Monthly MA Insider May 2013 Final [1]

36
 A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER MAY 2013

Transcript of Monthly MA Insider May 2013 Final [1]

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 135

A MERGERMARKET REPORT ON GLOBAL MampA ACTIVITY

MONTHLY MampA INSIDERMAY 2013

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Monthly MampA Insider | May

INSIDE

GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIAPACIFIC

EUROPE

MIDDLE EAST amp AFRICA

ABOUT MERRILL DATASITE amp MERRILL CORPORATION

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GLOBAL OVERVIEW

Monthly MampA Insider | May | 01

In April 2013 dealmaking figures continued to disappoint Deal volume dropped 33 YoY to 721deals while collective value decreased by 30 to US$1357bn Across several sectors the upperend of the market was busy enough to sustain deal value as activity in the middle and lower endof the market faltered

Innovation in Pharmaceuticals Medicalamp Biotech

The Pharmaceuticals Medical amp Biotech sector saw a fall in

deal volume of 29 YoY to 53 deals while value rose 28 YoYto US$289bn in April The sector as a whole seems primed for

activity with sizeable pharmaceutical companies looking to tap

into the ingenuity and specialisation of smaller biotech firms

One blockbuster deal was behind this jump Thermo Fisher

Scientificrsquos announced US$15bn takeover of Life Technologies

Corp both based in Delaware The deal will give Thermo Fisher

Scientific a foothold in genetic sequencing a segment that has

become particularly important as the genetic factors underlying

illnesses are being identified more frequently than ever before

Expansion drives Consumer sector growth

Consumer deals similarly witnessed a spike in value ndash up26 YoY to US$344bn in the month ndash while volume dropped

31 to 99 deals over the same period The biggest deals

were generated by trade players looking to consolidate their

market positions for the long-term Joh A Benckiser the

Dutch holding company focusing on consumer goods made

public its plans to acquire a majority stake in Netherlands-

based coffee and tea company DE Master Blenders for

US$86bn For Joh A Benckiser this deal follows the

acquisitions of US-based Peets Coffee and Tea and the

Caribou Coffee Company as it attempts to become a major

player on the global coffee scene

In a more controversial move Anglo-Dutch personal care giant

Unilever has announced a US$54bn purchase of a 225 stake in

Hindustan Unilever increasing its already majority share to 75

The deal has attracted criticism from several angles as many of

Unileverrsquos shareholders believe the offer egregiously overvaluesthe Mumbai-headquartered company while Hindustan Unileverrsquos

minority stakeholders believe that the current price undervalues

the company based on its projected future earnings But the

deal seems to be more about control than earnings Indiarsquos

Companies Bill passed through the lower house of the Indian

parliament in late 2012 strengthens the hand of minority

shareholders Unilever may be trying to avoid future squabbles

by increasing its share of Hindustan Unilever now

Private equity interest in Technology businesses

Technology MampA activity has been hit harder than the

Pharmaceuticals Medical amp Biotech or Consumer sectors

While value increased by a negligible 02 YoY to US$93bn

volume nearly halved plummeting to 65 deals in April Valuersquos

ability to stay level (although uninspiring in itself) is thanks to

a handful of large-cap transactions This past month private

equity firms were particularly interested in launching large-

cap technology buyouts For instance a consortium comprised

of Bain Capital Golden Gate Capital GIC Special Investments

and Insight Venture Partners announced plans to take data

management company BMC Software private for US$67bn

The deal will help BMC enter a period of re-invention and

development particularly regarding its cloud capabilities

without being beholden to shareholder pressures

Head of Research Elias Latsis

Editor Laura Resetar

For advertising opportunities contactErik Wickman Tel + (1) 212 686 3329 erikwickmanmergermarketcom

Global overview Kristina Thompson and Fabio Lopes

Latin America Ashley Klepach and Daniel Bratkowski

North America Urna Chakraborty and Dan Kim

Asia-Pacific Samuel Wong and Brandon Taylor

Europe Alan Nasrat Lucia Costa and Alicia Molina

Middle East amp Africa Silvia Paparello and Vinjeru Mkandawire

8192019 Monthly MA Insider May 2013 Final [1]

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TREND GRAPHS

GLOBAL OVERVIEW Monthly MampA Insider | May | 02

GLOBAL MampA QUARTERLY TREND GLOBAL MampA QUARTERLY PRIVATE EQUITY TREND

GLOBAL MampA ANNUAL TREND GLOBAL MampA ANNUAL PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

200

400

600

800

1000

1200

1400

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

3500

4000

4500

N u

m b er of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

N u

m b er of d e al s

0

100

200

300

400

500

600

700

800

900

YTD 2013201220112010200920082007

V a l u e

( U S $ b

n )

Buyout value Exit value Buyout volume Exit volume

0

500

1000

1500

2000

2500

3000

3500

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

300

350

400

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

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GLOBAL OVERVIEW Monthly MampA Insider | May | 03

TREND GRAPHS

253

46

79

103100

213

69

16

07 33

12

47

16 0304

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

137

112

208

96

90

83

73

42

37

33

28

2817 12

04

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

243

393

310

1540

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

268

399

267

2343

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

GLOBAL MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

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GLOBAL OVERVIEW Monthly MampA Insider | May | 04

TREND GRAPHS

GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

396420

405

274300 294

79 89 79 97 101 96

170153 165

204

191 197

230 193 205

275262 275

125 145 146 150 146 137

275

93

218

270

143

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

874

901 909893 888 890

13 09 10 11 11 11

51

46 39

4548 47

55

38 3747 48 48

07 06 05 04 05 04

900

11

41

45

03

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

8192019 Monthly MA Insider May 2013 Final [1]

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wwwdatasitecom

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Lost in

Transaction

8192019 Monthly MA Insider May 2013 Final [1]

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A MERGERMARKET MampA REPORT ON

LATIN AMERICA

Monthly MampA Insider | May | 06

Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively

The Communications sector had the third largest deal in

April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m

acquisition of Telefonica SArsquos operations in the country All in all

the month represents a significant slowdown for MampA activity

with 30 deals totalling US$54bn which is less than half of the

65 deals that closed out the month of April in the previous year

This slow start could prove to fall short for the end of the quarter

compared to Q2 2012 which saw 196 deals Private Equity has

seen a slowdown with six buyouts and seven exits Companies

are holding tightly to their portfolio companies while they wait for

better market conditions to make their exits

Not surprisingly Brazil was the most productive country of

the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest

deal in the Business Services sector Kroton Educacionalrsquos

US$26bn acquisition of Anhanguera Educacional Participaccedilotildees

The deal represented a two year plan by the company for the

consolidation of educational services educational services ndash

an increase in demand for higher education due to the growing

middle class is an expected driver for further consolidation in

the sector

Brazil will continue to be a focal point for MampA activity in 2013

With the 2014 World Cup and the 2016 Olympic Games coming

up ahead Brazilrsquos construction sector is expecting continued

growth towards the end of the year One of the bigger deals

that still remains a possibility for Brazil is the privatisation of

the largest soccer stadium in the country the Maracana The

stadium had undergone a bidding process and had been won

by a consortium which included Odebrecht and Eike Batistarsquos

IMX A judge in Rio de Janeiro put a stop to the sale after some

irregularities had been found in the bidding process suggesting

that the private consortium had some unfair advantages that

allowed them to win the bid As a result investors continue to

grow weary of these and other historical interventions by the

government with regards to MampA activity

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Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

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TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

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LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

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0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

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The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

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Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 235

Monthly MampA Insider | May

INSIDE

GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIAPACIFIC

EUROPE

MIDDLE EAST amp AFRICA

ABOUT MERRILL DATASITE amp MERRILL CORPORATION

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 335

GLOBAL OVERVIEW

Monthly MampA Insider | May | 01

In April 2013 dealmaking figures continued to disappoint Deal volume dropped 33 YoY to 721deals while collective value decreased by 30 to US$1357bn Across several sectors the upperend of the market was busy enough to sustain deal value as activity in the middle and lower endof the market faltered

Innovation in Pharmaceuticals Medicalamp Biotech

The Pharmaceuticals Medical amp Biotech sector saw a fall in

deal volume of 29 YoY to 53 deals while value rose 28 YoYto US$289bn in April The sector as a whole seems primed for

activity with sizeable pharmaceutical companies looking to tap

into the ingenuity and specialisation of smaller biotech firms

One blockbuster deal was behind this jump Thermo Fisher

Scientificrsquos announced US$15bn takeover of Life Technologies

Corp both based in Delaware The deal will give Thermo Fisher

Scientific a foothold in genetic sequencing a segment that has

become particularly important as the genetic factors underlying

illnesses are being identified more frequently than ever before

Expansion drives Consumer sector growth

Consumer deals similarly witnessed a spike in value ndash up26 YoY to US$344bn in the month ndash while volume dropped

31 to 99 deals over the same period The biggest deals

were generated by trade players looking to consolidate their

market positions for the long-term Joh A Benckiser the

Dutch holding company focusing on consumer goods made

public its plans to acquire a majority stake in Netherlands-

based coffee and tea company DE Master Blenders for

US$86bn For Joh A Benckiser this deal follows the

acquisitions of US-based Peets Coffee and Tea and the

Caribou Coffee Company as it attempts to become a major

player on the global coffee scene

In a more controversial move Anglo-Dutch personal care giant

Unilever has announced a US$54bn purchase of a 225 stake in

Hindustan Unilever increasing its already majority share to 75

The deal has attracted criticism from several angles as many of

Unileverrsquos shareholders believe the offer egregiously overvaluesthe Mumbai-headquartered company while Hindustan Unileverrsquos

minority stakeholders believe that the current price undervalues

the company based on its projected future earnings But the

deal seems to be more about control than earnings Indiarsquos

Companies Bill passed through the lower house of the Indian

parliament in late 2012 strengthens the hand of minority

shareholders Unilever may be trying to avoid future squabbles

by increasing its share of Hindustan Unilever now

Private equity interest in Technology businesses

Technology MampA activity has been hit harder than the

Pharmaceuticals Medical amp Biotech or Consumer sectors

While value increased by a negligible 02 YoY to US$93bn

volume nearly halved plummeting to 65 deals in April Valuersquos

ability to stay level (although uninspiring in itself) is thanks to

a handful of large-cap transactions This past month private

equity firms were particularly interested in launching large-

cap technology buyouts For instance a consortium comprised

of Bain Capital Golden Gate Capital GIC Special Investments

and Insight Venture Partners announced plans to take data

management company BMC Software private for US$67bn

The deal will help BMC enter a period of re-invention and

development particularly regarding its cloud capabilities

without being beholden to shareholder pressures

Head of Research Elias Latsis

Editor Laura Resetar

For advertising opportunities contactErik Wickman Tel + (1) 212 686 3329 erikwickmanmergermarketcom

Global overview Kristina Thompson and Fabio Lopes

Latin America Ashley Klepach and Daniel Bratkowski

North America Urna Chakraborty and Dan Kim

Asia-Pacific Samuel Wong and Brandon Taylor

Europe Alan Nasrat Lucia Costa and Alicia Molina

Middle East amp Africa Silvia Paparello and Vinjeru Mkandawire

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 435

TREND GRAPHS

GLOBAL OVERVIEW Monthly MampA Insider | May | 02

GLOBAL MampA QUARTERLY TREND GLOBAL MampA QUARTERLY PRIVATE EQUITY TREND

GLOBAL MampA ANNUAL TREND GLOBAL MampA ANNUAL PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

200

400

600

800

1000

1200

1400

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

3500

4000

4500

N u

m b er of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

N u

m b er of d e al s

0

100

200

300

400

500

600

700

800

900

YTD 2013201220112010200920082007

V a l u e

( U S $ b

n )

Buyout value Exit value Buyout volume Exit volume

0

500

1000

1500

2000

2500

3000

3500

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

300

350

400

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535

GLOBAL OVERVIEW Monthly MampA Insider | May | 03

TREND GRAPHS

253

46

79

103100

213

69

16

07 33

12

47

16 0304

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

137

112

208

96

90

83

73

42

37

33

28

2817 12

04

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

243

393

310

1540

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

268

399

267

2343

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

GLOBAL MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635

GLOBAL OVERVIEW Monthly MampA Insider | May | 04

TREND GRAPHS

GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

396420

405

274300 294

79 89 79 97 101 96

170153 165

204

191 197

230 193 205

275262 275

125 145 146 150 146 137

275

93

218

270

143

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

874

901 909893 888 890

13 09 10 11 11 11

51

46 39

4548 47

55

38 3747 48 48

07 06 05 04 05 04

900

11

41

45

03

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735

wwwdatasitecom

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Lost in

Transaction

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835

A MERGERMARKET MampA REPORT ON

LATIN AMERICA

Monthly MampA Insider | May | 06

Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively

The Communications sector had the third largest deal in

April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m

acquisition of Telefonica SArsquos operations in the country All in all

the month represents a significant slowdown for MampA activity

with 30 deals totalling US$54bn which is less than half of the

65 deals that closed out the month of April in the previous year

This slow start could prove to fall short for the end of the quarter

compared to Q2 2012 which saw 196 deals Private Equity has

seen a slowdown with six buyouts and seven exits Companies

are holding tightly to their portfolio companies while they wait for

better market conditions to make their exits

Not surprisingly Brazil was the most productive country of

the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest

deal in the Business Services sector Kroton Educacionalrsquos

US$26bn acquisition of Anhanguera Educacional Participaccedilotildees

The deal represented a two year plan by the company for the

consolidation of educational services educational services ndash

an increase in demand for higher education due to the growing

middle class is an expected driver for further consolidation in

the sector

Brazil will continue to be a focal point for MampA activity in 2013

With the 2014 World Cup and the 2016 Olympic Games coming

up ahead Brazilrsquos construction sector is expecting continued

growth towards the end of the year One of the bigger deals

that still remains a possibility for Brazil is the privatisation of

the largest soccer stadium in the country the Maracana The

stadium had undergone a bidding process and had been won

by a consortium which included Odebrecht and Eike Batistarsquos

IMX A judge in Rio de Janeiro put a stop to the sale after some

irregularities had been found in the bidding process suggesting

that the private consortium had some unfair advantages that

allowed them to win the bid As a result investors continue to

grow weary of these and other historical interventions by the

government with regards to MampA activity

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935

Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 335

GLOBAL OVERVIEW

Monthly MampA Insider | May | 01

In April 2013 dealmaking figures continued to disappoint Deal volume dropped 33 YoY to 721deals while collective value decreased by 30 to US$1357bn Across several sectors the upperend of the market was busy enough to sustain deal value as activity in the middle and lower endof the market faltered

Innovation in Pharmaceuticals Medicalamp Biotech

The Pharmaceuticals Medical amp Biotech sector saw a fall in

deal volume of 29 YoY to 53 deals while value rose 28 YoYto US$289bn in April The sector as a whole seems primed for

activity with sizeable pharmaceutical companies looking to tap

into the ingenuity and specialisation of smaller biotech firms

One blockbuster deal was behind this jump Thermo Fisher

Scientificrsquos announced US$15bn takeover of Life Technologies

Corp both based in Delaware The deal will give Thermo Fisher

Scientific a foothold in genetic sequencing a segment that has

become particularly important as the genetic factors underlying

illnesses are being identified more frequently than ever before

Expansion drives Consumer sector growth

Consumer deals similarly witnessed a spike in value ndash up26 YoY to US$344bn in the month ndash while volume dropped

31 to 99 deals over the same period The biggest deals

were generated by trade players looking to consolidate their

market positions for the long-term Joh A Benckiser the

Dutch holding company focusing on consumer goods made

public its plans to acquire a majority stake in Netherlands-

based coffee and tea company DE Master Blenders for

US$86bn For Joh A Benckiser this deal follows the

acquisitions of US-based Peets Coffee and Tea and the

Caribou Coffee Company as it attempts to become a major

player on the global coffee scene

In a more controversial move Anglo-Dutch personal care giant

Unilever has announced a US$54bn purchase of a 225 stake in

Hindustan Unilever increasing its already majority share to 75

The deal has attracted criticism from several angles as many of

Unileverrsquos shareholders believe the offer egregiously overvaluesthe Mumbai-headquartered company while Hindustan Unileverrsquos

minority stakeholders believe that the current price undervalues

the company based on its projected future earnings But the

deal seems to be more about control than earnings Indiarsquos

Companies Bill passed through the lower house of the Indian

parliament in late 2012 strengthens the hand of minority

shareholders Unilever may be trying to avoid future squabbles

by increasing its share of Hindustan Unilever now

Private equity interest in Technology businesses

Technology MampA activity has been hit harder than the

Pharmaceuticals Medical amp Biotech or Consumer sectors

While value increased by a negligible 02 YoY to US$93bn

volume nearly halved plummeting to 65 deals in April Valuersquos

ability to stay level (although uninspiring in itself) is thanks to

a handful of large-cap transactions This past month private

equity firms were particularly interested in launching large-

cap technology buyouts For instance a consortium comprised

of Bain Capital Golden Gate Capital GIC Special Investments

and Insight Venture Partners announced plans to take data

management company BMC Software private for US$67bn

The deal will help BMC enter a period of re-invention and

development particularly regarding its cloud capabilities

without being beholden to shareholder pressures

Head of Research Elias Latsis

Editor Laura Resetar

For advertising opportunities contactErik Wickman Tel + (1) 212 686 3329 erikwickmanmergermarketcom

Global overview Kristina Thompson and Fabio Lopes

Latin America Ashley Klepach and Daniel Bratkowski

North America Urna Chakraborty and Dan Kim

Asia-Pacific Samuel Wong and Brandon Taylor

Europe Alan Nasrat Lucia Costa and Alicia Molina

Middle East amp Africa Silvia Paparello and Vinjeru Mkandawire

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 435

TREND GRAPHS

GLOBAL OVERVIEW Monthly MampA Insider | May | 02

GLOBAL MampA QUARTERLY TREND GLOBAL MampA QUARTERLY PRIVATE EQUITY TREND

GLOBAL MampA ANNUAL TREND GLOBAL MampA ANNUAL PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

200

400

600

800

1000

1200

1400

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

3500

4000

4500

N u

m b er of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

N u

m b er of d e al s

0

100

200

300

400

500

600

700

800

900

YTD 2013201220112010200920082007

V a l u e

( U S $ b

n )

Buyout value Exit value Buyout volume Exit volume

0

500

1000

1500

2000

2500

3000

3500

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

300

350

400

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535

GLOBAL OVERVIEW Monthly MampA Insider | May | 03

TREND GRAPHS

253

46

79

103100

213

69

16

07 33

12

47

16 0304

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

137

112

208

96

90

83

73

42

37

33

28

2817 12

04

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

243

393

310

1540

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

268

399

267

2343

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

GLOBAL MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635

GLOBAL OVERVIEW Monthly MampA Insider | May | 04

TREND GRAPHS

GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

396420

405

274300 294

79 89 79 97 101 96

170153 165

204

191 197

230 193 205

275262 275

125 145 146 150 146 137

275

93

218

270

143

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

874

901 909893 888 890

13 09 10 11 11 11

51

46 39

4548 47

55

38 3747 48 48

07 06 05 04 05 04

900

11

41

45

03

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735

wwwdatasitecom

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Navigate your dealwith Merrill DataSite

Lost in

Transaction

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835

A MERGERMARKET MampA REPORT ON

LATIN AMERICA

Monthly MampA Insider | May | 06

Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively

The Communications sector had the third largest deal in

April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m

acquisition of Telefonica SArsquos operations in the country All in all

the month represents a significant slowdown for MampA activity

with 30 deals totalling US$54bn which is less than half of the

65 deals that closed out the month of April in the previous year

This slow start could prove to fall short for the end of the quarter

compared to Q2 2012 which saw 196 deals Private Equity has

seen a slowdown with six buyouts and seven exits Companies

are holding tightly to their portfolio companies while they wait for

better market conditions to make their exits

Not surprisingly Brazil was the most productive country of

the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest

deal in the Business Services sector Kroton Educacionalrsquos

US$26bn acquisition of Anhanguera Educacional Participaccedilotildees

The deal represented a two year plan by the company for the

consolidation of educational services educational services ndash

an increase in demand for higher education due to the growing

middle class is an expected driver for further consolidation in

the sector

Brazil will continue to be a focal point for MampA activity in 2013

With the 2014 World Cup and the 2016 Olympic Games coming

up ahead Brazilrsquos construction sector is expecting continued

growth towards the end of the year One of the bigger deals

that still remains a possibility for Brazil is the privatisation of

the largest soccer stadium in the country the Maracana The

stadium had undergone a bidding process and had been won

by a consortium which included Odebrecht and Eike Batistarsquos

IMX A judge in Rio de Janeiro put a stop to the sale after some

irregularities had been found in the bidding process suggesting

that the private consortium had some unfair advantages that

allowed them to win the bid As a result investors continue to

grow weary of these and other historical interventions by the

government with regards to MampA activity

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935

Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 435

TREND GRAPHS

GLOBAL OVERVIEW Monthly MampA Insider | May | 02

GLOBAL MampA QUARTERLY TREND GLOBAL MampA QUARTERLY PRIVATE EQUITY TREND

GLOBAL MampA ANNUAL TREND GLOBAL MampA ANNUAL PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

200

400

600

800

1000

1200

1400

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

3500

4000

4500

N u

m b er of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

N u

m b er of d e al s

0

100

200

300

400

500

600

700

800

900

YTD 2013201220112010200920082007

V a l u e

( U S $ b

n )

Buyout value Exit value Buyout volume Exit volume

0

500

1000

1500

2000

2500

3000

3500

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

300

350

400

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535

GLOBAL OVERVIEW Monthly MampA Insider | May | 03

TREND GRAPHS

253

46

79

103100

213

69

16

07 33

12

47

16 0304

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

137

112

208

96

90

83

73

42

37

33

28

2817 12

04

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

243

393

310

1540

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

268

399

267

2343

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

GLOBAL MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635

GLOBAL OVERVIEW Monthly MampA Insider | May | 04

TREND GRAPHS

GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

396420

405

274300 294

79 89 79 97 101 96

170153 165

204

191 197

230 193 205

275262 275

125 145 146 150 146 137

275

93

218

270

143

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

874

901 909893 888 890

13 09 10 11 11 11

51

46 39

4548 47

55

38 3747 48 48

07 06 05 04 05 04

900

11

41

45

03

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735

wwwdatasitecom

Close your cross border deal in confidence with the worldrsquos leading virtual data room

Cross border MampA is becoming an essential growth strategy with more and more companies

expanding their geographic scope and presence with cross border acquisitions But the successful

close of an international deal is dependent on expertise Merrill DataSite brings over a decade of

experience to your transaction with its award winning technology and systems infrastructure that

operates 247365 Stakeholders all around the world can upload and access deal information inreal time on an easy to use platform available in nine different languages Our multilingual customer

support team works around the clock speaks 27 languages and is there when you need them no

matter where you are

Choose Merrill DataSite - the smart simple secure global partner in your cross border deal

To find out more or to arrange a demonstration of our VDR solution

call +44 (0)845 602 6916 email us at infodatasitecom or visit wwwdatasitecom today

Navigate your dealwith Merrill DataSite

Lost in

Transaction

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835

A MERGERMARKET MampA REPORT ON

LATIN AMERICA

Monthly MampA Insider | May | 06

Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively

The Communications sector had the third largest deal in

April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m

acquisition of Telefonica SArsquos operations in the country All in all

the month represents a significant slowdown for MampA activity

with 30 deals totalling US$54bn which is less than half of the

65 deals that closed out the month of April in the previous year

This slow start could prove to fall short for the end of the quarter

compared to Q2 2012 which saw 196 deals Private Equity has

seen a slowdown with six buyouts and seven exits Companies

are holding tightly to their portfolio companies while they wait for

better market conditions to make their exits

Not surprisingly Brazil was the most productive country of

the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest

deal in the Business Services sector Kroton Educacionalrsquos

US$26bn acquisition of Anhanguera Educacional Participaccedilotildees

The deal represented a two year plan by the company for the

consolidation of educational services educational services ndash

an increase in demand for higher education due to the growing

middle class is an expected driver for further consolidation in

the sector

Brazil will continue to be a focal point for MampA activity in 2013

With the 2014 World Cup and the 2016 Olympic Games coming

up ahead Brazilrsquos construction sector is expecting continued

growth towards the end of the year One of the bigger deals

that still remains a possibility for Brazil is the privatisation of

the largest soccer stadium in the country the Maracana The

stadium had undergone a bidding process and had been won

by a consortium which included Odebrecht and Eike Batistarsquos

IMX A judge in Rio de Janeiro put a stop to the sale after some

irregularities had been found in the bidding process suggesting

that the private consortium had some unfair advantages that

allowed them to win the bid As a result investors continue to

grow weary of these and other historical interventions by the

government with regards to MampA activity

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935

Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

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is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

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Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

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2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

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Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 535

GLOBAL OVERVIEW Monthly MampA Insider | May | 03

TREND GRAPHS

253

46

79

103100

213

69

16

07 33

12

47

16 0304

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

137

112

208

96

90

83

73

42

37

33

28

2817 12

04

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Technology

Energy Mining amp Utilities

Pharma Medical amp BiotechLeisure

Construction

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

243

393

310

1540

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

268

399

267

2343

Asia-Pacific

Europe

North America

Middle East amp Africa

Central amp South America

GLOBAL MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

GLOBAL MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635

GLOBAL OVERVIEW Monthly MampA Insider | May | 04

TREND GRAPHS

GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

396420

405

274300 294

79 89 79 97 101 96

170153 165

204

191 197

230 193 205

275262 275

125 145 146 150 146 137

275

93

218

270

143

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

874

901 909893 888 890

13 09 10 11 11 11

51

46 39

4548 47

55

38 3747 48 48

07 06 05 04 05 04

900

11

41

45

03

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735

wwwdatasitecom

Close your cross border deal in confidence with the worldrsquos leading virtual data room

Cross border MampA is becoming an essential growth strategy with more and more companies

expanding their geographic scope and presence with cross border acquisitions But the successful

close of an international deal is dependent on expertise Merrill DataSite brings over a decade of

experience to your transaction with its award winning technology and systems infrastructure that

operates 247365 Stakeholders all around the world can upload and access deal information inreal time on an easy to use platform available in nine different languages Our multilingual customer

support team works around the clock speaks 27 languages and is there when you need them no

matter where you are

Choose Merrill DataSite - the smart simple secure global partner in your cross border deal

To find out more or to arrange a demonstration of our VDR solution

call +44 (0)845 602 6916 email us at infodatasitecom or visit wwwdatasitecom today

Navigate your dealwith Merrill DataSite

Lost in

Transaction

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835

A MERGERMARKET MampA REPORT ON

LATIN AMERICA

Monthly MampA Insider | May | 06

Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively

The Communications sector had the third largest deal in

April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m

acquisition of Telefonica SArsquos operations in the country All in all

the month represents a significant slowdown for MampA activity

with 30 deals totalling US$54bn which is less than half of the

65 deals that closed out the month of April in the previous year

This slow start could prove to fall short for the end of the quarter

compared to Q2 2012 which saw 196 deals Private Equity has

seen a slowdown with six buyouts and seven exits Companies

are holding tightly to their portfolio companies while they wait for

better market conditions to make their exits

Not surprisingly Brazil was the most productive country of

the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest

deal in the Business Services sector Kroton Educacionalrsquos

US$26bn acquisition of Anhanguera Educacional Participaccedilotildees

The deal represented a two year plan by the company for the

consolidation of educational services educational services ndash

an increase in demand for higher education due to the growing

middle class is an expected driver for further consolidation in

the sector

Brazil will continue to be a focal point for MampA activity in 2013

With the 2014 World Cup and the 2016 Olympic Games coming

up ahead Brazilrsquos construction sector is expecting continued

growth towards the end of the year One of the bigger deals

that still remains a possibility for Brazil is the privatisation of

the largest soccer stadium in the country the Maracana The

stadium had undergone a bidding process and had been won

by a consortium which included Odebrecht and Eike Batistarsquos

IMX A judge in Rio de Janeiro put a stop to the sale after some

irregularities had been found in the bidding process suggesting

that the private consortium had some unfair advantages that

allowed them to win the bid As a result investors continue to

grow weary of these and other historical interventions by the

government with regards to MampA activity

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935

Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 635

GLOBAL OVERVIEW Monthly MampA Insider | May | 04

TREND GRAPHS

GLOBAL MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

396420

405

274300 294

79 89 79 97 101 96

170153 165

204

191 197

230 193 205

275262 275

125 145 146 150 146 137

275

93

218

270

143

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

874

901 909893 888 890

13 09 10 11 11 11

51

46 39

4548 47

55

38 3747 48 48

07 06 05 04 05 04

900

11

41

45

03

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735

wwwdatasitecom

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Lost in

Transaction

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835

A MERGERMARKET MampA REPORT ON

LATIN AMERICA

Monthly MampA Insider | May | 06

Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively

The Communications sector had the third largest deal in

April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m

acquisition of Telefonica SArsquos operations in the country All in all

the month represents a significant slowdown for MampA activity

with 30 deals totalling US$54bn which is less than half of the

65 deals that closed out the month of April in the previous year

This slow start could prove to fall short for the end of the quarter

compared to Q2 2012 which saw 196 deals Private Equity has

seen a slowdown with six buyouts and seven exits Companies

are holding tightly to their portfolio companies while they wait for

better market conditions to make their exits

Not surprisingly Brazil was the most productive country of

the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest

deal in the Business Services sector Kroton Educacionalrsquos

US$26bn acquisition of Anhanguera Educacional Participaccedilotildees

The deal represented a two year plan by the company for the

consolidation of educational services educational services ndash

an increase in demand for higher education due to the growing

middle class is an expected driver for further consolidation in

the sector

Brazil will continue to be a focal point for MampA activity in 2013

With the 2014 World Cup and the 2016 Olympic Games coming

up ahead Brazilrsquos construction sector is expecting continued

growth towards the end of the year One of the bigger deals

that still remains a possibility for Brazil is the privatisation of

the largest soccer stadium in the country the Maracana The

stadium had undergone a bidding process and had been won

by a consortium which included Odebrecht and Eike Batistarsquos

IMX A judge in Rio de Janeiro put a stop to the sale after some

irregularities had been found in the bidding process suggesting

that the private consortium had some unfair advantages that

allowed them to win the bid As a result investors continue to

grow weary of these and other historical interventions by the

government with regards to MampA activity

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935

Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 735

wwwdatasitecom

Close your cross border deal in confidence with the worldrsquos leading virtual data room

Cross border MampA is becoming an essential growth strategy with more and more companies

expanding their geographic scope and presence with cross border acquisitions But the successful

close of an international deal is dependent on expertise Merrill DataSite brings over a decade of

experience to your transaction with its award winning technology and systems infrastructure that

operates 247365 Stakeholders all around the world can upload and access deal information inreal time on an easy to use platform available in nine different languages Our multilingual customer

support team works around the clock speaks 27 languages and is there when you need them no

matter where you are

Choose Merrill DataSite - the smart simple secure global partner in your cross border deal

To find out more or to arrange a demonstration of our VDR solution

call +44 (0)845 602 6916 email us at infodatasitecom or visit wwwdatasitecom today

Navigate your dealwith Merrill DataSite

Lost in

Transaction

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835

A MERGERMARKET MampA REPORT ON

LATIN AMERICA

Monthly MampA Insider | May | 06

Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively

The Communications sector had the third largest deal in

April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m

acquisition of Telefonica SArsquos operations in the country All in all

the month represents a significant slowdown for MampA activity

with 30 deals totalling US$54bn which is less than half of the

65 deals that closed out the month of April in the previous year

This slow start could prove to fall short for the end of the quarter

compared to Q2 2012 which saw 196 deals Private Equity has

seen a slowdown with six buyouts and seven exits Companies

are holding tightly to their portfolio companies while they wait for

better market conditions to make their exits

Not surprisingly Brazil was the most productive country of

the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest

deal in the Business Services sector Kroton Educacionalrsquos

US$26bn acquisition of Anhanguera Educacional Participaccedilotildees

The deal represented a two year plan by the company for the

consolidation of educational services educational services ndash

an increase in demand for higher education due to the growing

middle class is an expected driver for further consolidation in

the sector

Brazil will continue to be a focal point for MampA activity in 2013

With the 2014 World Cup and the 2016 Olympic Games coming

up ahead Brazilrsquos construction sector is expecting continued

growth towards the end of the year One of the bigger deals

that still remains a possibility for Brazil is the privatisation of

the largest soccer stadium in the country the Maracana The

stadium had undergone a bidding process and had been won

by a consortium which included Odebrecht and Eike Batistarsquos

IMX A judge in Rio de Janeiro put a stop to the sale after some

irregularities had been found in the bidding process suggesting

that the private consortium had some unfair advantages that

allowed them to win the bid As a result investors continue to

grow weary of these and other historical interventions by the

government with regards to MampA activity

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935

Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 835

A MERGERMARKET MampA REPORT ON

LATIN AMERICA

Monthly MampA Insider | May | 06

Latin America had 30 deals in the month of April with an overall value of US$54bn The surprisefor this month was Peru which was the second most active country by deal value This is duein large part to one of the biggest deals of the month Cermaq ASArsquos 8212 stake acquisitionof Peru-based Copeinca ASA worth US$784m This deal fell in the Consumer sector which hadthe highest deal volume with seven deals totalling US$938m The Automotive and FinancialServices sectors were tied second by volume with three deals each coming in at US$103m andUS$174m respectively

The Communications sector had the third largest deal in

April Guatemalarsquos Corporacion Multi Inversionesrsquo US$500m

acquisition of Telefonica SArsquos operations in the country All in all

the month represents a significant slowdown for MampA activity

with 30 deals totalling US$54bn which is less than half of the

65 deals that closed out the month of April in the previous year

This slow start could prove to fall short for the end of the quarter

compared to Q2 2012 which saw 196 deals Private Equity has

seen a slowdown with six buyouts and seven exits Companies

are holding tightly to their portfolio companies while they wait for

better market conditions to make their exits

Not surprisingly Brazil was the most productive country of

the month with 18 deals totalling US$3bn and averagingUS$171m per deal The country was also host to the largest

deal in the Business Services sector Kroton Educacionalrsquos

US$26bn acquisition of Anhanguera Educacional Participaccedilotildees

The deal represented a two year plan by the company for the

consolidation of educational services educational services ndash

an increase in demand for higher education due to the growing

middle class is an expected driver for further consolidation in

the sector

Brazil will continue to be a focal point for MampA activity in 2013

With the 2014 World Cup and the 2016 Olympic Games coming

up ahead Brazilrsquos construction sector is expecting continued

growth towards the end of the year One of the bigger deals

that still remains a possibility for Brazil is the privatisation of

the largest soccer stadium in the country the Maracana The

stadium had undergone a bidding process and had been won

by a consortium which included Odebrecht and Eike Batistarsquos

IMX A judge in Rio de Janeiro put a stop to the sale after some

irregularities had been found in the bidding process suggesting

that the private consortium had some unfair advantages that

allowed them to win the bid As a result investors continue to

grow weary of these and other historical interventions by the

government with regards to MampA activity

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935

Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 935

Monthly MampA Insider | May | 07

TOP DEALS

LATIN AMERICA

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

22-Apr-13 Kroton Educacional SA Anhanguera EducacionalParticipacoes SA

Business Services 21 193 333 01 2636

05-Apr-13 Cermaq ASA Copeinca ASA(8212 stake)

Consumer 29 88 112 -06 784

23-Apr-13 The Bank of NovaScotia and SURA AssetManagement Espana

BBVA Horizonte AFP Financial Services Banco Bilbao VizcayaArgentaria SA

na na 49 -21 516

30-Apr-13 Corporacion MultiInversiones Telefonica SA (Operatingassets in GuatemalaEl Salvador Nicaraguaand Panama) (40 stake)

Telecommunications Telefonica SA - - - - 500

04-Apr-13 Empresa Nacional deTelecomunicaciones

Nextel Del Peru SA Telecommunications NII Holdings Inc - - - - 400

29-Apr-13 Randon SA Suspensys SistemasAutomotivos Ltda(50 stake)

Industrials ampChemicals

Meritor Inc - - - - 195

17-Apr-13 Carsalescom Limited WebMotors SA (30 stake) Industrials ampChemicals

Banco Santander(Brasil) SA

- - - - 91

22-Apr-13 GAM Participacoes eEmpreendimentos

Floralco Acucar eAlcool Ltda

Consumer - - - - 75

12-Apr-13 Grupo Sutton Plaza Hotel Leisure - - - - 55

15-Apr-13 RP Administracao eParticipacao

Frinal SA Frigorifico eIntegracao Avicola

Consumer 06 - - - 41

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Latin American

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1035

TREND GRAPHS

LATIN AMERICA Monthly MampA Insider | May | 08

LATIN AMERICAN MampA QUARTERLY TREND

LATIN AMERICAN MampA ANNUAL TREND

LATIN AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

LATIN AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

10

20

30

40

50

60

70

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

50

100

150

200

250

N u

m b er of d e al s

0

20

40

60

80

100

120

140

160

180

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b

n )

0

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

N u

m b er of d e al s

0

1000

2000

3000

4000

5000

6000

7000

8000

YTD 2013201220112010200920082007

V a l u e

( U S $ m

)

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

V a l u e

( U S $ m

)N um b er

of d e al s

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

2

4

6

8

10

12

14

16

18

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

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from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

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Access and security for all participants in the VDR is controlled

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Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1135

LATIN AMERICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

60

174

491

97

167

10

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Leisure

267

233

133

100

67

33

33

33

3333 33

Industrials amp Chemicals

Consumer

Business Services

Financial Services

Telecommunications

Energy Mining amp Utilities

Leisure

Transportation

Construction

Real Estate

Agriculture

0403

04

10

315

93

571

Brazil

Costa Rica

Ecuador

El Salvador

Mexico

Peru

Argentina

100

67

33

33

33

33

100

600

Brazil

Chile

Costa Rica

Ecuador

El Salvador

Mexico

PeruArgentina

LATIN AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

LATIN AMERICA Monthly MampA Insider | May | 09

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1235

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

161

305

92

393

290215

158

100 101

75

96 133

344

245

365

248

279

335

129

203

293

190

184

161

208147 149

94 151 156

168

305

344

183

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

845 882

858820

870 858

67 47 6881

61 62

7753

5367

50 68

09 12 18 20 11 0902 06 03 12 08 03

21

860

70

49

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

LATIN AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

Return to contentsLATIN AMERICA Monthly MampA Insider | May | 10

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1335

The second quarter of the year started off with 186 deals worth US$42bn a 464 decreaseby volume and a 513 decrease by value when compared to April 2012 (347 deals worthUS$862bn) Private Equity activity also slowed significantly from last year with 26 buyoutsworth US$38bn and 29 exits worth US$4bn compared to last yearrsquos 72 buyouts and 59 exitsvalued at US$99bn and US$125bn respectively

The top deal for the month was Thermo Fisher Scientificsrsquo

US$15bn acquisition of Life Technologies Corp in the

Pharma Medical amp Biotech sector a huge boost to the

sectorrsquos total value bringing it to US$189bn in Aprilalone This represents a 52 increase in value from April

2012 which saw US$124bn in deals The sector also saw

the most high value transactions with three top deals

collectively worth US$171bn taking 451 of total market

share by value

The Industrials amp Chemicals sector saw a 126 increase

in deal value from April 2012 the highest out of all

sectors due to two top deals totaling US$47bn which

includes the US$32bn acquisition of Lufkin Industries by

General Electric Company and Georgia-Pacificrsquos US$15bn

acquisition of Buckeye Technologies Overall all sectors

saw a decrease in volume from the comparable period last

year except for the Telecommunications sector which saw

no change

We have been seeing activity in the Consumer sector

specifically through big businesses selling non-core assets

such as Best Buyrsquos sale of its European operations to

The Carphone Warehouse Group Raisio Grouprsquos sale of itsUS plant to Avoca Inc and CB Martrsquos sale of 46 stores in

South Carolina to 7-Eleven Inc all occurring in April alone

Perhaps if US-based vacuum cleaner maker Oreck Corp

had started this process earlier it would not have filed for

bankruptcy this month citing increased competition as one

of the key reasons for its financial hardship The companyrsquos

founder David Oreck has plans to sell off operations to repay

debts which would be reflected in the Consumer sector

Looking forward the global private equity firm Warburg Pincus

recently made headlines as it closed its latest funding round

at US$112bn one of the biggest PE fund-raising rounds

since the end of the financial crisis It raised US$15bn in its

last round five years ago in 2008 Private equity activity ought

to be bolstered with this news in the future as we can expect

the firm to be involved in deals across a variety of industries

including energy financial services technology and media

Monthly MampA Insider | May | 11

A MERGERMARKET MampA REPORT ON

NORTH AMERICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1435

Monthly MampA Insider | May | 12

TOP DEALS

NORTH AMERICA

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

15-Apr-13 Thermo Fisher Scientific Inc Life Technologies Corp Pharma Medicalamp Biotech

40 136 317 118 15008

08-Apr-13 General Electric Company Lufkin Industries Inc Industrials ampChemicals

25 176 361 384 3237

25-Apr-13 DTLA Holdings MPG Office Trust Inc Real Estate 84 286 456 212 1938

24-Apr-13 Georgia-Pacific LLC Buckeye Technologies Inc Industrials ampChemicals

- - - 253 1472

29-Apr-13 Bayer HealthCare LLC Conceptus Inc Pharma Medicalamp Biotech

78 500 1938 197 1100

08-Apr-13 Thomas H Lee Partners LP CompuCom Systems Inc Business Services Court SquareCapital Partners

05 - - - 1100

10-Apr-13 Protective Life Corporation MONY Life InsuranceCompany

Financial Services AXA SA - - - - 1060

14-Apr-13 Madison Dearborn Partners LLC National FinancialPartners Corp

Financial Services - - 357 83 1011

17-Apr-13 Roper Industries Inc Managed Health CareAssociates Inc

Pharma Medicalamp Biotech

- - - - 1000

16-Apr-13 Atlas Pipeline Partners LP TEAK Midstream LLC Energy Miningamp Utilities

- - - - 1000

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being North American (US + Canada)

Data correct as of 08-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1535

TREND GRAPHS

NORTH AMERICA Monthly MampA Insider | May | 13

NORTH AMERICAN MampA QUARTERLY TREND

NORTH AMERICAN MampA ANNUAL TREND

NORTH AMERICAN MampA QUARTERLY

PRIVATE EQUITY TREND

NORTH AMERICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

1800

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

50

100

150

200

250

300

350

400

450

500

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

200

400

600

800

1000

1200

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

100

200

300

400

500

600

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

200

400

600

800

1000

1200

1400

1600

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

50

100

150

200

250

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1635

Monthly MampA Insider | May | 14NORTH AMERICA

157

134

50

451

51

65

19 17

0201

07

46

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Real Estate

204

145

140124

113

102

48

2727

22

16 16

05

11

Industrials amp Chemicals

Energy Mining amp Utilities

Technology

Pharma Medical amp Biotech

Business Services

Financial ServicesConsumer

Media

Leisure

Transportation

Telecommunications

Construction

Real Estate

Defence

NORTH AMERICAN MampA SECTOR BREAKDOWN YTD 2013

VALUE VOLUME

NORTH AMERICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

435491

587

320376

323

65 73

55

97 89 82

215 173

132

277

206 274

188140

133

180

212

215

96 123 93 126 117 106

351

81

268

194

106

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

856

905 911

875 876 868

1809 10 11 14 15

53

42 38

52 5450

62

37 34

56 4961

11 07 07 06 07 06

882

11

46

57

04

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

TREND GRAPHS

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1735

Monthly MampA Insider | May | 15

A MERGERMARKET MampA REPORT ON

ASIAPACIFIC

MampA activity for April 2013 saw year-on-year deal volume and value dip slightly from 223 dealsworth US$335bn in 2012 to 194 worth US$329bn in 2013 a 15 decrease in volume and a 2decrease in value Volume remained on par with March figures which saw 195 deals come tomarket while value increased 19 from US$266bn that month

Consumer sector shines

Aside from the traditionally deal heavy Industrials amp Chemicals

sector (46 deals worth US$15bn) the Consumer sector stoodout with 29 deals worth close to US$20bn Three deals accounted

for approximately 80 of consumer sector deal value

China based Midea Group announced it would merge with GD

Midea Electric Appliances its 4117 owned listed subsidiary

for US$449bn GD Midea is a listed consumer electronics

manufacturer in China a consumer market that has seen growth

in recent years on the heels of expanding demand Similarly

Chinese government incentive programs have encouraged

residents in the countryrsquos vast rural regions to trade in outdated

home appliances and purchase new ones at hefty discounts

Unilever NV the Netherland and UK dual listed consumer

products manufacturer made a partial tender offer to acquire

a 2252 stake in Hindustan Unilever Ltd the Indian listed

subsidiary The deal is valued at US$54bn

CP All Plc the Thailand-listed convenience store operator has

agreed to acquire a stake in Siam Makro the Thailand-listed

discount store chain retailer resulting in a mandatory offer

for all remaining outstanding shares That deal was worth

US$64bn Thailand and other parts of Southeast Asia have

seen their consumer sectors blossom in tandem with growing

demand from a rising consumer class with cash to spend

Private equity slowdown

Private equity activity in Asia-Pacific dipped from March figures

(16 deals worth US$23bn) to 11 deals worth US$12bn

In Japan Tomizawa made a management buyout for Megane

TOP Co Ltd the Japan listed optical retailer for US$451m Other

activity in Japan included Polaris Capital Grouprsquos acquisition

of a majority stake in Socie World the Japan based operator of

beauty parlors and hair salons from Citigroup Capital Partners

Japan for a consideration US$32m

In China Hony Capital the China based private equity firm

has agreed to acquire a 10 stake in Shanghai Chengtou

Holding the listed China based company engaged in providing

real estate environmental and venture capital services fromShanghai Chengtou Corporation the China based company

engaged in the construction and operation of infrastructure

facilities for a consideration of US$280m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1835

TOP DEALS

Monthly MampA Insider | May | 16ASIA983085PACIFIC

TOP 10 ASIA983085PACIFIC ANNOUNCED DEALS OF THE MONTH APR98308513

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

23-Apr-13 CP ALL Plc Siam Makro Public Co Ltd Consumer 172 3326 5665 167 6466

30-Apr-13 Unilever NV Hindustan Unilever Limited(2252 stake)

Consumer 442 2764 3085 98 5406

01-Apr-13 Midea Group Co Ltd GD Midea Holding Co Ltd(5883 stake)

Consumer 078 799 1550 - 4923

26-Apr-13 Nippon Steel TradingCo Ltd

Sumikin Bussan Corporation(618 stake)

Consumer 018 822 523 18 1432

10-Apr-13 Guangxi BeishengPharmaceutical Co Ltd

Deqin Group Co Ltd Transportation Deqin Group Co Ltd(31 shareholders)

232 1214 2006 - 859

03-Apr-13 Wintime Energy Co Ltd Shanxi Lingshi Huaying TianxingJiguang Coal Co Ltd (49 stake)Shanxi Lingshi Huaying TianxingBaigou Coal Co Ltd (49 stake)Shanxi Lingshi Yinyuan XinanfaCoal Co Ltd (49 stake) ShanxiLingshi Yinyuan Huaqiang CoalCo Ltd (49 stake) ShanxiLingshi Yinyuan Xingqing CoalCo Ltd (44 stake) and ShanxiQinyuan Kang Wei Sen Da YuanCoal Co Ltd (49 stake)

Energy Miningamp Utilities

- - - - 799

02-Apr-13 Industrial andCommercial Bank of

China Limited

SinoPac Financial HoldingsCompany (20 stake)

FinancialServices

na na 1016 -106 788

26-Apr-13 Marubeni Corporation NEC Mobiling Ltd Technology 050 648 1360 18 709

24-Apr-13 AXA SA Tianping Auto Insurance Co Ltd(50 stake)

FinancialServices

na na 5367 - 631

29-Apr-13 Alibaba Group Weibo Corporation (18 stake) Technology SINA Corporation - - - - 586

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Asia-Pacific

Data correct as of 02-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

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Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

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Unrivalled Project Management Our multilingual project

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project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

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Access and security for all participants in the VDR is controlled

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Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

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MampA AdvisorInternational

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Global MampAAdvisor MampA

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MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

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As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 1935

TREND GRAPHS

Monthly MampA Insider | May | 17

ASIAPACIFIC MampA QUARTERLY TREND ASIAPACIFIC MampA QUARTERLY

PRIVATE EQUITY TREND

ASIAPACIFIC

ASIAPACIFIC MampA ANNUAL TREND ASIAPACIFIC MampA ANNUALPRIVATE EQUITY TREND

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

160

180

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

700

800

900

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

100

200

300

400

500

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

500

1000

1500

2000

2500

3000

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

50

100

150

200

250

300

350

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

5

10

15

20

25

30

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

20

40

60

80

100

120

0

20

40

60

80

100

120

Buyout value Exit value Buyout volume Exit volume

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2035

266

162

823457

201

39

28

45

13

17

1707

2605

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

94

236

123

94

92

78

62

48

39

39

3429

14

0316

Industrials amp Chemicals

Consumer

Financial Services

Business Services

Technology

Energy Mining amp Utilities

Pharma Medical amp Biotech

Real Estate

Transport

Construction

Leisure

Media

Agriculture

Telecommunications

Defence

123

369

78

87

71

50

65

20

16 83

39

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

273

191

95

130

14

92

42

23

29

3279

China

Japan

India

Australia

Thailand

South Korea

SingaporeHong Kong

Indonesia

Malaysia

Other

ASIAPACIFIC MampA SECTOR BREAKDOWN YTD 2013

ASIAPACIFIC MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

VALUE VOLUME

Monthly MampA Insider | May | 18ASIAPACIFIC

TREND GRAPHS

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

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MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2135

Monthly MampA Insider | May | 19ASIAPACIFIC

ASIAPACIFIC MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

132

380

113

123

252

155

126

305

170

244

295

199135

245 216

120 112 111 120 114

222304

263 297 280

157

170 272

136 182

205 215 219 202 208

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

75

80

85

90

95

100

YTD 2013201220112010200920082007

P e r c e n t a g e

883 884

09 09

54 58

51 45

0403 03 0304

879 887

874 885

10 15 08 09

53 51

6054

54 44 53 47

04 04

886

05

49

57

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000mgtUS$5001m

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2235

Monthly MampA Insider | May | 20

Deal activity at the start of Q2 has shrunk following a downward trend seen in Europe since thebeginning of the year Value of deals registered in April 2013 (US$533bn) represents a fall of106 compared to April 2012 (US$596bn) Deal activity followed the same decreasing patternaccounting for a drop of 301 (123 deals) compared to the same period last year This marks aworsening of general trend in 2013 so far in which continuing concerns over the sovereign debtcrisis have slowed MampA activity

TMT gained top position by deal value accounting for 258

of total MampA activity in 2013 The 193 deals of this sectorwere valued at US$447bn much due to the Virgin and Liberty

deal inflating the Media sector In second place with two

top deals this month Energy Mining amp Utilities recorded

99 deals valued at US$289bn although strong in 2013 the

sector has seen a significant fall from the same period last

year with a decrease of 645 in deal value Verifying growing

concerns attributable to sluggish returns and increasing risk

in the mining industry Driven by volatile commodity prices

and resource nationalism where resource rich countries are

safeguarding potential future revenue streams

Much in line with an anticipated trend in early 2013 forPrivate Equity buyout activity is seen to move against the

decreasing trend in the overall market with US$10bn worth

of deals the industry recorded an increase of 135 (US$6bn)

compared to April 2012 With cheap money driven by low

interest rates private equity firms are operating in a market

where debt financing is inexpensive which in turn could

further drive investments

Aprilrsquos top deal saw Joh A Benckiser implementing

their growth strategy to gain from the growing coffee and

tea market with the US$86bn acquisition of DE Master

Blenders Conditioned by a 95 acceptance trench with

no significant undertakings by major shareholders couldresult in Joh A Benckiser entering difficulties before any

significant progress has been made towards completion of

the transaction

Cyprus and the Greek banking recapitalisation

With global systemic risk taking its toll on European countries

Cyprus has become yet another European country facing a

banking crisis with large deficits in their finances as a result of

changes in government policies toward municipal bondholders

in Greece Thus there has been a sequence of deals involving

Bank of Cyprus Marfin Popular Bank and Hellenic Bank

Cyprusrsquos largest banks

A banking crisis in which the proposed solution ended up

imposing a haircut on some depositors with bank accounts

in the country forced a restructuring of its banking sector

Although the main contributor to the banking crisis in Cyprus

Greece took decisions to prevent any contamination from theirneighbouring country with the US$673m acquisition by Piraeus

Bank SA of the Greek operations of Bank of Cyprus Marfin

Popular Bank and Hellenic Bank A transaction backed by the

privately run Hellenic Financial Stability Fund

The merger of National Bank of Greece with Eurobank

encouraged by the ECB last year was objected by the European

authorities due to difficulties in attracting future private funds

and the risks of creating an entity which is ldquotoo big to failrdquo

The transaction would have created an asset consolidation of

US$180bn just US$10bn less than Greecersquos GDP Instead these

two banks have been nationalised by The Hellenic Financial

Stability Fund (HFSF) Of which the nationalisation of Eurobankis valued at US$76bn making up Aprilrsquos second largest deal

The result of Greece and Cyprus rescue plans has dramatically

inflated MampA activity with Greece reporting 8 deals valued at

US$97bn a substantial increase of over 6000 from 2 deals

valued at US$152m the same period in 2012

A MERGERMARKET MampA REPORT ON

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

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Fair transparent pricing Our unique all-inclusive pricing

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include more participants in your data room

Our Experience and Track Record Our award-winning

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Ease of Use The user interface in a Merrill DataSite VDR is

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can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

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Your dedicated Merrill DataSite project manager will be

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To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

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the Year

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Global MampAAdvisor MampA

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MampA AdvisorInternational

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Global MampAAdvisor MampA

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MampA AdvisorMid-MarketFinancing

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2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

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Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

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computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

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The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

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wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2335

TOP DEALS

Monthly MampA Insider | May | 21EUROPE

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

12-Apr-13 Joh A Benckiser SE DE Master Blenders 1753BV (8495 stake)

Consumer 28 357 568 22 8623

30-Apr-13 Hellenic FinancialStability Fund

EFG Eurobank ErgasiasSA

Financial Services na na - -328 7633

18-Apr-13 Royalty Pharma Elan Corporation Plc Pharma Medicalamp Biotech

96 168 - -53 6905

18-Apr-13 CVC Capital Partners

Limited

ista International GmbH Technology Charterhouse Capital

Partners LLP

44 103 - - 4055

08-Apr-13 A consortium led byPATRIZIA Immobilien AG

GBWAG BayerischeWohnungsAktiengesellschaft(9192 stake)

Real Estate Bayerische Landesbank 123 174 110 -277 3191

05-Apr-13 Electricite de FranceSA Snam SpAand Government ofSingapore InvestmentCorporation Pte Ltd

Total Infrastructures GazFrance SA

Energy Miningamp Utilities

Total SA - - - - 3119

01-Apr-13 Lukoil OAO ZAO Samara Nafta Energy Miningamp Utilities

Hess Corporation - - - - 2050

01-Apr-13 Global InfrastructurePartners

Terminal InvestmentLimited SA (35 stake)

Transportation MSC MediterraneanShipping Company SA

- - - - 1929

29-Apr-13 PAI Partners RampR Ice Cream Plc Consumer Oaktree Capital GroupLLC

14 - - - 1106

26-Apr-13 Telenor ASA Cosmo Bulgaria MobileEAD

Telecommunications HellenicTelecommunicationsOrganisation SA

19 53 - - 934

na=not applicable

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being European

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2435

TREND GRAPHS

Monthly MampA Insider | May | 22

N um b er

of d e al s

0

100

200

300

400

500

600

700

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

V a l u e

( U S $ b n

)

0

200

400

600

800

1000

1200

1400

1600

1800

2000

V a l u e

( U S $ b n

)

N um b er

of d e al s

0

20

40

60

80

100

120

140

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

0

50

100

150

200

250

300

350

400

450

Buyout value Exit value Buyout volume Exit volume

EUROPEAN MampA ANNUAL TREND EUROPEAN MampA ANNUAL

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY

PRIVATE EQUITY TREND

EUROPEAN MampA QUARTERLY TREND

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

200

400

600

800

1000

1200

1400

1600

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

1000

2000

3000

4000

5000

6000

7000

8000

N u

m b er of d e al s

0

50

100

150

200

250

300

350

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

V a l u e

( U S $ b

n )

0

200

400

600

800

1000

1200

1400

1600

EUROPE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2535

Monthly MampA Insider | May | 23EUROPE

EUROPEAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

EUROPEAN MampA SECTOR BREAKDOWN YTD 2013

170

55

132 85

53

50

258

75

120

Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

135

49

133

21312

77

111

131

139 Germany

Italy

France

UK

Republic of Ireland

Benelux

CEENorthern Europe

Other

258

38

116

148

167

83

28

63

23

06 2402

46

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

160

139

226

121

78

71

50

44

4240

17 12

03

Industrials amp Chemicals

Consumer

TMT

Business Services

Financial Services

Energy Mining amp Utilities

Pharma Medical amp Biotech

Leisure

Transportation

Construction

Agriculture

Real Estate

Defence

VALUE VOLUME

TREND GRAPHS

VALUE VOLUME

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2635

Monthly MampA Insider | May | 24EUROPE

TREND GRAPHS

EUROPEAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 201320122011201020092008

P e r c e n t a g e

450 443

73 83

216 192

153 152

108 130

336 286 266

341

85 90 98 97

210 292 290

257

207

186 204

179

162 146 142 126

277

79

238

277

128

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

80

82

84

86

88

90

92

94

96

98

100

YTD 2013201220112010200920082007

P e r c e n t a g e

886 907

931 919 910 915

11 09 09 07 09 08

46

42

29

3336

37

50

3727 38

41 36

07 06 04 04 04

928

11

29

31

01

US$0-US$250m

US$251m-US$500m

US$501m-US$2000m

US$2001m-US$5000m

gtUS$5001m

03

Return to contents

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2735

Monthly MampA Insider | May | 25

In figures reflective of a sluggish global economy deals this month showed signs of a slowdownbut were largely sustained by the improved buyout and exit performance Recording 17 deals intotal worth US$19bn values were down 68 from the same month last year (US$62bn 24 deals)and represented the lowest number of deals in over a decade This is however consistent with theglobal decline in MampA deal volumes across every major region Private equity deals on the otherhand are an improvement on the previous quarterrsquos figures with buyouts increasing by 696 toUS$865m and exits increasing by 234 to US$865m

Despite lower volumes the year-to-date average deal size(currently at US$254m) is still the highest on Mergermarket

record Forecasters expect the slump in global MampA to boost

investment flows in the region due to anticipation of robust

growth rates and potentially high commercial returns Sweden

is among the string of countries targeting Africa as Anders Borg

the Nordic nationrsquos finance minister recently voiced concerns

over Europersquos ldquotough neighbourhoodrdquo Another country following

in the footsteps of China Brazil and India of wooing the continent

is Turkey which aims to bolster its diplomatic and economic ties

with Africa particularly in the construction sector by venturing

southward from the Maghreb states

Stagnant earnings in Europe have also led multinationals

including telecommunications giant Vodafone to pursue

expansion plans in the region by picking up the pace of their

investments Vodafonersquos capital spending in the Middle East

and Africa is reported to have increased to US$11bn in 2012

up 239 from US$888m the previous year while spending

in Europe Vodafonersquos biggest market decreased Similarly

following the recent acquisition of Centrale Laitiegravere in Morocco

French food group Danone is determined to milk the regionrsquos

strong birth rates In an interview with Mergermarket the

grouprsquos CEO noted that Morocco will bring more revenues

to Danone than Italy this year

Diversification in the Middle East and Africarsquos MampA space

continues as investors increasingly seek opportunities beyond

the regionrsquos natural resources placing the spotlight on its

unsung deal drivers This monthrsquos top deal the US$625m

acquisition of Israelrsquos Alliance Tire Group (ATG) by US private

equity firm KKR from Warburg Pincus took place in the

Industrial amp Chemicalrsquos sector

In addition to that with the region now home to the worldrsquos

fastest growing mobile phone market the TMT sector- tipped to

play a major role in the regionrsquos MampA activity this year- is ahead

of the pack with a 356 share of the regionrsquos total MampA activityso far this quarter recording 8 deals worth US$73bn This

represents a 57 increase on values during the same period

last year According to MampA professionals at this yearrsquos annualTMT Finance Middle East North Africa conference which took

place in Dubai realignment and consolidation are likely to be

key themes for upcoming telecommunication MampA deals

The Energy Mining and Utilities sector came in second with

a 249 share of all transactions witnessing 15 deals worth

US$51bn The industryrsquos transportation setbacks particularly

in Africa have spurred a wave of new rail infrastructure projects

in mineral-rich areas including the billion-dollar enterprises

by Vale and Rio Tinto in Mozambique and talks over further

infrastructure ventures between Djibouti and international

investors Adding to this sectorrsquos woes are the set of fresh fraudallegations at FTSE 100 miner ENRC due to its deals in the

Democratic Republic of Congo which reportedly led to losses

of US$136bn for the Central African country between 2010 and

2012 according to a report by Kofi Annanrsquos Africa Progress Panel

Investors in the energy sector will be watching Russian oil

company Gazprom closely as it holds discussions with Eni over

a 5 stake in its Mamba Area 4 project in Mozambique Other

foreign companies actively searching for targets and partners in

the region include UK-listed Victoria Oil and Gas Indian ONGC

Videsh and the Philippines-listed Manila Electric While South

African energy company Sasol plans to sell its assets in Iran

and Papa New Guinea natural gas distributor Egoli Gas andenergy company Cennergi- both South African companies- are

planning on acquiring targets in the region This places South

Africa now a member of the BRICS at the forefront of intra-

regional MampA activity

Driven by food and water security concerns Middle Eastern

private sector food companies and sovereign wealth funds

are likely to make acquisitions of land food distribution and

technology assets abroad particularly in Australia Eastern

Europe and Argentina according to Mergermarket intelligence

UAE analysts also told the news service that East Africa would

become a key investment destination for Gulf investors in five toten years as a result of its proximity to the region which is likely

to boost the intra-regional deals even further

A MERGERMARKET MampA REPORT ON

THE MIDDLE EASTamp AFRICA

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2835

TOP DEALS

Monthly MampA Insider | May | 26MIDDLE EAST amp AFRICA

TOP 10 MIDDLE EASTERN amp AFRICAN ANNOUNCED DEALS OF THE MONTH (APR13)

Announced Bidder company Target company Target dominantsector

Seller company Exit multiples (x) Bid premia1-daybefore

Dealvalue

(US$m)Revenue EBITDA PE

09-Apr-13 Kohlberg Kravis Roberts ampCo LP

Alliance Tire Group(90 stake)

Industrials ampChemicals

Warburg Pincus LLCand Yogesh KumarMahansaria (PrivateInvestor)

14 76 - - 625

24-Apr-13 OPKO Health Inc Prolor Biotech Pharma Medicalamp Biotech

- - - 301 420

15-Apr-13 Wilmar International Limited Compagnie SucriereMarocaine De Raffinage

SA (275 stake)

Consumer Societe NationaleDInvestissement SA

- - - 303 279

27-Apr-13 Shanghai FosunPharmaceutical (Group)Co Ltd Chindex MedicalLimited and Shanghai FosunPharmaceutical (Group) Co Ltd

Alma Lasers Ltd Pharma Medicalamp Biotech

TA AssociatesManagement LP

26 - 108 - 240

05-Apr-13 Sekunjalo IndependentMedia Consortium

Independent Newspapers(Pty) Limited

TMT Independent News ampMedia Plc

- - - - 220

06-Apr-13 Al Tayyar Travel Group Al Mothmera Real EstateInvestment (39 stake)

Real Estate Al Mothmera Holding - - - - 91

24-Apr-13 Tsogo Sun Holdings Pty Ltd Southern Sun Ikoyi Hotel(75 stake)

Leisure - - - - 68

10-Apr-13 Olatunji Olowolafe(Private Investor)

SacOil Holdings Limited(3389 stake)

Industrials ampChemicals

- - - 110 17

15-Apr-13 Raubex Group Ltd Tosas (Pty) Ltd Construction Sasol Oil (Pty) Limited - - - 13

19-Apr-13 A consortium led byMomentum CollectiveInvestments Ltd

Torre Industrial HoldingsLtd (4123 stake)

Industrials ampChemicals

- - - -213 9

16-Apr-13 ACICO Industries Saudi Aerated ConcreteIndustries Company(55 stake)

Construction - - - - 9

Based on announced deals including lapsed and withdrawn bids

Based on dominant geography of target company being Middle East or Africa

Data correct as of 09-May-13

Source mergermarket

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 2935

TREND GRAPHS

Monthly MampA Insider | May | 27MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA

QUARTERLY TREND

MIDDLE EASTERN amp AFRICAN MampA QUARTERLY

PRIVATE EQUITY TREND

MIDDLE EASTERN amp AFRICAN MampA

ANNUAL TREND

MIDDLE EASTERN amp AFRICAN MampA ANNUAL

PRIVATE EQUITY TREND

V a l u e

( U S $ m

)N um b er

of d e al s

0

5000

10000

15000

20000

25000

30000

35000

40000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Total value Mid-market value Total volume Mid-market volume

0

20

40

60

80

100

120

140

160

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

Total value Mid-market value Total volume Mid-market volume

0

100

200

300

400

500

600

V a l u e

( U S $ b

n )

N u

m b er of d e al s

0

2

4

6

8

10

12

14

YTD 2013201220112010200920082007

Buyout value Exit value Buyout volume Exit volume

0

10

20

30

40

50

60

70

V a l u e

( U S $ m

)N um b er

of d e al s

0

1000

2000

3000

4000

5000

6000

7000

Q2

13

Q1

13

Q4

12

Q3

12

Q2

12

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Buyout value Exit value Buyout volume Exit volume

0

5

10

15

20

25

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3035

Monthly MampA Insider | May | 28MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA SECTOR BREAKDOWN YTD 2013

MIDDLE EASTERN amp AFRICAN MampA GEOGRAPHIC BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

59

115

106

420

38

05

205

01

0512

0701 01

0126

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

247

235

111

12

25

25

25

49

49

49

62

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

NigeriaOman

Kuwait

Bahrain

Mozambique

Qatar

Mauritius

Zambia

Jordan

Madagascar

Botswana

Congo

Tanzania

Uganda

249

0103

356

21

32

02

112

52

66

04 Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

103

123

123

185

99

99

86

86

74

49

25

25

25

Energy Mining amp Utilities

Pharma Medical amp Biotech

Financial Services

TMT

Consumer

Industrials amp Chemicals

Business ServicesConstruction

Leisure

Real Estate

Agriculture

Transportation

VOLUMEVALUE

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3135

Monthly MampA Insider | May | 29MIDDLE EAST amp AFRICA

MIDDLE EASTERN amp AFRICAN MampA DEAL SIZE BREAKDOWN YTD 2013

VALUE VOLUME

TREND GRAPHS

Return to contents

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

671

475533

681

595667

75136 127

89 87 83

113

190132

126

135 137132

182 192

94

170104

09 16 10 13

804

39

56

94

07

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

17 09 0

10

20

30

40

50

60

70

80

90

100

YTD 2013201220112010200920082007

P e r c e n t a g e

393 427 489

444 474 455

5657 40

5762 43

154

115 130102

109 128

325363

308

337 279 294

72 38 33 60 76 80

531

62

74

247

86

US$0-US$149m

US$15m-US$100m

US$101m-US$250m

US$251m-US$500mgtUS$501m

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3235

Drive Deals with Merrill DataSite

A Merrill DataSite virtual data room can help you drive deals forward Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and acrossthe world As first to market we have many years of experience to bring to your transaction and havehad time to develop and refine our technology leading to a peerless Project Management and systemsinfrastructure that operates 247365 This is why many thousands of companies trust us to manage theironline due diligence processes

DataSitersquos Smart Simple and Secure solution drives

your deal forward with

Speed Your data room can be live in 15 minutes and anaverage sized project can be up and running in less than

12 hours

Unrivalled Project Management Our multilingual project

managers between them speak 27 languages and a dedicated

project management team will be assigned to your deal right

from the start ndash giving you peace of mind that the right person

is always on hand to address any issue you might have

Fair transparent pricing Our unique all-inclusive pricing

package allows you to budget with confidence All your

support and training is included you wonrsquot need to acquireany third-party software and you wonrsquot have to pay extra to

include more participants in your data room

Our Experience and Track Record Our award-winning

platform provides advanced technology and in-depth

functionality We are trusted by dealmakers around the

world to optimise due diligence

Ease of Use The user interface in a Merrill DataSite VDR is

completely intuitive replicating the file structure of Microsoftreg

Windowsreg Explorerreg which means that users and reviewers

can work on their deal without having to learn how to use newsoftware or struggling to get to grips with complex navigation

The Highest Levels of Security Security lies at the heart

of everything we do We have handled over 25000 projects

supporting thousands of confidential deals so our clients have

complete trust in all aspects of our technology and processes

Access and security for all participants in the VDR is controlled

by the client administrator andor a Merrill DataSite project

manager

Your dedicated Merrill DataSite project manager will be

there to assist you 247365 no matter where in theworld you are located

To find out why many thousands of companiestrust us to manage their online due diligence call +44 (0)845 602 6916 email infodatasitecomor visit wwwdatasitecom

2012 WINNER

AcquisitionsInternational UK VDR Provider of

the Year

2012 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2011 WINNER

MampA AdvisorInternational

ProductService ofthe Year Award

2010 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

2010 WINNER

MampA AdvisorMid-MarketFinancing

ProductServiceof the Year Award

2009 WINNER

Global MampAAdvisor MampA

ProductServiceof the Year Award

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3335

About Merrill DataSite

Merrill DataSite was created to meet our clientsrsquo needs Since 2002we have consistently leveraged the experiences of our clients to addvalue and leading-edge functionality to the toolset available withinour virtual data rooms

Merrill DataSite enhances transaction successMerrill DataSite is the industryrsquos acknowledged leader with more than25000 projects completed Private and public companies across theglobe have leveraged Merrill DataSite to increase the value of the

following types of transactions Mergers acquisitions and divestitures Private placement transactions Leveraged buyout transactions Bankruptcy and reorganisation transactions Financial restructuring transactions Initial public offerings and dual-track processes Asset purchases and liquidations Post-merger integration

Examine documents immediatelyPatented technology ensures that you never have to wait for adocument to be downloaded Since the data resides on Merrillrsquos

servers you can simultaneously view an unlimited number ofdocuments in multiple windows without having to close out or save toyour ldquotemprdquo file When faced with hundreds of documents to reviewthis feature saves significant time and expense

Designate user permissionsTeam administrators can control which users will be able to view print ordownload specific documents folders or projects ndash simply and quickly

Search every word in every documentWith large document collections sophisticated search features arekey to finding critical information and accelerating the due diligenceprocess Merrill DataSite performs Optical Character Recognition(OCR) on each and every letter in each and every document Our

search capabilities allow users to search potentially hundreds ofthousands of pages to find whatrsquos relevant to them Merrill DataSitersquossearch capabilities ensure nothing is missed in any of the posteddocuments - regardless of where they may be organised within theindex (eg find every instance of ldquocontractrdquo and ldquoterminationrdquo within5 words of each other etc) Search results are returned much fasterand are unlimited in terms of document results and hits within adocument Using wildcard fuzzy proximity boosting Boolean andgrouping modifiers you can search and find exact matches andnear-matches including misspelled words Potential buyers will enjoyincreased confidence knowing theyrsquove received and seen all materialsand documents that are relevant to their decision-making

Protect confidential informationrdquoView-onlyrdquo documents are never downloaded Merrill DataSite not the

computerrsquos browser controls the caching process providing unmatchedsecurity levels Unlike other VDR providers images are never viewableon the PCrsquos cache after the conclusion of a session All activity can betracked accurately Auditing and reporting tools provide a verifiableaccount of each individualrsquos time spent viewing both documents andspecific pages ndash information that adds negotiating leverage

Need to work remotelyNo problem Whether yoursquore working in Beijing or Berlin you canview your documents online without having to navigate throughinternal firewalls and email restrictions that often exist for outsidecompany connections and which delay the due diligence process

Security is our highest priority

Merrill has been a trusted provider of secure information to thefinancial and legal industries for more than 40 years Our employeesexecute letters of confidentiality and we are audited annually (internaland third-party) to make certain our IT infrastructure and processesremain sound Merrill DataSite was the first VDR provider to befully accredited with ISO 270015000 the industry gold-standardfor security certification In addition documents are 256-bit SSLencrypted watermarks are tamperproof and can be customised

and data can be viewed printed and downloaded only by theusers you designate Your information is only ever shared with theright people

The best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft andhard copy documents to the electronic viewing platform As a resultdesignated administrators are able to review documents the momentthey are available Through secure simultaneous access full text searchcapabilities and robust reporting tools both archival and transactionaldue diligence processes are streamlined As a result Merrill DataSite

gives you more insight and control and dramatically reduces transactiontime and costs

As a leading provider of VDR solutions worldwide Merrill DataSite hasempowered over two million unique visitors to perform electronic duediligence on thousands of transactions totalling trillions of dollars inasset value

wwwdatasitecom

About Merrill Corporation

Founded in 1968 and headquartered in St Paul Minnesota MerrillCorporation is a leading provider of outsourced solutions for complexbusiness communication and information management Merrillrsquosservices include document and data management litigation supportlanguage translation services fulfilment imaging and printing Merrillserves the corporate legal financial services insurance and real estatemarkets With more than 5000 people in over 40 domestic and 22international locations Merrill empowers the communications of theworldrsquos leading organisations

Merrill Transaction and Compliance ServicesThrough a broad range of tools and services Merrill Corporationstreamlines document composition filing printing distributionand electronic access to the transaction and regulatory complianceactivities of its clients engaged in securities offerings reorganisationsmergers and acquisitions SEC and other regulatory filings As a

registered third-party service provider offering public companiesexpert EDGARization and XBRL filing services Merrill professionalscan compose edit electronically file manage and distribute data inprinted or electronic format

Merrill Legal SolutionsLegal Solutions provide both on-demand and on-site litigationsupport information management and electronic and print documentmanagement services for law firms corporate legal departments andprofessional services firms Examples of our expertise include thecreation of searchable litigation document repositories managementof electronic data discovery and the delivery of real-time courtreporting and deposition videography services

Merrillrsquos Marketing and Communication SolutionsMCS supply brand identity management customer communicationand packaged direct marketing programmes for sales professionals inindustries such as real estate mutual funds and insurance Examples ofour services include customisable corporate identity materials directmail marketing pieces and promotional programmes supported byweb-based technologies

Merrillrsquos Translations Services (Merrill Brink)Merrill Brink provides a range of translation options to help clientsachieve the most efficient and cost effective approach to their translationprojects We offer extensive legal translation services for internationallitigation intellectual property patents contractual matters antitrustmatters mergers and acquisitions arbitration and more

wwwmerrillcorpcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3435

Monthly MampA Insider | May | 32

MERRILL CORPORATION CONTACTS

Return to contents

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel +1 212 229 6563

EXECUTIVE SALES

Will BrownRegional Director Life ScienceTel +33 1 40 06 13 02

Anna ScottRegional Director UKTel +44 (0)207 422 6263

Chris BeckmannRegional Director Germany Switzerlandamp PolandTel +49 69 25617 110

Martin AlamriRegional Director GermanyTel +49 69 244 321 471

Jeacuterocircme PottierRegional Director FranceTel +33 (0) 1 40 06 13 12

Hakema El-HadadRegional Director France amp Northern AfricaTel +33 (0) 1 40 06 13 10

Manuel BianchiRegional Director EuropeTel +44 (0)207 422 6271

Mike HinchliffeRegional Director EuropeTel +44 (0)207 422 6256

Adam PangRegional Director EuropeTel +44 (0)207 422 6268

Merlin J PiscitelliRegional Director EuropeTel +44 (0)207 422 6266

Colin SchopbachRegional Director EuropeTel +44 (0)207 422 6221

Jonathan Hughes

Account Manager EuropeTel +44 (0)207 422 6267

Malcolm NeateAccount Manager EuropeTel +44 (0)207 422 6272

Alex GrossRegional Director Eastern Europe amp Middle EastTel +49 69 7593 7148

Alvaro OrtegaRegional Director Southern EuropeTel +34 610 909 353

Ari LeeRegional Director North AsiaTel +852 9855 3758

Vincent LorkRegional Director South East AsiaTel +65 6248 4602

Chris RobilliardRegional Director Australia amp New ZealandTel +612 8667 3064

Manuel BentosinosRegional Director Mexico Columbiaamp CaribbeanTel +52 55 9171 2237

Ana Paula Macecircd Taacutevora de CastroRegional Director South AmericaTel +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director BrazilTel +55 11 3568 2429

Carlos NogueiraRegional Director BrazilTel +55 11-3895-8572

Brian GilbreathVice President Midwest amp Latin AmericaTel +1 404 934 8085

Hank GregorySVP Western Canada amp Pacific NorthwestTel + 604 603 4360

Ryan MacMillanRegional Director CanadaTel +1 416 214 2448

Jason HedgesRegional Director CanadaTel +1 416-878-3260

Michael KennedyRegional Director New England

Tel +1 207 829 4369

Ross WhittakerRegional Director New EnglandTel +1 6175351516

Jon LenihanRegional Director BostonTel +1 617-535-1618

Scott RedikerRegional Director Mid AtlanticTel +1 443-690-3122

Forrest R DoaneRegional Director New YorkTel +1 212 229 6620

Adam Kuritzky

Regional Director New YorkTel +1 917 232 9569

John McElroneRegional Director New YorkTel +1 212 229 6656

Ken LongerneckerRegional Director New YorkTel +1 212 229 6882

Will WilkesRegional Director New YorkTel +1 212 229 6588

Joseph SolanoRegional Director New YorkTel +1 212 229 6576

Hillary PryorRegional Director New YorkTel +1 212 367 5924

Matthew MezzancelloRegional Director NY NJ amp PATel +1 212 229 6618

Steve PicconeVice President New YorkTel +1 212 229 6883

BJ BirtzRegional Director RaleighTel +1 919 996 9117

Paul KleinkaufRegional Director SoutheastTel +1 404 602 3251

Michail SidorovRegional Director Ohio amp MichiganTel +1 216 333 1274

Jessie SainiRegional Director MidwestTel +1 312-386-2293

Scott HaugenRegional Director Minnesota amp WisconsinTel +1 651 632 4375

Anthony CrosbyRegional Director ChicagoTel +1 312 674 6511

Mark PlaehnRegional Director ChicagoTel +1 312 674 6527

Kelly-Leigh KeefeRegional Director Chicago

Tel +1 312 386 2229Ted SengpielRegional Director Missouri Kansas Nebraska amp Iowa Tel +1 314 315 2909

Nicholas RenterRegional Director TexasTel +1 214 754 2100

Bryan BrightonRegional Director AustinTel +1 512 551 2986

Andrew BuonincontroRegional Director Bay AreaTel +1 650 493 1400

Erik Sandie

Regional Director Bay AreaTel +1 650 493 1400

Jay LoyolaRegional Director Bay AreaTel +1 949 622 0663

Dan PhelanRegional Director Los AngelesTel +1 213 253 2139

Hans SchumannRegional Director San DiegoTel +1 760 635 0830

David YearyVice President DataSite Life SciencesTel +1 415 307 4414

James SnazaDirector of Life SciencesTel +1 651 632 4585

Jon BlueVice President Clean TechTel +1 206 696 9169

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom

8192019 Monthly MA Insider May 2013 Final [1]

httpslidepdfcomreaderfullmonthly-ma-insider-may-2013-final-1 3535

The following notes pertain to data contained in this publication

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

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

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company Data underlyingthe League Tables are based on deals where the bidder target or parent geographyof either is that of the geography in focus

Mid-market is defined as US$10m - US$250m

Q2 2013 refers to the period 01-Apr-13 to 30-Apr-13YTD 2013 refers to the period 01-Jan-13 to 30-Apr-13

For a full version of the mergermarket MampA deal database inclusion and leaguetable criteria go to httpwwwmergermarketcompdfdeal_criteriapdf

Disclaimer

This publication contains general information and is not intended to be comprehensive nor to provide financialinvestment legal tax or other professional advice or services This publication is not a substitute for suchprofessional advice or services and it should not be acted on or relied upon or used as a basis for any investmentor other decision or action that may affect you or your business Before taking any such decision you should consulta qualified professional adviser While reasonable effort has been made to ensure the accuracy of the informationcontained in this publication this cannot be guaranteed and neither Schulte Roth amp Zabel nor mergermarket nor anyof its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity whichrelies on the information contained in this publication including incidental or consequential damages arising fromerrors or omissions Any such reliance is solely at the userrsquos risk

Part of The Mergermarket Group

wwwmergermarketcomUSA 11 West 19th Street 2nd floor New York NY 10011 USA

t +1 212 686-5606 f +1 212 686-2664 salesusmergermarketcom

United Kingdom 80 Strand London WC2R 0RL United Kingdom

t +44 (0)20 7059 6100 f +44 (0)20 7059 6101 salesmergermarketcom

Hong Kong Suite 2401-3 Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong

t +852 2158 9700 f +852 2158 9701 salesasiamergermarketcom