing patent expirations, diversification into new product and geographic markets is increasing as companies look to support future revenue streams. Certainly, this was the spur for Takeda, the Japanese drug maker, to agree to acquire its Swiss counterpart Nycomed from a vendor consortium led by Nordic Capital in what was the second largest deal of Q2 with a total valuation of US$13.7bn. The deal will help to bolster Takeda’s product offerings, but will also give it a presence in Europe and many emerging markets.

On the sell-side, the transaction represented the largest post-crisis exit from a portfolio company by a private equity investor. This came in the same month that an investor club led by Silver Lake Partners agreed to sell Skype, the online communications company, to Microsoft in a US$9bn deal – the second largest post-crisis exit.

Looking at overall private equity exits globally, dealmaking defied the wider slowdown in the global M&A market, rising by 33.3% and 17.4% to 362 divestments collectively worth US$88.8bn. Buyout activity, on the other hand, experienced a marginal fall even as the combined value of private equity acquisitions was up by around a third over year-earlier levels. Still, for an asset class that was hard hit by the financial crisis, the private equity deal trends from the second quarter are comparatively buoyant when viewed against numbers for the overall global M&A market.

gLOBAL OvERvIEW

Head of Research – Elias Latsis

Global Research Manager – Sola Akinola

Head of Production – Anna Henderson

Production Editor – Felicity James

For advertising opportunities contact:

Erik Wickman

Tel: + (1) 212 6863329 [email protected]

Global overview: Matthew Albert

Latin America: Svetlana Alkayeva and Urna Chakraborty

North America: Jennifer Ruiz and Jason Cozza

Asia-Pacific: Jin Zhang and Maggie Cheung

Europe: Samuel Tedjasukmana and Damian Julliard

Middle East & Africa: Marie-Laure Keyrouz and Yannis Papacostas

THE NUMBERS ARE IN FOR THE SECOND QUARTER OF THE YEAR AND FIgURES SHOW THE PACE OF gLOBAL M&A ACTIvITY LOST STEAM IN THE PERIOD, SLOWINg BY A MODEST 6.7% YEAR ON YEAR TO A TOTAL OF 2,847 TRANSACTIONS WORTH A COMBINED US$541.1BN. ENCOURAgINgLY, EvEN AS THE TOTAL DEAL COUNT SLIPPED, gLOBAL TRANSACTION vALUE SURgED BY MORE THAN 20% OvER Q2 2010 LEvELS.

Monthly M&A Insider 02

globAl overvieW

LEAgUE TABLES

ranking h1 2011 h1 2010

h1 2010 h1 2011 company name value (us$bn)

deal count value (us$bn)

value change (%)

1 1 goldman Sachs 310.6 162 202.5 53.4%

7 2 JPMorgan 272.1 110 121.5 124.0%

2 3 Credit Suisse 264.0 113 185.9 42.0%

3 4 Morgan Stanley 261.4 126 161.8 61.6%

6 5 Deutsche Bank 204.0 92 132.5 54.0%

4 6 Citigroup 179.0 81 157.2 13.9%

9 7 Bank of America Merrill Lynch 167.4 121 103.3 62.1%

5 8 Barclays Capital 158.4 67 137.9 14.9%

8 9 Lazard 136.2 84 108.2 25.9%

10 10 UBS Investment Bank 106.2 102 93.8 13.2%

18 11 Evercore Partners 83.9 25 30.6 174%

11 12 Rothschild 72.8 96 70.1 3.9%

13 13 HSBC 60.1 41 48.4 24.2%

33 14 Sg 56.6 34 12.6 347.9%

15 15 BNP Paribas 53.0 47 35.7 48.5%

12 16 greenhill & Co 47.8 17 55.1 -13.3%

21 17 Nomura Holdings 44.5 57 22.8 95.7%

16 18 Perella Weinberg Partners 38.4 11 34.7 10.7%

44 19 Moelis & Company 29.6 25 6.9 331%

22 20 RBC Capital Markets 29.4 44 20.9 40.6%Source: mergermarket

The financial adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11. The tables cover all sectors and are based on the geography of either the target, bidder or seller being global.

top 20 fInAncIAl AdvIsors – GlobAl

vALUE

ranking h1 2011 h1 2010



deal count change

1 1 goldman Sachs 310.6 162 130 32

4 2 Morgan Stanley 261.4 126 123 3

12 3 Bank of America Merrill Lynch 167.4 121 79 42

6 4 Credit Suisse 264.0 113 112 1

2 5 KPMg 11.3 111 127 -16

8 6 JPMorgan 272.1 110 91 19

11 7 UBS Investment Bank 106.2 102 83 19

7 8 Rothschild 72.8 96 110 -14

3 9 PwC 7.1 93 124 -31

9 10 Deutsche Bank 204.0 92 89 3

10 11 Lazard 136.2 84 88 -4

5 12 Deloitte 8.0 83 120 -37

14 13 Citigroup 179.0 81 69 12

13 14 Ernst & Young 11.0 69 70 -1

15 15 Barclays Capital 158.4 67 67 0

18 16 Jefferies & Company 28.5 65 41 24

16 17 Nomura Holdings 44.5 57 54 3

22 18 BNP Paribas 53.0 47 36 11

17 19 RBC Capital Markets 29.4 44 44 0

21 20 HSBC 60.1 41 36 5Source: mergermarket

top 20 fInAncIAl AdvIsors – GlobAl

vOLUME


globAl overvieW

LEAgUE TABLES

ranking h1 2011 h1 2010



deal count change

3 1 Latham & Watkins 148.5 138 126 12

5 2 Linklaters 152.1 127 117 10

2 3 Jones Day 61.1 127 136 -9

1 4 DLA Piper 29.9 123 179 -56

7 5 Freshfields Bruckhaus Deringer 132.3 120 103 17

4 6 Allen & Overy 113.7 114 120 -6

14 7 Clifford Chance 68.5 109 74 35

6 8 Baker & McKenzie 44.4 103 107 -4

9 9 Skadden Arps Slate Meagher & Flom 128.3 97 94 3

10 10 Hogan Lovells 26.5 88 94 -6

8 11 Kirkland & Ellis 49.1 86 101 -15

11 12 CMS 26.4 85 91 -6

12 13 Simpson Thacher & Bartlett 180.8 80 76 4

13 14 Weil gotshal & Manges 94.4 80 75 5

18 15 Sullivan & Cromwell 208.0 77 64 13

30 16 Davis Polk & Wardwell 83.3 61 43 18

19 17 Dewey & LeBoeuf 127.0 59 63 -4

22 18 Shearman & Sterling 116.2 59 59 0

16 19 White & Case 31.3 56 71 -15

31 20 Wilson Sonsini goodrich & Rosati 16.5 56 42 14Source: mergermarket

The legal adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being global.

top 20 leGAl AdvIsors – GlobAl

vOLUME

ranking h1 2011 h1 2010



value change (%)

4 1 Sullivan & Cromwell 208.0 77 143.6 44.8%

2 2 Simpson Thacher & Bartlett 180.8 80 150.6 20.0%

7 3 Wachtell, Lipton, Rosen & Katz 153.0 38 109.4 39.8%

15 4 Linklaters 152.1 127 72.1 111.0%

6 5 Latham & Watkins 148.5 138 112.1 32.5%

5 6 Freshfields Bruckhaus Deringer 132.3 120 121.4 9.0%

1 7 Skadden Arps Slate Meagher & Flom 128.3 97 171.5 -25.2%

8 8 Dewey & LeBoeuf 127.0 59 107.7 17.9%

17 9 Shearman & Sterling 116.2 59 64.0 81.5%

11 10 Allen & Overy 113.7 114 83.3 36.5%

9 11 Cravath Swaine & Moore 109.9 30 102.7 6.9%

3 12 Cleary gottlieb Steen & Hamilton 98.0 51 150.0 -34.6%

10 13 Weil gotshal & Manges 94.4 80 91.5 3.2%

25 14 Fried Frank Harris Shriver & Jacobson 86.6 27 40.5 113.7%

16 15 Davis Polk & Wardwell 83.3 61 71.1 17%

39 16 Clifford Chance 68.5 109 26.0 163.6%

26 17 Jones Day 61.1 127 40.3 51.7%

55 18 greenberg Traurig 60.3 50 16.1 275.6%

23 19 Baker Botts 58.8 25 43.7 34.4%

41 20 Kirkland & Ellis 49.1 86 24.9 97.3%Source: mergermarket

top 20 leGAl AdvIsors – GlobAl

vALUE


globAl overvieW

LEAgUE TABLES

vALUE

vALUE

rank

h1 2011 company name value (us$m)

deal count

1 Blackstone group 10,102 2

2 Bain Capital 5,334 4

3 Temasek Holdings 5,000 2

4 RRJ Capital 5,000 1

5 Warburg Pincus 4,431 4

6 Allianz Capital Partners 4,113 2

7 Kohlberg Kravis Roberts & Co 4,022 7

8 vestar Capital Partners 3,500 1

9 The Carlyle group 3,474 11

10 Apax Partners 3,363 5

11 Hellman & Friedman 3,268 1

12 CvC Capital Partners 2,994 3

13 Permira 2,992 4

14 Clayton, Dubilier & Rice 2,914 1

15 AXA Private Equity 2,840 6Source: mergermarket

rank


deal count

1 Nordic Capital 28,344 2

2 Coller Capital 27,479 2

3 CSFB Private Equity 13,740 2

4 Avista Capital Partners 13,740 1


6= Andreessen Horowitz 9,044 1

6= Silver Lake Partners 9,044 1

8 EQT Partners 7,763 3


10 Barclays Private Equity 5,113 8

11 LBO France 4,607 3

12 Clayton, Dubilier & Rice 4,262 1

13 PAI Partners 4,198 4

14 One Equity Partners 4,119 3

15 Cinven 3,535 1Source: mergermarket

vOLUME

vOLUME

rank

h1 2011 company name deal count

value (us$m)


2 H.I.g. Capital 342 10

3 Sun Capital Partners 286 8


5 EQT Partners 2,406 7

6 Altor Equity Partners 408 7

7 Lloyds TSB Development Capital 295 7

8 The Riverside Company - 7

9 AXA Private Equity 2,840 6

10 Advent International 2,560 6

11 TA Associates 804 6

12 Standard Chartered Private Equity 411 6

13 Apax Partners 3,363 5

14 golden gate Capital 2,582 5

15 Triton Partners 2,119 5Source: mergermarket

rank


value (us$m)


2 Barclays Private Equity 5,113 8

3 MBO Partenaires 109 8

4 3i group 350 7

5 Intel Capital 282 7

6 Penta Investments - 7


8 AtriA Capital Partenaires 669 5

9 PAI Partners 4,198 4

10 Bain Capital 1,078 4

11 HBM Bioventures 656 4

12 AXA Private Equity 476 4

13 Accel Partners 367 4

14 Pamlico Capital 333 4

15 ventizz Capital Partners Advisory 206 4Source: mergermarket

ActIvIty tAble of prIvAte equIty fIrMs on GlobAl buyouts

ActIvIty tAble of prIvAte equIty fIrMs on GlobAl exIts

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is global. The tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is global. The tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.


global overview

TREND gRAPHS

GLOBAL M&A quARtERLy tRENd

0

200

400

600

800

1,000

1,200

1,400

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)

Total value Mid-market value

Num

ber of deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Total volume Mid-market volume

0

50

100

150

200

250

300

350

400

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)

Buyout value Exit value

Num

ber of deals

Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

GLOBAL M&A ANNuAL tRENd GLOBAL M&A ANNuAL PRIvAtE EquIty tRENd

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

H1 2011201020092008200720062005

Valu

e (U

S$bn

)


Num

ber of deals

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


0

100

200

300

400

500

600

700

800

900

H1 2011201020092008200720062005

Valu

e (U

S$bn

)


Num

ber of deals


0

500

1,000

1,500

2,000

2,500

3,000

3,500

GLOBAL M&A quARtERLy PRIvAtE EquIty tRENd


globAl overvieW

TREND gRAPHS

GlobAl M&A sector breAkdown q2 2011

GlobAl GeoGrAphIc breAkdown q2 2011

vALUE

vALUE

vOLUME

vOLUME

1.4%

1.2%

1.7%2.3%

23.0%

12.6%

4.0%

0.3%<0.1%

8.6%

5.7%

7.1%

15.8%

3.6%

12.6%

Industrials & Chemicals

Consumer

Business Services

Technology

Energy, Mining & Utilities

Financial Services

Pharma, Medical & Biotech

Leisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

1.5%3.6%

40.8%

39.3%

14.8% Asia-Pacific

Europe

North America

Middle East & Africa

Latin America

9.6%

10.5%

1.0%0.7%

0.3%

3.4%

2.8%

3.9%

1.1%

7.7%

4.6%

9.3%

19.7%

12.9%

12.3%


Consumer

Business Services

Technology


Financial Services


Leisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

4.5%2.6%

32.0%

41.1%

19.7% Asia-Pacific

Europe

North America

Middle East & Africa

Latin America


global overview

TREND gRAPHS

GLOBAL M&A dEAL sIzE BREAkdOWN

vALUE vOLUME

0

10

20

30

40

50

60

70

80

90

100

H1 2011201020092008200720062005

38.8%

15.5%

22.1%

8.5%

15.1%

43.9%

16.3%

20.4%

7.3%

12.3%

39.8%

16.9%

23.0%

7.9%

12.5%

42.0%

15.3%

19.3%

8.9%

14.5%

40.6%

16.4%

20.6%

7.9%

14.5%

27.5%

20.9%

27.6%

9.4%

14.6%

33.0%

20.9%

24.7%

9.2%

12.2%

<US$250m or undisclosed value

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

Per

cent

age

80

82

84

86

88

90

92

94

96

98

100

H1 2011201020092008200720062005


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

0.7%

1.0%

4.5%

4.7%

89.2%

0.7%

1.2%

5.0%

4.7%

88.4%

0.7%

1.3%

5.5%

5.1%

87.4%

0.6%

0.9%

3.9%

4.6%

90.1%

0.5%

1.0%

3.8%

3.9%

90.9%

89.1%

4.5%

4.8%

1.2%

0.4% 0.6%

1.3%

5.1%

5.2%

87.5%

Per

cent

age

SECTOR ANALYSISGLOBAL sEctOR ANALysIssector q2 2010 q2 2011 % change

value ($m) mrk share deal count value ($m) mrk share deal count value volume

Energy, Mining & Utilities 124,376 23.0% 274 106,986 23.9% 346 16% -72

Industrials & Chemicals 85,802 15.8% 560 54,112 12.1% 546 59% 14

Consumer 38,350 7.1% 368 27,475 6.1% 342 40% 26

Financial Services 68,235 12.6% 265 40,895 9.1% 298 67% -33

Pharma, Medical & Biotech 67,964 12.6% 218 34,383 7.7% 236 98% -18

Technology 46,757 8.6% 300 25,042 5.6% 326 87% -26

Business Services 30,931 5.7% 350 30,493 6.8% 356 1% -6

Media 12,357 2.3% 80 6,145 1.4% 92 101% -12

Transportation 7,389 1.4% 98 25,949 5.8% 103 -72% -5

Real Estate 9,456 1.7% 32 13,075 2.9% 63 -28% -31

Leisure 19,432 3.6% 132 11,420 2.5% 108 70% 24

Telecommunications 21,864 4.0% 29 61,770 13.8% 62 -65% -33

Defence 250 0.0% 8 2,604 0.6% 12 -90% -4

Construction 6,485 1.2% 111 4,952 1.1% 116 31% -5

Agriculture 1,771 0.3% 21 3,033 0.7% 45 -42% -24

total 541,419 2,846 448,334 3,051 21% -205

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LATIN AM

ERICA

LATIN AMERICAA MERgERMARkET M&A REpoRT oN

09Monthly M&A Insider 9

The top deal for Q2 2011 is the Japan-based diversified conglomerate Itochu Corporation’s acquisition of a stake in Drummond Company, Inc.’s Colombian mining operations. This US$1.5m deal in the Energy sector will result in Itochu’s ownership of 20% of the Colombian operations through a new subsidiary called Itochu Coal Americas. In addition, Itochu will receive exclusive rights to market the coal obtained from these operations in Japan and will cooperate in the marketing of coal to electric power utilities and to other coal consumers in other Asian countries.

private equity firms in Latin America have become less active the second quarter with only seven buyouts worth US$565m compared to 12 in the previous quarter valued at US$3.4bn. Reportedly, pE firms in Latin America are seeking over US$16bn in funds – twice the amount raised in 2010 – but due to a lack of feasible deal options, firms may not get the money they are seeking. Additionally, the pressure on these firms to make effective use of cash and a lack of substantial senior staff to choose deals and create value has been driving down the pE firm activity. The process of deal sourcing to closing is also substantially longer in Latin America, reaching up to 18 months, compared to the cycles in developed markets, such as Europe and the US, where the cycle is as short as six weeks, further contributing to low pE firm activity in Latin America. However, the market is still significantly less crowded in the Latin American space than in other emerging countries, so there is still scope for pE growth.

Brazil’s unstoppable growth has also been a subject of pride and fear in the region. In the second quarter, Brazil had 48.6% of the M&A market share by value and 57.5% by volume. With this growth come fears from other countries that Brazil will begin to encroach on other Latin American markets as well. peru has been a particular focus of this Brazilian expansion after the inauguration of ollanta Humala, who is known for admiring Brazilian economic policies. He has told peruvians to prepare themselves for more Brazilian investments because the Latin American economic giant will be a strategic partner for the coastal country. This has naturally increased local concerns that Brazilian interests could take precedence over peruvian priorities. It remains to be seen what the dynamic between Brazil and peru will become and how it will affect the M&A space.

LATIN AMERICAN M&A foR THE SECoND QUARTER CAME DoWN To 127 DEALS WoRTH US$19.5BN, AfTER THE pREvIoUS QUARTER REpoRTED 140 DEALS vALUED AT US$39.1BN. THAT BRINgS ToTAL LATIN AMERICAN M&A IN THE yEAR-To-DATE To 267 DEALS AMoUNTINg To US$58.6BN. BRAzIL, CoLoMBIA, AND MExICo ARE THE MoST ACTIvE CoUNTRIES THIS QUARTER: BRAzIL ACCoUNTED foR 73 DEALS WoRTH US$9.5BN, CoLoMBIA REpoRTED 11 DEALS vALUED AT US$3BN, AND MExICo – 8 DEALS ToTALINg US$2.9BN. ENERgy, MININg, AND UTILITES IS STILL THE HIgHEST vALUED SECToR WITH THE MoST voLUME IN THE yEAR-To-DATE WITH 22 DEALS WoRTH US$7.4BN. THE SECoND LARgEST SECToR IN THE yEAR-To-DATE WAS THE fINANCIAL SERvICES SECToR WHICH SAW 17 DEALS ToTALINg US$3.6BN. TELECoMMUNICATIoNS WAS THE LoWEST vALUED SECToR, WITH oNLy oNE UNDISCLoSED DEAL THIS pAST QUARTER.

10

LATIN AM

ERICA

Monthly M&A Insider

Deal summary

Announced: 16-Jun-11 Deal value: US$1,524m

Itochu Corporation, the listed Japan based conglomerate, has agreed to acquire a 20% stake in the Colombian mining operations of Drummond Company, Inc., the US based mining and real estate company.

TerMs: • Itochu will acquire a 20% stake for US$1.52bn.

• Drummond will retain an 80% stake in the operations after the acquisition.

• Itochu will have exclusive rights to market the coal obtained from these operations in Japan.

AcquIreD AsseTs:The operations consist of proven and probable reserves of approximately two billion metric tons with a current production of approximately 25 million metric tons per annum.

rATIonAle:The transaction is in line with Itochu’s strategy of

strengthening its natural resources portfolio.

DEAL of THE QUARTER

Advisors

Target/seller Bidder

Financial Advising seller: Bank of America Merrill Lynch Financial Nomura Holdings

legal Advising seller: Simpson Thacher & Bartlett (kenneth Wallach)

legal Milbank Tweed Hadley & McCloy (Daniel Bartfeld)

Pr - Pr -

Bidder

Itochu Corporation

Headquarters: 5-1, kita-Aoyama 2-chome Minato-ku, Tokyo 107-8077Japan

sector: Conglomerate

Description: Japan based conglomerate active in the textile, machinery, aerospace, electronics, multimedia, energy, metals & minerals, chemicals, forest products, general merchandise, food, finance, realty, insurance and logistics industries

seller

Drummond Company, Inc.

Headquarters: 1000 Urban Center Drive RencaSuite 300Birmingham, Alabama 352421USA

sector: Energy, Mining and Utilities

Description: US based mining and real estate company

11

LATIN AM

ERICA

Monthly M&A Insider

Top 10 LATIN AMERICAN ANNouNCEd dEALs of Q2 2011Announced Bidder company Target company Target dominant sector seller company Exit multiples (x) Bid premia

1-day before

deal value

(us$m)Revenue EBITdA p/E

15-Jun-11 Itochu Corporation Drummond Company, Inc. (Colombian mining operations) (20.00% stake)


Drummond Company, Inc

- 1,524

13-Jun-11 Grupo Mexico SAB de CV

Grupo Aeroportuario del Pacifico

Transportation 5.4 9.7 19.3 6.3% 1,444

30-Jun-11 Vale SA Vale Fertilizantes SA (15.66% stake)


5.5 29.7 107.4 7.9% 1,405

04-May-11 Grupo Petersen YPF Sociedad Anonima (10.00% stake)


Repsol YPF SA 1.3 3.9 8.8 -19.6% 1,304

28-Apr-11 Cidade de Deus - Companhia Comercial de Participacoes

Banco Bradesco SA (4.10% stake)

Financial Services Banco Espirito Santo, SA

n/a n/a 10.7 -4.0% 1,276

19-Apr-11 CPFL Energia SA Energias Renovaveis SA Energy, Mining & Utilities

- 1,034

03-Jun-11 Transmissora Alianca de Energia Eletrica SA

Abengoa Participacoes Holding SA (50.00% stake)


Abengoa, SA 9.2 - 907

28-Jun-11 Coca-Cola FEMSA SAB de CV

Grupo Tampico (beverage division)

Consumer Grupo Tampico - 783

29-Jun-11 Almacenes Exito SA Supermercados Disco (62.50% stake) and Devoto SA (96.50% stake)

Consumer Casino Guichard Perrachon SA

- 746

20-May-11 Banco Bradesco SA Banco do Estado do Rio de Janeiro S/A

Financial Services Government of the State of Rio de Janeiro

n/a n/a - 635

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin AmericaData correct as of 11-Jul-11

Source: mergermarket

ToP DEALS

12

LATIN AM

ERICA

Monthly M&A Insider

LEAgUE TABLES

The financial adviser league tables by valueand volume have been run from 01-Jan-11 to 30-Jun-11. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American.

vALUEranking H1 2011 H1 2010

H1 2010 H1 2011 company name Value (us$bn)

Deal count Value (us$bn)

Value change (%)

5 1 BTg pactual 15.3 11 13.2 16.3%

14 2 goldman Sachs 14.6 14 3.4 322.2%

3 3 Santander global Banking and Markets 13.5 11 40.3 -66.4%

1 4 Credit Suisse 9.8 16 57.4 -83.0%

7 5 JpMorgan 9.3 6 9.3 -0.1%

11 6 Banco Itau BBA 9.0 15 6.0 49.4%

16 7 HSBC 8.6 3 2.5 238.0%

44 8 Banco Espirito Santo de Investimento 6.8 6 0.2 2991.8%

4 9 Bank of America Merrill Lynch 6.8 4 14.0 -51.7%

6 10 Rothschild 6.4 7 9.7 -34.1%

22 11 Lazard 6.3 4 1.7 263.7%

10 12 Morgan Stanley 6.1 5 6.1 -0.0%

2 13 Citigroup 5.4 7 48.7 -89.0%

26 14 Caixa Banco de Investimento 5.2 2 1.3 298.8%

9 15 Deutsche Bank 3.2 3 6.9 -53.0%

- 16 Estructura partners 2.1 1 - -

43 17 Nomura Holdings Inc 1.8 2 0.3 476.0%

13 18 Banco Bilbao vizcaya Argentaria 1.8 2 3.8 -53.8%

29 19 UBS Investment Bank 1.7 2 1.0 66.8%

34 20 Barclays Capital 1.3 3 0.6 112.9%Source: mergermarket

ToP 20 FInAncIAl ADVIsors – lATIn AMerIcA

voLUMEranking H1 2011 H1 2010


Deal count Deal count Deal count change

1 1 Credit Suisse 9.8 16 20 -4

5 2 Banco Itau BBA 9.0 15 11 4

10 3 goldman Sachs 14.6 14 6 8

2 4 BTg pactual 15.3 11 19 -8

3 5 Santander global Banking and Markets 13.5 11 11 0

8 6 Rothschild 6.4 7 8 -1

7 7 Citigroup 5.4 7 8 -1

6 8 JpMorgan 9.3 6 9 -3

15 9 Banco Espirito Santo de Investimento 6.8 6 5 1

17 10 Morgan Stanley 6.1 5 4 1

4 11 Bank of America Merrill Lynch 6.8 4 11 -7

14 12 Lazard 6.3 4 5 -1

16 13 pwC 1.3 4 5 -1

37 14 RBC Capital Markets 0.4 4 1 3

28 15 Rabobank 0.2 4 2 2

- 16 BroadSpan Capital 0.0 4 - -

12 17 HSBC 8.6 3 5 -2

9 18 Deutsche Bank 3.2 3 6 -3


21 20 M&A International 0.0 3 4 -1Source: mergermarket

ToP 20 FInAncIAl ADVIsors – lATIn AMerIcA

13

LATIN AM

ERICA

Monthly M&A Insider

The legal adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American.

LEAgUE TABLES

voLUMEranking H1 2011 H1 2010



3 1 pinheiro Neto Advogados 21.5 19 11 8

2 2 Mattos filho, veiga filho, Marrey Jr. e Quiroga Advogados 2.2 19 12 7


7 4 Barbosa, Mussnich & Aragao 9.3 12 9 3

4 5 Machado Meyer Sendacz e opice 11.8 11 11 0

15 6 Souza, Cescon, Barrieu & flesch Advogados 10.5 11 6 5

10 7 Cleary gottlieb Steen & Hamilton 3.3 9 0 9

20 8 Sullivan & Cromwell 16.5 8 5 3

33 9 Latham & Watkins 5.6 8 3 5

5 10 Baker & Mckenzie 1.7 8 10 -2

1 11 Tozzini freire Teixeira e Silva Advogados 1.0 8 0 8

25 12 Rodrigo Elias & Medrano 0.9 7 4 3

16 13 gomez-pinzon zuleta 0.6 7 6 1

19 14 prieto & Carrizosa 0.5 7 5 2

9 15 Estudio Muniz, Ramirez, perez-Taiman & olaya Abogados 0.5 7 9 -2

32 16 Davis polk & Wardwell 2.6 6 3 3

112 17 Lobo & de Rizzo Advogados 0.3 6 0 6

13 18 Simpson Thacher & Bartlett 4.4 5 6 -1

11 19 Linklaters 0.8 5 8 -3

12 20 veirano Advogados 0.7 5 7 -2Source: mergermarket

ToP 20 leGAl ADVIsors – lATIn AMerIcA

vALUEranking H1 2011 H1 2010


Deal count Value (us$bn)

Value change (%)

24 1 pinheiro Neto Advogados 21.5 19 4.5 382.5%


32 3 Clifford Chance 13.6 12 3.1 341.3%

26 4 Machado Meyer Sendacz e opice 11.8 11 4.2 182.2%

23 5 Souza, Cescon, Barrieu & flesch Advogados 10.5 11 4.6 128.9%

9 6 Skadden Arps Slate Meagher & flom 9.4 4 9.2 2.6%

17 7 Barbosa, Mussnich & Aragao 9.3 12 5.5 68.6%

- 8 garrigues 9.2 3 - -

99 9 Cariola Diez perez-Cotapos Abogados 7.6 3 0.2 3995.7%

63 10 Claro y Cia 7.3 3 0.8 870.9%

- 11 Turci Advogados Associados 7.2 1 - -

20 12 Latham & Watkins 5.6 8 4.9 14.7%

- 13 Eskenazi pernidji Advogados 5.0 1 - -

8 14 Simpson Thacher & Bartlett 4.4 5 9.5 -53.3%

1 15 Cleary gottlieb Steen & Hamilton 3.3 9 49.2 -93.3%

- 16 Schmidt valois Miranda ferreira Agel Advogados 2.9 1 - -

14 17 Davis polk & Wardwell 2.6 6 6.4 -58.8%

41 18 Mattos filho, veiga filho, Marrey Jr. e Quiroga Advogados 2.2 19 1.9 19.6%

34 19 Ritch Mueller 2.1 1 2.6 -17.9%

18 20 Baker & Mckenzie 1.7 8 5.4 -68.9%Source: mergermarket

ToP 20 leGAl ADVIsors – lATIn AMerIcA

LATIN AM

ERICA

Monthly M&A Insider

TREND gRApHS

lATIn AMerIcAn M&A quArTerly TrenD

0

10

20

30

40

50

60

70

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105


Num

ber of dealsValu

e (U

S$bn

)

0

20

40

60

80

100

120

140

160

180


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$m

)


Num

ber of deals


0

2

4

6

8

10

12

14

16

lATIn AMerIcAn M&A AnnuAl TrenD lATIn AMerIcAn M&A AnnuAl PrIVATe equITy TrenD

0

20

40

60

80

100

120

140

160

180

H1 2011201020092008200720062005


Num

ber of dealsValu

e (U

S$bn

)

0

100

200

300

400

500

600


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

H1 2011201020092008200720062005

Valu

e (U

S$m

)


Num

ber of deals


0

5

10

15

20

25

30

35

40

45

50

lATIn AMerIcAn M&A quArTerly PrIVATe equITy TrenD

14

LATIN AM

ERICA

Monthly M&A Insider

TREND gRApHS

lATIn AMerIcAn M&A GeoGrAPHIc BreAkDown q2 2011

vALUE voLUME

48.6%

5.6%

15.4%

1.8%

0.5%

14.8%

0.1% 7.7%

3.8%0.7%0.9%

Brazil

Chile

Colombia

Guatemala

Ecuador

Mexico

Panama

Peru

Uruguay

Honduras

Argentina

1.6%

0.8%

8.7%

7.9%

0.8%

2.4%

0.8% 8.7%

57.5%

3.9%

0.8%

6.3%

Brazil

Chile

Colombia

Costa Rica

Guatemala

Ecuador

Mexico

Panama

Peru

Uruguay

Honduras

Argentina

lATIn AMerIcAn M&A secTor BreAkDown q2 2011

vALUE voLUME

1.4%

0.2% 12.7%

37.7%

0.1%0.1%

5.0%

2.0%

18.4%

2.1%

7.8%

12.5%

Consumer



Business Services

Financial Services

Technology


Leisure

Transportation

Construction

Defense

Agriculture

18.9%

17.3%

3.9%

3.9%

3.1%1.6%

1.6%1.6%

1.6%1.6% 0.8%

0.8%

13.4%

15.0%15.0%

Consumer



Business Services

Financial Services

Technology


Media

Leisure

Transportation

Construction

Defense

Agriculture

Real Estate

Telecommunications

15

16

LATIN AM

ERICA

Monthly M&A Insider

lATIn AMerIcAn M&A DeAl sIze BreAkDown

vALUE voLUME

0

10

20

30

40

50

60

70

80

90

100

H1 2011201020092008200720062005


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

17.9%

7.2%

25.8%

21.3%

27.8%

46.9%

8.3%

21.8%

10.3%

12.7%

16.2%

10.8%

31.3%

16.2%

25.5%

30.5%

20.3%

24.5%

10.0%

14.7%

9.2%

29.5%

36.8%

9.6%

14.8%8.9%

6.6%

24.5%

18.2%

41.7%

23.0%

17.0%

34.5%

13.2%

12.3%

Per

cent

age

20

30

40

50

60

70

80

90

100

H1 2011201020092008200720062005

0.3%

4.1%

7.1%

88.1%

1.0%

5.4%

7.4%

85.1%

0.2%

5.3%

6.4%

87.4%

0.6%

4.7%

5.3%

88.2%

0.3%

7.0%

5.2%

85.8%81.7%

6.4%

8.4%

1.4% 0.7%0.3% 1.0% 0.7% 1.2% 1.8% 2.1%

7.5%

7.5%

83.1%Per

cent

age

1.1%


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

TREND gRApHS

lATIn AMerIcAn secTor AnAlysIssector q2 2010 q2 2011 % change

Value ($m) mrk share Deal count Value ($m) mrk share Deal count value volume

Energy, Mining & Utilities 5,115 19.0% 23 7,352 37.7% 22 44% -4%

Industrials & Chemicals 5,455 20.3% 19 2,430 12.5% 19 -55% 0%

Consumer 1,431 5.3% 18 2,479 12.7% 24 73% 33%

financial Services 8,451 31.4% 16 3,587 18.4% 17 -58% 6%

pharma, Medical & Biotech 576 2.1% 9 272 1.4% 5 -53% -44%

Technology 999 3.7% 8 394 2.0% 5 -61% -38%

Business Services 187 0.7% 13 966 5.0% 19 417% 46%

Media 0 0.0% 1 0 0.0% 4 0% 300%

Transportation 1,436 5.3% 5 1,523 7.8% 2 6% -60%

Real Estate 1,955 7.3% 1 8 0.0% 1 -100% 0%

Leisure 239 0.9% 10 30 0.2% 2 -87% -80%

Telecommunications 0 0.0% 0 0 0.0% 1 0% 100%

Defence 0 0.0% 0 23 0.1% 2 100% 0%

Construction 0 0.0% 3 419 2.1% 2 100% -33%

Agriculture 1,060 3.9% 6 14 0.1% 2 -99% -67%

Total 26,904 132 19,497 127 -28% -4%

SECToR ANALySIS

NORTH

AMERICA

A mergermArket m&A report on

17Monthly M&A Insider

nortH AmerICA

After strong Q1, M&A sees declIne In Q2

globAlly, m&A deAl Count dropped by 17.5% from Q1 to Q2 2011 AmId ConCerns over negAtIve employment reports, nAturAl dIsAsters AbroAd And polItICAl InstAbIlIty In tHe mIddle eAst. In nortH AmerICA, AggregAte m&A deAl vAlue deCreAsed by ApproxImAtely 30% In nortH AmerICA durIng Q2 2011, wItH 899 deAls vAlued At us$216.8bn CompAred to 981 deAls vAlued At us$309.7bn In Q1 2011.

Compared to the same period last year, however, aggregate m&A deal value increased slightly from us$200.2bn in Q2 2010 to us$217.5bn. with 1,880 deals valued at us$526.6bn, the year to date in north America is on track to surpass last year’s aggregate m&A deal value, which had 4,053 deals valued at us$795.4bn.

Buyouts hold steadyprivate equity buyouts continue to hold steady by deal value and count, with 175 deals announced in Q2 2011 valued at us$35.4bn; an approximate 22% increase compared to the same period last year. private equity buyouts increased by a similar percentage (24%) compared to last quarter, which had 174 deals valued at us$28.6bn.

Megamergers continue to shake up telecommunications, financial services and energy sectors in H1 2011the biggest deal in north America during Q2 2011 was announced by Capital one financial Corporation in its us$9bn cash and equity bid to acquire Ing direct. the transaction, which is expected to close in late 2011 or early 2012, would see Ing taking a 9.9% stake in Capital one. the financial services sector had 95 deals valued at us$32.4bn in Q2 2011 – the second largest sector by value behind the consolidated energy, mining, and utilities sector (90 deals valued us$66.5bn).

six of the top 10 north American deals of Q2 2011 were announced in the energy, mining & utilities sector. the largest energy related deal in Q2 2011 was announced by Constellation energy and excelon Corporation in a proposed merger agreement valued at us$10.4bn, after net debt. In the year to date, duke energy’s proposal to acquire progress energy marks the largest energy, mining & utilities deal in a transaction valued at approximately us$25.8bn.

At&t’s proposal to acquire t-mobile usA from deutsche telekom – remains the biggest deal of the year to date - valued at us$39bn. the transaction, which is expected to be subject to heavy regulatory scrutiny, would form the largest telecommunications company in the us.

18

NORTH

AMERICA

Monthly M&A Insider

deAl of tHe QuArter

deal summary

Announced: 02-may-11 may (lapsed 16-May-11) deal value: us$13,182m

rival bid: nasdaq omx group (ndAQ), the listed us based stock exchange, and Intercontinentalexchange, Inc. (ICe), the listed us based electronic commodities market for futures and otC energy contracts, have worked together to make an unsolicited proposal to acquire nyse euronext (nyx), the listed us based exchange group. the offer will be subject to nyse breaking off its agreement with deutsche boerse Ag, the listed germany based stock exchange.

terMs: • us$14.24 in cash, 0.4069 ndAQ shares, and 0.1436 ICe

shares per nyx share.

• the offer is valued at approximately us$42.50, based on the closing share prices of ndAQ and ICe on 31-mar-11.

• the offer represents a premium of 20.7% over the deutsche boerse offer, which was valued at us$35.20 on 31-mar-11.

• the offer represents a premium of 20.8% over the nyx closing share price on 31-mar-11 of us$35.17.

• the implied equity value of the transaction is approx us$11.1bn.

condItIons:• Hsr (usA).

• nyx egm (majority approval required).

fInAncIng:• ndAQ and ICe have been working with a syndicate of

banks led by bank of America merrill lynch and wells fargo to arrange financing for the cash portion of the proposal not financed with available cash on hand. the banks have reviewed the proposal and, upon instruction, are prepared to arrange fully committed financing sufficient to consummate the transaction.

Post deAl detAIls:• ndAQ and ICe have agreed between themselves that in

connection with the closing of the transaction, ICe would acquire nyx’s european derivatives businesses, including liffe, as well as liffe us and nypC, and ndAQ would retain nyx’s other businesses, including the nyx stock exchanges in new york, london, paris, Amsterdam, brussels and lisbon, the us equity options business and the information services and technology solutions businesses.

• Update: 10-Apr-11: nyx announced that its board of directors has rejected the unsolicited proposal by ndAQ and ICe and reaffirmed the previously announced combination agreement with deutsche boerse. ICe and ndAQ continue to believe their proposal is superior and will continue to pursue the transaction.

• Update: 19-Apr-11: ndAQ and ICe have announced that they have taken a series of steps demonstrating their commitment to pursuing their superior proposal with nyse and providing greater certainty to the nyx. ndAQ and ICe are prepared to pay a reverse termination fee of us$350m, in the event that they are unable to obtain necessary antitrust and competition approvals. ndAQ and ICe have received fully committed financing of us$3.8bn from a group of leading institutions. ndAQ has signed and received a fully committed financing from a syndicate of banks including bank of America, nordea bank Ab (publ), skandinaviska enskilda banken Ab (publ) and ubs Investment bank. ICe has signed and received fully committed financing from a syndicate of banks including wells fargo and bank of America. ndAQ and ICe remain committed to a prudent use of leverage to finance the transaction. In particular, ndAQ is focused on maintaining its investment-grade credit rating.

• Update: 21-Apr-11: nyx announced that its board of directors has unanimously reaffirmed its combination agreement with deutsche boerse and reaffirmed its rejection of the proposal from ndAQ and ICe.

19

NORTH

AMERICA

Monthly M&A Insider

deAl of tHe QuArter

Advisors

target/seller Bidder

financial bnp paribas; goldman sachs; morgan stanley;Citigroup; perella weinberg partners (Andrew bednar)

financial Advising Nasdaq OMX Group: bank of America merrill lynch (david Adler);evercore partners (roger Altman);Advising IntercontinentalExchange, Inc.: bmo Capital parnters (kenneth tuchman);broadhaven Capital partners (gerard von dohlen);lazard (gary parr)

legal darrois villey maillot brochier (Herve pisani, pascale girard); Herbert smith/gleiss lutz/stibbe (derk lemstra); milbank tweed Hadley & mcCloy;wachtell, lipton, rosen & katz (david karp, david lam)

legal Advising Nasdaq OMX Group: dewey & leboeuf; shearman & sterling (John marzulli, Jr); Advising IntercontinentalExchange, Inc.: sullivan & Cromwell (H. rodgin Cohen)

Pr - Pr Advising Nasdaq OMX Group: finsbury group;Advising IntercontinentalExchange, Inc:brunswick group

exit multiples – Y/e 31-dec-2011 Premium analysis

Multiples Value (Us$m) offer price per share (Us$) 42.5

revenue 2.9791x 4,425 1 day before 6.1%

eBItdA 12.5308x 1,052 1 month before 7.3%

eBIt 17.6946x 745 1 day after 6.3%

earnings 19.3159x 220 Pre-rumour 20.8%

mergermarket/dealreporter Intelligence

24-feb-11 nyse counteroffer from ICe/nasdaq faces steep hurdles, industry sources say

14-Mar-11 nyse: nAsdAQ near securing financing for offer

16-Mar-11 nyse: nAsdAQ hostile bid talks continue

19-Apr-11 nyse set to reject nAsdAQ again

• Update: 2-may-11: ndAQ and ICe announced that each of their respective boards of directors had approved their intent to commence an exchange offer to acquire all of the outstanding shares of nyx. ndAQ and ICe remain hopeful that nyx will ultimately recognize the value of working with them in a direct and constructive fashion to complete this strategic transaction in a way that is tax-efficient, minimizes regulatory hurdles, and produces the greatest value for shareholders of nyx.

• Update: 16-may-11: the deal has lapsed after ndAQ and ICe had withdrawn their offer.

20

NORTH

AMERICA

Monthly M&A Insider

Bidder

The Nasdaq OMX Group, Inc.

Headquarters: one liberty plaza 165 broadway new york, ny 10006 usA

sector: financial services

description: us-based stock exchange

Bidder

IntercontinentalExchange, Inc.

Headquarters: 2100 riveredge parkway 38th street, suite 500 Atlanta, gA 10282 usA


description: us based electronic commodities market for futures and otC energy contracts

target

NYSE Euronext

Headquarters: 11 wall street new york, ny 10005 usA


description: us based diverse exchange group offering financial products and services in cash equities, futures, options, swaps, exchange-traded products, bonds, market data and commercial technology solutions

deAl of tHe QuArter

21

NORTH

AMERICA

Monthly M&A Insider

Top deals & expecTed deals

Top 10 NorTh AMerIcAN ANNouNced deAls of Q2 2011Announced Bidder company Target company Target dominated sector seller company exit multiples (x) Bid premia

1-day before

deal value

(us$m)revenue eBITdA p/e

02-May-11 NYse euronext The Nasdaq oMx Group Inc and Intercontinental exchange Inc

Financial services 3.0 12.5 19.3 6.1% 13,182

28-apr-11 constellation energy Group Inc

exelon corporation energy, Mining & Utilities

0.7 12.5% 10,410

16-Jun-11 ING direct Usa capital one Financial corporation

Financial services ING Groep NV n/a n/a - 9,000

16-Jun-11 southern Union company

energy Transfer equity lp energy, Mining & Utilities

3.4 12.3 1832.7 16.8% 8,507

25-apr-11 equinox Minerals limited

Barrick Gold corporation energy, Mining & Utilities

8.0 15.5 23.1 8.7% 7,384

03-apr-11 equinox Minerals limited

Minmetals Resources limited

energy, Mining & Utilities

6.8 13.2 19.6 22.6% 6,410

04-apr-11 National semiconductor corporation

Texas Instruments Incorporated

TMT 4.4 15.0 28.7 75.7% 6,304

02-May-11 cephalon Inc Teva pharmaceutical Industries ltd

pharma, Medical & Biotech

2.2 6.6 15.5 5.8% 6,171

19-apr-11 Frac Tech services llc Temasek Holdings pte ltd; chesapeake energy corporation; public sector pension Investment Board; Korea Investment corporation; RRJ capital


3.9 9.7 12.8 - 5,000

20-apr-11 dpl Inc aes corporation energy, Mining & Utilities

2.5 7.2 12.0 8.7% 4,658

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being North america (Us + canada) data correct as of 12-Jul-11

source: mergermarket

22

NORTH

AMERICA

Monthly M&A Insider

situation target company sector Potential bidder company

financial advisor to bidder (B); target (t); seller (s)

seller company

Market cap/ est. value (Us$m)

comments

expected deal barnes & nobles Inc Consumer liberty media 1,054 liberty media conducted due diligence on barnes & nobles on 02-Jun-2011, although investors are banking on a higher offer. on 02-Jul-2011, liberty Chairman John malone said in an interview at Allen & Co's media conference that he is hopeful that a deal at the right price will happen. steve riggio, barnes & nobles' Chairman, stated he couldn't think of a better partner than John malone.

expected deal mentor graphics Corp

Computer software

Icahn enterprises lp 1,633 Icahn enterprises has approached the board of mentor graphics Corp with a non-binding takeover proposal of us$17 per share. the board has not decided on the proposal yet, but Icahn is aware of the fact that mentor graphics may receive higher bids from strategic investors.

expected deal 99 Cents only stores Consumer leonard green & partners lp and schiffer/gold family

1,370 99 Cents only stores has received an acquisition proposal from the schiffer/gold family and leonard green & partners lp. the consideration in the proposal is us$19.09 per share in cash. the offer was received on 11-mar-2011. outside analysts have concluded, however, that 99 Cent only stores could receive a higher offer.

expected deals based on confirmed announcements by companies involved

PIPelIne of nortH AMerIcAn exPected deAls

top deAls & expeCted deAls

23

NORTH

AMERICA

Monthly M&A Insider

vAlueranking H1 2011 H1 2010

H1 2010 H1 2011 company name Value (Us$bn)

deal count Value (Us$bn)

Value change (%)

6 1 Jpmorgan 237.0 78 77.9 204.4%

4 2 morgan stanley 207.9 79 98.0 112.2%

1 3 goldman sachs 196.6 108 132.5 48.4%

5 4 Credit suisse 188.1 64 81.4 131.2%

3 5 deutsche bank 137.9 53 101.2 36.2%

7 6 bank of America merrill lynch 129.3 84 73.1 76.9%

2 7 barclays Capital 126.2 54 108.0 16.8%

9 8 Citigroup Inc 113.5 55 63.4 78.9%

8 9 lazard 95.8 44 69.6 37.6%

13 10 evercore partners 80.4 22 28.7 179.7%

10 11 ubs Investment bank 76.4 62 49.7 53.5%

15 12 greenhill & Co 44.3 6 20.7 114.3%

11 13 perella weinberg partners 38.5 12 34.3 12.2%

17 14 rbC Capital markets 27.0 37 16.3 66.1%

19 15 Jefferies & Company 26.2 56 14.9 76.0%

27 16 moelis & Company 25.3 22 6.4 295.6%

56 17 wells fargo securities 19.7 15 2.0 878.3%

38 18 bnp paribas 19.1 11 3.9 392.2%

25 19 Centerview partners 17.9 4 7.8 128.6%

23 20 td securities 17.5 11 9.0 94.7%source: mergermarket

the financial adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11. the tables cover all sectors and are based on the geography of either the target, bidder or seller being us or Canadian.

toP 20 fInAncIAl AdVIsors – nortH AMerIcA

leAgue tAbles

volumeranking H1 2011 H1 2010


deal count deal count deal count change

1 1 goldman sachs 196.6 108 88 20

4 2 bank of America merrill lynch 129.3 84 57 27

3 3 morgan stanley 207.9 79 63 16

6 4 Jpmorgan 237.0 78 51 27

2 5 Credit suisse 188.1 64 64 0

9 6 ubs Investment bank 76.4 62 44 18

13 7 Jefferies & Company 26.2 56 35 21

11 8 Citigroup 113.5 55 39 16

5 9 barclays Capital 126.2 54 52 2

7 10 deutsche bank 137.9 53 49 4

8 11 lazard 95.8 44 48 -4

12 12 rbC Capital markets 27.0 37 38 -1

10 13 rothschild 16.7 31 41 -10

14 14 Houlihan lokey 10.2 31 30 1

25 15 raymond James & Associates 3.9 27 17 10

47 16 robert w. baird & Co 1.8 25 10 15

51 17 evercore partners 80.4 22 8 14

28 18 moelis & Company 25.3 22 16 6

30 19 bmo Capital markets 16.2 22 15 7

19 20 macquarie group 7.6 22 24 -2source: mergermarket

toP 20 fInAncIAl AdVIsors – nortH AMerIcA

24

NORTH

AMERICA

Monthly M&A Insider

volumeranking H1 2011 H1 2010



4 1 latham & watkins 127.7 109 94 15

1 2 Jones day 55.7 94 102 -8

3 3 kirkland & ellis 47.9 80 98 -18

6 4 skadden Arps slate meagher & flom 108.3 75 67 8

5 5 simpson thacher & bartlett 171.0 71 67 4

9 6 sullivan & Cromwell 181.0 66 52 14

2 7 dlA piper 11.6 66 101 -35

8 8 weil gotshal & manges 83.8 59 57 2

18 9 wilson sonsini goodrich & rosati 15.9 55 42 13

16 10 Hogan lovells 23.2 53 46 7

13 11 dewey & leboeuf 117.0 50 46 4

7 12 blake, Cassels & graydon 48.6 49 60 -11

24 13 goodwin procter 5.7 49 35 14

26 14 davis polk & wardwell 73.7 47 34 13

17 15 shearman & sterling 111.7 45 42 3

45 16 greenberg traurig 59.8 45 26 19

11 17 stikeman elliott 29.1 41 48 -7

10 18 gibson dunn & Crutcher 28.2 41 48 -7

12 19 morgan lewis & bockius 11.4 41 47 -6

21 20 Cleary gottlieb steen & Hamilton 90.1 39 39 0source: mergermarket

the legal adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and include lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being us or Canadian.

toP 20 legAl AdVIsors – nortH AMerIcA

leAgue tAbles

vAlueranking H1 2011 H1 2010


deal count Value (Us$bn)

Value change (%)

4 1 sullivan & Cromwell 181.0 66 97.9 84.9%

1 2 simpson thacher & bartlett 171.0 71 138.6 23.4%

7 3 wachtell, lipton, rosen & katz 153.0 38 83.7 82.9%

3 4 latham & watkins 127.7 109 99.4 28.5%

10 5 dewey & leboeuf 117.0 50 70.7 65.4%

13 6 shearman & sterling 111.7 45 55.7 100.5%

2 7 skadden Arps slate meagher & flom 108.3 75 110.8 -2.2%

8 8 Cravath swaine & moore 107.1 27 73.9 44.9%

5 9 Cleary gottlieb steen & Hamilton 90.1 39 92.5 -2.7%

19 10 fried frank Harris shriver & Jacobson 86.3 25 43.4 98.8%

6 11 weil gotshal & manges 83.8 59 84.7 -1.1%

12 12 davis polk & wardwell 73.7 47 64.6 14.2%

30 13 linklaters 64.2 31 21.9 193.6%

42 14 greenberg traurig 59.8 45 15.8 277.9%

18 15 baker botts 58.5 24 43.7 33.8%

22 16 Jones day 55.7 94 37.4 48.9%

41 17 Allen & overy 55.1 36 16.7 230.5%

14 18 blake, Cassels & graydon 48.6 49 52.4 -7.1%

33 19 kirkland & ellis 47.9 80 19.9 140.2%

402 20 wiley rein 39.1 3 0.1 67372.4%source: mergermarket

toP 20 legAl AdVIsors – nortH AMerIcA

25

NORTH

AMERICA

Monthly M&A Insider

leAgue tAbles

vAlue

vAlue

rank

H1 2011 company name Value (Us$m)

deal count

1 blackstone group 9,400 1

2= rrJ Capital 5,000 1

2= temasek Holdings 5,000 1

4 warburg pincus 4,174 2

5 vestar Capital partners 3,500 1

6 Clayton, dubilier & rice 2,914 1

7 kohlberg kravis roberts & Co 2,904 4

8 Apax partners 2,864 4

9= CvC Capital partners limited 2,609 1

9= leonard green & partners 2,609 1


12 silver lake partners 2,462 3

13 thomas H lee partners 2,150 2

14= berkshire partners 2,100 2

14= omers private equity 2,100 2source: mergermarket

rank

H1 2011 company name Value (Us$m)

deal count


2 Clayton, dubilier & rice 4,262 1


4 onex partners 2,100 1

5 AeA Investors 2,000 1


7 one equity partners 1,475 2

8 Cerberus Capital management 1,196 2

9 providence equity partners 1,150 1

10 lightyear Capital 1,090 2

11 Centerbridge partners 1,065 1

12 gs Capital partners 960 3

13 CCmp Capital Advisors 800 2

14 noro-moseley partners 785 3

15 bain Capital 755 3source: mergermarket

volume

volume

rank

H1 2011 company name deal count

Value (Us$m)


2 HIg Capital 302 5

3 the riverside Company 0 5


5 Apax partners 2,864 4

6 Cerberus Capital management 1,732 4

7 tA Associates 100 4

8 sun Capital partners 61 4

9 nautic partners 0 4

10 silver lake partners 2,462 3

11 technology Crossover ventures 1,211 3

12 Apollo global management 512 3

13 Ares management 432 3

14 platinum equity 420 3

15 Avista Capital partners 176 3source: mergermarket

rank

H1 2011 company name deal count

Value (Us$m)

1 Intel Capital 282 6


3 the Carlyle group 471 4

4 pamlico Capital 333 4

5 battery ventures 201 4

6 new enterprise Associates 26 4


8 gs Capital partners 960 3

9 noro-moseley partners 785 3

10 bain Capital 755 3

11 Canaan partners 744 3

12 growthworks Canadian fund 500 3

13 redpoint ventures 410 3

14 benchmark Capital 400 3

15 vantagepoint venture partners 391 3source: mergermarket

ActIVItY tABle of PrIVAte eQUItY fIrMs on nortH AMerIcAn BUYoUts

ActIVItY tABle of PrIVAte eQUItY fIrMs on nortH AMerIcAn exIts

the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is us or Canadian. the tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is us or Canadian. the tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

26

NORTH

AMERICA

Monthly M&A Insider

trend grApHs

nortH AMerIcAn M&A QUArterlY trend

0

100

200

300

400

500

600

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)


Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600


0

50

100

150

200

250

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)


Num

ber of deals


0

50

100

150

200

250

300

350

nortH AMerIcAn M&A AnnUAl trend nortH AMerIcAn M&A AnnUAl PrIVAte eQUItY trend

0

200

400

600

800

1,000

1,200

1,400

1,600

H1 2011201020092008200720062005


Num

ber of dealsValu

e (U

S$bn

)

0

1,000

2,000

3,000

4,000

5,000

6,000


0

50

100

150

200

250

300

350

400

450

500

H1 2011201020092008200720062005

Valu

e (U

S$bn

)


Num

ber of deals


0

200

400

600

800

1,000

1,200

nortH AMerIcAn M&A QUArterlY PrIVAte eQUItY trend

27

NORTH

AMERICA

Monthly M&A Insider

trend grApHs

nortH AMerIcAn M&A sector BreAkdown Q2 2011

vAlue volume

12.0%

12.0%

2.0%

4.0%

8.0%

6.0%

31.0%

8.0%

15.0%

<1.0%<1.0%

<1.0%<1.0%


Technology

Business Services


Financial Services


Consumer

Leisure

Media

Construction

Transportation

Agriculture

Defense

16.0%

14.0%

13.0%

2.3%

11.0%

11.0%

3.0%

5.0%

10.0%

<1.0%

10.0%

<1.0% <1.0%

2.1%

<1.0%

InIndustrials & Chemicals

Technology

Business Services


Financial Services


Consumer

Leisure

Media

Construction

Transportation

Telecommunications

Real Estate

Agriculture

Defense

nortH AMerIcAn M&A deAl sIze BreAkdown

vAlue volume

0

10

20

30

40

50

60

70

80

90

100

H1 2011201020092008200720062005


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

46.6%

15.8%

18.0%

7.0%

12.6%

51.6%

15.0%

17.3%

6.4%

9.7%

42.9%

19.0%

21.8%

6.6%

9.6%

49.3%

13.8%

17.5%

7.2%

12.2%

58.8%

13.3%

13.2%

5.4%

9.2% 12.5%

9.6%

27.6%

18.1%

32.2%43.2%

22.3%

18.1%

7.5%

9.0%

Per

cent

age

75

80

85

90

95

100

H1 2011201020092008200720062005

0.9%1.3%

4.5%

4.9%

88.5%

1.0%

1.5%

5.4%

5.3%

86.8%

1.1%

1.8%

6.3%

5.3%

85.5%

0.9%

3.7%

4.1%

90.6%

1.0%

3.5%

3.8%

91.0%

87.5%

5.2%

5.6%

1.1%1.0%

1.9%

5.5%

5.9%

85.7%

0.7% 0.7% 0.6%


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

Per

cent

age

28

NORTH

AMERICA

Monthly M&A Insider

nortH AMerIcAn sector AnAlYsIssector Q2 2010 Q2 2011 % change

Value ($m) mrk share deal count Value ($m) mrk share deal count value volume

energy, mining & utilities 67,337 33.6% 134 65,789 30.3% 92 -2% -31%

Industrials & Chemicals 11,614 5.8% 128 26,207 12.1% 148 126% 16%

Consumer 8,282 4.1% 82 12,420 5.7% 90 50% 10%

financial services 7,183 3.6% 109 32,425 15.0% 95 351% -13%

pharma, medical & biotech 23,259 11.6% 103 17,429 8.0% 102 -25% -1%

technology 17,769 8.9% 152 26,603 12.3% 122 50% -20%

business services 20,860 10.4% 124 17,828 8.2% 118 -15% -5%

media 2,172 1.1% 31 4,840 2.2% 27 123% -13%

transportation 6,387 3.2% 12 545 0.3% 19 -91% 58%

real estate 1,016 0.5% 8 234 0.1% 6 -77% -25%

leisure 7,251 3.6% 38 9,368 4.3% 45 29% 18%

telecommunications 23,836 11.9% 7 307 0.1% 6 -99% -14%

defence 2,485 1.2% 7 178 0.1% 3 -93% -57%

Construction 549 0.3% 28 1,601 0.7% 21 192% -25%

Agriculture 169 0.1% 5 1,031 0.5% 5 510% 0%

total 200,169 968 216,805 899 8% -7%

seCtor AnAlysIs

ASIA-PAcIfIc



ASIA-pAcIfIc

Strong domestic activityWhen looking at the location of deal flows, during the month approximately 45% of deal activity involved a cross-border element, while the remaining 55% occurred domestically. of the domestic transactions, 45% took place in china as a vast and dynamic economy continues to develop and businesses consolidate to gain market share. Domestic activity in Japan accounted for 23% as the economy continues to rebuild. And another 34% of the month’s domestic activity took place in South korea across multiple sectors.

In terms of volume, Industrials & chemicals was the top sector of the month with 27 deals. Additionally, some of these transactions were quite large. In a particularly local deal, china South Locomotive & rolling Stock Industry (group) corporation, the Beijing-based vehicle design and manufacturing company, and the state pension, national council for Social Security fund, have agreed to subscribe to newly issued shares of china South Locomotive & rolling Stock corporation, manufacturer of locomotives, passenger carriages, freight wagons, in a deal worth US$1.7bn.

Cross-border activity holding its ownthe largest sector in terms of value was the financial Services sector witnessing almost US$6bn in transactions. taking the top spot was Aabar Investments, the fund manager based in the United Arab emirates, which acquired a 24.9% stake in malaysia-based rHB capital Berhad from Abu Dhabi commercial Bank for US$1.9bn. In another deal, cItIc Securities has agreed to acquire a 19.9% stake in both Hong kong-based cLSA and france-based crédit Agricole cheuvreux for a consideration of US$374m from the corporate and investment banking arm of the crédit Agricole group.

Looking further at cross-border activity, china experienced the most inbound activity in terms of value with almost US$3bn spent in 24 deals. Interestingly, china was followed closely by malaysia and Indonesia, which saw approximately US$2.2bn apiece in far fewer deals – five and two respectively. malaysian activity was comprised mostly of afore mentioned rHB capital Berhad acquisition, while Indonesia saw one very large transaction as well. London-listed and channel islands-based Vallar, an investment company interested in mining assets, has signed an agreement to acquire a 75% stake in pt Bumi resources mineral, an Indonesia-based company headquartered in Jakarta engaged in exploration and exploitation of coal deposits, including coal mining, and oil exploration activities. the deal is valued at approximately US$2.2bn.

South East Asia still hotLooking ahead, South east Asia is expected to continue its hot streak. rumors indicate that ratu prabu energi, the listed Indonesian energy company, plans to partner with china petroleum, who will support the transaction financially to acquire an an unspecified oil and gas block in South east Asia, showing increasing interest in the energy & mining sector in the region. the financial sector is also set to gain as Standard chartered is looking to expand in Indonesia, according to the company’s recent 2Q 2011 earnings call. Standard chartered is reportedly the only remaining bidder for a 51% stake in Bank muamalat, the largest Indonesian Islamic bank. the shareholding is estimated to be worth US$300m.

BrIngIng tHe SeconD QUArter to A cLoSe, tHe montH of JUne SAW IntereStIng m&A ActIVIty In tHe ASIA-pAcIfIc AmID A LULL In gLoBAL economIc ActIVIty. WItH 151 trAnSActIonS, JUne ActIVIty WAS JUSt SHy of LASt montH’S pAce, BUt DeAL VALUe WAS Up AS tHe montH WItneSSeD US$21.1Bn In trAnSActIonS. oVerALL, ASIA-pAcIfIc m&A In tHe SeconD QUArter WAS DoWn 14% from tHe fIrSt QUArter of tHe yeAr In termS of VoLUme, WHILe VALUeS Were DoWn A more moDeSt 5%. HoWeVer, AVerAge DeAL SIze reAcHeD US$177m per trAnSActIon AS compAreD to US$160m In tHe fIrSt QUArter, A 10% IncreASe.

30

ASIA-PAcIfIc

Monthly M&A Insider

SAIc motor corporation, the listed china based vehicle manufacturer, has agreed to acquire the independent auto components, auto service and trading, and new energy auto business from SAIc group, the china based state owned company engaged in manufacturing vehicles and auto components, as well as related services trade and financial business, for an equity consideration of cny28.56bn (US$4.36bn).

TERMS• SAIc motor will issue an approximate 1.728bn new

shares to SAIc group at cny16.53 (US$2.5) per share for the transaction, for a consideration of cny28.56bn (US$4.36bn).

BACKGROUND• prior to the transaction, SAIc group owns a 72.95% stake

in SAIc motor. post transaction, the stake held is expected to increase to 77.21%.

RATIONALE• the transaction is in line with SAIc group’s strategy to

restructure its assets and develop in the new energy auto industry in order to increase the group’s core competency.

CONDITIONS• Subject to approval from the SAIc motor’s

shareholders’ meeting.

• Subject to approval from SASAc.

• Subject to approval from cSrc.

• Subject to exemption from mandatory offer for listed company related transactions.

UPDATE:21- May-11: the transaction is approved by Shanghai SASAc.

28- May-11: the transaction has been approved by the shareholders of SAIc motor.

23- Jul-11: SAIc corp files application with cSrc to extend deadline for submitting supplementary material.

DeAL of tHe QUArter

Advisors

Target/Seller Bidder

Financial - Financial guotai Junan Securities

Legal - Legal -

PR - PR -

Deal summary

Announced: 06-Apr-11 Deal value: US$4,365m

Exit multiples – Y/E 31-Dec-10 Premium analysis

Multiples Value (US$m) Offer price per share (US$) -

Revenue - - 1 day before -

EBITDA - - 1 month before -

EBIT - - 1 day after -

Earnings - - Pre-rumour -

31

ASIA-PAcIfIc

Monthly M&A Insider

DeAL of tHe QUArter

Bidder

SAIC Motor Corporation Limited

Headquarters: 5/f Building A, 563 Songtao roadzhangjiang High tech, park pu DongShanghai, china

Sector: Industrials & chemicals

Description: china based company engaged in manufacturing, sales, research and development, and investment in passenger cars, commercial vehicles and components, as well as related services trade and financial business

Target

SAIC Group (independent auto components assets)

Headquarters: Shanghai, china


Description: Independent auto components assets of SAIc group, the chinese company engaged in manufacture of automotive components

Target

SAIC Group (auto service and trading business)



Description: Auto service and trading business of SAIc group, the chinese company engaged in manufacture of automotive components

Target

SAIC Group (new energy auto business)



Description: new energy auto business of SAIc group, the chinese company engaged in manufacture of automotive components

mergermarket/dealReporter Intelligence

12-Feb-11 SAIc corporation and Huayu Automotive Systems to halt stock trading from 14 february, could be related to assets purchase from largest shareholder

05-Apr-11 SAIc motor announces proposal over assets purchase from largest shareholder

12-May-11 SAIc motor board approves final proposal for assets purchase via new shares issue, egm to take place on 27 may

22-May-11 SAIc motor's proposed acquisition via new shares issue obtains conditional approval from Shanghai SASAc

28-May-11 SAIc motor's proposed acquisition via new shares issue approved by egm

24-Jul-11 SAIc motor: SAIc corp files application with cSrc to extend deadline for submitting supplementary material


ASIA-PACIFIC

Top deals

Top 10 AsIA-pAcIfIc Announced deAls of Q2 2011Announced Bidder company Target company Target dominant sector seller company exit multiples (x) Bid premia

1-day beforedeal value

(us$m)Revenue eBITdA p/e

10-Jun-11 Vallar plc pT Bumi Resources Mineral Tbk (75.00% stake)


pT Bumi Resources Tbk

177.6 82.6 7.4% 2,255

17-Jun-11 aabar Investments pJsC

RHB Capital Berhad (24.90% stake)

Financial services abu dhabi Commercial Bank

n/a n/a 16.4 9.5% 1,908

15-Jun-11 National Council for social security Fund; and China south locomotive & Rolling stock Industry (Group) Corporation

China south locomotive & Rolling stock Corporation limited (13.37% stake)


1.3 18.4 28.2 -5.2% 1,697

16-Jun-11 National Council for social security Fund

The people's Insurance Company (Group) of China (11.00% stake)

Financial services n/a n/a - 1,545

07-Jun-11 Beiya Industrial Group Co ltd

China aviation Investment Holding Co ltd

Financial services aviation Industry Corporation of China

4.7 9.3 - 1,123

01-Jun-11 Genesis energy Meridian energy limited (Tekapo a and B power stations)


Meridian energy limited

- 672

09-Jun-11 schneider electric sa Beijing leader & Harvest electric Technologies Co ltd


- 650

20-Jun-11 Tianfu Yang (private investor); and abax Global Capital

Harbin electric Inc Industrials & Chemicals

1.2 4.9 9.8 186.1% 513

12-Jun-11 Biosensors Interventional Technologies pte ltd

JW Medical systems limited (50.00% stake)


Weigao Group Co ltd

22.8 - 508

13-Jun-11 archer Capital pty ltd Quick service Restaurant Holdings

Consumer Quadrant private equity pty limited; and Frank Romano (private investor)

- 477

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being asia-pacific data correct as of 11-Jul-11


33

ASIA-PAcIfIc

Monthly M&A Insider

VALUeRanking H1 2011 H1 2010

H1 2010 H1 2011 Company name Value (US$bn)

Deal count Value (US$bn)

Value change (%)

3 1 goldman Sachs 61,390 39 25,384 141.8%

16 2 credit Suisse 36,314 29 12,575 188.8%

8 3 Deutsche Bank 34,237 20 17,448 96.2%

12 4 nomura Holdings 31,775 51 15,034 111.4%

6 5 Bank of America merrill Lynch 30,272 28 19,018 59.2%

1 6 morgan Stanley 28,562 34 34,092 -16.2%

4 7 Jpmorgan 28,091 20 23,536 19.4%

2 8 UBS Investment Bank 26,747 27 32,784 -18.4%

13 9 citigroup 22,823 24 13,589 68.0%

14 10 Lazard 21,051 11 13,397 57.1%

9 11 Barclays capital 15,944 8 16,557 -3.7%

10 12 HSBc 14,379 15 15,854 -9.3%

274 13 moelis & company 13,681 4 0 -

- 14 flagstaff partners 9,695 4 - -

- 15 Wells fargo Securities 9,472 2 - -

80 16 Jefferies & company 8,083 6 539 1399.6%

15 17 china International capital 7,444 8 13,178 -43.5%

33 18 ernst & young 7,265 36 3,080 135.9%

143 19 kim eng Securities 6,857 6 160 4185.6%

120 20 Samsung Securities 6,507 2 227 2766.5%Source: mergermarket

TOP 20 FINANCIAL ADVISERS – ASIA-PACIFIC

the financial adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-pacific-based.

LeAgUe tABLeS

VoLUmeRanking H1 2011 H1 2010



1 1 nomura Holdings 31,775 51 42 9

5 2 kpmg 5,807 44 36 8

6 3 goldman Sachs 61,390 39 34 5

4 4 ernst & young 7,265 36 36 0

2 5 Deloitte 4,538 36 40 -4

7 6 morgan Stanley 28,562 34 31 3

15 7 credit Suisse 36,314 29 18 11

3 8 pwc 3,309 29 36 -7

18 9 Bank of America merrill Lynch 30,272 28 15 13

8 10 UBS Investment Bank 26,747 27 28 -1

16 11 citigroup 22,823 24 17 7

19 12 macquarie group 5,409 21 14 7

12 13 Deutsche Bank 34,237 20 22 -2

11 14 Jpmorgan 28,091 20 23 -3

13 15 cImB group 2,792 17 19 -2

21 16 HSBc 14,379 15 13 2

14 17 Daiwa Securities group 2,296 15 19 -4

10 18 mizuho financial group 5,036 14 26 -12

45 19 royal Bank of Scotland group 6,484 12 4 8

28 20 Lazard 21,051 11 6 5Source: mergermarket

TOP 20 FINANCIAL ADVISERS – ASIA-PACIFIC

34

ASIA-PAcIfIc

Monthly M&A Insider

LeAgUe tABLeS

the legal adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and include lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-pacific-based.

VoLUmeRanking H1 2011 H1 2010



1 1 Baker & mckenzie 21,428 52 49 3

6 2 freehills 27,215 36 30 6

14 3 minter ellison 8,027 32 22 10

12 4 Allen & overy 29,975 30 23 7

8 5 mallesons Stephen Jaques 4,021 27 28 -1

7 6 Jones Day 5,573 26 29 -3

9 7 kim & chang 9,534 25 26 -1

16 8 Skadden Arps Slate meagher & flom 25,844 24 21 3

18 9 nagashima ohno & tsunematsu 7,844 24 20 4

23 10 clifford chance 4,753 24 17 7

26 11 Lee & ko 14,251 23 16 7

5 12 freshfields Bruckhaus Deringer 28,226 22 30 -8

4 13 AzB & partners 16,067 22 37 -15

22 14 Allen & gledhill 10,447 22 17 5

24 15 Blake Dawson 7,108 22 16 6

2 16 mori Hamada & matsumoto 5,367 22 45 -23

15 17 Desai & Diwanji 1,992 22 22 0

29 18 Shin & kim 1,915 22 15 7

38 19 Simpson thacher & Bartlett 28,307 20 11 9

13 20 Linklaters 19,525 20 22 -2

Source: mergermarket

TOP 20 LEGAL ADVISERS – ASIA-PACIFIC

VALUeRanking H1 2011 H1 2010


Deal count Value (US$bn)

Value change (%)

18 1 Allen & overy 29,975 30 16,403 82.7%

6 2 Simpson thacher & Bartlett 28,307 20 41,058 -31.1%

2 3 freshfields Bruckhaus Deringer 28,226 22 49,218 -42.7%

16 4 freehills 27,215 36 17,611 54.5%

14 5 Skadden Arps Slate meagher & flom 25,844 24 24,877 3.9%

12 6 Allens Arthur robinson 24,834 19 27,013 -8.1%

19 7 Baker & mckenzie 21,428 52 15,460 38.6%

15 8 Linklaters 19,525 20 21,786 -10.4%

17 9 AzB & partners 16,067 22 16,547 -2.9%

148 10 White & case 15,729 8 324 4754.6%

213 11 cmS 14,448 7 110 13034.5%

68 12 Lee & ko 14,251 23 2,333 510.8%

- 13 edwards Angell palmer & Dodge 13,740 1 - -

25 14 Shearman & Sterling 12,736 19 9,282 37.2%

40 15 gilbert + tobin 12,658 13 5,264 140.5%

42 16 clayton Utz 11,641 20 5,006 132.5%

50 17 morrison & foerster 11,037 16 4,284 157.6%

87 18 Vinson & elkins 10,820 4 1,431 656.1%

11 19 Davis polk & Wardwell 10,463 15 31,938 -67.2%

36 20 Allen & gledhill 10,447 22 5,988 74.5%Source: mergermarket

TOP 20 LEGAL ADVISERS – ASIA-PACIFIC

35

ASIA-PAcIfIc

Monthly M&A Insider

VALUe

VALUe

Rank

H1 2011 Company name Value (US$m)

Deal count

1 temasek Holdings 5,000 2

2 rrJ capital 5,000 1

3 Bain capital 2,066 3

4 national pension Service of korea 1,950 1

5 mirae Asset financial group 1,614 3

6 Archer capital 1,288 2

7 the carlyle group 1,267 4

8 Quadrant private equity 894 1

9 Affinity equity partners 851 2

10 Japan Industrial partners 726 1

11 providence equity partners 713 2

12 Blackstone group 702 1

13 cHAmp Ventures 645 3

14 gS capital partners 638 2

15 Verny capital 600 1Source: mergermarket

Rank

H1 2011 Company name Value (US$m)

Deal count

1= coller capital 27,479 1

1= nordic capital 27,479 1

3= Avista capital partners 13,740 1

3= cSfB private equity 13,740 1

5 kohlberg kravis roberts & co 8,246 1


7 propel Investments 2,300 2

8= Allianz capital partners 2,300 1

8= credit Suisse 2,300 1

8= Dubai International capital 2,300 1

8= Sofina 2,300 1


13 permira 1,701 1

14 Vcp Vienna 1,701 1

15 Archer capital 1,634 3Source: mergermarket

VoLUme

VoLUme

Rank

H1 2011 Company name Deal count

Value (US$m)

1 Standard chartered private equity 391 5


3 Bain capital 2,066 3

4 mirae Asset financial group 1,614 3


6 tpg capital 271 3

7 macquarie group 227 3

8 Sequoia capital 82 3

9 Dcm-Doll capital management 66 3

10 temasek Holdings 5,000 2



13 providence equity partners 713 2

14 gS capital partners 638 2

15 pacific equity partners 457 2Source: mergermarket

Rank


Value (US$m)





5 propel Investments 2,300 2

6 oceania capital partners 575 2


8 JAfco 510 2

9 pacific equity partners 457 2

10 cVc capital partners 432 2

11 Intel capital 104 2

12 Ant capital partners 101 2

13 Beringea 48 2

14= coller capital 27,479 1

14= nordic capital 27,479 1Source: mergermarket

ACTIVITY TABLE OF PRIVATE EqUITY FIRMS ON ASIA-PACIFIC BUYOUTS

ACTIVITY TABLE OF PRIVATE EqUITY FIRMS ON ASIA-PACIFIC ExITS

LeAgUe tABLeS

the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Asia-pacific-based. the tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Asia-pacific-based. the tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

36

ASIA-PAcIfIc

Monthly M&A Insider

trenD grApHS

ASIA-PACIFIC M&A qUARTERLY TREND

0

20

40

60

80

100

120

140

160

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)


Num

ber of deals

0

100

200

300

400

500

600

700

800

900


0

5

10

15

20

25

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)


Num

ber of deals


0

10

20

30

40

50

60

70

80

90

100

ASIA-PACIFIC M&A ANNUAL TREND ASIA PACIFIC M&A ANNUAL PRIVATE EqUITY TREND

0

50

100

150

200

250

300

350

400

450

500

H1 2011201020092008200720062005


Num

ber of dealsValu

e (U

S$bn

)

0

500

1,000

1,500

2,000

2,500

3,000


0

10

20

30

40

50

60

70

H1 2011201020092008200720062005

Valu

e (U

S$bn

)


Num

ber of deals


0

50

100

150

200

250

300

350

ASIA-PACIFIC M&A qUARTERLY PRIVATE EqUITY TREND

37

ASIA-PAcIfIc

Monthly M&A Insider

trenD grApHS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN q2 2011

VALUe VoLUme

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Singapore

South Korea

Taiwan

Other

22.0%

3.0%

5.0%

4.0%

4.0%

8.0%

4.0%

8.0%

2.0%6.0%

34%

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Singapore

South Korea

Taiwan

Other

18.0%

3.0%3.0%9.0%

5.0%

12.0%

3.0%

13.0%

1.0%8.0%

25.0%

ASIA-PACIFIC M&A SECTOR BREAKDOWN q2 2011

VALUe VoLUme

21.0%

8.0%

2.0%

7.0%

19.0%

14.0%

6.0%

2.0%

0.8%

4.5%

6.3%

4.0%

4.0%

1.0%


Consumer

Business Services

Technology

Financial Services



Transportation

Construction

Leisure

Real Estate

Media

Telecommunications

Agriculture

20.0%

14.0%

11.0%11.0%

10.0%

4.0%

5.0%

6.0%

9.0%

4.3%2.6%

0.5%0.7%


Consumer

Business Services

Technology

Financial Services



Transportation

Construction

Leisure

Real Estate

Media

Telecommunications

Agriculture

38

ASIA-PAcIfIc

Monthly M&A Insider

ASIA-PACIFIC M&A DEAL SIzE BREAKDOWN

VALUe VoLUme

0

10

20

30

40

50

60

70

80

90

100

H1 2011201020092008200720062005


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

23.0%

18.8%

28.6%

9.4%

20.3%

19.2%

22.1%

27.0%

11.0%

20.6%

15.7%

17.1%

30.3%

12.6%

24.3%

29.5%

15.8%

22.2%

12.0%

20.5%

20.0%

16.5%

30.9%

11.1%

21.6% 20.8%

10.6%

27.9%

29.0%

11.7% 10.5%

18.1%

35.2%

13.7%

22.5%

Per

cent

age

75

80

85

90

95

100

H1 2011201020092008200720062005

1.0%

5.1%

4.6%

89.0%

1.1%

4.8%

4.8%

89.9%

0.9%

5.0%

5.4%

88.3%

0.9%

4.5%

5.8%

88.4%

0.9%

5.5%

5.2%

87.9% 88.4%

5.0%

4.7%

1.6% 0.9%

5.9%

6.0%

87.0%

0.3% 0.3% 0.2%0.4% 0.3%0.4% 0.4%


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

Per

cent

age

trenD grApHS

ASIA-PACIFIC SECTOR ANALYSISSector q2 2010 q2 2011 % change

Value ($m) mrk share Deal count Value ($m) mrk share Deal count value volume

Industrials & chemicals 15,364 16.4% 143 16,878 20.5% 113 10% -21%

financial Services 8,857 9.5% 50 15,346 18.7% 59 73% 18%

energy, mining & Utilities 16,449 17.6% 68 11,783 14.3% 51 -28% -25%

consumer 5,377 5.7% 60 6,512 7.9% 82 21% 37%

technology 2,497 2.7% 58 5,812 7.1% 61 133% 5%

pharma, medical & Biotech 7,667 8.2% 42 5,283 6.4% 34 -31% -19%

Leisure 1,026 1.1% 19 5,177 6.3% 25 405% 32%

real estate 5,915 6.3% 28 3,691 4.5% 15 -38% -46%

media 900 1.0% 12 3,626 4.4% 14 303% 17%

construction 3,052 3.3% 26 3,068 3.7% 26 1% 0%

Business Services 2,283 2.4% 54 1,892 2.3% 62 -17% 15%

transportation 4,700 5.0% 36 1,593 1.9% 27 -66% -25%

telecommunications 18,486 19.7% 20 875 1.1% 4 -95% -80%

Agriculture 1,150 1.2% 17 629 0.8% 3 -45% -82%

Defence 0 0.0% 0 0 0.0% 0 - -

Total 93,723 633 82,165 576 -12% -9%

Sector AnALySIS


europe


eUrope

murdoch, who is actually in the Uk to manage news Corporation’s response to the scandal, has gathered his closest family, friends and aides for crisis talks as the political establishment unites against his ambitions to expand his media empire.

Citing unnamed sources, the Wall Street Journal said one idea contemplated in recent weeks is an option murdoch has long shot down: selling his other British newspapers. the newspaper, which is owned by news Corporation, says its parent company has informally explored whether there were any potential buyers for its Uk newspaper unit, news International.

the division, which includes the Sun, the times and the Sunday times, was once one of murdoch’s flagship divisions and one of his favourites. It also included the 168-year-old news of the World weekly, which published its last issue on Sunday 10 July 2011 after becoming embroiled in a phone-hacking scandal that shocked the public and drew a furious government reaction.

the Journal said murdoch himself has long opposed such a move and considers news International one of his favourite components of his media empire. the consideration over whether to sell news International appears fuelled by competition concerns surrounding news Corporation’s attempt to buy the remaining shares of BSkyB, the dominant satellite broadcaster in Britain.

the Journal said the same unnamed sources indicated that given the poor economics of the newspaper business, there didn’t appear to be any buyers, but the company may revisit the idea of selling or spinning off news international over the next six months. the company has already announced plans to begin buying back US$5bn worth of its own shares.

news Corporation’s board has broached the idea of selling off news International on a number of occasions in recent years but that murdoch himself always shot the idea down, the Wall Street Journal said. “It was basically one of those things where it was talked about for maybe two to five minutes and rupert would say, ‘no way’,” the Journal quoted a person familiar with the company as saying.

British politicians are set to deal a body blow to murdoch’s bid for pay-tV giant BSkyB, as the phone-hacking scandal rocking his media empire threatened to spill over to the United States. US Senate Commerce Committee Chairman, Jay rockefeller warned of “severe” consequences if it is found that the phone-hacking had spread to murdoch’s US operations.

In the mean time, the head of the Church of england’s £5.3bn (US$8.66bn) investment fund has warned against a “premature” sale of shares in news Corporation and BSkyB in the face of the phone hacking scandal. “I feel that a premature sale of news Corporation and BSkyB might just be simply very bad timing,” said Andreas Whittam Smith, First Church estates Commissioner, to the Church of england’s national assembly meeting in York.

mr Whittam Smith’s remarks came after the Church of england’s ethical Investment Advisory group warned that it could pull £3.76m (US$6.14m) in shares out of news Corporation if it fails to hold senior executives to account over the phone hacking scandal.the Church of england holds a further £5.3m (US$8.66m) in shares in BSkyB, which is currently the subject of a take-over bid by news Corporation.

rUpert mUrdoCh IS reported to Be WeIghIng A SAle oF neWS CorporAtIon’S remAInIng BrItISh neWSpAperS AmId A phone-hACkIng SCAndAl thAt hAS engUlFed the medIA groUp, ACCordIng to A report In the WAll Street JoUrnAl.

40

europe

Monthly M&A Insider

deAl oF the qUArter

Deal summmary:

Announced: 10-may-11 Deal value: €6,276m (US$8,979m)

microsoft Corporation, the listed US based software group, has agreed to acquire Skype global S.a.r.l, the luxembourg group behind the Skype VoIp software, from an investors group lead by Silver lake partners.

the investors group includes private equity firms Silver lake partners, Joltid limited and Andreessen horowitz, and investment management firm, Canada pension plan Investment Board which together hold a 70% stake. the remaining 30% stake is held by ebay International Ag, the Swiss subsidiary of eBay Inc, the listed US based online auction group.

TerMs:US$8.5bn (€5.9bn) in cash for a 100% stake in Skype global.

rATIonAle:• Allowing Skype to extend its brand and the reach of its

networked platform.

• Allowing microsoft to enhance its offering in real time communications.

PosT DeAl DeTAIls:• Skype will operate as a new business division of microsoft,

and Skype Ceo, mr tony Bates will manage the newly created microsoft Skype division, reporting directly to microsoft Ceo Steve Ballmer.

ConDITIons:• eC regulatory approval.

• other customary closing conditions.

BACkgrounD:• Founded in 2003, Skype was acquired by eBay in

September 2005 for a consideration US$1.3bn;

• In november 2009 the group of investors lead by Silver lake partners acquired a 70% stake from eBay for US$1.9bn.

exit multiples – Y/e 31-Dec-11 Premium analysis

Multiples Value (€m) offer price per share (€) n/a

revenue 10.5x 642.4 1 day before n/a

eBITDA 34.2x 197.5 1 month before n/a

eBIT 438.0x 15.4 1 day after n/a

earnings (loss) (5.2) Pre-rumour n/a

41

europe

Monthly M&A Insider

deAl oF the qUArter

Advisors

Target/seller Bidder

Financial Jpmorgan; goldman Sachs (Samuel S. Britton; nick giovanni)

Financial -

legal Sullivan & Cromwell (Andrew Solomon; richard morrissey; Alison ressler; Sarah payne; matthew m. Friedstedt; eric S. Wang; Steven holley; nader mousavi; michael A. katz); torys; Skadden Arps Slate meagher & Flom (michael gisser; Joseph Yaffe; michael Beinus; rick C. madden; lance etcheverry)

legal Simpson thacher & Bartlett (Alan m. klein; Charles Cogut; gary B. mandel; lori e. lesser; gregory t. grogan; Adeeb r. Fadil; Scott dyer; elisa Alcabes; Anthony F. Vernace, marcela robledo; Jonathan goldstein; Jennifer pepin; Jonathan B. Strom; danny Salinas; michael Sullivan; Andrew Sparks; david Cheng; mindy Jeng; Arun goel); Covington & Burling (Bruce deming; evan r. Cox)

Pr Brunswick group; edelman Pr kekst and Company; m:Communications (hugh morrison; kate ruck keene); dgm Conseil (olivier labesse; michel Calzaroni; Sonia Fellmann; hugues Schmitt); Community group (Auro palomba; Sonia Fellmann)

Bidder

Microsoft Corporation

Headquarters: one microsoft Way, redmond, WA 98052 USA

sector: technology

Description: US based software company

Target

Skype Global S.ar.l.

Headquarters: 22/24 Boulevard royal, 6th Floor, 2449 luxembourg

sector: technology

Description: luxembourg based developer of VoIp software products and services

42

EUROPE

Monthly M&A Insider

Top deals & expecTed deals

Top 10 europeAn Announced deAls of Q2 2011Announced Bidder company Target company Target dominated

sectorseller company exit multiples (x) Bid premia

1-day before

deal value(€m)

revenue eBITdA p/e

27-apr-11 Johnson & Johnson synthes GmbH pharma, Medical & Biotech

3.9 9.0 16.2 8.5% 14,331

19-May-11 Takeda pharmaceutical company ltd

Nycomed International Management GmbH (excluding Us business)


csFB private equity; coller capital; and Nordic capital

9,600

03-apr-11 Vivendi sa sFR sa (44.00% stake) Telecommunications Vodafone Group plc 1.4 7,750

17-Jun-11 KazakhGold Group limited

oJsc polyus Gold energy, Mining & Utilities

5.9 14.5 29.5 -21.8% 7,263

10-May-11 Microsoft corporation skype Global s.a.r.l. Technology silver lake partners; canada pension plan Investment Board; ebay International aG; andreessen Horowitz; and Joltid limited

10.5 34.2 6,276

09-May-11 Volkswagen aG MaN se (26.00% stake) Industrials & chemicals

12.8 19.6 -1.6% 5,327

04-apr-11 solvay sa Rhodia sa Industrials & chemicals

0.9 5.2 12.3 50.0% 4,533

30-Jun-11 spartan capital Holdings sp. z o.o.

polkomtel sa Telecommunications Vodafone Group plc; KGHM polska Miedz s.a.; Weglokoks sa; pGe polska Grupa energetyczna s.a.; and polski Koncern Naftowy oRleN s.a.

4,524

26-apr-11 Groupe lactalis sa parmalat s.p.a. (71.03% stake)

consumer 1.0 11.2 16.3 12.6% 3,210

19-May-11 Thermo Fisher scientific Inc.

phadia aB pharma, Medical & Biotech

cinven limited 6.7 2,470

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being europe data correct as of 12-Jul-11


pIpelIne of europeAn expecTed deAlssituation Target company sector potential bidder

companyfinancial adviser to bidder (B); target (T); seller (s)

seller company Market cap/est.

value (€m)

comments

Rumoured takeover

eurasian Natural Resources corporation plc


Glencore International plc

11,056 Glencore [GleN:lN ], the switzerland-based commodities company, could still look at a bid for eurasian Natural Resources corporation [eNRc:lN], said a source familiar with the situation.

company for sale

Beyaz Filo oto Kiralama as

Financial services

standard Unlu Menkul degerler (s)

Flap Tourism; and four individual investors

38 Beyaz Filo, the Turkish car leasing company, is on the market and has mandated standard Unlu as sell-side adviser, industry sources said.

company for sale

agroittica lombarda

consumer Feralpi Group - Feralpi, the privately held Italian steel company, sees agroittica lombarda, a producer of caviar based in the lombard city of Brescia, as non-core, chairman Giuseppe pasini said.

Note: expected deals based on confirmed announcements by companies involved source: mergermarket

43

europe

Monthly M&A Insider

leAgUe tABleS

VAlUeranking H1 2011 H1 2010

H1 2010 H1 2011 Company name Value (€bn)

Deal count Value (€bn)

Value change (%)

2 1 goldman Sachs 121.1 68 59.4 104.0%

6 2 deutsche Bank 116.4 52 34.7 235.3%

1 3 Credit Suisse 112.9 53 64.5 75.0%

4 4 morgan Stanley 106.3 54 41.3 157.4%

7 5 Jpmorgan 92.4 51 33.5 176.1%

3 6 Citigroup 78.7 37 53.4 47.4%

5 7 rothschild 43.9 90 38.2 14.9%

9 8 Barclays Capital 41.1 31 24.6 67.0%

17 9 Sg 39.7 33 9.4 320.3%

10 10 Bank of America merrill lynch 38.7 48 24.6 57.4%

13 11 Bnp paribas 38.2 39 16.0 138.6%

60 12 evercore partners 35.1 10 1.4 2470.9%

15 13 hSBC 34.4 25 11.4 201.1%

8 14 lazard 30.3 49 33.3 -9.0%

12 15 greenhill & Co 29.2 8 20.4 43.3%

16 16 Credit Agricole CIB 19.9 17 - -

11 17 UBS Investment Bank 19.7 43 22.8 -13.7%

21 18 nomura holdings 17.3 11 7.1 145.2%

26 19 Santander global Banking and markets 14.0 11 6.1 128.8%

58 20 Ing 13.4 20 1.4 838.7%Source: mergermarket

ToP 20 FInAnCIAl ADVIsers – euroPeAn

the financial adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11. the tables cover all sectors and are based on the geography of either the target, bidder or seller being european.

VolUmeranking H1 2011 H1 2010



4 1 rothschild 43.9 90 76 14

2 2 pwC 2.9 72 83 -11

8 3 goldman Sachs 121.1 68 41 27

1 4 kpmg 3.3 65 90 -25

6 5 morgan Stanley 106.3 54 57 -3

3 6 deloitte 2.9 54 82 -28

5 7 Credit Suisse 112.9 53 61 -8

9 8 deutsche Bank 116.4 52 41 11

10 9 Jpmorgan 92.4 51 40 11

7 10 lazard 30.3 49 56 -7

21 11 Bank of America merrill lynch 38.7 48 21 27

11 12 UBS Investment Bank 19.7 43 37 6

16 13 Bnp paribas 38.2 39 27 12

15 14 Citigroup 78.7 37 28 9

12 15 ernst & Young 3.3 37 36 1

41 16 Sg 39.7 33 10 23


18 18 m&A International 0.2 27 23 4

14 19 rabobank 3.2 26 29 -3

23 20 hSBC 34.4 25 19 6Source: mergermarket

ToP 20 FInAnCIAl ADVIsers – euroPeAn

44

europe

Monthly M&A Insider

leAgUe tABleS

VolUmeranking H1 2011 H1 2010



2 1 linklaters 100.4 109 97 12

5 2 Freshfields Bruckhaus deringer 89.2 109 79 30

1 3 Allen & overy 52.9 92 102 -10


4 5 CmS 19.1 86 89 -3

3 6 dlA piper 14.1 71 96 -25

8 7 hogan lovells 8.1 58 54 4

10 8 latham & Watkins 23.3 53 51 2

9 9 Baker & mckenzie 16.2 53 54 -1

12 10 herbert Smith/gleiss lutz/Stibbe 24.4 45 45 0

7 11 Jones day 7.2 44 56 -12

11 12 White & Case 17.7 43 49 -6

16 13 Weil gotshal & manges 26.2 37 36 1

14 14 Skadden Arps Slate meagher & Flom 21.0 36 38 -2

13 15 SJ Berwin 6.7 33 39 -6

17 16 loyens & loeff 14.0 32 35 -3

21 17 eversheds 9.3 32 32 0

33 18 pinsent masons 1.7 31 23 8

27 19 Ashurst 12.5 30 27 3

26 20 Slaughter and may 10.9 29 27 2Source: mergermarket

ToP 20 legAl ADVIsers – euroPeAn

the legal adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and include lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being european.

VAlUeranking H1 2011 H1 2010


Deal count Value (€bn)

Value change (%)

11 1 linklaters 100.4 109 38.0 164.2%

2 2 Freshfields Bruckhaus deringer 89.2 109 66.0 35.2%


6 4 Simpson thacher & Bartlett 53.5 19 47.3 13.3%

28 5 Shearman & Sterling 53.4 14 10.8 393.9%

7 6 Allen & overy 52.9 92 47.1 12.3%

16 7 Wachtell, lipton, rosen & katz 50.7 9 - -

5 8 Cleary gottlieb Steen & hamilton 48.2 22 48.2 0.1%

23 9 Clifford Chance 41.4 88 18.4 125.0%

27 10 Fried Frank harris Shriver & Jacobson 34.8 7 11.5 203.0%

4 11 Cravath Swaine & moore 32.7 10 54.8 -40.3%

18 12 dewey & leBoeuf 29.5 18 21.4 37.4%

- 13 Wiley rein 27.5 1 - -

10 14 Weil gotshal & manges 26.2 37 40.7 -35.6%

122 15 hengeler mueller 25.8 27 1.4 1696.8%

29 16 Uria menendez 24.6 21 10.4 137.3%

8 17 herbert Smith/gleiss lutz/Stibbe 24.4 45 44.7 -45.3%

17 18 latham & Watkins 23.3 53 22.3 4.6%

57 19 Stikeman elliott 22.7 11 5.1 343.7%

3 20 Skadden Arps Slate meagher & Flom 21.0 36 62.9 -66.6%Source: mergermarket

ToP 20 legAl ADVIsers – euroPeAn

45

europe

Monthly M&A Insider

rank

H1 2011 Company name Value (€m)

Deal count

1 nordic Capital 19,784 2

2 Coller Capital 19,200 2

3= Avista Capital partners 9,600 1

3= CSFB private equity 9,600 1

5= Andreessen horowitz 6,276 1

5= Silver lake partners 6,276 1

7 eqt partners 5,452 3

8 Barclays private equity 3,563 7

9 lBo France 3,263 3

10 pAI partners 2,949 4

11 Cinven 2,470 1

12 pargesa holding 1,959 1

13 one equity partners 1,948 1

14= Allianz Capital partners 1,607 1

14= Credit Suisse 1,607 1

14= dubai International Capital 1,607 1

14= propel Investments 1,607 1

14= Sofina 1,607 1Source: mergermarket

VAlUe

VAlUe

rank

H1 2011 Company name Value (€m)

Deal count

1 Allianz Capital partners 2,822 2

2= Bain Capital 2,292 1

2= hellman & Friedman 2,292 1

4 AxA private equity 2,014 6

5 the Carlyle group 1,764 6

6 First reserve 1,743 2

7 Fondi Italiani per le infrastrutture 1,644 2

8= eqt partners 1,592 5

8= Advent International 1,525 5

10 triton partners 1,475 5

11 permira 1,058 2

12 Arcus Infrastructure partners 960 1

13 proA Capital de Inversiones 900 2

14= rhone Capital 900 1

14= torreal 900 1Source: mergermarket

VolUme

VolUme

rank


Value (€m)

1 lloyds tSB development Capital 211 7

2 AxA private equity 2,014 6

3 the Carlyle group 1,764 6

4 Altor equity partners 285 6


6 Advent International 1,525 5

7 triton partners 1,475 5

8 Bridgepoint Capital 366 5

9 Bnp paribas developpement 31 5

10 hIg Capital 29 5

11 Vision Capital 336 4

12 duke Street 260 4

13 Sun Capital partners 157 4

14 21 partners 150 4

15 eCI partners 59 4Source: mergermarket

rank


Value (€m)

1 mBo partenaires 75 8

2 Barclays private equity 3,563 7

3 penta Investments - 7

4 AtriA Capital partenaires 475 5

5 3i group 243 5

6 pAI partners 2,949 4

7 AxA private equity 340 4

8 Ventizz Capital partners Advisory 140 4


10 lBo France 3,263 3

11 Sagard private equity partners 1,018 3

12 the Carlyle group 554 3

13 Amadeus Capital partners 270 3

14 Accel partners 256 3

15 Capman 168 3Source: mergermarket

ACTIVITY TABle oF PrIVATe eQuITY FIrMs on euroPeAn BuYouTs

ACTIVITY TABle oF PrIVATe eQuITY FIrMs on euroPeAn exITs

the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is european. the tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is european.the tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

leAgUe tABleS

europe


trend grAphS

euroPeAn M&A QuArTerlY TrenD

0

100

200

300

400

500

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (€

bn)


Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000


0

10

20

30

40

50

60

70

80

90

100

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Buyout value Exit value Buyout volume Exit volume

Valu

e (€

bn)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

euroPeAn M&A AnnuAl TrenD euroPeAn M&A AnnuAl PrIVATe eQuITY TrenD

0

200

400

600

800

1,000

1,200

H1 2011201020092008200720062005


Num

ber of deals

Valu

e (€

bn)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


0

50

100

150

200

250

300

H1 2011201020092008200720062005

Valu

e (€

bn)


Num

ber of deals


0

200

400

600

800

1,000

1,200

1,400

1,600

euroPeAn M&A QuArTerlY PrIVATe eQuITY TrenD

europe


trend grAphS

euroPeAn M&A geogrAPHIC BreAkDown Q2 2011

VAlUe VolUme

CEE

Iberia

UK

Nordic

Germany

France

Benelux

Italy

Others9.7%

21.6%

7.2%

14.5%

4.8%

8.2%

10.5%

10.2%

13.3%

CEE

Iberia

UK

Nordic

Germany

France

Benelux

Italy

Others

13.0%

9.0%

9.9%

5.9%

11.0%

6.4%

14.5%

18.8%

11.5%

euroPeAn M&A seCTor BreAkDown Q2 2011

VAlUe VolUme

0.2%

14.4%

2.1%

0.3%

3.1%

2.2%1.9%1.9%

0.9%0.8%

4.5%

15.2%

1.7%

29.9%

20.8%


Business Services

Consumer

Technology


Financial Services


Leisure

Construction

Transportation

Media

Telecommunications

Real Estate

Agriculture

Defence

0.8%

22.3%

16.6%

0.1%

5.9%

3.6%

4.2%

3.4%

3.0%0.8%1.6%

16.3%

7.5%

7.2%

6.6%


Business Services

Consumer

Technology


Financial Services


Leisure

Construction

Transportation

Media

Telecommunications

Real Estate

Agriculture

Defence

europe


trend grAphS

euroPeAn M&A DeAl sIze BreAkDown

VAlUe VolUme

0

10

20

30

40

50

60

70

80

90

100

H1 2011201020092008200720062005

<€250m or undisclosed value

€251m-€500m

€501m-€2,000m

€2,001m-€5,000m

>€5,001m

33.0%

15.1%

23.9%

10.1%

17.9%

35.1%

17.7%

23.2%

8.4%

15.7%

39.2%

16.4%

22.4%

8.3%

13.7%

40.3%

14.5%

19.9%

8.8%

16.6%

26.7%

20.3%

23.7%

9.0%

20.3% 17.2%

9.4%

30.5%

20.6%

22.3% 23.6%

24.1%

27.1%

10.4%

14.8%

Per

cent

age

88

90

92

94

96

98

100

H1 2011201020092008200720062005

3.4%

0.7%

3.9%

91.6%

3.8%

0.9%

3.5%

91.4%

4.0%

0.9%

3.9%

90.8%

2.7%

0.6%

3.2%

93.1%

2.1%

0.6%

2.2%

94.9%

92.9%

2.8%

3.4%

0.7% 0.9%

3.4%

3.4%

92.0%

0.5% 0.5% 0.3%0.4% 0.4% 0.2% 0.2%

<€250m or undisclosed value

€251m-€500m

€501m-€2,000m

€2,001m-€5,000m

>€5,001m

Per

cent

age

euroPeAn seCTor AnAlYsIssector Q2 2011 Q2 2010 % change

Value (€m) mrk share Deal count Value (€m) mrk share Deal count value volume

pharma, medical & Biotech 31,258 21.1% 74 2,186 2.3% 79 1330% -6%


energy, mining & Utilities 23,038 15.5% 91 12,593 13.1% 103 83% -12%

telecommunications 14,344 9.7% 16 15,152 15.8% 30 -5% -47%

Consumer 11,564 7.8% 164 9,663 10.1% 174 20% -6%

Financial Services 11,025 7.4% 87 12,184 12.7% 108 -10% -19%

technology 9,200 6.2% 104 2,712 2.8% 98 239% 6%

Business Services 6,844 4.6% 144 5,613 5.8% 158 22% -9%

real estate 3,747 2.5% 9 3,240 3.4% 22 16% -59%

leisure 3,309 2.2% 58 2,309 2.4% 37 43% 57%

media 2,896 2.0% 39 2,360 2.5% 47 23% -17%

transportation 2,566 1.7% 48 10,226 10.7% 47 -75% 2%

Construction 884 0.6% 57 769 0.8% 55 15% 4%

Agriculture 68 0.0% 11 493 0.5% 15 -86% -27%

defence 33 0.0% 3 95 0.1% 5 -65% -40%

Total 148,430 1,178 95,995 1,223 55% -4%

SeCtor AnAlYSIS

49

Mid

dle east &

africa


Monthly M&A Insider

tHe mIDDLe eASt & AFrICA

the activity seen was driven by a series of deals predominantly based in both the middle east regions and South Africa. more specifically, the top deal of the quarter in the meA region involved Conoil plc, the listed nigeria based company engaged in the marketing of refined petroleum products, which acquired a 45% stake in oil mining Lease 30 (omL 30), the nigeria based oil and gas block, from nigerian oil companies Agip oil Company Limited, elf petroleum nigeria Limited and the Shell petroleum Development Company of nigeria Limited, for US$1.25bn. more interestingly, the second largest deal also involved a company operating in the energy, mining and Utilities (emt) sector. Vale SA, the listed Brazil based metals and mining company, agreed to acquire metorex Limited, the listed South Africa based multi-commodity mining company, for a cash consideration of US$1.16bn. the transaction was terminated, three months after its announcement, after Jinchuan group International resources Co. Ltd made an unrivalled counter offer to acquire metorex for US$1.409bn. these mega-emt deals clearly dominated the ten top deals table for this quarter with six deals worth US$4.34bn accounting for 71.9% in terms of deal value.

the two most active sectors for this quarter were the emU and the tmt sectors, which accounted for 51% and 11% of total value activity respectively. tmt represented 24% of deal value activity in June at US$2.6bn. For the emU sector, experts argue this is because ever-increasing high commodity prices are leading to aggressive consolidation between companies engaged in direct commodity production and distribution. In the case of tmt, network operators in the increasingly mature meA telecom sector are currently struggling to organically generate revenues at the same double-digit rates than previous years, thus leading to industry consolidation. Similarly, according to Athena tavoulari, senior consultant at Stanton Chase middle east,

telecom giants such as etisalat, Du, StC International, Qtel group, Airtel and Zain are likely to generate mega-deals. these are expected to remain attractive, as individual entry points into markets become scarcer due to the global economic crisis and cost consciousness. In addition, these operators recognise that large deals can enable them to secure entry into multiple markets and extend their geographical footprint through a single transaction, eliminating the complexity of pursuing many deals.

With respect to the energy, mining & Utilities sector, this trend only seems to be intensifying. When looking at H1 2011, the sector alone represented 31.5% of total deal value activity for the period.

Expected M&A activity the general consensus seems to assert that tmt and energy, mining & Utilities will continue to be the main m&A drivers in the coming months.

In the case of the emU sector, this is because commodity prices are continuing to rise since they are used as both a hedging tool against inflation in the financial markets, and for manufacturing by giant emerging economies such as China and India. this is leading to an aggressive consolidation in the emU sector. For instance, Hashoo group, a private pakistani conglomerate, is looking to make acquisitions in the oil and gas sector through its subsidiary opI gas, Chairman Saddaruddin Hashwani said. Its regions of interest include kazakhstan, Libya, Sudan, the UAe, Qatar, Iraq and Yemen. Furthermore, marathon oil Corporation is planning sell its Angola Block 32 stake (i.e. the refining, marketing and transportation businesses) for approximately US$2bn. A potential bidder for this deal would be China petroleum & Chemical Corporation.

tHe mIDDLe eASt AnD AFrICA regIon HAS Seen ItS m&A DeAL VALUe ACtIVItY Drop In Q2 AFter SeeIng 75 DeALS WortH A totAL oF US$8.4Bn. tHIS ACtIVItY repreSenteD A DeCreASe oF 39.4% In VALUe AnD An InCreASe oF 8.7 % In VoLUme CompAreD to Q1 2011 (69 DeALS WortH US$13.87Bn). SImILArLY, BUYoUt ACtIVItY StooD At US$874m In Q2 repreSentIng A 28.8% DeCreASe CompAreD to Q1 2011 (US$1228m In DeAL VALUe). tHIS DeCreASe CAn ArgUABLY Be reLAteD to tHe ContInUIng poLItICAL UnreSt In tHe regIon.

50

Mid

dle east &

africa

Monthly M&A Insider

For tmt, industry sources argue that middle east telecom operators stand at a critical juncture. Competition among telecom operators is expected to intensify, especially around value added services, including 3g becoming increasingly crucial. the growth potential of 3g in the majority of the middle east markets remains significant as consumers demand ubiquitous access and high bandwidth to handle a growing array of services. According to industry expert Athena tavoulari, successful telecom operators in the middle east for 2011-2012 are expected to expand successfully, increase their market share from competitors and carve out new revenue streams and introduce new services, whilst operating in an effective and lean manner.

Looking at expected deals, the government of Iraq plans to issue a fourth mobile licence for approximately US$1bn in Q4 2011 with the likely bidders being Saudi telecom Company (StC), mtn group Limited,France telecom, turkcell and Verizon. eIA treasury director, paul oliver, has also recently announced that the emirates Investment Authority (eIA) could use UAe telecoms operators etisalat and Du as platforms to make further acquisitions in the telecommunication sector. Similarly, the government of mozambique has plans to sell at least 10% of mobile operator, mCel. mtn group Limited and portugal telecom, SgpS, S.A. are likely to bid for the stake in mCel, which has a turnover of around €200m (US$286.19m). mCel is 100% owned by the mozambican government and has a 70% market share of the mobile phone market with four million customers.

tHe mIDDLe eASt & AFrICA

51

Mid

dle east &

africa

Monthly M&A Insider

DeAL oF tHe QUArter

Lamprell plc has agreed to acquire maritime Industrial Services Co Ltd Inc.

TErMs:• Lamprell has offered nok38 (US$6.87) per share to

maritime Industrial shareholders.

• the transaction values maritime Industrial Services Co Ltd Inc at approximately nok1.83bn (US$330.9m).

• the acquisition will be financed through a rights issue and cash.

rATIonAlE:• the acquisition will strengthen Lamprell’s geographical

reach and its customer base.

IrrEvocAblE undErTAkIngs:• If the offer is not executed Lamprell will have to pay a

break fee of US$5.0m.

PosT dEAl dETAIls: • Upon completion, maritime Industrial stock will be

de-listed from the oslo stock exchange.

condITIons:• Approval from the governmental and

regulatory authorities.

• Approval from the oslo stock exchange.

• Approval from maritime Industrial’s shareholders.

ExPEcTEd coMPlETIon dATE: • the transaction is expected to close in July 2011.

Advisers

Target/seller bidder

Financial Credit Suisse Financial HSBC; Jpmorgan Cazenove; Bank of America merrill Lynch

legal Wiersholm legal Clyde & Co; BAHr; Freshfields Bruckhaus Deringer; Ashurst; thommessen

Pr - Pr m:Communications

Target: maritime Industrial Services Co Ltd Inc Announced: 19-may-11

bidder: Lamprell plc deal value: US$371m

seller: - Cross border, public

Exit multiples – Y/E 31-dec-10 Premium analysis

Multiples value (us$m) offer price per share (us$) 6.87

revenue 1.0 x 385.35 1 day before 25.9%

EbITdA 8.0 x 46.08 1 month before 15.2%

EbIT 10.2 x 36.47 1 day after -

Earnings 9.0 x 35.68 Pre-rumour 10.74%

52

Mid

dle east &

africa

Monthly M&A Insider

Top deals

Top 10 MIddle eAsTern & AfrIcAn Announced deAls of Q2 2011Announced Bidder company Target company Target dominated

sectorseller company exit multiples (x) Bid premia

1-day before

deal value(us$m)revenue eBITdA p/e

25-May-11 Conoil plc oil Mining lease 30 (45.00% stake)


The shell petroleum development Company of Nigeria limited; elf petroleum Nigeria limited; and Nigerian agip oil Company limited

1,250

08-apr-11 Vale sa Metorex limited energy, Mining & Utilities

2.7 3.5% 1,164

15-apr-11 Gold Fields limited Tarkwa and damang Gold Mines (18.90% stake)


IaMGold Corporation 667

04-apr-11 Wing Hing International (Holdings) ltd

Taung Gold limited (86.97% stake)


electrum strategic Resources llC

580

12-Jun-11 permira Netafim ltd. (61.00% stake)


Markstone Capital partners llC

549

16-Jun-11 Cellcom Israel ltd NetVision limited TMT discount Investment Corporation ltd

1.2 6.5 19.3 9.5% 435

11-apr-11 lutfi el-Zein Group The Mediterranean and Gulf Insurance and Reinsurance Co (51.00% stake)

Financial services

saudi oger limited na na 12.6 23.7% 400

19-May-11 lamprell plc Maritime Industrial services Co ltd Inc


1.0 8.0 9.0 25.9% 371

10-Jun-11 Citi Venture Capital International

Ness Technologies Inc (90.40% stake)

TMT 0.6 9.9 35.2 17.6% 314

21-apr-11 sentula Mining shanduka Coal (pty) ltd (29.94% stake); and Kangra Coal (pty) ltd (29.93% stake)


shanduka Resources pty limited

1.8 6.6 14.9 303

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target being Middle east or africa data correct as of 11-Jul-11


53

Mid

dle east &

africa

Monthly M&A Insider

LeAgUe tABLeS

VALUeranking h1 2011 h1 2010



value change (%)

13 1 rand merchant Bank 2.4 11 4.6 -47.9%

9 2 goldman Sachs 12.7 10 10.3 23.6%

22 3 Bank of America merrill Lynch 11.3 8 1.3 770.1%

15 4 Credit Suisse 9.2 7 3.4 169.5%

24 5 Jpmorgan 5.2 7 1.2 349.4%

12 6 Deutsche Bank 8.1 6 4.6 75.7%

27 7 Standard Bank group 3.0 6 0.6 406.4%

26 8 kpmg 0.8 5 0.7 12.3%

3 9 morgan Stanley 4.3 4 11.9 -64.3%

16 10 Investec 1.9 4 2.8 -31.9%

- 11 Jefferies & Company 1.6 4 - -

47 12 pwC 0.1 4 0.1 89.7%

28 13 ernst & Young 0.0 4 0.5 -93.8%

6 14 Bnp paribas 11.3 3 11.1 1.8%

42 15 rothschild 2.4 3 0.2 1147.6%

29 16 Citigroup 2.2 3 0.4 404.8%

4 17 HSBC 2.0 3 11.6 -82.6%

1 18 UBS Investment Bank 0.9 3 15.8 -94.1%

10 19 royal Bank of Scotland group 2.4 2 4.9 -51.7%

5 20 Standard Chartered 1.3 2 11.3 -88.1%Source: mergermarket

ToP 20 FInAncIAl AdvIsErs – MIddlE EAsT & AFrIcA

the financial adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11. the tables cover all sectors and are based on the geography of either the target, bidder or seller being middle east & Africa including Israel.

VoLUmeranking h1 2011 h1 2010



1 1 goldman Sachs 12.7 10 8 2

38 2 Bank of America merrill Lynch 11.3 8 1 7

20 3 Bnp paribas 11.3 3 2 1

15 4 Credit Suisse 9.2 7 3 4

8 5 Deutsche Bank 8.1 6 4 2

- 6 Banco Bilbao Vizcaya Argentaria 7.6 1 - -

23 7 Jpmorgan 5.2 7 2 5

7 8 morgan Stanley 4.3 4 4 0

24 9 Standard Bank group 3.0 6 2 4

- 10 Santander global Banking and markets 2.8 1 - -

- 11 Compass Advisers 2.5 1 - -

2 12 rand merchant Bank 2.4 11 8 3

26 13 rothschild 2.4 3 2 1

21 14 royal Bank of Scotland group 2.4 2 2 0

17 15 Citigroup 2.2 3 3 0

12 16 HSBC 2.0 3 3 0

22 17 Investec 1.9 4 2 2

64 18 Java Capital 1.8 1 1 0

- 19 Jefferies & Company 1.6 4 - -

13 20 Standard Chartered 1.3 2 3 -1Source: mergermarket

ToP 20 FInAncIAl AdvIsErs – MIddlE EAsT & AFrIcA

54

Mid

dle east &

africa

Monthly M&A Insider

LeAgUe tABLeS

VoLUmeranking h1 2011 h1 2010



10 1 Freshfields Bruckhaus Deringer 11.6 5 5 0

3 2 Linklaters 9.8 8 10 -2

46 3 Skadden Arps Slate meagher & Flom 9.1 4 1 3

42 4 kirkland & ellis 6.7 4 1 3

14 5= Dewey & LeBoeuf 6.5 2 4 -2

- 5= Fried Frank Harris Shriver & Jacobson 6.5 2 - -

2 7 DLA Cliffe Dekker Hofmeyer 6.0 9 11 -2

4 8 Allen & overy 4.7 5 9 -4

76 9 goldfarb, Levy, eran, meiri & Co. 2.9 2 1 1

5 10 Werksmans 2.9 11 9 2

- 11 Uria menendez 2.8 1 - -

24 12 Simpson thacher & Bartlett 2.8 2 2 0

90 13 Herzog, Fox and neeman 2.7 8 1 7

7 14 edward nathan Sonnenbergs 2.6 10 7 3

- 15 gkH Law offices 2.5 1 - -

1 16 Webber Wentzel 2.3 6 11 -5

- 17 Java Capital 1.8 1 - -

- 18= gide Loyrette nouel 1.7 1 - -

47 18= Loyens & Loeff 1.7 1 1 0

17 20 Clifford Chance 1.2 4 4 0Source: mergermarket

ToP 20 lEgAl AdvIsErs – MIddlE EAsT & AFrIcA

the legal adviser league tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and include lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being middle east & Africa including Israel.

VALUeranking h1 2011 h1 2010



value change (%)

31 1 Werksmans 2.9 11 0.9 229.1%

7 2 edward nathan Sonnenbergs 2.6 10 6.8 -61.5%

28 3 DLA Cliffe Dekker Hofmeyer 6.0 9 1.3 375.3%

3 4 Linklaters 9.8 8 13.6 -28.2%

88 5 Herzog, Fox and neeman 2.7 8 0.0 15723.5%

15 6 Webber Wentzel 2.3 6 4.7 -51.6%

8 7 Freshfields Bruckhaus Deringer 11.6 5 5.6 106.3%

2 8 Allen & overy 4.7 5 14.0 -66.8%

63 9 DLA piper 0.8 5 0.1 1423.1%

18 10 Skadden Arps Slate meagher & Flom 9.1 4 2.5 271.9%

12 11 kirkland & ellis 6.7 4 4.9 35.9%

67 12 Clifford Chance 1.2 4 0.0 2545.5%

- 13 Wilson Sonsini goodrich & rosati p.C. 0.3 4 - -

4 14 AZB & partners 1.0 3 11.5 -91.1%

34 15= gibson Dunn & Crutcher 0.7 3 0.7 1.8%

- 15= Freehills 0.7 3 - -

- 15= glyn marais 0.7 3 - -

62 18= Clyde & Co 0.5 3 0.1 801.8%

76 18= Fluxmans 0.5 3 0.0 1637.9%

80 18= Hogan Lovells 0.5 3 0.0 1772.0%Source: mergermarket

ToP 20 lEgAl AdvIsErs – MIddlE EAsT & AFrIcA

55

Mid

dle east &

africa

Monthly M&A Insider

LeAgUe tABLeS

rank


deal count

1 Istithmar World Capital 1,341 1

2 markstone Capital partners 549 1

3 Dubai International Capital 300 1

4 HBD Venture Capital 110 1

5 Jordan Dubai Capital 94 1

6 First Israel mezzanine Investors 41 1

7= Carmel Ventures 40 1

7= Sequoia Capital 40 1

9 YL Ventures gp 20 1

10 oman Investment Corporation 5 1Source: mergermarket

VALUe

VALUe

rank


deal count

1 Helios Investment partners 1,000 1

2 permira 549 1

3 Citi Venture Capital International 314 1

4 Brait private equity 153 1

5= Citadel Capital SAe 40 1

5= Compass Capital 40 1

7 Standard Chartered private equity 20 1

8 Sky Fund 14 1

9 tene Capital 11 1

10 nBk Capital 0 2

11= nkunzi Investment Holdings 0 1

11= pineBridge Investments 0 1Source: mergermarket

VoLUme

VoLUme

rank


value (us$m)

1 nBk Capital 0 2

2 Helios Investment partners 1,000 1

3 permira 549 1

4 Citi Venture Capital International 314 1

5 Brait private equity 153 1

6= Citadel Capital SAe 40 1

6= Compass Capital 40 1

8 Standard Chartered private equity 20 1

9 Sky Fund 14 1

10 tene Capital 11 1

11= nkunzi Investment Holdings 0 1

11= pineBridge Investments 0 1Source: mergermarket

rank


value (us$m)

1 Istithmar World Capital 1,341 1

2 markstone Capital partners 549 1

3 Dubai International Capital 300 1

4 HBD Venture Capital 110 1

5 Jordan Dubai Capital 94 1

6 First Israel mezzanine Investors 41 1

7= Carmel Ventures 40 1

7= Sequoia Capital 40 1

9 YL Ventures gp 20 1

10 oman Investment Corporation 5 1Source: mergermarket

AcTIvITY TAblE oF PrIvATE EquITY FIrMs on MIddlE EAsTErn & AFrIcAn buYouTs

AcTIvITY TAblE oF PrIvATE EquITY FIrMs on MIddlE EAsTErn & AFrIcAn ExITs

the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is middle east & Africa including Israel. the tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is middle east & Africa including Israel. the tables by value and volume have been run from 01-Jan-11 to 30-Jun-11 and exclude lapsed and withdrawn deals.

56

Mid

dle east &

africa

Monthly M&A Insider

trenD grApHS

MIddlE EAsTErn & AFrIcAn M&A quArTErlY TrEnd

0

20,000

40,000

60,000

80,000

100,000

120,000

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$m

)


Num

ber of deals

0

20

40

60

80

100

120

140

160


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105


Num

ber of dealsValu

e (U

S$m

)

0

5

10

15

20

25

MIddlE EAsTErn & AFrIcAn M&A AnnuAl TrEnd

MIddlE EAsTErn & AFrIcAn M&A AnnuAl PrIvATE EquITY TrEnd

0

20

40

60

80

100

120

140

160

H1 2011201020092008200720062005


Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

500


0

2

4

6

8

10

12

14

H1 2011201020092008200720062005


Valu

e (U

S$bn

)

0

10

20

30

40

50

60

70

Num

ber of deals

MIddlE EAsTErn & AFrIcAn M&A quArTErlY PrIvATE EquITY TrEnd

57

Mid

dle east &

africa

Monthly M&A Insider

trenD grApHS

MIddlE EAsTErn & AFrIcAn M&A gEogrAPhIc brEAkdoWn q2 2011

MIddlE EAsTErn & AFrIcAn M&A sEcTor brEAkdoWn q2 2011

VALUe

VALUe

VoLUme

VoLUme

17.4% 20.6%

5.7%

31.6%

4.9%

5.7%

0.4%

0.8%

0.5%

10.1%

2.3%


Financial Services

Business Services

Consumer

Energy, Mining & Utilites

Technology

Leisure

Telecommunications


Construction

Real Estate

11.4%

21.3%

3.2%

2.3%1.7% 0.5%

0.5%

1.4%

9.7%

5.0%4.4%

4.2%

2.2%

9.2%

4.7%0.7%

2.2%

1.2%

14.2%

South Africa

Israel

United Arab Emirates

Saudi Arabia

Nigeria

Kuwait

Egypt

Kenya

Qatar

Morocco

Tunisia

Ghana

Jordan

Iraq

Zimbabwe

Algeria

Libya

Namibia

Ethiopia

9.9%

4.3%4.3%

2.8%

10.6%

9.9%

16.3%

2.1%

9.9%

14.2%

1.4%

14.2%


Financial Services

Business Services

Consumer

Energy, Mining & Utilites

Technology

Telecommunications

Leisure

Transportation


Construction

Real Estate

38.5%

3.0%0.4%

0.1%

5.8%

21.4%

8.7%

4.1%

0.6%

3.4%

3.6%3.1%

10.1%

0.4% 0.2%0.1%

0.3%0.4%0.5%

South Africa

Israel

United Arab Emirates

Saudi Arabia

Nigeria

Kuwait

Egypt

Kenya

Qatar

Morocco

Tunisia

Ghana

Jordan

Iraq

Zimbabwe

Algeria

Libya

Namibia

Ethiopia

58

Mid

dle east &

africa

Monthly M&A Insider

trenD grApHS

SeCtor AnALYSIS

MIddlE EAsTErn & AFrIcAn M&A dEAl sIZE brEAkdoWn

VALUe VoLUme

0

10

20

30

40

50

60

70

80

90

100

H1 2011201020092008200720062005

12.1%

21.5%

54.8%

5.1%5.0%

86.4%

13.3%

11.3%

67.2%

17.3%

18.8%

48.1%

19.1%

14.5%

53.1%

66.7%

11.5%

11.4%

13.8%

10.3%3.1%

7.3%14.0% 11.9% 9.3%

10.9%

7.2%

66.2%

1.3% 0.4% 0.9% 1.7% 1.5% 1.1% 1.2%

<US$14.9m or undisclosed value

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

Per

cent

age

0

10

20

30

40

50

60

70

80

90

100

H12011201020092008200720062005

34.8%

10.7%

8.6%

5.6%

34.0%

14.2%

6.2%

9.2%

32.6%

15.4%

5.7%

7.2%

36.9%

11.1%

5.7%4.0%

32.6%

13.1%

4.0%3.4% 5.8%

5.1%

33.3%

11.5%9.7%

5.6%

40.3%36.4%

39.1%42.3% 47.0% 44.2%

47.2%

27.8%

9.7%

<US$14.9m or undisclosed value

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

Per

cent

age

MIddlE EAsTErn & AFrIcAn sEcTor AnAlYsIssector q2 2010 q2 2011 % change

value ($m) mrk share deal count value ($m) mrk share deal count value volume

energy, mining & Utilities 1,954 35.9% 16 7,023 31.5% 20 259% 25%


Consumer 121 2.2% 8 2,240 10.0% 20 1751% 150%

Financial Services 711 13.0% 10 1,256 5.6% 14 77% 40%

pharma, medical & Biotech 168 3.1% 3 1,263 5.7% 14 652% 367%

technology 332 6.1% 10 1,093 4.9% 14 229% 40%

Business Services 74 1.4% 7 510 2.3% 15 589% 114%

media 0 0.0% 1 0 0.0% 0 - -100%

transportation 41 0.8% 3 14 0.1% 4 -66% 33%

real estate 121 2.2% 4 3,864 17.3% 6 3093% 50%

Leisure 47 0.9% 3 90 0.4% 2 91% -33%

telecommunications 297 5.4% 4 112 0.5% 3 -62% -25%

Defence 0 0.0% 0 68 0.3% 2 - -

Construction 378 6.9% 4 173 0.8% 6 -54% 50%

Agriculture 37 0.7% 2 13 0.1% 1 -65% -50%

Total 5,450 86 22,298 144 309% 67%


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ABoUt merrILL CorporAtIon

Merrill Transaction and compliance services through a broad range of tools and services, merrill Corporation streamlines document composition, filing, printing, distribution and electronic access to the transaction and regulatory compliance activities of its clients engaged in securities offerings, reorganizations, mergers and acquisitions, SeC and other regulatory filings. As a registered, third-party service provider offering public companies expert eDgArization and XBrL filing services, merrill professionals can compose, edit, electronically file, manage and distribute data in printed or electronic format.

Merrill legal solutions provide both on-demand and on-site litigation support, information management and electronic and print document management services for law firms, corporate legal departments and professional services firms.

examples of our expertise include the creation of searchable litigation document repositories, management of electronic data discovery and the delivery of real-time court reporting and deposition videography services.

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www.datasite.com

About Merrill datasite®

revolutionizing the due diligence process

merrill DataSite is designed for rapid deployment and can be up and running within two hours of a client’s need. our team can scan, upload and organize thousands of pages of content from any source in 24 hours or less. every aspect of the process, from document scanning to VDr hosting and project management is delivered by merrill’s multilingual team, available around the clock worldwide.

With merrill DataSite, all documents are captured and indexed to an online database and because all rights are designated by the client, security and control are guaranteed. each user’s ability to view, print or access source documents is set up by the client administrator and can be changed at any time. merrill DataSite provides useful tools including full search, viewer audit capability, Q&A, bulk uploads and detailed user activity tracking that help clients maintain tighter control and have greater insight into reviewer behavior.

Merrill datasite® enhances transaction success

merrill DataSite is the industry’s acknowledged leader. more than 61,000 different private and public companies across the globe have leveraged merrill DataSite to increase the value of the following types of transactions:

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FoUnDeD In 1968 AnD HeADQUArtereD In St. pAUL, mInneSotA, merrILL CorporAtIon IS A LeADIng proVIDer oF oUtSoUrCeD SoLUtIonS For CompLeX BUSIneSS CommUnICAtIon AnD InFormAtIon mAnAgement. merrILL’S SerVICeS InCLUDe DoCUment AnD DAtA mAnAgement, LItIgAtIon SUpport, LAngUAge trAnSLAtIon SerVICeS, FULFILLment, ImAgIng AnD prIntIng. merrILL SerVeS tHe CorporAte, LegAL, FInAnCIAL SerVICeS, InSUrAnCe AnD reAL eStAte mArketS. WItH more tHAn 5,000 peopLe In oVer 40 DomeStIC AnD 22 InternAtIonAL LoCAtIonS, merrILL empoWerS tHe CommUnICAtIonS oF tHe WorLD’S LeADIng orgAnIZAtIonS.


ABoUt merrILL DAtASIte®

Merrill datasite – built with the client in mindmerrill DataSite was created to meet its clients’ needs and built to their specifications. Since 2002 we have consistently leveraged the experiences of our clients to add leading-edge functionality to the available toolset. merrill DataSite allows its users and administrators to:

Examine documents immediately. patented technology ensures you never have to wait for a document to be downloaded. Because the data resides on merrill’s servers, you can simultaneously view an unlimited number of documents in multiple windows without having to close out or save to your “temp” file. When faced with hundreds of documents to review, this feature saves significant time and expense.

designate user permissions. team administrators can control which users will be able to view, print or download specific documents, folders or projects – simply and quickly.

search every word in every document. With large document collections, sophisticated search features are key to finding critical information and accelerating the due diligence process. merrill DataSite performs optical Character recognition (oCr) on each and every letter in each and every document. our search capabilities allow users to search tens – if not hundreds – of thousands of pages to find what’s relevant to them. merrill DataSite’s search capabilities ensure nothing is missed in any of the posted documents - regardless of where they may be organized within the index (e.g. find every instance of “contract” and “termination” within 5 words of each other, etc.). Search results are returned much faster and are unlimited in terms of document results and hits within a document.

Using wildcard, fuzzy, proximity, boosting, Boolean and grouping modifiers, you can search and find exact matches and near-matches, including misspelled words. potential buyers will enjoy increased confidence knowing they’ve received and seen all materials and documents that are relevant to their decision-making.

Protect confidential information. ”View-only” documents are neverdownloaded. merrill DataSite, not the computer’s browser, controls thecaching process providing unmatched security levels. Unlike other VDrproviders, images are never viewable on the pC’s cache after the conclusion of a session.

Track all activity accurately. Auditing and reporting tools provide a verifiable account of each individual’s time spent viewing both documents and specific pages – information that adds negotiating leverage.

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DataSite was the first virtual data room to receive the ISo 27001 certification for its comprehensive Information Security management System (ISmS).

the ISo 27001 standard, developed by the International organization for Standards to establish international requirements for information security and certification of ISmS, is designed to ensure effective protection of information assets in foreign markets, as well as across national and regional boundaries.

The best tool in the industrymerrill DataSite technology allows for the fastest conversion of soft and hard copy documents to the electronic viewing platform. As a result, designated administrators are able to review documents the moment they are available.

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noW sMArTEr, FAsTEr, EAsIEr!

PlEAsE vIsIT our WEbsITE: WWW.dATAsITE.coM

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ABoUt merrILL CorporAtIon

ExEcuTIvE MAnAgEMEnT

Ed bifulk president tel: +1 212 229 6563

Paul hartzell Senior Vice president tel: +1 212 367 5950

ExEcuTIvE sAlEs

chris beckmann regional Director, europe tel: +49 69 25617 110

Alex gross regional Director, europe tel: +49 69 7593 7148

Michael hinchliffe regional Director, europe tel: +44 20 7422 6100

Alvaro ortega regional Director, europe tel: +44 20 7422 6100

Merlin J. Piscitelli regional Director, europe tel: +44 20 7422 6100

Jérôme Pottier regional Director, France tel: +33 (0) 1 40 06 13 12

colin schopbach regional Director, europe tel: +44 20 7422 6100

Anna scott regional Director, europe tel: +44 20 7422 6100

Jonathan hughes Account manager, northern europe tel: +44 20 7422 6100

hakema El-hadad regional Director, northern Africa tel: +33 (0) 1 40 06 13 10

shashank Jain representative, United Arab emirates tel: +52 55 9171 2237

vincent lork regional Director, South Asia tel: +65 6248 4602

Ari lee regional Director, Asia-pacific tel: +852 9855 3758

chris robilliard regional Director, Australia & new Zealand tel: +612 8667 3064

Manuel bentosinos regional Director, mexico tel: +52 55 9171 2237

Ana Paula Macêd Távora de castro regional Director, South America tel: +55 11 9908 0858

Felipe cunha regional Director, Brazil tel: +55 11 3568 2429

Will brown regional Director, Canada tel: +1 514 877 5177

hank gregory SVp, Western Canada & US tel: + 604 603 4360

ryan MacMillan regional Director, Canada tel: +1 416 214 2448

Michael kennedy regional Director, Boston tel: +1 207 829 4369

ross Whittaker regional Director, new england tel: +1 617 266 0189

Forrest r. doane regional Director, new York tel: +1 917 934 7341

Adam kuritzky regional Director, new York tel: +1 917 934 7340

shelle Martin regional Director, new York tel: +1 212 229 6613

John McElrone regional Director, new York tel: +1 212 229 6656

Matthew Mezzancello regional Director, new York tel: +1 917 934 7346

steve Piccone Vice president, new York tel: +1 212 229 6883

William Polese regional Director, new York tel: +1 212 229 6612

Paul kleinkauf regional Director, Southeast tel: +1 404 602 3251

scott haugen regional Director, minnesota tel: +1 651 632 4375

Anthony crosby regional Director, Chicago tel: +1 312 674 6511

Mark Plaehn regional Director, Chicago tel: +1 312 674 6527

kelly Weisenfels regional Director, Chicago tel: +1 312 674 6508

brian gilbreath regional Director, omaha tel: +1 404 934 8085

nicholas renter regional Director, Dallas tel: +1 214 754 2100

Mark Tully regional Director, San Francisco tel: +1 415 357 1400

Andrew buonincontro regional Director, palo Alto tel: +1 650 493 1400

Erik sandie regional Director, palo Alto tel: +1 650 493 1400

dan Phelan regional Director, Los Angeles tel: +1 213 253 2139

Jay loyola regional Director, Irvine tel: +1 949 622 0663

david Yeary Vp, DataSite Life Sciences tel: +1 415 307 4414

James snaza Director, Life Sciences tel: +1 651 632 4585

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disclaimer

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.

remark, the events and publications arm of the mergermarket group, offers a range of publishing, research and events services that enable clients to enhance their own profile, and to develop new business opportunities with their target audience.

The following notes pertain to data contained in this publication:

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

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

• Deals are included in the graphs and top Deals in each section based on the dominant geography and dominant sector of the target company. Data underlying the League tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

• H1 2011/Q2 2011 refer to the period 01-Jan-11 to 30-Jun-11.

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