Private equity briefing: Southeast Asia March 2016 - … · Private equity briefing: Southeast Asia...
Transcript of Private equity briefing: Southeast Asia March 2016 - … · Private equity briefing: Southeast Asia...
1Private equity briefing: SEA
Private equitybriefing:Southeast AsiaMarch 2016
2Private equity briefing: SEA
This quarterly briefing offersyou a roundup of the privateequity deals and capitalactivities across majorsectors in the quarter andtrends that are shapinginvestment decisions today.
It distills the perspectives ofour team of subject-matterprofessionals in the regioninto pertinent insights tokeep you ahead in navigatingthe private equity landscape.
3Private equity briefing: SEA
01Outlook
02Investments
03Exits
04Fund-raising
05Sector infocus:health care
06Interview:Jean-ChristopheMarti
07Ourservices:PE valuecreation
Contents4 6 10 12 14 16 18
4Private equity briefing: SEA
Outlook
We enter 2016 with investor appetite at an all-time high despite seeinga fall in private equity (PE) transaction activity in 2015.
The overall value of PE deals completed in 2015, at US$5.5b, was 11% lower than 2014. This, driven by the economicuncertainties experienced regionally and globally, was lower than what many analysts predicted. Overall deal volumeswere up as a result of the Southeast Asia region having a continued increase in early-stage technology deals.
Caution being exercised before investingA number of events in 2015 saw investors being more cautious when executing deals, impacting both investments andexits. This was driven by political change and instability in the region, a slowdown in the Chinese economy and a slumpin commodities, resulting in a significant devaluation of a number of Southeast Asia’s strongest currencies.
Our Southeast Asian issue of the EY Global Capital Confidence Barometer, which was released in December 2015,highlights the impact of these conditions with 61% of respondents stating that the increased volatility in commoditiesand currencies has been elevated on the boardroom agenda.
These economic conditions have resulted in deals being put on hold. Deal pipelines remain strong but some investorsare waiting for economies to stabilize before pressing ahead with transactions. We believe that the factors that havecaused a slowdown in PE activity could very well be the stimulant for deal activity in 2016.
Lastly, 2015 was the first in a number of years to not experience a mega deal. These deals, given their size,disproportionately impact the overall trends experienced across the region. Far from turning their backs on suchopportunities, we have seen that the majority of the largest PE houses increased their focus on the Southeast Asianmarket. As a result, we expect to see the return of large PE deals in 2016.
01
5Private equity briefing: SEA
Indications point to a bright outlook for 2016There are a vast number of indications that suggest we should expect to see a sharpincrease in deal activity in 2016.
First, investor sentiment across the Southeast Asian region is as strong as it has everbeen. This is evidenced by fund-raising that have twice smashed the record for thelargest funds being raised by an Asian-backed PE firm in 2015 (Baring Private EquityAsia raising US$4.0b in February 2015 only to be eclipsed by RRJ Capital raisingUS$4.5b in September 2015). Although both funds have a wider focus than just theSoutheast Asian region, the levels of fund-raising in the year show the appetite forinvestment.
In addition, our EY Global Capital Confidence Barometer shows a continued upswing incorporate confidence in the region compared with 2014 – the bedrock for healthyM&A activity. Sixty percent of respondents say that they are working on four or moredeals and 54% expect to complete two or three deals in the next 12 months.
The drop in regional currencies presents an opportunity to PE houses, the majority ofwhich being US-dollar denominated. With currencies devaluing and margins underpressure shareholders realize the need to raise capital and will be more flexible ondeal terms.
We believe that 2016 will bring an upswing in both PE investments and exits.Consumer and technology will continue to be the sectors where PE activity is focused,amid growing interest in sectors such as health care and business services.
“We are in a period of volatility in Southeast Asia. This creates opportunitiesfor PE investment as companies will need to raise capital, which may not beforthcoming from traditional sources.”
Luke PaisAsean Leader,M&A and Private Equity
6Private equity briefing: SEA
Investments02
• In 4Q15, we saw a disappointing US$263m (2014:US$1.37b) being invested across 28 deals, the lowestsince 1Q14.
• In 2015, there was an increase in the total number ofdeals, with 148 deals attracting PE investment ofUS$2.41b (2014 saw 102 deals worth US$3.54b).The increase was due to a continued focus on thetechnology sector in the region, where investmentsare typically growth capital (i.e., less than US$5m) ornot disclosed.
Figure 1: Investment activity
0
10
20
30
40
50
0400800
1,2001,6002,0002,4002,8003,2003,6004,0004,400
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Deal
coun
t
Deal
value
(US$
m)
Small Mid Large Deal count
Figure 2: Investment activity excluding large deals
0
10
20
30
40
50
0
400
800
1,200
1,600
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Deal
coun
t
Deal
value
(US$
m)
Small Mid Deal countSource: Thomson One, Dealogic and Mergermarket
Source: Thomson One, Dealogic and Mergermarket
7Private equity briefing: SEA
Table 1: Top investments in 2015 (annual)
Investmentdate
Company Country Sector Value(US$m)
Acquirer
Aug 15 GrabTaxi Holdings Pte. Ltd. Singapore Technology 350.00 China Investment Corporation; Didi-Kuaidi
Jan 15 UE E&C Ltd. Singapore Real estate 265.3 Southern Capital Group Pte. Ltd.
Jul 15 PropertyGuru Pte. Ltd. Singapore Technology 129.50 TPG Capital Management LP, Square PegCapital Pty Ltd.
Jun 15 Vincom Retail Vietnam Consumer products andretail 100.00 Warburg Pincus LLC, undisclosed firm
Dec 15 Myanmar Distillery Company Myanmar Consumer products andretail 100.00 TPG Capital Management LP
Apr 15 Express Transindo Utama TbkPT Indonesia Automotive and
transportation 98.20 Saratoga Investama Sedaya Tbk PT
Feb 15 HydrEq Pte. Ltd. Singapore Power and utilities 87.00 Equis Asia Fund II
May 15 Fullerton Healthcare GroupPte. Ltd. Singapore Provider care 83.47 Southern Capital Group Pte. Ltd.
Jul 15 Giosis Pte. Ltd. Singapore Technology 82.10
Oak Investment Partners, Saban CapitalGroup Inc., Brookside Capital, UVm2 VentureInvestments LP, Singapore Press HolidngsLtd., eBay
Jun 15 MAXpower Group Pte. Ltd. Singapore Power and utilities 60.00 IL & FS Investment Managers Ltd.
Geophin GeorgePartner,Transaction AdvisoryServices,Ernst & Young Solutions LLP
“While downside risks to economies still exist, there is an overwhelming confidencefrom our clients that conditions are improving.”
8Private equity briefing: SEA
Mid-market• It is no surprise that mid-market deals (i.e., investment between
US$20m and US$500m) continued to dominate the agenda inSoutheast Asia. It attracted 55% of the capital invested by PE across2014 and 2015 and 34% of the deal count.
• Across the mid-market, there were 86 deals, with an averageinvestment size of US$84m.
• The volume of small deals is promising as it shows that we are in agrowth market. Small businesses have ambitious plans and areraising capital to fund these plans. There were 165 small dealsrecorded over the last two years, with average deal size of US$5m.
Figure 2: 2014-15 investment size (deal value disclosed)
Averagesize
(US$m)
1,617
84
5
Source: Thomson One, Dealogic and Mergermarket
0%
25%
50%
75%
100%
Deal count Deal value
Small Mid Large
254 US$8,403
9Private equity briefing: SEA
Joongshik WangAsean Leader,Corporate FinanceStrategy
Mid-market: Sector and geographic focus
Figure 3: Mid-market: Sector and geographic split
Source: Thomson One, Dealogic and Mergermarket
Other sectors
Amount invested (US$m)
• Investments continue to be focused on Singapore,accounting for 52% of deals (where values have beendisclosed).
• We saw an upturn in PE activity in Indonesia comparedto prior years, following the national elections in2014.
• Consumer products and retail continue to dominate asthe most active sectors across the majority ofSoutheast Asian countries, with the exception ofSingapore and Malaysia.
• What is most noticeable is the continued emergence oftechnology deals in Singapore. A number of headlinedeals in 2015 include GrabTaxi and PropertyGuru.
“Unsurprisingly technology has emerged as the hot sector of focus across recentyears, which has seen a large number of pure-play PEs and VCs establishingthemselves in the region. 2016 has seen this wave continue to grow and begin tomove into the next stage of development, with a number of businesses attractinginvestment much more than seed capital.”
Aut
omot
ive
and
tran
spor
tatio
n
397
Philippines
618
Cons
umer
prod
ucts
and
reta
il
Real estate
Provider care
Others
Indonesia
800Co
nsum
erpr
oduc
tsan
dre
tail
Automotive andtransportation
Others
Cons
umer
prod
ucts
and
reta
il
Insurance
Telecommu-nications
Power andutilities
Banking andcapital markets
Others
Vietnam
304
Cons
umer
prod
ucts
and
reta
ilD
iver
sifie
din
dust
rial
prod
ucts
Malaysia
378
Telecommunications
Provider care
Banking andcapital markets
Power and utilities
Insurance
Others
Singapore
2,673
Real estate
Technology
Consumer products and retail
Government and public sector
Power and utilitiesAutomotive and transportation
Provider care
Others
Diversified industrial productsLife sciencesOthers
Gov
ernm
enta
ndpu
blic
sect
or
Telecommu-nications
Automotive
10Private equity briefing: SEA
Exits03
Exits• There remains limited disclosure around PE exits in
the region, with a number of deals going unreportedand therefore not captured by the analysis.
• There was an increase in the deal values in 2016 witha total of US$3.076b, compared to US$2.612b in2015. This was principally due to Temasek’s exit fromSTATS ChipPAC Limited in August.
• Major deals where deal values were not disclosedinclude LVMH’s acquisition of Luxola, in what wasbelieved to be an eight-figure deal.
• It was another muted year for PE exiting through anIPO, with no players using this method of exit in 2015,compared to three in 2014.
• Singapore and Malaysia continued to generate thelargest number of exits, whereas Indonesia saw amarked decrease (one in 2015 and seven in 2014).
6
4
2
7
21
2014 2015
Singapore Malaysia Thailand
Indonesia Vietnam Philippines
Figure 4: Exits by country
83
1
11
Figure 5: Exit activity
Source: Thomson One, Dealogic and Mergermarket
Source: Thomson One, Dealogic and Mergermarket
0
4
8
12
0
500
1,000
1,500
2,000
2,500
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Deal
coun
t
Deal
value
US$m
Small Mid Large Deal count
2015
11Private equity briefing: SEA
Vikram ChakravartyAsia-Pacific Leader,Capital Transformation
Table 2: Top exits in 2015 (annual)
Completiondate
Company Country Sector Value(US$m)
Sponsor Type
Aug 15 STATS ChipPAC Limited Singapore Technology 1723.6 Temasek Holdings Trade
Feb 15 PT Bank TabunganPensiunan Nasional Tbk Indonesia Banking and capital
markets 462.9 TPG Capital LP Trade
Dec 15 Golden Foods Siam Ltd. Thailand Consumer productsand retail 360.0 Navis Management Sdn. Bhd. Trade
Aug 15 Classic Fine Foods GroupLimited Singapore Consumer products
and retail 328.0 EQT Partners Trade
Aug 15ECO IndustrialEnvironmentalEngineering Pte. Ltd.
Singapore Government andpublic sector 183.1 Navis Capital Partners Ltd. Trade
“One of the largest areas of value creation for PE is operational improvement.Advisors who have proven to deliver value should be involved very early on in thelife cycle of a portfolio investment.”
*Note: Majority of value being paid through deferred contingent consideration.
Source: Thomson One, Dealogic and Mergermarket
12Private equity briefing: SEA
Fund-raising04
• In 2015, there was a surge in both the number offunds closed and the total value of these fundscompared with 2014. A total of 24 funds closed(2014: 13) in the year, raising US$16.529b (2014:US$11.005b).
• The record for funds being raised by an Asian-backedPE firm was broken twice: first when Baring PrivateEquity Asia raised US$4.0b in February 2015, andwhen RRJ Capital raised US$4.5b in September 2015.
• The majority of funds being raised have a sector-agnostic focus. However, there is an increasingproportion of funds having a single sector focusparticularly around real estate and energy.
Figure 6: PE fund-raising with Southeast Asia focus
0
1
2
3
4
5
6
7
8
9
0
2,000
4,000
6,000
8,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Coun
t
Series1 Series2Funds raised Funds count
US$m
13Private equity briefing: SEA
Table 3: Top funds closed with Southeast Asia focus in 2014 (annual)
Fund name Manager Type Commitments(US$m)
Closed Industry focus
RRJ Capital Master Fund III RRJ Capital Buyout 4,500 Sep 15 Diversified
Baring Asia Private Equity Fund VI Baring Private Equity Asia Growth 3,988 Feb 15 Diversified
Bain Capital Asia III Bain Capital Buyout 3,000 Dec 15 Diversified
Equis Asia Fund II Equis Funds Group Infrastructure 1,000 Feb 15 Energy andinfrastructure
Northstar Equity Partners IV Northstar Group Buyout 810 Oct 15 Diversified
ADV Opportunities Fund I ADV Partners Specialsituations 545 Sep 15 Diversified
Pamfleet Real Estate Fund II Pamfleet Group Real estate 400 Jun 15 Property
Baring Private Equity Asia Real EstateFund Baring Private Equity Asia Real estate 365 Mar 15 Property
SSG Capital Partners IV SSG Capital Management Specialsituations 325 Sep 15 Diversified
Quadria Capital Fund II Quadria Capital InvestmentManagement Growth 304 Jun 14 Diversified
“2015 was a fantastic year for PE raising new funds. Although we do not expect tosee this massive level of fund-raising to be repeated in 2016, there is nowincreasing pressure across all PE houses to start putting their capital to work.”
Source: Preqin
Purandar RaoSingapore Head,Transaction AdvisoryServices
14Private equity briefing: SEA
Sector in focus:Health care05
• At 14% CAGR between 2009 and 2013, health carespending has grown at a faster rate than a country’sgross domestic product (GDP).
• The growth is sustainable as it is underpinned by risingincome levels and increasing coverage.• Aging population and rise in chronic diseases• Growing middle class and increasing affordability• Regional push toward universal health care• Increase in insurance coverage
24% 25%
71% 62%
5%13%
Myanmar Cambodia
38% 40% 43%
52% 46%53%
10% 14%4%
Philippines Indonesia Vietnam
55%76%
35%13%
10% 11%
Malaysia Thailand
38%
59%
3%
Singapore
Publichealth
financing
Privateexpenditure
(OPP)
Privateexpenditure
(Others)
Public expenditurecovers only vaccinationand a few public clinicsand hospitals
Public expenditures onhealth range betweenUS$2 and US$17 percapita per year
All three countries arecurrently implementinguniversal public health careschemes
Public expenditures rangebetween US$30 andUS$40 per capita per year
Well-developed health careinfrastructure
Malaysia provides direct healthcare subsidies
Thailand public healthinsurance system is financed bypayments from employers oremployees
Nascent Developing Developed Mature
A mix of private and publiccontributions
Government graduallydisengages from funding,encouraging privatecontributions
Increasing demand for moresophisticated services
Source: World Health Organisation
Health care systemlargely undeveloped
Most basic health careneeds met
Wider choice ofhealth care services
Private contributions tohealth care financing
encouraged
Figure 7: Southeast Asian markets are at different stages of maturity, presenting varied opportunities
15Private equity briefing: SEA
Key themes for investors
► Large, underpenetrated markets in Indonesia and Philippines: Indonesia’s 250mpeople have a health care spend per capita of US$108, while the Philippines’ 100mpopulation have a health care spend of US$140. Developed countries like Singaporehave health care spend of US$2,500 per capita. As well, the two countries have only1.1 beds per 1,000 population, compared to the OECD average of 4.8.
► Both markets demonstrate high growth potential in health care expenditure percapita: This is underpinned by factors including rising income levels, incidences ofchronic illness, and implementation of Universal Healthcare (UHC), which is expected toprovide coverage to the entire population in Indonesia and Philippines in the future.
• Tertiary hospitals can be an extremely profitable business: Return on invested capitalof 15 to 25% and earnings before interest, taxes, depreciation and amortization marginof 20 to 30% for top hospitals in Indonesia, Philippines, Thailand, and Singapore.
• Big players are more profitable: Earnings before interest and taxes margin percentageof the 10 largest Southeast Asian listed hospital players is approximately 16%,compared to about 8% for bottom five players.
• Investing in hospital platform and bolting-on has benefits: Margin expansion of up to25% is possible through medicine or equipment procurement consolidation, sharedservices, revenue synergies and medical integration.
• Primary care network: Fragmented market in developed and mature markets offersopportunities for consolidation.
• Specialty clinics, particularly renal care: High rate of end-stage renal failure inSoutheast Asia. UHC has been supporting growth by making treatment moreaffordable. Private chains focused on renal care are viable, because of the chronicnature of condition. Opportunities for organic roll-up available.
• Pathology labs: Fragmented market and capex-light business model compared toradiology centers, offering opportunities for consolidation in developing markets.
• Rising need for aged care: By 2025, there will be more than 20% of the population inSingapore and Malaysia aged 65 and above, demanding for more quality housing withexcellent medical services.
• Opportunities to invest in two business models:
• Care centers or nursing homes model in Singapore: Provides medical and nursingcare, physical therapy and entertainment activities.
• Retirement village model in Thailand and Philippines: Predominantly operated byreal estate players as part of their integrated villages with residential areas, healthand wellness centers, recreational areas, and amenities such as game rooms.
Focus on growthmarkets
Hospital platformoffers scale play
Abhay BangiPartner,Corporate Finance Strategy(Health care)Ernst & Young Solutions LLP
“The health care sector presents significant opportunities for financial investorsacross the region. Growth markets remain fragmented and underpenetratedagainst a backdrop of a growing middle class and increasing life expectancy.Mature markets are seeing increasing levels of innovation and use of technology,resulting in the emergence of new players in the industry.”
Roll-up opportunitiesin primary, specialistcare network
Aged care play tocapitalize on silvertsunami
16Private equity briefing: SEA
Interview:Jean-ChristopheMarti06
Jean-Christophe Marti is a Partner of Navis CapitalPartners. He is based in Singapore and is a member of thefirm’s Investment Committee. Marti joined Navis in 2003,focusing on origination in Singapore and Indonesia. Heleads investment teams in making, monitoring and exitinginvestments. He also sits on the boards and executivecommittees of several Navis portfolio companies.
Q: 2015 saw a marked slowdown in private equity activity compared to 2014. How have the last 12 monthsbeen for Navis?
2015 was a good year for Navis. We deployed some US$210m in two new investments (Bmed and ImperialTreasure) as well as a few follow-ons. We also generated about US$730m of liquidity between last year andFebruary 2016, mostly by successfully selling Eco, Golden Food Siam, Hui Lau Shan and Profab.
Q: What change do you expect to see in 2016 regarding the number of transactions with private equityinvolvement?
Overall, we feel 2016 will be a busy year. Our deal pipeline is very full at this point in time; thus we can be pickywho we want to invest in and partner with.
Q: What do you perceive as being the biggest opportunities for private equity in 2016?
There may be a contrarian investment in the oil and gas sector. Valuations have been battered. Some of thesecompanies will prove to be winners when the cycle comes back and will be extremely good buys this year.
Q: What are the greatest difficulties currently experienced by private equity?
It is not a good time to be doing fund-raising – LP are pretty prudent now. For funds like us with an established trackrecord and fund commitments available for deployment, we will need to be ready to act fast and transact quickly –especially for exits.
17Private equity briefing: SEA
Q: Which areas of the market (country and sector) are Navis finding of greatest interest from an investmentperspective looking forward?
We see Indonesia and Vietnam as two promising geographies this year. Naturally, Singapore is a core investmentgeography for us and will remain to be so.
Q: What impact do you think the current volatility across the region will have on private equity?
The current volatility certainly offers buying opportunities for us. Some sellers will have more down-to-earthvaluation expectations, others can even run into distress due to the weakening of local currencies against the USdollar and rising interest rates. We are very active on the portfolio side to ensure that our companies are bestpositioned to gain a market advantage. Having a clear strategic vision, strong management teams andsupporting systems and the ability to act through low balance sheet leverage are even more important whentimes are turbulent.
Q: With financial institutions withdrawing the availability of capital, will this present opportunities for privateequity investors to fill the void left?
Certainly, we represent a viable alternative source of funding, albeit not the cheapest. Entrepreneurs, especiallythose in Singapore, are now well-aware of the role that private equity can be play as a funding source.
Q: Are you seeing a shift in the pricing expectations of shareholders seeking investment?
Yes, economic uncertainties, financial markets gyrations, weakening local currencies and rising US dollar interestrates all have an impact on the psyche of shareholders. People feel a bit poorer, a bit less bullish, and ittranslates into lowered valuation expectations.
18Private equity briefing: SEA
Our services:PE value creation07
► Focus: Deliver value creationservices across the PE investmentlife cycle
► Dedicated PE experience:Dedicated team comprising formerPE operating partners, seasonedoperating executives andmanagement consultants
► Broad functional knowledge:Capabilities in strategy, M&A andall core operating functions;experience in revenueenhancement, cost reduction,human capital andchange management
► Deep sector experience: Primaryfocus in oil and gas, consumer,industrial, and health care; ability totap into sub-sector professionals
► Accelerated approach: Customizedapproach that is highly responsiveand provides accelerated realizationof benefits
► Global capabilities: Dedicated teamthat has extensive cross-borderexperience with access to morethan 30,000 consultants operatingin 140 countries with deep industryand functional know-how
Our capabilities
EY’s PE value creation (PEVC) teamcomprises specialists focused on PEand is supported by our deep sectorand functional professionals aroundthe world.
PE value creation team
Privateequityfund
► Performanceimprovement
► Sales forceeffectiveness
► Businessintelligence
► Finance► Human resources► Supply chain► IT transformation► Risk
► Lead advisory► Commercial advisory► Financial diligence► Operational diligence► IT diligence► Carve-out► Integration
► Restructuring► Real estate► Divestiture► Valuation and
business modeling► Operational improvement
19Private equity briefing: SEA
Contact usService line contactsM&A
Luke [email protected]+65 6309 8094
Benedict [email protected]
+65 9113 3718
Corporate Finance Strategy
Vikram [email protected]
+65 6309 8809
Joongshik [email protected]
+65 6309 8078
Transaction Support
Purandar [email protected]
+65 6309 6560
Geophin [email protected]
+65 6309 8168
Transaction Tax
Eng Ping [email protected]
+603 7495 8288
Darryl [email protected]
+65 6309 6800
Valuation & Business Modelling
Andre [email protected]
+65 6309 6214
Wouter van [email protected]
+65 6309 8878
Country contactsIndonesia
David [email protected]
+62 21 5289 5025
Sahala [email protected]
+62 21 5289 5210
Malaysia
George [email protected]
+60 3 7495 8700
Preman [email protected]
+60 3 7495 7811
Philippines and Guam
Renato [email protected]
+63 2 891 0307
Singapore
Purandar [email protected]
+65 6309 6560
Vikram [email protected]
+65 6309 8809
Luke [email protected]
+65 6309 8094
Joongshik [email protected]
+65 6309 8078
Geophin [email protected]
+65 6309 8168
Abhay [email protected]
+65 6309 6151
Thailand
Ratana [email protected]
+66 2 264 0777
Piyanuch [email protected]
+66 2 264 9090
Vietnam
Anthony [email protected]
+84 8 3824 5252
Toan Quoc [email protected]
+84 8 3824 5252
Global contactsGlobal
Jeffrey [email protected]
+1 212 773 2889
Michael [email protected]
+1 214 969 0675
Sector contactsConsumer Products Financial Services
Geophin [email protected]
+65 6309 8168
Patrick [email protected]
+65 6309 6720
Health care Infrastructure
Abhay [email protected]
+65 6309 6151
Lynn [email protected]
+65 6309 6688
Oil & Gas Real Estate
Sanjeev [email protected]
+65 6309 8688
Benedict [email protected]
+65 9113 3718
Technology, Media & Telecommunications
Joongshik [email protected]
+65 6309 8078
20Private equity briefing: SEA
21Private equity briefing: SEA
EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transactionand advisory services. The insights and qualityservices we deliver help build trust and confidencein the capital markets and in economies the worldover. We develop outstanding leaders who team todeliver on our promises to all of our stakeholders.In so doing, we play a critical role in building abetter working world for our people, for our clientsand for our communities.
EY refers to the global organization, and mayrefer to one or more, of the member firms ofErnst & Young Global Limited, each of which is aseparate legal entity. Ernst & Young GlobalLimited, a UK company limited by guarantee,does not provide services to clients. For moreinformation about our organization, please visitey.com.
About EY’s Transaction Advisory Services
How you manage your capital agenda today willdefine your competitive position tomorrow. Wework with clients to create social and economicvalue by helping them make better, more-informeddecisions about strategically managing capital andtransactions in fast changing-markets. Whetheryou're preserving, optimizing, raising or investingcapital, EY’s Transaction Advisory Servicescombine a unique set of skills, insight andexperience to deliver focused advice. We help youdrive competitive advantage and increased returnsthrough improved decisions across all aspects ofyour capital agenda
© 2016 EYGM Limited.All Rights Reserved.
EYG no. 00231-164GBL
ED None
This material has been prepared for general informationalpurposes only and is not intended to be relied upon as accounting,tax, or other professional advice. Please refer to your advisorsfor specific advice.
ey.com
The views of third parties set out in this publication are notnecessarily the views of the global EY organization or its memberfirms. Moreover, they should be seen in the context of the timethey were made.