Zephyr Annual M&A Report · 10. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE...

Zephyr Annual M&A ReportGlobal, 2014

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

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Page 1 © Zephyr

The following report details mergers and acquisitions activity in 2014 using data from the Zephyr database.

It focuses on deal activity by target company.

Click here to access the raw data in an Excel spreadsheet.

Section 1: Global Deals Page 1

Section 2: Western Europe Page 16

Section 3: North America 7

Section 4: Asia/Asia Pacific Page 37

Section 5: Middle East Page 51

Section 6: Russia/CEE Page 64

Section 7: Global League Tables Page 76

Global M&A advances in 2014

Global mergers and acquisitions (M&A) rose in 2014 to the highest recorded since before 2008. In total there were 82,354 deals worth a combined USD 4,708 billion.

An improvement in M&A value was recorded for most regions, with Central and Eastern Europe being the only exception.

The volume of M&A targeting companies based in the Middle East and Western Europe was down year-on-year against an increase in value.

Given the overall global results, it is not surprising the value of M&A targeting individual countries rose year-on-year, including all the top four countries by value, namely US, China, UK and Canada. However, the value of dealmaking targeting companies based in Russia and Japan slipped 30 per cent and 8 per cent to USD 132,474 million and USD 124,556 million, respectively.

Private equity and venture capital (PE and VC) investment followed a similar pattern as M&A. In total there were 11,599 private equity and venture capital-backed deals worth a combined USD 495,893 million in 2014. This represents a 24 per cent increase by value from USD 400,097 million in 2013, while volume rose 16 per cent from 9,959 to 11,599.

Global deals by volume and value

Announced date No of dealsTotal deal value (mil USD)

2014 82,354 4,707,911

2013 79,742 3,650,853

2012 74,375 3,244,785

2011 73,986 3,412,107

2010 73,793 3,414,912

2009 74,974 3,780,060

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Page 2 © Zephyr

Global deals by volume and value

68,000

70,000

72,000

74,000

76,000

78,000

80,000

82,000

84,000

0

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2009 2010 2011 2012 2013 2014

Dea

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Total deal value (mil USD) Number of deals









Page 3 © Zephyr

Target world region by deal volume

Target world region 2012 2013 2014

European Union enlarged (28) 22,204 26,314 26,491

Far East and Central Asia 18,814 19,755 22,467

Western Europe 21,013 22,960 21,259

European Union 19,115 20,578 19,543

North America 16,603 15,847 18,018

Euro-Area 11,387 12,386 12,098

Eastern Europe 7,818 10,648 11,228

Oceania 5,870 5,620 4,424

Nordic States 4,271 4,676 3,638

Scandinavia 2,966 3,233 2,664

South and Central America 2,500 2,556 2,634

Africa 873 1,185 1,514

MENA 827 1,131 949

Middle East 680 987 733

Target world region by deal value

Target world region 2012 2013 2014

North America 1,036,257 1,320,919 1,816,580

Western Europe 826,748 936,240 1,163,100

European Union enlarged (28) 792,985 914,202 1,083,729

Far East and Central Asia 672,925 722,797 1,043,534

European Union 760,763 865,311 1,040,630

Euro-Area 522,278 636,462 735,280

South and Central America 342,214 214,183 294,426

Eastern Europe 127,414 242,056 192,266

Oceania 139,840 129,866 144,612

Nordic States 66,465 95,210 104,377

Scandinavia 53,223 75,801 86,049

Africa 32,800 51,137 50,156

MENA 44,490 50,547 41,079

Middle East 34,691 27,008 31,210









Page 4 © Zephyr

US dealmaking outstrips other countries

Companies based in the US were the most important targets in terms of volume and value in 2014 and, in keeping with the overall trend, improved year-on-year. The value of deals targeting US companies totalled USD 1,654 billion, marking a 37 per cent increase on the USD 1,205 billion recorded in 2013. Volume climbed 18 per cent over the 12 months to 14,141 from 12,033 in 2013.

In monetary terms, the result is unsurprising considering companies based in the country accounted for 11 of 2014’s top 20 deals by value as well as the top four global deals by value.

Machinery, equipment, furniture and recycling attracts significant investment in 2014

Deals targeting companies in the machinery, equipment, furniture and recycling industry in 2014 were worth a total USD 579,006 million. The sector also led the way by volume, with 10,284 transactions.

In terms of value it was followed by the banking industry with USD 572,563 million, while wholesale and retail trade was the second-most important sector by volume with 6,538 transactions.

UK tops European rankings across the board

The UK was the leading European country in 2014 as companies based in the country were targeted in 6,218 deals worth a combined USD 261,548 million, representing a 7 per cent decline in volume year-on-year and a 35 per cent increase by value year-on-year. Globally, companies based in the UK were the second-most important targets by volume after the US in 2014, and were the third-most important by value (US: USD 1,654 billion; China: USD 507,722 million; UK: USD 261,548 million).









Page 5 © Zephyr

Top 20 global deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1. 76,000 Acquisition Kinder Morgan Energy Partners LP; Kinder Morgan Management LLC; El Paso Pipeline Partners LP

US; US; US

Kinder Morgan Inc. US 10/08/2014

2 68,946 Acquisition 100% Time Warner Cable Inc. US Comcast Corporation US 13/02/2014

3 67,100 Acquisition 100% DIRECTV LLC US AT&T Inc. US 18/05/2014

4 66,000 Acquisition 100% Allergan Inc. US Actavis plc IE 17/11/2014

5 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US 15/06/2014

6 38,000 Acquisition 100% Baker Hughes Inc. US Halliburton Company US 17/11/2014

7. 36,977 Acquisition 100% CITIC Ltd CN CITIC Pacific Ltd HK 16/04/2014

8. 27,400 Acquisition 100% Lorillard Inc. US Reynolds American Inc. US 15/07/2014

9 25,832 Acquisition 100% Lafarge SA FR Holcim Ltd CH 07/04/2014

10. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE 18/02/2014

11. 23,263 Acquisition 100% Williams Partners LP US Access Midstream Partners LP US 26/10/2014

12. 19,392 Acquisition 100% Societe Francaise de Radiotelephone SA FR Altice SA LU 20/06/2014

13. 19,000 Acquisition 100% WhatsApp Inc. US Facebook Inc. US 19/02/2014

14. 18,514 Acquisition 100% CIMB Group Holdings Bhd's assets and liabilities MY RHB Capital Bhd MY 09/10/2014

15. 17,442 Minority stake 30% Sinopec Marketing Co., Ltd CN Undisclosed investors; China Life Insurance Co., Ltd; Sino Life Insurance Co., Ltd; Harvest Fund Management Co., Ltd; Pingtao (Hong Kong) Ltd; Changjiang Pension Insurance Co., Ltd; Harvest Capital Management Co., Ltd; Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; Cinda Sino-Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; Kingsbridge Asset Holding Ltd; Qian Hai Golden Bridge Management Ltd; Shenzhen Baotengsheng Fund Management Co., Ltd; ENN Energy China Investment Ltd

CN; CN; CN; HK; CN; CN; CN; VG; VG; VG; CN; CN; HK

14/09/2014

16. 16,671 Acquisition 100% Sigma-Aldrich Corporation US Merck KGaA DE 22/09/2014









Page 6 © Zephyr

Top 20 global deals by value (cont’)



Announced date

17. 16,045 Capital Increase Bank of China Ltd CN Undisclosed investors; CITIC Prudential Life Insurance Co., Ltd; China Life Insurance Co., Ltd; Shin Kong Life Insurance Co., Ltd; Cathay Life Insurance Co., Ltd; Shanghai Tobacco (Group) Corporation; Harvest Fund Management Co., Ltd; Penghua Fund Management Co., Ltd; Bank of Communications Schroders Fund Management Co., Ltd; China National Tobacco Corporation; China Life Pension Co., Ltd; Taikang Asset Management Co., Ltd; Baosteel Group Corporation; Fubon Life Insurance Co., Ltd; Bosera Asset Management Co., Ltd; Huashang Fund Management Co., Ltd; Singfor Life Insurance Co., Ltd; Pingan Assets Management Co., Ltd; Beijing Tiandi Fangzhong Asset Management Co., Ltd; Anbang Insurance Group Co. Ltd; Bank of Communications Schroders Asset Management Co., Ltd; Ping An Pension Insurance Co., Ltd; Chuangjin Hexin Fund Management Co., Ltd; Gansu Tobacco Company Lanzhou Company; Hunan Tobacco Company Changsha Company; Shanghai Jiali Food Industry Co., Ltd; China Shuangwei Investment Co., Ltd; China National Tobacco Corporation Anhui Company; China National Tobacco Corporation Gansu Company; China National Tobacco Corporation Hunan Company; China National Tobacco Corporation Shandong Company; China National Tobacco Corporation Yunnan Company; Sinochem Finance Co., Ltd; Zhongwei Real Estate Co., Ltd

CN; CN; TW;TW; CN; CN; CN; CN; CN; CN; CN; CN; TW; CN; CN; TW; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN;

14/05/2014

18. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP 13/01/2014

19. 16,000 Acquisition 100% GlaxoSmithKline plc's oncology products unit GB Novartis AG CH 22/04/2014

20 15,789 Acquisition 100% Alstom SA's energy activities FR General Electric Company US 30/04/2014









Page 7 © Zephyr

Target country by volume - global deals

Target country 2012 2013 2014

US 12,510 12,033 14,141

UK 6,310 6,721 6,218

China 4,312 4,824 6,005

Australia 5,453 5,146 3,933

Canada 4,096 3,817 3,892

Japan 3,351 3,122 3,379

India 1,456 1,939 2,946

South Korea 2,956 3,007 2,862

Russia 2,686 2,922 2,673

Spain 2,289 2,445 2,563

Taiwan 2,282 2,289 2,240

France 1,802 1,874 2,097

Germany 1,602 1,868 1,919

Poland 1,384 1,683 1,471

Malaysia 1,072 1,221 1,389

Netherlands 1,297 1,471 1,357

Italy 1,358 1,264 1,325

Sweden 1,390 1,433 1,300

Vietnam 785 824 1,083

Finland 1,488 1,640 996

Target country by value - global deals

Target country 2012 (mil USD)

2013 (mil USD)

2014 (mil USD)

US 886,516 1,205,058 1,654,074

China 201,174 275,012 507,722

UK 209,479 193,240 261,548

Canada 149,725 115,549 168,192

France 59,277 69,482 162,568

Russia 96,191 188,236 132,474

Australia 130,251 115,248 130,010

Japan 129,103 134,864 124,556

Germany 82,031 115,791 123,469

South Korea 71,138 74,655 105,649

Netherlands 54,883 140,211 95,142

Italy 75,473 64,141 88,442

Spain 126,835 86,144 85,015

Brazil 117,000 42,114 82,545

India 53,779 53,484 72,040

Switzerland 17,479 18,624 71,379

Ireland 30,159 26,048 60,743

Cayman Islands 38,159 43,734 58,127

Taiwan 60,669 53,502 56,630

Malaysia 25,380 16,265 50,941









Page 8 © Zephyr

Top five global target countries by deal volume in 2014 Top five global target countries by deal value in 2014

US

UK

China

Australia

Canada

US

China

UK

Canada

France









Page 9 © Zephyr

Top five global target countries by deal volume in 2014 Deal volume between 2009 and 2014

Top five global target countries by deal value in 2014 Deal value between 2009 and 2014

0

2,000

4,000

6,000

8,000

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2009 2010 2011 2012 2013 2014

Num

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US UK China Australia Canada

0

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2009 2010 2011 2012 2013 2014De

al v

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(mil

USD)

US China UK Canada France









Page 10 © Zephyr

Target sector by volume - global deals

Target sector 2012 2013 2014

Other services 27,938 30,131 30,771

Machinery, equipment, furniture, recycling 9,340 9,571 10,284

Wholesale & retail trade 6,166 6,562 6,538

Banks 5,606 6,318 5,922

Chemicals, rubber, plastics 4,365 4,590 4,993

Construction 3,204 3,662 3,782

Publishing, printing 1,803 2,231 3,505

Metals & metal products 2,840 2,522 2,450

Food, beverages, tobacco 2,136 2,157 2,255

Primary sector 2,115 2,089 2,192

Transport 2,109 2,272 2,124

Education, health 1,816 1,852 1,781

Gas, water, electricity 1,461 1,831 1,660

Hotels & restaurants 1,123 1,335 1,385

Textiles, wearing apparel, leather 814 873 991

Insurance companies 749 824 801

Wood, cork, paper 632 627 610

Post and telecommunications 81 106 130

Public administration and defence 47 39 17

Target sector by value - global deals

Target sector 2012 (mil USD)

2013 (mil USD)

2014 (mil USD)

Other services 893,411 1,095,990 1,434,248


Banks 505,645 532,296 572,563



Transport 135,330 152,884 252,573


Primary sector 148,488 164,090 188,190

Construction 101,331 144,772 174,635



Insurance companies 145,271 68,931 89,260




Textiles, wearing apparel, leather 17,184 28,362 35,272

Wood, cork, paper 22,375 20,637 27,696

Post and telecommunications 1,332 4,276 9,009

Public administration and defence 44 2,997 81









Page 11 © Zephyr

Global private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

2014 11,599 495,893

2013 9,959 400,097

2012 9,474 323,754

2011 8,672 313,509

2010 7,450 277,888

2009 6,392 171,690









Page 12 © Zephyr

Global private equity deals by volume and value

0

2,000

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Page 13 © Zephyr

Top 20 global private equity deals by value


country Equity provider Announced date

1. 17,442 Minority stake 30% Sinopec Marketing Co., Ltd CN Harvest Fund Management Co., Ltd; Fosun International Ltd; Harvest Capital Management Co., Ltd; Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; Cinda Sino-Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; RRJ Management (HK) Ltd; Qian Hai Golden Bridge Management Ltd; Shenzhen Baotengsheng Fund Management Co., Ltd; ENN Energy China Investment Ltd

14/09/2014

2. 11,185 Acquisition 100% Safeway Inc. US Cerberus Capital Management LP 06/03/2014

3. 8,700 IBO 100% PetSmart Inc. US BC Partners Ltd; La Caisse de depot et placement du Quebec; StepStone Group LLC 14/12/2014

4. 8,100 IBO 100% IndCor Properties Inc. US GIC Pte Ltd 01/12/2014

5. 5,674 Minority stake 25% AS Watson & Company Ltd HK Temasek Holdings Pte Ltd 21/03/2014

6. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP 04/04/2014

7. 4,700 IBO 100% Cleco Corporation US British Columbia Investment Management Corporation; Macquarie Infrastructure and Real Assets (Europe) Ltd; Macquarie Capital Group Ltd

20/10/2014

8. 4,639 IBO 100% SIG Combibloc Group AG CH Onex Corporation 24/11/2014

9. 4,400 IBO 100% MultiPlan Inc. US Partners Group Holding AG; Starr International Company Inc. 17/02/2014

10. 4,300 IBO 100% TIBCO Software Inc. US Vista Equity Partners LLC 29/09/2014

11. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP; Juggernaut Capital Partners LP 16/06/2014

12. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP 16/01/2014

13. 3,750 Minority stake X2 Resources TopCo LLP GB Noble Group Ltd; TPG Capital Management LP 31/03/2014

14. 3,600 IBO 100% Riverbed Technology Inc. US Ontario Teachers' Pension Plan; Thoma Bravo LLC 15/12/2014

15. 3,533 IBO 70% Halla Visteon Climate Control Corporation KR Hahn & Company Eye Holdings Co., Ltd 18/12/2014

16. 3,500 Minority stake First Data Holdings Inc. US Kohlberg Kravis Roberts & Company LP 19/06/2014

17. 3,200 IBO 100% Industrial Packaging Group Inc. US Carlyle Group LP 06/02/2014

18. 3,104 IBO 100% Nets Holding A/S DK Advent International Corporation; Bain Capital LLC; Via Venture Partners A/S; Private Equity Advisors ApS

24/03/2014

19. 3,000 Acquisition 49% to 100% Giant Interactive Group Inc. KY Baring Private Equity Partners Asia; Hony Capital Co., Ltd; CDH Wealth Management Company Ltd

16/03/2014

20. 2,877 IBO majority stake Lindorff AS NO NC Advisory AB 18/07/2014









Page 14 © Zephyr

Target country by volume - global private equity deals


US 4,711 4,630 5,408

UK 743 849 962

China 283 301 664

France 591 452 574

India 365 397 449

Germany 363 374 397

Canada 300 330 296

Spain 162 212 293

Russia 111 195 228

Japan 113 154 185

Italy 137 188 171

Netherlands 119 149 160

Finland 79 123 150

Sweden 148 110 147

Israel 121 158 136

Brazil 94 98 86

Australia 88 85 67

Denmark 58 65 67

Switzerland 45 73 64

South Korea 44 32 61

Target country by value - global private equity deals


2013 (mil USD)

2014 (mil USD)

US 159,558 196,121 221,075

UK 37,282 35,286 48,764

China 4,734 7,913 35,332

France 9,603 12,841 21,654

Germany 12,136 20,184 19,669

Australia 4,792 7,857 11,181

Netherlands 5,079 4,065 10,859

Spain 3,987 4,464 10,410

Switzerland 805 1,828 9,089

South Korea 4,810 4,274 8,818

Hong Kong 3,097 15 8,372

India 3,639 4,435 8,000

Canada 6,305 7,303 6,156

Japan 4,402 4,079 6,079

Norway 3,479 3,363 5,967

Italy 6,904 8,410 5,623

Cayman Islands 8,469 5,070 5,327

Bermuda 5,690 4,453 4,668

Denmark 2,345 4,428 4,540

Brazil 9,248 4,862 3,870









Page 15 © Zephyr

Target sectors by volume - global private equity deals


Other services 5,634 6,093 6,601


Publishing, printing 367 492 1,178

Wholesale & retail trade 610 551 571

Chemicals, rubber, plastics 408 363 400

Education, health 243 227 254

Food, beverages, tobacco 140 175 192

Banks 160 165 189

Construction 118 119 140

Hotels & restaurants 117 101 137

Transport 110 100 119

Metals & metal products 143 116 117

Gas, water, electricity 90 123 106


Primary sector 67 60 74





Target sectors by value - global private equity deals


2013 (mil USD)

2014 (mil USD)

Other services 136,826 141,850 183,475




Banks 12,624 19,438 22,008



Transport 8,683 17,500 18,047


Wood, cork, paper 1,649 1,767 11,454

Primary sector 7,793 5,079 10,770


Construction 9,543 6,960 10,306





Post and telecommunications 107 1,357 329









Zephyr Annual M&A ReportWestern Europe, 2014

Page 16 © Zephyr

Western European deal value up a quarter on 2013

The value of M&A targeting Western European companies rose by 24 per cent to USD 1,163 billion in 2014, the second successive yearly increase, underlining renewed confidence in dealmaking in the region following the debt crisis five years ago.

Volume dipped slightly over the 12 months to 21,259 transactions from 22,960 in 2013, which suggests individual deal valuations were higher in 2014.

Overall M&A value was underpinned by strong growth in PE & VC investment targeting Western European companies, particularly those based in the UK, as dealmaking in the region rose for the third year in a row to USD 154,735 million, the highest level of the six years under review, while volume also hit a six-year high at 3,255 transactions.

Western Europe deals by volume and value


2014 21,259 1,163,100

2013 22,960 936,240

2012 21,013 826,748

2011 21,129 844,774

2010 18,976 784,720

2009 19,927 1,030,784









Page 17 © Zephyr

Western Europe deals by volume and value

0

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Page 18 © Zephyr

Ireland targeted in region’s top deal

The top transaction by value targeting a Western European company in 2014 involved US medical devices group Medtronic buying Irish surgical appliances company Covidien in a take-private worth USD 42,900 million.

This deal took place against a backdrop of increased consolidation in the global pharmaceutical and healthcare sector and underlined a growing trend among US companies seeking acquisitions in more favourable tax locations, particularly Europe, in a process known as inversion.

Other significant deals in the industry involved two asset swaps between Swiss drug maker Novartis and GlaxoSmithKline of the UK collectively worth more than USD 20,000 million.

Dutch PE deal the region’s largest

UK companies also attracted the greatest amount of PE investment in 2014, with USD 48,764 million ploughed into a total of 962 transactions, representing the third increase in a row by volume.

However, the region’s biggest PE deal targeted a company based in the Netherlands, after US buyout giant the Blackstone Group acquired Pinafore Holdings, the Dutch parent of US power transmission belts and fluid power products manufacturer Gates Corporation, for USD 5,400 million. This accounted for half of the country’s total PE investment for the year (USD 10,859 million).

UK deal value up a third on 2013

The UK was once again the region’s most important target by value and volume in 2014 with 6,218 transactions worth a collective USD 261,548 million, which in monetary terms was a 35 per cent increase on the previous year (2013: USD 193,240 million).

The value of M&A targeting companies based in Germany rose 7 per cent year-over-year to USD 123,469 million while in France, deal value leapt by three-quarters from USD 69,482 million in 2013 to USD 162,568 million.









Page 19 © Zephyr

Top 20 Western Europe deals by value



Announced date

1. 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US 15/06/2014

2 25,832 Acquisition 100% Lafarge SA FR Holcim Ltd CH 07/04/2014

3 19,392 Acquisition 100% Societe Francaise de Radiotelephone SA FR Altice SA LU 20/06/2014

4 16,000 Acquisition 100% GlaxoSmithKline plc's oncology products unit GB Novartis AG CH 22/04/2014

5 15,789 Acquisition 100% Alstom SA's energy activities FR General Electric Company US 30/04/2014

6 15,266 Acquisition 45% to 100% Alliance Boots GmbH CH Walgreen Boots Alliance Inc. US 06/08/2014

7 14,200 Acquisition 100% Merck & Company Inc.'s consumer health business DE Bayer AG DE 06/05/2014

8 12,858 Minority stake 15% Lloyds Banking Group plc GB 17/12/2014

9 10,437 Acquisition Enersis SA; Endesa Latinoamerica SA CL; ES Enel Energy Europe SRL ES 31/07/2014

10 9,696 Acquisition 100% Grupo Corporativo ONO SA ES Vodafone Holdings Europe SL ES 17/03/2014

11 9,211 Acquisition 100% PT Portugal SGPS SA PT Altice Portugal SA PT 01/12/2014

12 9,177 Capital Increase 23% Deutsche Bank AG DE 18/05/2014

13 9,127 Acquisition 100% Corio NV NL Klepierre SA FR 27/10/2014

14 8,927 Acquisition 63% to 100% Scania AB SE Volkswagen AG DE 21/02/2014

15 8,194 Acquisition 100% Friends Life Group Ltd GB Aviva plc GB 02/12/2014

16 7,500 Minority stake 23% Hermès International SCA FR LVMH Moet Hennessy Louis Vuitton SA's shareholders FR 03/09/2014

17 7,100 Acquisition 100% Novartis AG's vaccine business CH GlaxoSmithKline plc GB 22/04/2014

18 7,094 Acquisition 100% RWE Dea AG DE L1 Energy Holdings Sarl LU 16/03/2014

19 6,935 Minority stake 8% Lloyds Banking Group plc GB Institutional Investors GB 26/03/2014

20. 6,805 Capital Increase 49% Banca Monte dei Paschi di Siena SpA IT Shareholders; Fondazione Monte dei Paschi di Siena SpA; BlackRock Inc. IT; US 18/04/2014









Page 20 © Zephyr

Target country by volume - Western Europe deals


UK 6,310 6,721 6,218

Spain 2,289 2,445 2,563

France 1,802 1,874 2,097

Germany 1,602 1,868 1,919

Netherlands 1,297 1,471 1,357

Italy 1,358 1,264 1,325

Sweden 1,390 1,433 1,300

Finland 1,488 1,640 996

Norway 794 826 592

Turkey 567 897 544

Denmark 489 581 513

Belgium 389 479 466


Ireland 238 255 275

Portugal 216 187 221

Austria 152 197 199

Luxembourg 107 143 123

Cyprus 118 116 76

Greece 64 82 52

Malta 15 13 29

Target country by value - Western Europe deals


2013 (mil USD)

2014 (mil USD)

UK 209,479 193,240 261,548

France 59,277 69,482 162,568

Germany 82,031 115,791 123,469

Netherlands 54,883 140,211 95,142

Italy 75,473 64,141 88,442

Spain 126,835 86,144 85,015

Switzerland 17,479 18,624 71,379

Ireland 30,159 26,048 60,743

Sweden 22,926 32,515 32,936

Norway 18,112 24,661 32,756

Portugal 21,824 12,339 28,837

Denmark 11,723 12,997 19,998

Luxembourg 21,437 22,218 19,832

Finland 7,214 23,048 17,848

Belgium 19,848 31,832 17,151

Austria 11,222 9,833 16,870

Greece 11,212 32,770 14,593

Turkey 16,859 18,673 11,431

Cyprus 6,350 10,101 4,616

Malta 218 290 1,179









Page 21 © Zephyr

Target sector by volume - Western Europe deals





Banks 1,556 1,699 1,605

Chemicals, rubber, plastics 893 1,022 990

Construction 1,018 990 954

Publishing, printing 622 658 909













Target sector by value - Western Europe deals


2013 (mil USD)

2014 (mil USD)

Other services 195,179 251,795 326,658

Banks 202,316 190,155 187,828





Construction 34,321 28,966 37,813



Transport 23,500 39,773 26,304

Primary sector 18,769 23,383 22,454






Wood, cork, paper 9,804 4,313 12,125

Post and telecommunications 748 2,601 2,078

Public administration and defence 32 2,632 35









Page 22 © Zephyr

Western Europe private equity deals by volume and value


2014 3,255 154,735

2013 2,878 123,873

2012 2,659 91,324

2011 2,502 83,792

2010 2,477 101,063

2009 1,996 57,802









Page 23 © Zephyr

Western Europe private equity deals by volume and value

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Page 24 © Zephyr

Top 20 Western Europe private equity deals by value



1. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP 04/04/2014

2. 4,639 IBO 100% SIG Combibloc Group AG CH Onex Corporation 24/11/2014

3. 3,750 Minority stake X2 Resources TopCo LLP GB Noble Group Ltd; TPG Capital Management LP 31/03/2014

4. 3,104 IBO 100% Nets Holding A/S DK Advent International Corporation; Bain Capital LLC; Via Venture Partners A/S; Private Equity Advisors ApS

24/03/2014

5. 2,877 IBO majority stake Lindorff AS NO NC Advisory AB 18/07/2014

6. 2,846 IBO 100% Flint Group SA LU Goldman Sachs Group Inc.; Koch Equity Development LLC 10/04/2014

7. 2,845 IBO 100% Orange Communications SA CH NJJ Capital SASU 18/12/2014

8. 2,812 IBO 100% Constantia Flexibles Holding GmbH AT Wendel SA 23/12/2014

9. 2,686 Minority stake Vivarte SA FR Oaktree Capital Management LP 03/08/2014

10. 2,682 IBO 100% Siemens Audiology Solutions DE EQT Partners AB; Santo Holding (Deutschland) GmbH 06/11/2014

11. 2,629 Minority stake 35% CDP Reti Srl IT Borealis Infrastructure Management Inc.; Industry Funds Management Pty Ltd; Wren House Infrastructure Management Ltd

31/07/2014

12. 2,400 MBI 100% AA plc GB Legal & General Ventures Ltd; GLG Partners LP; Henderson Global Investors Ltd; Capital Research & Management Company; Lansdowne Partners Limited Partnership; BlackRock Inc.; INVESCO Fund Managers Ltd; Aviva Investors Global Services Ltd

06/06/2014

13. 2,300 IBO 100% SkillSoft Ltd IE Charterhouse Capital Partners LLP 14/03/2014

14. 2,170 MBO 100% Ceva Sante Animale SA FR Euromezzanine SCA; Temasek Capital (Pte) Ltd; Sagard SAS; Sofiproteol; CDH China Growth Capital Holdings Co., Ltd

11/06/2014

15. 2,167 Minority stake 28% Gecina SA FR Natexis Investissement SA; The Blackstone Group LP 31/01/2014

16. 2,078 Minority stake 27% Gecina SA FR The Blackstone Group LP 06/06/2014

17. 2,060 Minority stake 21% Entidad Publica Aeropuertos Espanoles y Navegacion Aerea

ES Corporacion Financiera Alba SA 14/10/2014

18. 2,003 Acquisition 75% Vinci Park SA FR Ardian France 04/06/2014

19. 1,759 IBO majority stake Minimax Viking GmbH DE Intermediate Capital Group plc; Kirkbi A/S 12/06/2014

20. 1,712 IBO 100% Sebia International SA FR Astorg Partners; Montagu Private Equity SAS 17/12/2014









Page 25 © Zephyr

Target country by volume - Western Europe private equity deals


UK 743 849 962

France 591 452 574

Germany 363 374 397

Spain 162 212 293

Italy 137 188 171

Netherlands 119 149 160

Finland 79 123 150

Sweden 148 110 147

Denmark 58 65 67


Ireland 49 60 60

Belgium 47 57 59

Norway 52 43 53

Portugal 12 39 35

Austria 23 27 27

Turkey 22 27 16

Luxembourg 11 10 9

Greece 5 15 6

Cyprus 6 7 6

Liechtenstein 0 0 2

Target country by value - Western Europe private equity deals


2013 (mil USD)

2014 (mil USD)

UK 37,282 35,286 48,764

France 9,603 12,841 21,654

Germany 12,136 20,184 19,669

Netherlands 5,079 4,065 10,859

Spain 3,987 4,464 10,410

Switzerland 805 1,828 9,089

Norway 3,479 3,363 5,967

Italy 6,904 8,410 5,623

Denmark 2,345 4,428 4,540

Luxembourg 1,839 4,361 3,630

Ireland 710 429 3,459

Austria 1,007 1,305 3,228

Sweden 4,269 6,886 2,990

Finland 323 4,871 1,605

Belgium 788 9,423 1,548

Turkey 681 131 1,367

Greece 69 1,203 667

Cyprus 105 326 383

Portugal 22 101 87

Gibraltar 43 34 18









Page 26 © Zephyr

Target sectors by volume - Western Europe private equity deals



Machinery, equipment, furniture, recycling 356 378 390








Banks 42 36 57



Transport 34 42 46







Target sectors by value - Western Europe private equity deals


2013 (mil USD)

2014 (mil USD)

Other services 29,754 38,937 49,557



Banks 5,238 12,518 12,857

Transport 3,385 11,649 9,750


Wood, cork, paper 196 821 9,418




Publishing, printing 924 7,966 2,825



Textiles, wearing apparel, leather 705 1,350 1,184

Food, beverages, tobacco 3,085 3,711 936

Primary sector 1,796 308 531

Insurance companies 2,270 3,049 340










Zephyr Annual M&A ReportNorth America, 2014

Page 27 © Zephyr

North American M&A and PE volume and value rise

M&A targeting North American companies rose in 2014, with value advancing 38 per cent to USD 1,817 billion (2013: USD 1,321 billion) while volume grew by 14 per cent to 18,018 deals (2013: 15,847).

Growth was recorded for both the US and Canada, as there were 14,138 transactions worth an aggregate USD 1,653 billion recorded for the former while the latter attracted 3,892 deals totalling USD 168,192 million.

PE investment in North America improved for the fifth consecutive year in terms of value and volume reached the highest level recorded in the period under review.

Although PE and VC investment targeting companies based in the US rose year-on-year, investment in Canadian companies weakened from to296 transactions worth USD 6,156 million from 331 deals amounting to USD 11,703 million in 2013.

North America deals by volume and value


2014 18,018 1,816,580

2013 15,847 1,320,919

2012 16,603 1,036,257

2011 15,390 1,118,836

2010 14,582 932,435

2009 14,013 1,274,501









Page 28 © Zephyr

US deals by volume and value


2014 14,138 1,653,021

2013 12,032 1,200,658

2012 12,508 886,288

2011 11,124 981,235

2010 9,871 811,778

2009 9,586 1,143,158

Canada deals by volume and value


2014 3,892 168,192

2013 3,818 119,949

2012 4,096 149,725

2011 4,267 138,414

2010 4,711 120,845

2009 4,425 131,280









Page 29 © Zephyr

North America deals by volume and value

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Page 30 © Zephyr

US accounts for most North American investment

The vast majority of the investment into North American companies in 2014 was attributable to targets in the US. All in all, USD 1,653 billion was invested in the country across 14,138 deals, dwarfing the 3,892 deals worth USD 168,192 million targeting Canadian companies over the 12 months.

Canada was targeted in just two of the year’s top 20 deals by value. Repsol agreed to pick up Calgary-based Talisman Energy for USD 13,096 million while Burger King acquired Tim Hortons for USD 10,874 million.

North America’s largest deal of the year overall was Kinder Morgan’s USD 76,000 million restructuring transaction, through which it took over Kinder Morgan Energy, El Paso Pipeline and Kinder Morgan Management.

Machinery, equipment, furniture and recycling leads the way

Companies operating in the machinery, equipment, furniture and recycling sector were frequently targeted in 2014, with USD 233,191 million invested across 1,853 deals.

In terms of volume, the banking sector came next with 972, followed by publishing and printing with 957.

The chemicals, rubber and plastics sector secured USD 213,205 million over the 12 months while the transport industry accounted for USD 149,271 million.









Page 31 © Zephyr

Top 20 North America deals by value



Announced date

1. 76,000 Acquisition Kinder Morgan Energy Partners LP; Kinder Morgan Management LLC; El Paso Pipeline Partners LP

US; US; US

Kinder Morgan Inc. US 10/08/2014

2 68,946 Acquisition 100% Time Warner Cable Inc. US Comcast Corporation US 13/02/2014

3 67,100 Acquisition 100% DIRECTV LLC US AT&T Inc. US 18/05/2014

4 66,000 Acquisition 100% Allergan Inc. US Actavis plc IE 17/11/2014

5 38,000 Acquisition 100% Baker Hughes Inc. US Halliburton Company US 17/11/2014

6 27,400 Acquisition 100% Lorillard Inc. US Reynolds American Inc. US 15/07/2014

7. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE 18/02/2014

8. 23,263 Acquisition 100% Williams Partners LP US Access Midstream Partners LP US 26/10/2014

9. 19,000 Acquisition 100% WhatsApp Inc. US Facebook Inc. US 19/02/2014

10. 16,671 Acquisition 100% Sigma-Aldrich Corporation US Merck KGaA DE 22/09/2014

11. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP 13/01/2014

12. 13,500 Acquisition 100% TRW Automotive Holdings Corporation US ZF Friedrichshafen AG DE 15/09/2014

13. 13,350 Acquisition 100% LVB Acquisition Inc. US Zimmer Holdings Inc. US 24/04/2014

14. 13,096 Acquisition 100% Talisman Energy Inc. CA Repsol SA ES 16/12/2014

15. 12,200 Acquisition 100% CareFusion Corporation US Becton Dickinson and Company US 05/10/2014

16. 11,185 Acquisition 100% Safeway Inc. US AB Acquisition LLC US 06/03/2014

17. 10,874 Acquisition 100% Tim Hortons Inc. CA Burger King Worldwide Inc. US 26/08/2014

18. 9,871 Acquisition 100% Family Dollar Stores Inc. US Dollar General Corporation US 10/09/2014

19. 9,500 Acquisition 100% Cubist Pharmaceuticals Inc. US Merck & Company Inc. US 08/12/2014

20. 9,200 Acquisition 100% Family Dollar Stores Inc. US Dollar Tree Inc. US 28/07/2014









Page 32 © Zephyr

Target sector by volume - North America deals




Banks 1,138 1,017 972

















Target sector by value - North America deals


2013 (mil USD)

2014 (mil USD)

Other services 372,148 577,312 699,688



Transport 49,599 46,429 149,271

Banks 148,410 144,769 114,124



Primary sector 51,122 51,946 83,593







Construction 11,689 11,995 15,733

Wood, cork, paper 4,425 9,149 7,077












Page 33 © Zephyr

North America private equity deals by volume and value


2014 5,707 227,232

2013 4,963 203,434

2012 5,010 165,863

2011 4,406 151,726

2010 3,561 128,103

2009 3,282 71,069

US private equity deals by volume and value


2014 5,408 221,075

2013 4,629 191,721

2012 4,710 159,383

2011 4,147 137,583

2010 3,363 124,615

2009 3,087 68,979

Canada private equity deals by volume and value


2014 296 6,156

2013 331 11,703

2012 300 6,305

2011 260 14,143

2010 196 3,323

2009 195 2,087









Page 34 © Zephyr

North America private equity deals by volume and value

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Top 20 North America private equity deals by value



1. 11,185 Acquisition 100% Safeway Inc. US Cerberus Capital Management LP 06/03/2014

2. 8,700 IBO 100% PetSmart Inc. US BC Partners Ltd; La Caisse de depot et placement du Quebec; StepStone Group LLC

14/12/2014

3. 8,100 IBO 100% IndCor Properties Inc. US GIC Pte Ltd 01/12/2014

4. 4,700 IBO 100% Cleco Corporation US British Columbia Investment Management Corporation; Macquarie Infrastructure and Real Assets (Europe) Ltd; Macquarie Capital Group Ltd

20/10/2014

5. 4,400 IBO 100% MultiPlan Inc. US Partners Group Holding AG; Starr International Company Inc. 17/02/2014

6. 4,300 IBO 100% TIBCO Software Inc. US Vista Equity Partners LLC 29/09/2014

7. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP; Juggernaut Capital Partners LP

16/06/2014

8. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP 16/01/2014

9. 3,600 IBO 100% Riverbed Technology Inc. US Ontario Teachers' Pension Plan; Thoma Bravo LLC 15/12/2014

10. 3,500 Minority stake First Data Holdings Inc. US Kohlberg Kravis Roberts & Company LP 19/06/2014

11. 3,200 IBO 100% Industrial Packaging Group Inc. US Carlyle Group LP 06/02/2014

12. 2,400 IBO majority stake Sedgwick Claims Management Services Inc. US Kohlberg Kravis Roberts & Company LP 27/01/2014

13. 2,400 IBO 100% Compuware Corporation US Thoma Bravo LLC 08/12/2014

14. 2,200 IBO 100% The Jones Group Inc.’s Jones Apparel, Stuart Weitzman and Kurt Geiger businesses

US Sycamore Partners LP 13/02/2014

15. 2,100 IBO 100% Red Lobster Seafood Restaurants US Golden Gate Capital LP 16/05/2014

16. 1,940 IBO 100% Wheelabrator Technologies Inc. US Energy Capital Partners LLC 29/07/2014

17. 1,800 IBO 100% Encana Oil & Gas (USA) Inc.'s certain natural gas properties in the Jonah field based in Wyoming

US TPG Capital Management LP 31/03/2014

18. 1,800 IBO 100% Ashland Water Technologies Inc. US Clayton Dubilier & Rice Inc. 18/02/2014

19. 1,730 IBO 100% Nevada Property 1 LLC US The Blackstone Group LP 15/05/2014

20. 1,570 IBO 100% Calpine Corporation's six power plants in Southeast region US LS Power Equity Advisors LLC 18/04/2014









Page 36 © Zephyr

Target sectors by volume - North America private equity deals









Banks 63 63 58







Transport 39 25 36





Target sectors by value - North America private equity deals


2013 (mil USD)

2014 (mil USD)

Other services 79,521 76,561 104,938






Primary sector 5,192 3,537 7,818

Hotels & restaurants 6,466 601 6,672

Metals & metal products 4,086 986 6,563


Banks 3,854 5,182 4,319

Education, health 598 3,206 4,111

Transport 2,644 2,005 2,755

Food, beverages, tobacco 673 1,172 2,274

Construction 2,072 388 1,922

Insurance companies 2,901 83 1,843

Wood, cork, paper 1,304 844 1,531










Zephyr Annual M&A ReportAsia and Asia Pacific, 2014

Page 37 © Zephyr

Strong PE investment bolsters M&A value

M&A activity targeting companies based in Asia-Pacific grew for the second successive year in 2014, as a sharp uptick in private equity and venture capital (PE and VC) propelled overall deal value to its highest point of the six years under review.

A total of 26,873 transactions worth a combined USD 1,183 billion were announced over the 12 months compared to 25,373 worth USD 852,660 million in 2013, which represented a 39 per cent increase in monetary terms.

Growth in PE and VC investment was even more marked, with a three-figure-percentage increase year-on-year from USD 32,361 million in 2013 to USD 83,774 million, the best result of the last six years under review.

Asia and Asia Pacific deals by volume and value


2014 26,873 1,182,640

2013 25,373 852,660

2012 24,681 810,280

2011 25,270 882,828

2010 25,451 922,246

2009 25,732 1,023,428









Page 38 © Zephyr

Asia and Asia Pacific deals by volume and value

23,500

24,000

24,500

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Page 39 © Zephyr

Citic Pacific buys parent’s assets in top deal by value

The region’s largest deal by value in 2014 was Hong Kong steel-to-property conglomerate Citic Pacific purchasing assets from its Chinese state-owned parent Citic Group for USD 36,977 million in cash and stock.

This transaction was worth double the second-biggest deal, which was an agreement by RHB Capital to acquire all assets and liabilities of Kuala Lumpur-based lender CIMB Group for USD 18,514 million, and was the only top 20 deal to target the country.

Chinese companies were targeted in half the top 20 deals by value, with the country’s financial services sector featuring prominently. Other companies targeted included South Korea’s Hana Bank and Australian road construction group Queensland Motorways.

PE investment in China soars

In terms of PE and VC investment, Chinese companies were by far the most valuable in 2014 with a more than four-fold increase in value year-over-year from USD 7,913 million in 2013 to USD 35,332 million, the country’s best result of the last six years under review. The result accounted for 42 per cent of the region’s PE and VC investment value (USD 83,774 million).

Of this amount, half was attributable to a single deal, which was a USD 17,442 million capital injection into Sinopec Marketing, the retail oil arm of Sinopec, from 25 investors in exchange for a 30 per cent stake in the business.

China was also the most frequent target for PE and VC investors at 664 transactions, up from 301 in 2013.

Mixed fortunes for top dealmaking countries

The region’s most important countries - both in terms of volume and value – during 2014 were China, Australia, Japan, India and South Korea, but there was some divergence in the level of year-on-year M&A growth in these markets.

While deal value targeting China, South Korea and India rose by 85 per cent, 41 per cent and 35 per cent, respectively, over the 12 months, Australian M&A value advanced by a relatively lowly 13 per cent and in Japan actually decreased by 8 per cent.

Similarly, transaction volume increased for China, Japan and India but weakened for Australia and South Korea.









Page 40 © Zephyr

Top 20 Asia and Asia Pacific deals by value



Announced date

1. 36,977 Acquisition 100% CITIC Ltd CN CITIC Pacific Ltd HK 16/04/2014

2. 18,514 Acquisition 100% CIMB Group Holdings Bhd's assets and liabilities MY RHB Capital Bhd MY 09/10/2014

3. 17,442 Minority stake 30% Sinopec Marketing Co., Ltd CN Undisclosed investors; China Life Insurance Co., Ltd; Sino Life Insurance Co., Ltd; Harvest Fund Management Co., Ltd; Pingtao (Hong Kong) Ltd; Changjiang Pension Insurance Co., Ltd; Harvest Capital Management Co., Ltd; Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; Cinda Sino-Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; Kingsbridge Asset Holding Ltd; Qian Hai Golden Bridge Management Ltd; Shenzhen Baotengsheng Fund Management Co., Ltd; ENN Energy China Investment Ltd

CN; CN; CN; HK; CN; CN; CN; VG; VG; VG; CN; CN; HK

14/09/2014

4. 16,045 Capital Increase Bank of China Ltd CN Undisclosed investors; CITIC Prudential Life Insurance Co., Ltd; China Life Insurance Co., Ltd; Shin Kong Life Insurance Co., Ltd; Cathay Life Insurance Co., Ltd; Shanghai Tobacco (Group) Corporation; Harvest Fund Management Co., Ltd; Penghua Fund Management Co., Ltd; Bank of Communications Schroders Fund Management Co., Ltd; China National Tobacco Corporation; China Life Pension Co., Ltd; Taikang Asset Management Co., Ltd; Baosteel Group Corporation; Fubon Life Insurance Co., Ltd; Bosera Asset Management Co., Ltd; Huashang Fund Management Co., Ltd; Singfor Life Insurance Co., Ltd; Pingan Assets Management Co., Ltd; Beijing Tiandi Fangzhong Asset Management Co., Ltd; Anbang Insurance Group Co. Ltd; Bank of Communications Schroders Asset Management Co., Ltd; Ping An Pension Insurance Co., Ltd; Chuangjin Hexin Fund Management Co., Ltd; Gansu Tobacco Company Lanzhou Company; Hunan Tobacco Company Changsha Company; Shanghai Jiali Food Industry Co., Ltd; China Shuangwei Investment Co., Ltd; China National Tobacco Corporation Anhui Company; China National Tobacco Corporation Gansu Company; China National Tobacco Corporation Hunan Company; China National Tobacco Corporation Shandong Company; China National Tobacco Corporation Yunnan Company; Sinochem Finance Co., Ltd; Zhongwei Real Estate Co., Ltd

CN; CN; TW; TW; CN; CN; CN; CN; CN; CN; CN; CN; TW; CN; CN; TW; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN; CN;

14/05/2014

5. 12,826 Capital Increase Agricultural Bank of China Ltd CN Qualified investors 08/05/2014

6. 12,300 Acquisition 100% China CNR Corporation Ltd CN CSR Corporation Ltd CN 31/12/2014









Page 41 © Zephyr

Top 20 Asia and Asia Pacific deals by value (cont’)



Announced date

7. 10,605 Acquisition 100% Greenland Holding Group Co., Ltd CN Shanghai Jinfeng Investment Co., Ltd CN 18/03/2014

8. 9,721 Capital Increase China Construction Bank Corporation CN Qualified investors 13/12/2014

9. 7,459 Acquisition 100% Hana Bank KR Korea Exchange Bank KR 29/10/2014

10. 6,874 Capital Increase 16% CITIC Pacific Ltd HK Temasek Holdings Pte Ltd; Chow Tai Fook Nominee Ltd; Sinochem Hong Kong (Group) Co., Ltd; Tokio Marine & Nichido Fire Insurance Co., Ltd; China National Tobacco Corporation; China Life Insurance Co., Ltd; China Export & Credit Insurance Corporation; Och-Ziff Capital Management Group LLC; Fubon Life Insurance Co., Ltd; Baylite Co., Ltd; Trendfield Inc.; Bosera Asset Management Co., Ltd; Qatar Holding LLC; ICBC Credit Suisse Asset Management (International) Co., Ltd; Bosera Asset Management (International) Co., Ltd; AIA Co., Ltd; Beijing Infrastructure Investment (Hong Kong) Ltd; Mizuho Bank, Ltd; CTBC Life Insurance Co., Ltd; ICBC International Finance Ltd; SAFE Investment Co., Ltd; East Global Investments Ltd; Harmony Glory Investment Ltd; Giant Wave Investments Ltd; CT Bright Holdings Ltd; Mount Emei Investment Ltd; Oceanwide Real Estate International Co., Ltd; Youngor (Hong Kong) Industrial Co., Ltd; East Crimson Holdings Ltd

SG; HK; HK; JP; CN; TW; CN; US; TW; VG; VG; CN; QA; HK; HK; HK; HK; JP; TW; HK; HK; HK; HK; VG; VG; VG; VG; HK; KY

14/05/2014

11. 6,758 Acquisition 100% Queensland Motorways Pty Ltd AU Transurban Group; Tawreed Investments Ltd; AustralianSuper Pty Ltd AU; SA; AU 24/04/2014

12. 6,390 Acquisition 100% Hong Yuan Securities Co., Ltd CN Shenyin & Wanguo Securities Co., Ltd CN 26/07/2014

13. 5,800 Acquisition 100% Oriental Brewery Co., Ltd KR Anheuser-Busch InBev NV BE 20/01/2014

14. 5,674 Minority stake 25% AS Watson & Company Ltd HK Mayon Investments Pte Ltd 21/03/2014









Page 42 © Zephyr

Top 20 Asia and Asia Pacific deals by value (cont’)



Announced date

15. 5,562 Acquisition 100% Shanghai Oriental Pearl (Group) Co., Ltd CN BESTV New Media Co., Ltd CN 22/11/2014

16. 5,480 Acquisition 100% to 100% Japan Post Co., Ltd JP Japan Post Holdings Co., Ltd JP 29/09/2014

17. 5,271 Acquisition Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics business in Europe; Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics business in Japan; Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics business in Canada; Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics business in Australia; Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics business in New Zealand

JP; CA; AU; NZ

New Moon BV NL 14/07/2014

18. 5,211 Acquisition 100% QCLNG Pipeline Pty Ltd AU APA Group AU 10/12/2014

19. 4,990 Acquisition 100% Wing Hang Bank Ltd HK OCBC Pearl Ltd SG 01/04/2014

20. 4,906 Capital Increase China Everbright Bank Co., Ltd CN Undisclosed investors; China Everbright (Group) Corporation

CN 01/11/2014









Page 43 © Zephyr

Target country by volume - Asia and Asia Pacific deals


China 4,312 4,824 6,005

Australia 5,453 5,146 3,930

Japan 3,351 3,122 3,379

India 1,456 1,939 2,946

South Korea 2,956 3,007 2,855

Taiwan 2,282 2,289 2,238

Malaysia 1,072 1,221 1,389

Vietnam 785 824 1,083

Singapore 683 713 644

Thailand 247 267 452

Hong Kong 449 383 450

Indonesia 601 559 397

New Zealand 347 394 389

Philippines 187 196 193

Kazakhstan 73 80 148

Sri Lanka 92 91 137

Kyrgyzstan 70 64 58

Marshall Islands 25 40 51

Samoa 32 27 48

Azerbaijan 49 52 35

Target country by value - Asia and Asia Pacific deals


2013 (mil USD)

2014 (mil USD)

China 201,174 275,012 507,722

Australia 130,251 115,248 129,996

Japan 129,103 134,864 124,556

South Korea 71,138 74,653 105,524

India 53,779 53,484 72,040

Taiwan 60,669 53,502 56,617

Malaysia 25,380 16,265 50,941

Hong Kong 43,258 19,471 45,260

Singapore 34,562 28,481 36,064

Indonesia 20,085 26,527 15,214

Thailand 12,115 13,363 14,395

New Zealand 5,815 11,213 12,950

Philippines 20,387 14,108 9,701

Vietnam 10,098 4,961 7,550

Marshall Islands 2,040 4,229 5,536

Kazakhstan 3,104 7,879 5,343

Papua New Guinea 702 554 3,606

Sri Lanka 755 707 635

Samoa 1,016 357 513

Pakistan 386 283 485









Page 44 © Zephyr

Target sector by volume - Asia and Asia Pacific deals






Banks 1,620 1,891 1,696


Publishing, printing 694 1,001 1,321













Target sector by value - Asia and Asia Pacific deals


2013 (mil USD)

2014 (mil USD)

Other services 161,989 161,984 259,651

Banks 97,111 124,634 201,326



Construction 41,668 72,430 92,253


Transport 34,616 42,725 51,276


Primary sector 40,662 25,127 37,802








Wood, cork, paper 5,160 3,347 6,656

Post and telecommunications 547 1,464 6,085










Page 45 © Zephyr

Asia and Asia Pacific private equity deals by volume and value


2014 1,609 83,774

2013 1,127 32,361

2012 1,049 28,804

2011 1,126 42,053

2010 862 25,653

2009 646 31,321









Page 46 © Zephyr

Asia and Asia Pacific private equity deals by volume and value

0

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Page 47 © Zephyr

Top 20 Asia and Asia Pacific private equity deals by value



1. 17,442 Minority stake 30% Sinopec Marketing Co., Ltd CN Harvest Fund Management Co., Ltd; Fosun International Ltd; Harvest Capital Management Co., Ltd; Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; Cinda Sino-Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; RRJ Management (HK) Ltd; Qian Hai Golden Bridge Management Ltd; Shenzhen Baotengsheng Fund Management Co., Ltd; ENN Energy China Investment Ltd

14/09/2014

2. 5,674 Minority stake 25% AS Watson & Company Ltd HK Temasek Holdings Pte Ltd 21/03/2014

3. 3,533 IBO 70% Halla Visteon Climate Control Corporation KR Hahn & Company Eye Holdings Co., Ltd 18/12/2014

4. 2,688 Acquisition 100% Royal Dutch Shell Plc's refining and retail business in Australia AU Abu Dhabi Investment Council 21/02/2014

5. 2,385 Acquisition 15% to 100% DEXUS CPA Trust AU Canada Pension Plan Investment Board 06/01/2014

6. 2,368 Minority stake 21% China Huarong Asset Management Co., Ltd CN Warburg Pincus LLC; Goldman Sachs Group Inc.; China International Capital Corporation Ltd; Khazanah Nasional Bhd; China Life Insurance (Group) Company; CITIC Securities International Co., Ltd; Fosun International Ltd; COFCO Corporation

28/08/2014

7. 2,355 Minority stake 34% Iowa China Offshore Holdings (Hong Kong) Ltd HK China Life Insurance Co., Ltd; Bank of China Group Investment Ltd; Hopu Investment Management Co., Ltd; China Development Bank International Holdings Ltd; Boyu Capital Consultancy Co., Ltd; Hopu Investment Management Co., Ltd; CITP Advisors Ltd; China Post Insurance

18/02/2014

8. 1,930 IBO 100% Tyco Fire & Security Services Korea Co., Ltd KR Carlyle Group LP 03/03/2014

9. 1,629 IBO 100% Port of Newcastle Operations Pty Ltd AU Hastings Funds Management Ltd 30/04/2014

10. 1,607 IBO 100% GE Japan Corporation's residential real estate business JP The Blackstone Group LP 21/11/2014









Page 48 © Zephyr

Top 20 Asia and Asia Pacific private equity deals by value (cont’)



11. 1,251 IBO 29% - Acting in concert Olam International Ltd SG Temasek Holdings Pte Ltd 04/04/2014

12. 1,107 IBO 100% Goodpack Ltd SG Kohlberg Kravis Roberts & Company LP 30/07/2014

13. 1,100 Minority stake Xiaomi Technology Co., Ltd CN Hopu Investment Management Co., Ltd; Digital Sky Technologies; Yunfeng Capital Ltd; GIC Pte Ltd; All-Stars Investment

22/12/2014

14. 998 Minority stake Flipkart Internet Pvt Ltd IN Accel Management Company LLC; T Rowe Price Group Inc.; Tiger Global Management LLC; Mail.ru Group Ltd; GIC Pte Ltd

23/07/2014

15. 834 IBO 100% Transpacific Industries Group Ltd's New Zealand waste management business

NZ Beijing Capital Group Co., Ltd 03/03/2014

16. 800 Minority stake Travice Inc. CN Tiger Global Management LLC; Alibaba Capital Partners 29/12/2014

17. 700 Minority stake Beijing Xiaoju Technology Co., Ltd CN Temasek Holdings Pte Ltd; Tencent Holdings Ltd; DST Managers Ltd 09/12/2014

18. 700 Minority stake Flipkart Internet Pvt Ltd IN T Rowe Price Associates Inc.; Baillie Gifford & Co Ltd; Qatar Investment Authority; Tiger Global Management LLC; Greenoaks Capital Management LLC; ICONIQ Capital LLC; GIC Pte Ltd; DST Managers Ltd; Steadview Capital Management HK Ltd

20/12/2014

19. 681 IBO 78% NEC BIGLOBE Ltd JP Japan Industrial Partners, Inc. 30/01/2014

20. 663 IBO 100% Bushu Pharmaceuticals Ltd JP Baring Private Equity Partners Asia 17/11/2014









Page 49 © Zephyr

Target country by volume - Asia and Asia Pacific private equity deals


China 283 301 664

India 365 397 449

Japan 113 154 185

Australia 88 85 67

South Korea 44 32 61

Singapore 37 53 52

Hong Kong 16 11 28

New Zealand 51 13 20

Malaysia 9 20 19

Indonesia 8 21 18

Vietnam 11 10 13

Thailand 6 6 10

Taiwan 7 8 8

Philippines 7 7 8

Pakistan 1 0 4

Kazakhstan 2 1 2

Sri Lanka 3 2 2

Bangladesh 0 1 1

Target country by value - Asia and Asia Pacific private equity deals


2013 (mil USD)

2014 (mil USD)

China 4,734 7,913 35,332

Australia 4,792 7,857 11,181

South Korea 4,810 4,274 8,818

Hong Kong 3,097 15 8,372

India 3,639 4,435 8,000

Japan 4,402 4,079 6,079

Singapore 507 180 3,701

New Zealand 288 649 1,530

Malaysia 1,925 487 749

Vietnam 71 459 206

Indonesia 251 1,440 150

Taiwan 603 27 140

Pakistan 15 0 129

Philippines 88 383 89

Sri Lanka 1 0 20

Kazakhstan 21 6 15

Thailand 2,259 2 14

Bangladesh 0 2 5









Page 50 © Zephyr

Target sectors by volume - Asia and Asia Pacific private equity deals


Other services 503 566 816






Banks 30 40 44




Transport 26 16 17









Target sectors by value - Asia and Asia Pacific private equity deals


2013 (mil USD)

2014 (mil USD)


Other services 7,214 10,295 19,348



Publishing, printing 423 593 4,904

Banks 2,262 898 3,829

Transport 1,033 2,175 3,554

Primary sector 81 124 1,827

Construction 948 2,593 1,814

Metals & metal products 296 335 1,693

Food, beverages, tobacco 553 1,581 1,026

Hotels & restaurants 3,716 520 983




Insurance companies 3,325 1,741 101

Post and telecommunications 86 1,313 78










Zephyr Annual M&A ReportMiddle East, 2014

Page 51 © Zephyr

The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel.

Middle Eastern M&A value improves against decline by volume

The value of deals targeting companies based in the Middle East in 2014 increased by more than a third to USD 21,327 million from USD 15,311 million in 2013. This result is lower than 2012 but higher than any other year from 2009 to date.

M&A value in 2014 was supported by five blockbuster deals each worth USD 1,000 million or more.

In contrast, volume declined 26 per cent year-on-year from 374 deals in 2013 to 276 transactions in 2014. This represents the lowest figure in the six years under review, suggesting higher individual valuations in 2014.

Private equity followed a similar pattern as value shot up from USD 290 million in 2013 to USD 1,862 million while volume fell back from 35 deals to 30.

Middle East deals by volume and value


2014 277 21,327

2013 374 15,311

2012 349 26,252

2011 441 15,409

2010 941 18,048

2009 634 18,856









Page 52 © Zephyr


Middle East deals by volume and value

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Construction leads by value

Companies operating in the construction industry were the most valuable in 2014, attracting M&A totalling USD 4,886 million, double the USD 2,426 million recorded in 2013. Growth was also recorded for the wholesale and retail trade sector (2013: USD 1,343 million; 2014: USD 3,712 million), though increased investment year-on-year in these sectors came at the expense of companies operating in the banking industry, where value fell to USD 2,682 million from USD 5,201 million.

Similarly, the volume of M&A targeting companies in the banking sector slipped from 108 deals to 59 deals, though this remained ahead of the wholesale and retail trade (2014: 32 transactions).

UAE top by volume and value

The value of M&A targeting companies based in UAE was worth USD 11,923 million in 2014, a 68 per cent increase on USD 7,113 million in 2013, and more than double the USD 4,466 million recorded for companies based in Qatar in 2014.

Saudi Arabian companies were the third most valuable targets with dealmaking totalling USD 1,602 million, closely followed by Kuwait with USD 1,098 million.

The UAE also led the way by volume, despite dealmaking falling back 3 per cent year-on-year to 92 transactions from 95 in 2013. The volume of M&A involving Jordan targets fell 51 per cent over the 12 months to 80 deals, though the result is still ahead of the 29 transactions recorded for Saudi Arabia. Despite being the second biggest target by volume, the value of M&A targeting companies based in Jordan was stripped away over the 12 months to USD 314 million from USD 1,110 million.

Global Fashion is involved in region’s largest deal by value

The Middle East’s largest deal by value was Global Fashion Group agreeing to pay USD 3,282 million for five clothing retailers, including Dubai-headquartered Namshi General Trading, Comércio Digital of Brazil and Kupishuz of Russia.

The second-largest deal by value involved DP World signing an agreement to acquire Economic Zones World from Port and Free Zone World for a cash consideration of USD 2,600 million, including the assumption of USD 859 million in debt.

Together, these two blockbuster deals accounted for 50 per cent of the USD 11,923 million-worth of deals recorded for the UAE in 2014.









Page 54 © Zephyr


Top 20 Middle East deals by value



Announced date

1. 3,282 Acquisition Comércio Digital BF Ltda; Kupishuz OOO; Namshi General Trading LLC; Jade E-Services Singapore Pte Ltd; Xerion Retail Pvt Ltd

BR; RU; AE; SG; IN

Global Fashion Group LU 04/09/2014

2. 2,600 Acquisition 100% Economic Zones World FZE AE DP World Ltd AE 13/11/2014

3. 2,478 Acquisition 95% Barwa Commercial Avenue Company LLC QA Labregah Real Estate Company QSC QA 23/06/2014

4. 1,000 Capital Increase DP World Ltd AE 12/06/2014

5. 1,000 Minority stake 8% to 22% Arabtec Holding Company PJSC AE Mr Hasan Ismaik 28/05/2014

6. 810 Minority stake 19% to 35% Arabtec Holding Company PJSC AE Aabar Investments PJSC AE 11/11/2014

7. 682 Acquisition 50% Lusail Gold Development LLC BH Barwa Real Estate Company QSC QA 04/11/2014

8. 656 Minority stake 37% Barwa Bank QSC QA General Retirement and Social Insurance Authority; Military Pension Fund

QA; QA 20/01/2014

9. 538 Minority stake 30% International Bank of Qatar QSC QA Investors QA 02/10/2014

10. 500 Acquisition 100% Palm Utilities LLC AE Emirates Central Cooling Systems Corporation AE 20/01/2014

11. 481 Acquisition 66% to 79% The National Titanium Dioxide Company Ltd SA TASNEE SA 28/09/2014

12. 446 Minority stake 20% Qatari Investors Group QSC QA Ezdan Holding Group QSC QA 13/05/2014

13. 370 IBO majority stake National Petroleum Services AE Undisclosed investors; Arab Petroleum Investments Corporation; Waha Capital PJSC; Fajr Capital Ltd

SA; AE; AE 22/04/2014

14. 350 Minority stake 20% Global Education Management Systems Ltd AE The Blackstone Group LP; Bahrain Mumtalakat Holding Company BSC; Fajr Capital Ltd

US; BH; AE

15/10/2014

15. 300 IBO 65% Global Environmental Management Services LLC SA Jadwa Investment Company; Fajr Capital Ltd SA; AE 24/09/2014

16. 300 Capital Increase 13% Bank Audi SAL - Audi Saradar Group LB 27/08/2014

17. 286 Acquisition 100% Al Wajeez Development Company AE National Central Cooling Company PJSC; Mubadala Infrastructure Partners

AE; AE 10/07/2014

18. 265 Minority stake 31% Ras Al Khaimah Ceramics AE Samena Limestone Company KY 28/04/2014

19. 263 Minority stake 10% Oman Telecommunications Company SAOG OM Local investors; Omani citizens OM 17/03/2014

20. 242 Acquisition 100% Savola Packaging Systems SA Takween Advanced Industries Company SA 31/12/2014









Page 55 © Zephyr


Target country by volume - Middle East deals


UAE 74 95 92

Jordan 123 164 80

Saudi Arabia 42 40 29

Kuwait 34 22 27

Oman 38 22 15

Qatar 14 10 14

Bahrain 9 10 11

Lebanon 10 5 7

Iraq 2 4 2

Yemen 1 0 1

Syria 0 0 0

Iran 2 2 0

Target country by value - Middle East deals


2013 (mil USD)

2014 (mil USD)

UAE 5,334 7,113 11,923

Qatar 6,722 2,186 4,466

Saudi Arabia 3,953 1,616 1,602

Kuwait 6,844 1,726 1,098

Bahrain 177 642 931

Oman 833 700 633

Jordan 519 1,110 314

Lebanon 175 12 313

Iraq 1,678 42 26

Yemen 0 0 21

Syria 0 0 0

Iran 17 165 0









Page 56 © Zephyr


Target sector by volume - Middle East deals



Banks 98 108 59





Transport 11 14 11













Target sector by value - Middle East deals


2013 (mil USD)

2014 (mil USD)

Construction 375 2,426 4,886

Wholesale & retail trade 868 1,343 3,712

Banks 6,834 5,201 2,682

Chemicals, rubber, plastics 99 781 1,478

Other services 10,594 566 1,188

Transport 1,578 22 1,188






Metals & metal products 3,956 1,974 124
















Page 57 © Zephyr


Middle East IPO deals by volume and value


2014 19 13,365

2013 25 561

2012 27 1,816

2011 20 1,992

2010 38 1,704

2009 48 12,102









Page 58 © Zephyr


Middle East IPO deals in 2014 by value

Deal value (mil USD) Deal type Target Target country Announced

date

6,000 Planned IPO 15% on the Saudi Stock Exchange The National Commercial Bank SA 21/09/2014

3,703 Initial public offering 55% on DFM Amanat Holdings AE 30/09/2014

1,160 Initial public offering 10% on Tehran Stock Exchange Tamin Pharmaceutical Investment Company PSC IR 20/01/2014

879 Initial public offering 26% on the Qatar Exchange Mesaieed Petrochemical Holding Company QA 22/01/2014

695 Initial public offering 40% on DFM Dubai Parks and Resorts AE 11/11/2014

533 Planned IPO 30% Saudi Ground Services Company SA 20/10/2014

172 Initial public offering on Nasdaq Dubai Emirates REIT (CEIC) Ltd AE 08/04/2014

136 Initial public offering 100% on DFM Marka PJSC AE 25/09/2014

73 Initial public offering 50% on Saudi Stock Exchange Umm Al-Qura Cement Company SA 08/04/2014

24 Planned IPO 15% on the Bahrain Stock Exchange Zain Bahrain BSC BH 20/07/2014

4 Initial public offering 1% on Oslo Bors RAK Petroleum Public Company Ltd AE 07/10/2014

n.a. Initial public offering 10% on Tehran Stock Exchange Ta’min Pharmaceutical Investment Company IR 20/01/2014

n.a. Planned IPO on the Saudi Stock Exchange Saudi Company for Tools and Hardware SA 17/02/2014

n.a. Planned IPO 57% on MSM Mazoon College for Management & Applied Sciences SAOC OM 13/03/2014

n.a. Planned IPO 30% on Saudi Stock Exchange Abdul Mohsen Al Hokair Tourism and Development Company SA 07/05/2014

n.a. Planned IPO 30% on Saudi Stock Exchange Al Hammadi Company for Development and Investment SA 19/05/2014

n.a. Planned IPO 30% on KSE Mezzan Holding Company KSCC KW 20/10/2014

n.a. Planned IPO Saudi Airlines Cargo SA 20/10/2014

n.a. Planned IPO on ADX The National Investor AE 23/11/2014









Page 59 © Zephyr


Middle East private equity deals by volume and value


2014 30 1,862

2013 35 290

2012 20 832

2011 35 143

2010 24 813

2009 26 987









Page 60 © Zephyr


Middle East private equity deals by volume and value

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Middle East private equity deals by known value



1. 370 IBO majority stake National Petroleum Services AE Khazanah Nasional Bhd 22/04/2014

2. 350 Minority stake 20% Global Education Management Systems Ltd AE The Blackstone Group LP; Fajr Capital Ltd 15/10/2014

3. 300 IBO 65% Global Environmental Management Services LLC SA Jadwa Investment Company; Fajr Capital Ltd 24/09/2014

4. 286 Acquisition 100% Al Wajeez Development Company AE Mubadala Infrastructure Partners 10/07/2014

5. 163 Acquisition 100% Byrne Investments Ltd AE Venture Capital Bank BSC 25/03/2014

6. 100 Minority stake Arabian Company for Water and Power Development Ltd SA The International Finance Corporation 07/07/2014

7. 75 Minority stake 10% Topaz Energy and Marine Ltd AE Standard Chartered Private Equity Ltd 20/08/2014

8. 75 Minority stake Souq.com FZ LLC AE Naspers Ltd 24/03/2014

9. 60 Minority stake Aster DM Healthcare AE India Value Fund Advisors Pvt Ltd; Olympus Capital Asia Investments Ltd 28/05/2014

10. 35 Minority stake Al Jazeera Agricultural Company JO Standard Chartered plc 08/09/2014

11. 34 IBO 100% Undisclosed American curriculum private school in Dubai AE GFH Capital Ltd 17/05/2014

12. 5 Minority stake Wysada JO Silicon Badia 27/10/2014

13. 3 Minority stake Webteb JO Siraj Fund Management Company; Sadara Ventures 15/09/2014

14. 3 Minority stake compareit4me.com FZ-LLC AE Mulverhill Associates 18/06/2014

15. 2 Minority stake ArabiaWeather Inc. JO Jabbar Internet Group; Silicon Badia; MENA Venture Investments; Dash Ventures

10/12/2014

16. 0 Minority stake FishFishMe Inc. AE 06/01/2014

17. 0 Minority stake 7% Gallery AlSharq LLC JO 500 Startups Management Company LLC 06/08/2014

18. 0 Minority stake 7% Feesheh JO 500 Startups Management Company LLC 06/08/2014

19. n.a. IBO 100% CSH Investment AE Centurion Investment 07/01/2014

20. n.a. IBO majority stake Mercator AE Warburg Pincus LLC 08/04/2014









Page 62 © Zephyr


Target country by volume - Middle East private equity deals


UAE 6 20 20

Jordan 3 6 7

Saudi Arabia 5 4 3

Iraq 0 0 1

Oman 1 1 0

Qatar 2 1 0

Yemen 0 0 0

Bahrain 0 0 0

Kuwait 1 0 0

Lebanon 2 3 0

Iran 0 0 0

Syria 0 0 0

Target country by value - Middle East private equity deals


2013 (mil USD)

2014 (mil USD)

UAE 722 219 1,416

Saudi Arabia 100 0 400

Jordan 10 40 45

Oman 0 30 0

Qatar 0 0 0

Yemen 0 0 0

Bahrain 0 0 0

Iraq 0 0 0

Kuwait 0 0 0

Lebanon 0 1 0

Iran 0 0 0

Syria 0 0 0









Page 63 © Zephyr


Target sectors by volume - Middle East private equity deals






Transport 0 1 2

Construction 0 0 1



Banks 0 1 1











Target sectors by value - Middle East private equity deals


2013 (mil USD)

2014 (mil USD)






Transport 0 2 75




Banks 0 0 0


Construction 0 0 0















Zephyr Annual M&A ReportRussia/CEE, 2014

Page 64 © Zephyr

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Slump in PE investment suppresses M&A value

The value of M&A targeting companies based in Central and Eastern Europe and Russia declined by a fifth to USD 192,266 million in 2014, compared to USD 242,056 million the previous year, as a sharp decrease in PE and VC investment dragged down overall results.

By contrast, M&A volume advanced 5 per cent year-on-year to 11,228 transactions from 10,648 in 2013 to reach its highest point of the six years under review.

PE investment value targeting the region plunged from USD 15,633 million in 2013 to a six-year low of USD 2,137 million, against a 13 per cent increase in volume from 440 to 497 transactions, the best result of the period under review.

Russia/CEE deals by volume and value


2014 11,228 192,266

2013 10,648 242,056

2012 7,818 127,414

2011 7,680 224,030

2010 9,664 211,595

2009 10,070 161,883









Page 65 © Zephyr

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Russia tops the bill by volume and value

Russian companies were targeted in the region’s two largest transactions by value in 2014, worth USD 8,814 million and USD 8,494 million, respectively.

The targets were metal mining company Gorno-Metallurgicheskaya Kompaniya Norilskii Nikel, in which a 30 per cent stake changed hands in a restructuring transaction worth USD 8,814 million, and nuclear energy company Atomnyi Energopromyshlennyi Kompleks, which issued shares worth USD 8,494 million to its only stockholder.

These two transactions were worth a combined USD 17,308 million and accounted for 9 per cent of the region’s overall M&A value (USD 192,266 million).

In all, Russian companies were targeted in 17 of the top 20 transactions by value in 2014. The only other countries targeted in the top 20 were Ukraine, Belarus and Kazakhstan.

Czech mobile operator targeted in region’s top PE deal

A lack of big-ticket PE and VC transactions in the region accounted for the steep downturn in value in 2014, even though the volume of deals increased.

The region’s largest PE and VC investment of the year was Dutch investment firm PPF increasing its stake in mobile network operator O2 Czech Republic from 73 per cent to 80 per cent for USD 330 million.

Interestingly, Russia was targeted in less than half of the top 20 PE and VC deals by value, with Czech companies targeted in five deals and Polish in three.

Russia leads by value, despite slower growth

Russia’s dominance of the top 20 deals by value in 2014 ensured its position as the region’s most important M&A target.

Companies based in the country were targeted in deals worth a collective USD 132,474 million, although this was down 30 per cent year-over-year compared to the USD 188,236 million-worth of transactions recorded in 2013.

By contrast, there was a significant uptick in M&A value targeting Ukrainian companies, from USD 13,984 million to USD 20,275 million, in spite of political unrest in the country.









Page 67 © Zephyr

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Top 20 Russia/CEE deals by value



Announced date

1. 8,814 Minority stake 30% Gorno-Metallurgicheskaya Kompaniya Norilskii Nikel OAO RU Undisclosed acquiror 22/10/2014

2. 8,494 Acquisition 100% to 100% Atomnyi Energopromyshlennyi Kompleks OAO RU Gosudarstvennaya Korporatsiya po Atomnoi Energii Rosatom

RU 16/12/2014

3. 7,731 Capital Increase 68% Natsionalna Aktsionerna Kompaniya Naftohaz Ukrayiny PAT UA 29/09/2014

4. 7,241 Acquisition 96% Aktsionernyi Kommercheskii Bank Bank Moskvy OAO RU Bank VTB OAO RU 04/09/2014

5. 5,472 Capital Increase Bank VTB OAO RU Federalnoe Agentstvo po Upravleniyu Gosudarstvennym Imushchestvom

RU 01/09/2014

6. 5,436 Capital Increase 18% Atomnyi Energopromyshlennyi Kompleks OAO RU Ministerstvo Finansov Rossiiskoi Federatsii RU 16/12/2014

7. 5,401 Acquisition 100% to 100% Natsionalna Aktsionerna Kompaniya Naftohaz Ukrayiny PAT UA Ministerstvo Vuhilnoyi Promyslovosti Ukrayiny UA 29/05/2014

8. 5,244 Acquisition 50% MegaFon OAO RU AF Telekom Kholding OOO RU 09/12/2014

9. 5,000 Acquisition 30% to 74% Stroigazkonsalting OOO RU Mr Ruslan Baisarov RU 03/06/2014

10. 3,500 Acquisition Nizhegorodskaya Sotovaya Svyaz ZAO; Baikalvestkom ZAO; Skai Link ZAO; Akos ZAO; Eniseitelekom ZAO; Volgograd-GSM ZAO; RT-Mobail ZAO; Otkrytoe Aktsionernoe Obshchestvo Mezhdugorodnoi i Mezhdunarodnoi Elektricheskoi Svyazi Rostelekom's certain mobile assets; Bit ZAO

RU; RU; RU; RU; RU; RU; RU; RU; RU

T2 RTK Kholding OOO RU 28/03/2014









Page 68 © Zephyr

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Top 20 Russia/CEE deals by value



Announced date

11. 3,282 Acquisition Comércio Digital BF Ltda; Kupishuz OOO; Namshi General Trading LLC; Jade E-Services Singapore Pte Ltd; Xerion Retail Pvt Ltd

BR; RU; AE; SG; IN

Global Fashion Group LU 04/09/2014

12. 2,631 Capital Increase 93% Aviatsionnyi Kompleks im SV Ilyushina OAO RU 15/07/2014

13. 2,557 Minority stake 5% to 11% Neftyanaya Kompaniya LUKoil OAO RU Lukoil Employee Ltd CY 01/10/2014

14. 2,449 Acquisition 84% E.ON Rossiya OAO RU Newco 02/12/2014

15. 2,405 Capital Increase 59% Aviatsionnaya Kholdingovaya Kompaniya Sukhoi OAO RU Undisclosed investors; Gosudarstvennaya Korporatsiya Bank Razvitiya i Vneshneekonomicheskoi Deyatelnosti (Vneshekonombank)

RU 17/03/2014

16. 2,366 Minority stake 18% Aktsionernaya Neftyanaya Kompaniya Bashneft OAO RU 14/05/2014

17. 2,267 Capital Increase 20% Aktsionernaya Neftyanaya Kompaniya Bashneft OAO RU 08/09/2014

18. 2,200 Acquisition Kaztransservis AO; Kedentransservis AO; RZhD Logistika OAO; Belintertrans OOO; Tsentr po Perevozke Gruzov v Konteinerakh TransKonteiner PAO

KZ; KZ; RU; BY; RU

Obedinennaya Transportno-Logisticheskaya Kompaniya OAO

RU 25/11/2014

19. 1,691 Acquisition 100% to 100% Uralkalii-Tekhnologiya ZAO RU Uralkalii OAO RU 10/06/2014

20. 1,629 Acquisition 78% Pivnichnyy Hirnycho-Zbahachuvalnyy Kombinat PAT UA MetInvest BV NL 12/02/2014









Page 69 © Zephyr

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Target country by volume - Russia/CEE deals


Russia 2,686 2,922 2,673

Poland 1,384 1,683 1,471

Ukraine 1,295 1,314 914

Bulgaria 201 629 776

Romania 324 445 616

Estonia 291 344 367

Latvia 189 219 269

Belarus 393 321 239

Moldova 155 185 205

Czech Republic 157 204 187

Hungary 152 209 187

Serbia 159 151 165

Lithuania 79 138 111

Bosnia And Herzegovina 105 75 109

Croatia 62 56 71

Slovakia 37 44 69

Slovenia 43 46 63

Macedonia 36 32 37

Montenegro 7 6 5

Albania 4 2 3

Kosovo 2 1 1

Target country by value - Russia/CEE deals


2013 (mil USD)

2014 (mil USD)

Russia 96,191 188,236 132,474

Ukraine 3,841 13,984 20,275

Poland 15,279 19,001 16,098

Romania 1,329 3,152 5,628

Czech Republic 3,292 8,760 5,482

Belarus 144 636 2,814

Bulgaria 2,269 3,180 2,741

Slovenia 779 744 2,128

Hungary 793 3,495 1,948

Lithuania 673 1,293 1,051

Slovakia 132 743 991

Croatia 396 1,644 865

Latvia 276 130 491

Serbia 596 493 463

Estonia 758 396 364


Albania 20 0 137

Macedonia 114 22 129

Moldova 58 78 115

Montenegro 1 18 43

Kosovo 621 0 20









Page 70 © Zephyr

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Target sector by volume - Russia/CEE deals



Wholesale & retail trade 811 1,255 1,476

Banks 854 1,118 1,101

















Target sector by value - Russia/CEE deals


2013 (mil USD)

2014 (mil USD)

Other services 17,176 32,840 31,437

Banks 24,588 31,486 31,396

Primary sector 15,970 38,672 29,512




Construction 3,363 12,323 10,311



Transport 11,308 8,418 6,186


Textiles, wearing apparel, leather 135 194 2,091
















Page 71 © Zephyr

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Russia/CEE private equity deals by volume and value


2014 497 2,137

2013 440 15,633

2012 309 4,072

2011 260 9,162

2010 213 5,439

2009 131 8,883









Page 72 © Zephyr

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Top 20 Russia/CEE private equity deals by value



1. 330 IBO 7% O2 Czech Republic AS CZ PPF AS 07/07/2014

2. 209 IBO 100% Khedkhanter OOO RU Elbrus Capital 17/11/2014

3. 118 IBO 100% Safina AS CZ Gruppa Kompanii Renova ZAO 21/11/2014

4. 100 IBO 50% Kompaniya Russkaya Fitnes Gruppa RU Goldman Sachs Group Inc.; VTB Kapital ZAO 03/02/2014

5. 98 IBO 75% Fashion Arena Centre Management SRO CZ Meyer Bergman Ltd 26/02/2014

6. 95 Capital Increase 14% Obyedinennye Kreditnye Sistemy OAO RU Lider ZAO 28/03/2014

7. 94 Acquisition 75% Citadele Banka AS LV Ripplewood Holdings LLC 29/10/2014

8. 60 Acquisition 100% to 100% Krokus Nanoelektronika OOO RU Rosnano OAO 28/04/2014

9. 60 Acquisition 100% Natsionalnaya Sluzhba Vzyskaniya OOO RU Baring Vostok Capital Partners Ltd; Da Vinci Capital Management Ltd 02/12/2014

10. 54 Minority stake Kotton Vei OOO RU Upravlyayushchaya Kompaniya RFPI OOO 17/01/2014

11. 32 Acquisition 99% Kujawskie Zaklady Poligraficzne Druk-Pak SA PL Highlander Partners LP 06/06/2014

12. 32 IBO 100% Rieber Foods Polska SA PL Innova Phoenix Sarl 23/05/2014

13. 30 Minority stake 40% Santens Logistik Group OOO RU UFG Asset Management 07/04/2014

14. 30 Minority stake Ulybkino OOO RU 15/07/2014

15. 29 IBO Suominen Joustopakkaukset Oy; Suominen Polska Sp zoo FI; PL Lonsdale Capital Partners LLP 11/07/2014

16. 28 Minority stake 11% to 33% Sen-Goben Stroitelnaya Produktsiya Rus OOO RU European Bank for Reconstruction and Development 07/07/2014

17. 28 IBO 11% Starman AS EE East Capital Explorer AB 22/12/2014

18. 26 IBO 100% Less & Timber SRO CZ Jet Investment AS 24/11/2014

19. 26 Minority stake SocialBakers AS CZ Earlybird VC Management GmbH & Co. KG; Index Venture Management LLP 18/02/2014

20. 26 Minority stake 25% Adcash OU EE Naxicap Partners SA 26/09/2014









Page 74 © Zephyr

.

Target country by volume - Russia/CEE private equity deals


Russia 111 195 228

Poland 40 36 35

Bulgaria 32 40 33

Ukraine 10 21 30

Hungary 36 26 29

Lithuania 13 18 24

Czech Republic 13 14 20

Romania 5 5 17

Latvia 10 17 17

Estonia 13 16 16

Slovakia 5 4 8

Slovenia 2 3 6

Serbia 2 0 4

Belarus 1 2 1

Croatia 8 6 1

Moldova 0 0 0

Macedonia 3 1 0

Albania 0 0 0


Kosovo 1 0 0

Target country by value - Russia/CEE private equity deals


2013 (mil USD)

2014 (mil USD)

Russia 2,445 7,472 937

Czech Republic 121 6,377 615

Poland 606 2,304 197

Latvia 4 8 128

Estonia 10 58 65

Lithuania 4 13 63

Romania 0 1 47

Hungary 529 735 34

Slovakia 3 27 20

Belarus 0 1 16

Croatia 11 14 12

Ukraine 20 13 6

Slovenia 34 0 4

Bulgaria 221 60 3

Serbia 63 0 0

Moldova 0 0 0

Macedonia 63 0 0

Albania 0 0 0


Kosovo 63 0 0









Page 75 © Zephyr

.

Target sectors by volume - Russia/CEE private equity deals







Construction 5 4 9

Banks 12 10 9



Transport 3 4 5










Target sectors by value - Russia/CEE private equity deals


2013 (mil USD)

2014 (mil USD)


Banks 431 353 214



Chemicals, rubber, plastics 108 4,541 100




Transport 75 216 34




Gas, water, electricity 970 2,254 7














Page 76 © Zephyr

Zephyr Annual M&A ReportGlobal League Tables, 2014

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1. Goldman Sachs Group Inc. 230 209 699,744 3,348

2. Morgan Stanley 262 228 604,404 2,651

3. Bank of America Corporation 208 186 599,848 3,225

4. JP Morgan 227 195 574,571 2,947

5. Citigroup Inc. 207 170 555,633 3,268

6. Barclays plc 122 110 401,799 3,653

7. Deutsche Bank AG 171 152 363,836 2,394

8. Credit Suisse 188 161 319,591 1,985

9. Lazard 166 139 303,324 2,182

10. Centerview Partners LLC 41 39 213,137 5,465

11. Rothschild 254 189 178,284 943

12. UBS 69 61 129,218 2,118

13. Jefferies LLC 91 67 117,345 1,751

14. BNP Paribas SA 110 87 114,622 1,317

15. Allen & Company Inc. 12 12 93,617 7,801

16. Tudor Pickering Holt & Company LLC 11 11 92,896 8,445

17. Evercore Partners Inc. 72 58 80,150 1,382

18. Ernst & Young 208 119 79,076 665

19. Perella Weinberg Partners LP 23 18 76,416 4,245

20. RBC Capital Markets Corporation 73 58 74,153 1,278








Page 77 © Zephyr


Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1. Skadden Arps Slate Meagher & Flom LLP 236 191 394,609 2,066

2. Weil Gotshal & Manges LLP 173 122 367,129 3,009

3. Wachtell Lipton Rosen & Katz LLP 80 68 345,524 5,081

4. Simpson Thacher & Bartlett LLP 172 140 295,058 2,108

5. Latham & Watkins LLP 169 125 234,470 1,876

6. Sullivan & Cromwell LLP 92 78 222,352 2,851

7. Jones Day 341 183 209,062 1,142

8. Kirkland & Ellis LLP 285 159 206,236 1,297

9. Cleary Gottlieb Steen & Hamilton LLP 50 46 201,341 4,377

10. Davis Polk & Wardwell LLP 116 100 200,730 2,007

11. Allen & Overy 198 129 191,650 1,486

12. Baker Botts LLP 24 22 163,321 7,424

13. Paul Weiss Rifkind Wharton & Garrison LLP 118 77 148,069 1,923

14. Slaughter and May 84 73 140,814 1,929

15. Linklaters 146 98 133,738 1,365

16. Vinson & Elkins LLP 63 56 128,059 2,287

17. Willkie Farr & Gallagher LLP 79 50 126,937 2,539

18. Clifford Chance LLP 193 139 124,987 899

19. Cravath Swaine & Moore LLP 61 49 124,704 2,545

20. Richards Layton & Finger PA 11 10 102,073 10,207








Page 78 © Zephyr


Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration

Total deal value (mil USD)

Average deal value (mil USD)

1. Fosun International Ltd 15 9 21,240 2,360

2. The Blackstone Group LP 26 21 20,615 982

3. RRJ Management (HK) Ltd 5 5 18,990 3,798

4. ENN Energy China Investment Ltd 1 1 17,442 17,442

5. Qian Hai Golden Bridge Management Ltd 1 1 17,442 17,442

6. Harvest Capital Management Co., Ltd 1 1 17,442 17,442

7. HuaXia SSF1 Investors Ltd 1 1 17,442 17,442

8. Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd 1 1 17,442 17,442

9. Harvest Fund Management Co., Ltd 1 1 17,442 17,442

10. Shenzhen Baotengsheng Fund Management Co., Ltd 1 1 17,442 17,442

11. Cinda Sino-Rock International Energy Co., Ltd 1 1 17,442 17,442

12. GIC Pte Ltd 18 16 15,607 975

13. BlackRock Inc. 15 15 14,642 976

14. Kohlberg Kravis Roberts & Company LP 35 29 14,617 504

15. Temasek Holdings Pte Ltd 19 19 13,454 708

16. Bain Capital LLC 13 12 13,274 1,106

17. Carlyle Group LP 27 14 12,905 922

18. TPG Capital Management LP 25 23 12,480 543

19. Cerberus Capital Management LP 6 5 11,822 2,364

20. La Caisse de depot et placement du Quebec 13 11 11,337 1,031








Page 79 © Zephyr


Zephyr Annual M&A Report

Notes to editors

Activity is based on the activity of the target company.

Deal status is announced within the time period.

The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr.

The date range for 2014 is deals announced between 01/01/2014 - 31/12/2014 inclusive.

The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the UK.

The Asia and Asia Pacific region covers target companies based in the Far East, Central Asia and Oceania.


The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.

Where deals have multiple targets the sector and region of each target is represented in the data.

All deal types are included except joint ventures, IPOs, planned IPOs and share buybacks.








Page 80 © Zephyr


Zephyr Annual M&A Report

About Bureau van Dijk

Bureau van Dijk (BvD) is one of the world’s leading publishers of electronic business and company information. The company

has 33 offices worldwide. BvD is best known for its range of international company information products that combines multiple

high-quality data sources with flexible software to allow users to manipulate data for research, marketing intelligence and analysis.

Products include Fame, Orbis, Amadeus, Bankscope, Isis and Osiris. BvD also publishes the global M&A database, Zephyr.

www.bvdinfo.com

About Zephyr

Zephyr is an information solution containing M&A, IPO and venture capital deals and rumours with links to detailed financial

company information. Zephyr covers various deal types including M&A activity, IPOs, joint ventures and private equity deals. It’s

published by Bureau van Dijk (BvD). The deals on Zephyr are linked to the company financials and peer reports on BvD’s product

range, which includes Orbis, Amadeus and Fame, for company valuation and benchmarking.

Zephyr contains information on over 1 million deals. Approximately 75,000 deals are added each year depending on levels of deal

activity. Zephyr has no minimum deal value. All deal information is translated into English. Zephyr’s UK-based researchers speak

35 languages and use native language and English sources in their deal enquiries. www.zephyrdealdata.com





http://www.bvdinfo.com

http://www.zephyrdealdata.com

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