© 2015 Grant Thornton India LLP. All rights reserved.

Providing M&A and Private Equity Deal Insight

January, 2015

Volume 11.1

Dealtracker

Disclaimer

This document captures the list of deals announced based on information available in the public domain

and based on public announcements. Grant Thornton India LLP does not take any responsibility for the

information, any errors or any decision by the reader based on this information. This document should not

be relied upon as a substitute for detailed advise and hence, we do not accept responsibility for any loss as

a result of relying on the material contained herein. Further, our analysis of the deal values are based on

publicly available information and based on appropriate assumptions (wherever necessary). Hence, if

different assumptions were to be applied, the outcomes and results would be different.

Dealtracker editorial team:

Monica Kothari, Sowmya

Ravikumar,

© 2015 Grant Thornton India LLP. All rights reserved.

33 54 70

310

675

1174 2013

2014

2015

652

20 145 82 46 53

556

275 105

1

1882

240

Domestic InternalRestructuring

Inbound Outbound

Deal Round Up January 2015

Deal summary Volume Value (US$mn)

2013 2014 2015 2013 2014 2015

Domestic 17 8 18 652 46 105

Crossborder 20 20 29 226 831 2,122

Merger & Internal

Restructuring 4 5 1 20 53 1

Total M&A 41 33 48 898 930 2,228

Private Equity 33 54 70 310 675 1,174

Grand Total 74 87 118 1,208 1,605 3,402

Cross border includes

Inbound 12 14 13 145 556 1,882

Outbound 8 6 16 82 275 240

Total Deal Volume Spread – January 2015

17

4

12

8 8

5

14

6

18

1

13

16

Domestic InternalRestructuring

Inbound Outbound

PE

M

&A

↑140%

↑74%

↑45%

↑30%

Highlights

• This month witnessed 118 deals worth US$ 3.4 billion which

was higher in terms of volume (36%) and value (112%) as

compared to the same period in 2014. However, January 2015

saw lower deal activity when compared to the previous month

December 2014 which contributed 105 deals contributing

US$ 4 billion

• Inbound deals continue to witness upward trend, led by the

Herman - Symphony deal worth US$ 780 million and 3 other

deals over US$ 100 million each.

• The upward trend in PE investment activity continues with

higher deal values and volumes compared to previous years

• The month also saw 4 QIPs worth US$ 115 million and 2

IPOs

Total Deal Value Spread (US$ mn) – January 2015

© 2015 Grant Thornton India LLP. All rights reserved.

IT & ITES 70%

Media and Entertainment

14%

Pharma, Healthcare & Biotech 7%

Automotive 5%

Others 4%

IT & ITES 36%

Pharma, Healthcare &

Biotech 17% Media &

Entertainment 8%

Manufacturing 8%

Automotive 6%

Others 25%

Top M&A Deals of the Month

Acquirer Target Sector US$ mn Deal Type %

Stake

Harman

International

Industries

Symphony Teleca

Corporation IT & ITES 780 Acquisition 100%

Alibaba Group

One97

Communications

Ltd

IT & ITES 575 Minority

Stake 29%

Silver Eagle

Acquisition Corp Videocon D2H

Media and

Entertainment 300

Strategic

Acquisition 33.5%

Igarashi

Electrical Works

Agile Electric Sub

Assembly Pvt Ltd Automotive 106

Majority

Stake N.A.

Piramal

Enterprises Ltd

Coldstream

Laboratories Inc

Pharma,

Healthcare &

Biotech

31 Acquisition 100%

Key Sectors Top Sectors based on Deal Value (US$ mn)

Top Sectors based on Deal Volume

Notable Sectors Volume US$ mn

IT & ITES 17 1,561

Pharma, Healthcare &

Biotech 8 143

Media & Entertainment 4 310

Manufacturing 4 20

Automotive 3 116

Professional / Business

Services 3 15

IT&ITES continued to lead M&A activity

in India, majorly driven by consolidation

trends within the sector. While large deals

in the sector were mainly in the IT

Consulting and IT Solutions space,

acquisition trend continued in the intensely

robust e-commerce segment

M&A Round Up January 2015

© 2015 Grant Thornton India LLP. All rights reserved.

IT & ITES 35%

Pharma, Healthcare & Biotech 26%

BFSI 18%

Energy & Natural

Resources 7%

Media & Entertainment

3%

Others 11%

IT & ITES 53%

Pharma, Healthcare &

Biotech 7%

Media & Entertainment

7%

BFSI 6%

Real Estate 6%

Others 21%

Key Sectors Top Sectors based on Deal Value (US$ mn)

Top Sectors based on Deal Volume

Notable Sectors Volume US$ mn

IT & ITES 37 411

Pharma, Healthcare &

Biotech 5 303

Media & Entertainment 5 39

Banking & Financial

Services 4 212

Real Estate 4 32

Education 4 26

• The month continued to witness

heightened interest in IT & ITES (e-

commerce in particularly) which drove

both PE values and volumes.

• The month saw big ticket investments

from global PE players into the Indian

hospital sector

• BFS also witnessed renewed interest, with

Ujjivan Financial receiving close to US$

100 million of funding, making it the single

largest investment into a microfinance

lender in India.

PE Round Up January 2015

Top PE Deals of the Month

Investor Investee Sector %

Stake US$ mn

TPG Capital

Manipal Health

Enterprises Private

Limited.

Pharma,

Healthcare &

Biotech

25% 150

Tiger Global, Helion Venture

Partners and Nexus Venture

Partners.

Clues Network Pvt Ltd-

ShopClues IT & ITES N.A. 100

CDC Group, CX Partners,

Bajaj Group

Ujjivan Financial

Services

Banking &

Financial

Services

N.A. 97

IDFC -India Infrastructure

Fund II

DB Power Limited-

Diligent Power Pvt. Ltd.

Energy & Natural

Resources 15% 81

SAIF partners One97 Communications

Ltd IT & ITES 3% 60

© 2015 Grant Thornton India LLP. All rights reserved.

Deal of the month M&A Deal of the month PE

Infotainment

company HARMAN

International

Industries has

agreed to acquire

Symphony Teleca

for $ 780million

Symphony Teleca, part of the $2.5 billion Symphony Technology Group provides outsourced product development as well as data analytics and mobility services to enterprises.

Target

HARMAN designs, manufactures and markets premier audio, visual, infotainment and enterprise automation solutions for the automotive, consumer and professional markets.

Acquirer

With the acquisition of Symphony Teleca, HARMAN will

add a fourth division to its three primary businesses:

Infotainment, Lifestyle and Professional. Further, it will

enable to rapidly develop and commercialise more

innovative solutions and systems for a broader set of

industries.

Rationale

Sector : IT

Solutions (IT&ITES)

Manipal Health

Enterprises Ltd has

raised around US$

150 million for about

25% stake from

TPG Capital

Manipal Health Enterprises Ltd, the healthcare arm of Manipal Group is one of the largest healthcare chains in India with a network of 15 hospitals and three primary clinics spread across 6 states.

Investee

TPG Capital is one of the largest private equity investment firms globally, focused on leveraged buyout and growth capital.

Investor

The healthcare chain is seeking to double its bed count in

the coming years and has been scaling up with a mix of

organic expansion and acquisitions to move into new

geographies.

Comments

Sector : Hospitals (Pharma, Healthcare

& Biotech)

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