XBMA 2016 Q1 Quarterly Review

8/18/2019 XBMA 2016 Q1 Quarterly Review

1/22

The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of

XBMA’s founders, academic partners, advisory board members, or others.

XBMA Quarterly ReviewQ1 2016

Raaj Narayan , Editor


2/22XBMA – 1

All figures are inflation-adjusted to 2016 dollars. Data in this report does not include spin-offs announced in 2016that have not been completed.

559 770 505 500 603852

702

591

713

661 537

983

1,247721585

583 689

853

1,060

756577

877653

902

1,597

2,627 2,645 2,6262,379

3,341

4,756

702

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2010 2011 2012 2013 2014 2015 2016

U

S $ b i l l i o n s

Deal Volume by Quarter

Quarter 1 Quarter 2 Quarter 3 Quarter 4

Global M&A Volume: Q1 Snapshot

Global M&A volume in Q1 exceeded US$700 billion, the second highest start to the yearsince 2011, but lower than the quarterly volume of the record-setting levels of 2015.

Q1 saw a number of landmark transactions, including Syngenta/China NationalChemical Corp and Johnson Controls/Tyco International, and eight deals in excess ofUS$10 billion.

Cross-border M&A activity accounted for 43% of global deal volume in Q1, significantlyhigher than recent levels. Six of the 10 largest deals in Q1 were cross-border transactions,accounting for half of the quarter‘s US$300 billion in cross-border deal volume.

Cross-border deals involving a Chinese acquiror jumped to over US$80 billion, morethan 25% of all cross-border deal activity in the quarter.

European M&A activity had its best start to the year since 2011, including the four largestdeals of the quarter and three deals in excess of US$20 billion. European M&Aaccounted for one quarter of aggregate deal volume.

Source: Thomson; NYT Dealbo


3/22XBMA –

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

U S $ t r i l l i o n s

Global M&A Volume

2

Global M&A Volume: 1999–2016

Q4 2015 was the strongest quarter for deal-making on record, and while Q1 continued tosee strong M&A volume across the globe, levels were very substantially down quarter-on-

quarter. Stock market volatility, concerns about a slowing Chinese economy, low commodity

prices, and a challenging regulatory environment for certain larger transactions in theUnited States could be tempering forces in 2016.

However, acquirers continue to maintain large cash balances (carried at virtually zeroreturn) and attractive acquisition currency in the form of their stock, and most corporate borrowers can obtain relatively attractive financing terms. Coupled with the continueddrive for global scale and synergies and consolidation in key industries, this environmentremains conducive for robust M&A activity.

Source: Thoms

All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.


4/22XBMA – 3

Cross-Border M&A Volume: 2009–2016

Cross-border M&A transactions are defined as those in which the parties are headquartered or based in different

countries. All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.

Cross-border M&A activity accounted for US$300 billion of deal volume in Q1,approximately 43% of the quarter’s deal activity.

The percentage of global deal volume attributable to cross-border transactions increasedsubstantially over the steady 35% level that has prevailed in recent years.

In particular, the volume of deals involving an emerging economy acquirer and adeveloped economy target spiked in Q1, driven by high value acquisitions by Chinesecompanies. This is one indicator that buyers in emerging markets continue to search outtransformative deals that provide access to developed markets, particularly as certainemerging economies have slowed. Currency and risk diversification also plays animportant role in Chinese outbound M&A.

Source: Thomson; Reut

0.590.99

0.930.93

0.71

1.24 1.58 1.20

1.61

1.64 1.71 1.70

1.67

2.10

3.18

1.60

2.20

2.63 2.64 2.63

2.38

3.34

4.76

2.80

0.0

1.0

2.0

3.0

4.0

5.0

2009 2010 2011 2012 2013 2014 2015 2016

U S $ t r i l l i o n s

Deal Volume

Domestic M&A Cross-Border M&A


5/22XBMA – 4

Medium and Large M&A Deals: 2008–2016

2016 data is annualized.

Twenty-two deals exceeding US$5 billion in value were announced in Q1. Eight dealsexceeded US$10 billion in value, and three deals exceeded US$20 billion in value.

Notably, five of the 10 largest deals in Q1 involved a European target, and four of the 10largest deals involved a U.S. target.

Cross-border activity steadily accounts for approximately 35-40% of the larger dealsannounced, consistent with the percentage of overall deal volume.

Source: Thoms

372

194

363368 360 314

432 436304

490

387

537 514 513549

640

792

524

862

581

900 882 873 863

1,072

1,228

828

0

250

500

750

1,000

1,250

1,500

2008 2009 2010 2011 2012 2013 2014 2015 2016

Number of Deals > US$500 million

Cross-Border M&A Domestic M&A


6/22XBMA – 5

M&A Volume by Target Region

Europe accounted for one quarter of Q1 deal activity, relative to a near-term historicalaverage of only 15%. China was another strong performer in Q1, driving 22% of global

deal activity (compared to a recent average of 14%). Notably, Europe and China togetherproduced nearly half of the quarter’s deal activity (compared to a recent average of 30%).

In contrast, the United States’ share of global M&A dropped to 35% in Q1, from 50% in2015, in part due to volatility in the U.S. stock market.

The emerging economic regions of Central Asia, South America, Africa/Middle East,India, Mexico, and Central America produced an aggregate of 7% of global M&A volumein Q1, relative to a recent aggregate average of 12%.

Represents share of global M&A volume based on target’s headquarters. All figures are inflation-adjusted to 2016dollars.

Source: Thoms

United States34.8%

Europe26.9%

China21.9%

Central Asia3.9%

Australia/NZ2.6%

Japan3.9%

South America1.0%

Canada2.9%

Africa/Middle East0.9% India

1.1%

Mexico0.1%

Central America0.05%

Q1 2016

United States48.55%

Europe15.11%

China14.18%

Central Asia5.01%

Australia/NZ

3.28%

Japan3.06%

South America3.06%

Canada3.65%

Africa/Middle East2.12% India

0.96%

Mexico0.93%

Central America0.09%

2011–2015


7/22XBMA – 6

GDP and M&A Volume by Target’s Region: Q1 2016

Source: Thomson, IM

Region2015 GDP

(US$ trillions)2015 Per Capita

GDP (US$)

Europe 19.8 26,921

United States 18.1 56,421

China 11.2 11,212

Japan 4.2 33,223

India 2.3 1,808

World 74.6 13,823

2015 GDP figures are IMF estimates.

0%

50%

100%

150%

200%

250%

0%

10%

20%

30%

40%

50%

60%

GDP, M&A, and Debt by Region

G o v e r n m e n t D e b t a s % o f G D P

The United States and Canada continue to produce significantly higher shares of globalM&A activity than world GDP. The same is true for China, while most other emerging

economies yield significantly lower shares of global M&A activity than world GDP. Thisis one indicator of continued runway for growth in emerging economy M&A, includinginbound cross-border acquisitions.

Debt-to-GDP ratios in Japan, the United States, and Canada approximate or exceed100%, whereas debt-to-GDP ratios in China and several other emerging economies arecloser to 50%.

%

o f 2 0 1 5 W o r l d G D P

% o f 2 0 1 5 G l o b a l M & A


8/22XBMA – 7

Trends in M&A Volume byTarget Region: 2012–2016

Deal volumes fell across geographic regions relative to the record-setting final quarter of2015, but volume in Q1 was more evenly distributed, with Asian-Pacific M&A activity

accounting for 29%, European deal volume accounting for 28%, and North AmericanM&A activity accounting for 38%.

Asian-Pacific M&A volume (US$200 billion) was down 15% relative to Q1 2015,continuing its pattern of up and down quarterly growth, but exceeded its recent quarterlyaverage volume of US$175 billion.

Europe was up 12% over Q1 2015, and Japan more than doubled its volume relative tothe first quarter of last year. Although volume abated relative to Q4 2015, each of Europeand Japan exceeded the volume achieved in Q3 2015.

Source: Thoms

All figures are inflation-adjusted to 2016dollars.

0

200

400

600

800

1,000

1,200

1,400

1,600

2012 2013 2014 2015 2016

U S $ b i l l i o n s

Asia-Pacific (ex-Japan) Europe North America Global Japan


9/22XBMA –

M&A in BRIC Countries: 2012–2016

0

10

20

30

40

50

60

70

80

2012 2013 2014 2015 2016


2012–2016 Domestic M&A in BRIC Countries

Brazil Russia India China

Outbound China M&A volume spiked to over US$80 billion, largely driven by the US$46 billion Syngenta/China National Chemical Corp deal, as Chinese companies continue to

be buyers in some of the largest cross-border deals. However, the level of inbound M&A volume into China declined for the second consecutive quarter to less than US$10 billion—less than half of its recent peak in Q1 2015—as concerns about a slowingeconomy continue to temper M&A activity there. India was next with US$2.6 billion ininbound volume in Q1, with eight deals exceeding US$100 million in value.

The BRIC countries saw some of their lowest domestic deal activity to date, other thanIndia which turned in over US$5 billion.

0

5

10

15

20

25

2012 2013 2014 2015 2016


2012–2016 Inbound M&A to BRIC Countries

Brazil Russia India China

Source: Thoms

All figures are inflation-adjusted to 2016 dollars.

8


10/22XBMA – 9

Distressed Deals: 1990–2016

Distressed deal activity in Q1 was just US$1.3 billion, which on an annualized basis would represent the lowest volume since at least 1990, and notwithstanding a recent

spike in distressed deal-making in 2015 and the continued economic challenges facingthe Energy & Power sector.

Source: Thoms

All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.

0

25

50

75

100

125

150


Volume of Distressed Deals


11/22XBMA – 10

Global M&A by Sector: Last 12 Months

Source: Thoms

*Includes both domestic and cross-border transactions.

Over the past 12 months, the Healthcare (14%), Energy & Power (13%), and HighTechnology (12%) sectors produced the largest volume of M&A.

In contrast, the Industrials (14%), Energy & Power (13%), Financials (13%), andConsumer Staples (13%) sectors led cross-border deal activity over the past fourquarters, with each producing close to US$200 billion in volume. 75% of ConsumerStaples deals were cross-border, notably the one sector where more than half of deal volume was generated by cross-border activity.

0

100

200

300

400

500

600

700

800


M&A Volume by Sector

Global M&A*

Cross-Border M&A


12/22XBMA – 11

Trends in Global M&A by Sector:Last Four Quarters

Source: Thoms

0

40

80

120

160

200

240

280

320


Domestic and Cross-Border M&A

Q2 2015 Q3 2015 Q4 2015 Q1 2016

The Materials and Industrials sectors produced the largest M&A volume in Q1, followed by the High Technology, Financials, and Energy & Power sectors. The Healthcare sector

had a slow quarter following two quarters of dramatic growth. Energy & Power deals fellto less than US$80 billion.

Cross-border M&A in the Materials sector had its strongest quarter of the past year.Cross-border activity also continued to build momentum in the Energy & Power andRetail sectors, with a second consecutive quarter of growth. The Industrials sectorproduced the largest amount of cross-border volume in Q1, approaching US$60 billion.

0

20

40

60

80

100

120

140

160


Cross-Border M&A

Q2 2015 Q3 2015 Q4 2015 Q1 2016


13/22XBMA – 12

Top 10 Global Deals Announced in Q1 2016

Source: Thoms

Acquirer* Target*Target

Industry Value of Deal

(US$ mil)Date

Announced

China National

Chemical Corp (China)

Syngenta AG(Switzerland) Chemicals and Allied Products 46,597 3 Feb 2016

Johnson Controls Inc(United States)

Tyco InternationalPLC(Ireland)

Machinery 27,701 25 Jan 2016

SACAM Mutualisation (France)

Credit Agricole –Shares in 39 RegionalBanks (France)

CommercialBanks, Bank

HoldingCompanies

20,060 19 Jan 2016

Deutsche Boerse AG(Germany)

London StockExchange Group PLC (United Kingdom)

Investment &Commodity

Firms, Dealers,Exchanges

13,898 23 Feb 2016

Apollo GlobalManagement LLC(United States)

The ADT Corp(United States)

BusinessServices

12,269 16 Feb 2016

TransCanada Corp(Canada)

Columbia PipelineGroup Inc(United States)

Electric, Gas,and Water

Distribution12,026 17 Mar 2016

Sherwin-Williams Co (United States)

Valspar Corp(United States)

Chemicals and Allied Products

11,202 20 Mar 2016

Fortis Inc (Canada)

ITC Holdings Corp (United States)


Distribution11,078 6 Feb 2016

Mylan NV(United States) Meda AB(Sweden) Drugs 9,917 10 Feb 2016

Investor Group(Australia)

Asciano Ltd(Australia)

Transportationand Shipping(Except Air)

9,480 15 Mar 2016

*Company nationality determined by location of headquarters or by location of target assets.


14/22XBMA – 13

Top 10 Deals from Developed intoEmerging Economies* Announced in Q1 2016

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.**Company nationality determined by location of headquarters or by location of target assets.

Source: Thoms

Aggregate Value of Deals from Developed into Emerging Economies


0

50

100

150

200

250

300

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

U S $ b i l l i o n s Quarter 4

Quarter 3

Quarter 2

Quarter 1

Acquirer** Target**Target


(US$ mil)Date

Announced

Glory FundManagement Group CoLtd(Singapore)

Greenland Holding

Corp Ltd – Assets(China)

Hotels and

Casinos 3,227 11 Mar 2016

Investor Group(Canada)

Isagen SA ESP (Turkey)


Distribution1,978 13 Jan 2016

FleetCor TechnologiesInc(United States)

Svcs e Tech dePagamamentos(Brazil)

Repair Services 1,118 18 Jan 2016

AbertisInfraestructuras SA(Spain)

Autopista Central SA (Chile)

Transportationand Shipping(except air)

1,033 21 Jan 2016

Mitsubishi UFJFinancial Group Inc(Japan)

Security Bank Corp (Philippines)


HoldingCompanies

778 14 Jan 2016

LafargeHolcim Ltd (Switzerland)

Holcim Maroc SA (Morocco)

Stone, Clay,Glass, andConcreteProducts

500 17 Mar 2016

Siemens AG (Germany)

Siemens Ltd–Healthcare Unit (India)

Health Services 455 4 Mar 2016

GIC Pte Ltd(Singapore)

Trans Retail PT (Indonesia)

Retail Trade-

GeneralMerchandiseand Apparel

398 26 Feb 2016

Bank of Nova Scotia(Canada)

Citigroup Inc–Latin America Business (Costa Rica)


HoldingCompanies

360 14 Jul 2015

Fairfax India HoldingsCorp(Canada)

BIAL (India)

AirTransportation

and Shipping321 28 Mar 2016


15/22XBMA –

Top 10 Deals from Emerging into DevelopedEconomies* Announced in Q1 2016

Source: Thoms

*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.**Company nationality determined by location of headquarters or by location of target assets.

14

Aggregate Value of Deals from Emerging into Developed Economies


0

50

100

150

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarter 4

Quarter 3

Quarter 2

Quarter 1

Acquirer** Target**Target


(US$mil)Date

Announced

China NationalChemical Corp(China)

Syngenta AG(Switzerland)


46,597 3 Feb 2016

Inmobiliaria Carso SAde CV(Mexico)

FCC (Spain)

ConstructionFirms

8,074 4 Mar 2016

Tianjin Tianhai InvestCo Ltd (China)

Ingram Micro Inc(United States)

WholesaleTrade-Durable

Goods

6,257 17 Feb 2016

Qingdao Haier Co Ltd(China)

General Electric Co – Applicances Business (United States)

Electronic andElectrical

Equipment

5,400 15 Jan 2016

Dalian Hexing InvestCo Ltd(China)

Legend Pictures LLC (United States)

Motion Picture

Production andDistribution

3,500 11 Jan 2016

Beijing EnterpriseGroupp Co Ltd (China)

EEEW Energy from Waste GmbH (Germany)

SanitaryServices

1,594 4 Feb 2016

Golden Brick CapitalManagement Ltd(China)

Opera Software ASA (Norway)

PrepackagedSoftware

1,258 10 Feb 2016

SteinhoffInternational HoldingNV (South Africa)

Darty PLC (United Kingdom)

Retail Trade-Home

Furnishings

1,149 2 Mar 2016

Dalian Hexing InvestCo Ltd (China)

Carmike Cinemas Inc (United States)

Motion PictureProduction and

Distribution

1,102 3 Mar 2016

Investor Group (China)

Kraussmaffei GroupGmbH (Germany)



16/22XBMA –



(US$ mil)Date

Announced

Apollo GlobalManagement LLC(United States)

The ADT Corp

(United States)

Business

Services

12,269 16 Feb 2016

TransCanada Corp(Canada)

Columbia PipelineGroup Inc(United States)



Sherwin-Williams Co(United States)

Valspar Corp(United States)


11,202 20 Mar 2016

Fortis Inc(Canada)

ITC Holdings Corp(United States)


Distribution11,078 6 Feb 2016

Abbott Laboratories(United States)

Alere Inc(United States) Drugs 8,403 1 Feb 2016

Progressive WasteSolutions(Canada)

Waste Connections Inc(United States)

SanitaryServices

8,132 19 Jan 2016

Tianjin TianhaiInvestment Co Ltd(China)


WholesaleTrade-Durable

Goods6,258 17 Feb 2016

Dominion ResourcesInc(United States)

Questar Corp(United States)

Oil and Gas;Petroleum

Refining6,068 1 Feb 2016

Leidos Holdings Inc(United States)

Lockheed Martin Corp– Government IT andTechnical ServicesBusinesses(United States)

BusinessServices

5,930 26 Jan 2016


General Electric Co – Appliances Business(United States)


Equipment5,400 15 Jan 2016

15

Top 10 North AmericanDeals Announced in Q1 2016

Source: Thoms

Aggregate Value of North American Deals


0

500

1000

1500

2000

2500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarter 4

Quarter 3

Quarter 2

Quarter 1

*Company nationality determined by location of headquarters or location of target assets.


17/22XBMA –



(US$ mil)Date

Announced

Investor Group

(Australia)

Asciano Ltd

(Australia)


9,480 15 Mar 2016

China Vanke Co Ltd(China)

Shenzhen MetroGroup Co Ltd – Assets(China)


9,239 13 Mar 2016

Dalian Dayang TrandsCo Ltd(China)

YTO Express Co Ltd(China)


8,781 16 Jan 2016

Canon Inc(Japan)

Toshiba MedicalSystems Corp(Japan)

Measuring,Medical, Photo

Equipment;Clocks

5,902 17 Mar 2016

China Electronics Corp(China)

GreatWall InfoIndustry Co Ltd(China)

Computer andOffice

Equipment4,901 25 Feb 2016

CRED Holding Co Ltd(China)

Liaoning ZhongwangGroup Co Ltd(China)

Metal and MetalProducts

4,656 4 Jan 2016

China StateConstructionEngineering Corp(China)

CITIC Real Estate CoLtd(China)

Real Estate;Mortgage

Bankers andBrokers

4,583 14 Mar 2016

Dalian Hexing

Investment Co Ltd(China)

Dalian WandaCommercial PropertyCo Ltd(China)


Bankers andBrokers

4,039 30 Mar 2016

Thai Charoen CorpGroup(Thailand)

Big C Supercenter PCL(Thailand)

Retail Trade-Food Stores

3,716 7 Feb 2016

China Life Insurance(Group) Co(China)

China Guangfa Bank(China)


HoldingCompanies

3,565 29 Feb 2016

16

Top 10 Asian-PacificDeals Announced in Q1 2016

Source: Thoms

Aggregate Value of Asian-Pacific Deals


0

500

1000

1500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarter 4

Quarter 3

Quarter 2

Quarter 1



18/22XBMA – 17

Top 10 EuropeanDeals Announced in Q1 2016

Source: Thoms



(US$ mil)Date

Announced

China National

Chemical Corp(China)

Syngenta AG

(Switzerland)

Chemicals and

Allied Products 46,597 3 Feb 2016

Johnson Controls Inc(United States)

Tyco InternationalPLC(Ireland)

ConsumerProducts and

Services27,701 25 Jan 2016

SACAM Mutualisation(France)

Credit Agricole –Shares in 39 RegionalBanks(France)


HoldingCompanies

20,060 19 Jan 2016

Deutsche Boerse AG(Germany)

London StockExchange Group PLC(United Kingdom)


Firms, Dealers,

Exchanges

13,898 23 Feb 2016

Mylan NV(United States)

Meda AB(Sweden)

Drugs 9,917 10 Feb 2016

Inmobiliaria Carso SAde CV(Mexico)

FCC(Spain)

ConstructionFirms

8,075 4 Mar 2016

Liberty Global PLC(United Kingdom)

Vodafone – DutchOperations(Netherlands)

Telcom 6,409 2 Feb 2016

IHS Inc(United States)

Markit Ltd(United Kingdom)

Business

Services 6,153 21 Mar 2016

Banco Popolare SC(Italy)

Banca Popolare diMilano Scarl(Italy)


HoldingCompanies

3,499 23 Mar 2016

Sysco Corp(United States)

Brake Bros Ltd (United Kingdom)

WholesaleTrade-

NondurableGoods

3,100 22 Feb 2016

Aggregate Value of European Deals


0

500

1000

1500

2000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarter 4

Quarter 3

Quarter 2

Quarter 1



19/22XBMA – 18

Top 10 Inbound Chinese Deals Announced in Q1 2016



(US$ mil)Date

Announced

Glory FundManagement Group

Co Limited(Singapore)

Greenland Holding

Corp Limited – Assets(China)

Hotel and

Casinos 3,227 11 Mar 2016

PVH Corp(United States)

TH Asia Ltd(Hong Kong)

Textile and ApparelProducts

172 2 Feb 2016

Malaysia(Malaysia)

WeLab Holdings Ltd(Hong Kong)



160 21 Jan 2016

Vallourec SA(France)

Anhui Tianda Oil PipeCo Ltd (China)

Metal and MetalProducts

157 3 Feb 2016

Capital Union Inc (British Virgin Islands)

Mind StoneInvestments Ltd(Hong Kong)



155 30 Mar 2016

Cooper Tire & RubberCo(United States)

Qingdao Ge Rui DaRubber Co(China)

Rubber andMiscellaneous

Plastic Products93 6 Jan 2016

Infinity FortuneDevelopment Limited(British Virgin Islands)

Jinan Tianhong Yongyi Real EstateDevelopment(China)


Bankers andBrokers

57 18 Mar 2016

Blommer ChocolateCo(United States)

ChocolateManufacturing Plant(China)

Food andKindredProducts

40 24 Feb 2016

Yanlord Land GroupLtd(Singapore)

Shenzhen HengmingCommercial Co Ltd(China)


Bankers andBrokers

24 28 Jan 2016

Asia-Pacific StrategicInvestments(Singapore)

Zhongfang UnitedProperty Group Co(China)


Bankers andBrokers

23 14 Jan 2016


Source: Thoms

Aggregate Value of Inbound Chinese Deals


0

10

20

30

40

50

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarter 4

Quarter 3

Quarter 2

Quarter 1


20/22XBMA –



(US$ mil)Date

Announced

China NationalChemical Corp(China)

Syngenta AG

(Switzerland)

Chemicals and

Allied Products46,597 3 Feb 2016

Tianjin TianhaiInvestment Co Ltd(China)


WholesaleTrade – Durable

Goods6,258 17 Feb 2016


General Electric Co – Appliances Business

(United States)


Equipment5,400 15 Jan 2016

Dalian Hexing InvestCo Ltd(China)

Legend Pictures LLC(United States)


Distribution3,500 11 Jan 2016

SamsoniteInternational SA(Hong Kong)

Tumi Holdings Inc (United States)

Leather and

LeatherProducts

1,715 3 Mar 2016

Beijing EnterprisesGroup Co Ltd(China)

EEW Energy from Waste GmbH(Germany)

SanitaryServices

1,594 4 Feb 2016

Golden Brick CapitalManagement Ltd(China)

Opera Software ASA(Norway)

PrepackagedSoftware

1,258 10 Feb 2016

Dalian HexingInvestment Co Ltd(China)

Carmike Cinemas Inc(United States)



Yinyi InvestmentHolding Group Ltd(Hong Kong)

Punch Powertrain NV(Belgium)

TransportationEquipment

1,100 10 Mar 2016

Investor Group(China)

Kraussmaffei GroupGmbH(Germany)


19

Top 10 Outbound ChineseDeals Announced in Q1 2016


Source: Thoms

Aggregate Value of Outbound Chinese Deals


0

20

40

60

80

100

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarter 4

Quarter 3

Quarter 2

Quarter 1


21/22XBMA – 20

Top 10 Inbound Indian Deals Announced in Q1 2016

Source: Thoms



(US$ mil)Date

Announced

Siemens AG

(Germany)

Siemens Ltd –

Healthcare Unit(India)Health Services 455 4 Mar 2016

Fairfax IndiaHoldings Corp(Canada)

BIAL(India)

AirTransportation

and Shipping322 28 Mar 2016

Abraaj Capital Ltd(United Arab Emirates)

Care Hospitals Pvt Ltd(India)

Health Services300

12 Jan 2016

Naspers Ltd(South Africa)

ibibo Web Pvt Ltd(India)

BusinessServices

25023 Feb 2016

Abraaj Capital Ltd(United Arab Emirates)

Innovative RetailConcepts Pvt(India)

BusinessServices

150 22 Mar 2016

KKR & Co LP(United States)

Max FinancialServices Ltd(India)

Insurance 140 19 Feb 2016

First Reserve Corp(United States)

Crompton GreavesLtd – InternationalPower Business(India)


Equipment126 9 Mar 2016

Singapore(Singapore)

MXC Solutions IndiaPvt Ltd

(India)

BusinessServices

110 1 Jan 2016

Goldman SachsGroup Inc(United States)

SAMHI Hotels Pvt Ltd(India)

Hotels andCasinos

66 5 Jan 2016

Goldman SachsGroup Inc (United States)

Amber Enterprises(India) Pvt(India)

Measuring,Medical, Photo

Equipment;Clocks

32 19 Jan 2016


Aggregate Value of Inbound Indian Deals


0

10

20

30

40

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarter 4

Quarter 3

Quarter 2

Quarter 1


22/22

Top 10 Outbound Indian Deals Announced in Q1 2016

Company nationality determined by location of headquarters or location of target assets.



(US$ mil)Date

Announced

Wipro Ltd

(India)

HealthPlan HoldingsInc(United States)

Insurance 460 11 Feb 2016

Aditya BirlaManagement Corp Pvt(India)

Thai Carbon BlackPCL(Thailand)


149 16 Mar 2016

Bharat PetroleumCorp Ltd(India)

OffshoreHydrocarbons Asset(Mozambique)

Oil and Gas;PetroleumRefining

75 29 Mar 2016

Premier CapitalServices Ltd(India)

McDonalds System ofRomania Inc(United States)

Retail Trade-Eating and

Drinking Places65 25 Jan 2016

MindTree Ltd(India)

Magnet 360 LLC(United States)

BusinessServices

50 18 Jan 2016

Mahindra &Mahindra Ltd(India)

Sampo Rosenlew Oy(Finland)

Machinery 20 31 Mar 2016

Strides Shasun Ltd(India)

Generic Partners PtyLtd(Australia)

Drugs 18 8 Feb 2016

Strides Shasun Ltd(India)

UniversalCorporation Ltd(Kenya)

Drugs 14 8 Feb 2016

HCL Technologies Ltd(India)

Point to Point Ltd(United Kingdom)

BusinessServices

11 27 Jan 2016

BeltronTelecommunicationsLtd(India)

PiMON GmbH(Germany)


Equipment11 30 Mar 2016

Aggregate Value of Outbound Indian Deals


0

10

20

30

40

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Quarter 4

Quarter 3

Quarter 2

Quarter 1

XBMA 2016 Q1 Quarterly Review

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