Zephyr Half Year M&A Report reports...3. 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US...

Zephyr Half Year M&A ReportGlobal, H1 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.

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Page 1 © Zephyr

The following report details mergers and acquisitions activity in H1 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 14

Section 3: North America 5

Section 4: Asia/Asia Pacific Page 35

Section 5: Middle East Page 47

Section 6: Russia/CEE Page 58

Global M&A value rises to new high

The value of global mergers and acquisitions (M&A) in H1 2014 rose 3 per cent from USD 1,981 billion in H2 2013 to USD 2,034 billion, the highest recorded for the last nine periods under review.

Dealmaking was boosted by 14 high value transactions each worth over USD 10,000 million and which together accounted for 18 per cent of overall value for the six months.

Conversely, the volume of global M&A slipped to a new low recorded for the nine period under review, falling back from 41,496 deals to 35,429 transactions.

Global deals by volume and value

Announced date No of dealsTotal deal value (mil USD)

H1 2014 35,429 2,033,860

H2 2013 41,496 1,980,796

H1 2013 36,666 1,652,946

H2 2012 37,584 1,777,976

H1 2012 36,064 1,460,575

H2 2011 36,743 1,542,819

H1 2011 36,749 1,858,042

H2 2010 36,756 1,772,712

H1 2010 36,687 1,640,820

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Page 2 © Zephyr

Global deals by volume and value

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Page 3 © Zephyr

US companies account for the largest deals by value

The top 20 deals by value in H1 2014 were all worth more than USD 5,000 million and five were valued at over USD 20,000 million. Companies based in the US accounted for eight of H1 2014’s top 20 deals by value and also represented the world’s two largest deals by value for the first six months of 2014.

Comcast bought US cable telecommunications company Time Warner Cable for USD 68,946 million while AT&T acquired satellite broadcaster DirecTV for USD 67,100 million. Together, they represented a fifth of the USD 702,052 million-worth of M&A targeting US-based companies in H1 2014.

Covidien accounted for the world’s largest cross-border transaction as US medical device producer Medtronic is acquiring the Ireland-incorporated medical equipment manufacturer for USD 42,900 million.

Agricultural Bank of China was involved in the biggest capital increase by value after issuing USD 12,826 million-worth of preferred shares as a part of plans to shore up its somewhat weak capital base. It was the first of China’s top four state-owned banks to take advantage of the government’s decision to allow the issue of hybrid securities.

PE value advances against a decline by volume

The value of global private equity (PE) and venture capital (VC) investment grew for the fourth consecutive period to a new high for the nine periods under review, to USD 227,438 million in H1 2014 from USD 208,099 million in H2 2013.

While value advanced 9 per cent over the six months, volume weakened 4 per cent from 4,955 deals in H2 2013 to 4,758 transactions but, despite this decline, volume remained one of the strongest recorded for the nine periods under review.

Cerberus leads largest PE deal by value

The top 20 PE and VC deals by value in H1 2014 were all worth more than USD 2,000 million and only three broke the USD 5,000 million-mark.

Cerberus Capital Management was involved in the world’s largest PE and VC deal by value in H1 2014, acquiring US supermarket chain Safeway for USD 11,185 million. However, Blackstone was one of the most prolific high-value dealmakers after backing three of the 20 biggest PE and VC deals in H1 2014, the largest of which was the acquisition of Pinafore Holdings for USD 5,400 million from Onex and Canada Pension Plan Investment Board.

Carlyle Group, Kohlberg Kravis Roberts and Temasek Holdings were each involved in two of the top 20 deals by value in H1 2014 and targets ranged from AS Watson and Ortho-Clinical Diagnostics to Olam International and Industrial Packaging Group.









Page 4 © Zephyr

Top 20 global deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1. 68,946 Acquisition 100% Time Warner Cable Inc. US Comcast Corporation US 13/02/2014

2. 67,100 Acquisition 100% DIRECTV LLC US AT&T Inc. US 18/05/2014

3. 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US 15/06/2014

4. 36,474 Acquisition 100% CITIC Ltd CN CITIC Pacific Ltd HK 16/04/2014

5. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE 18/02/2014

6. 19,000 Acquisition 100% WhatsApp Inc. US Facebook Inc. US 19/02/2014

7. 16,000 Acquisition 100% GlaxoSmithKline plc's oncology products unit GB Novartis AG CH 22/04/2014

8. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP 13/01/2014

9. 14,200 Acquisition 100% Merck & Company Inc.'s consumer health business DE Bayer AG DE 06/05/2014

10. 13,350 Acquisition 100% Biomet Inc. US Zimmer Holdings Inc. US 24/04/2014

11. 12,826 Minority stake Agricultural Bank of China Ltd CN Qualified investors 08/05/2014

12. 11,185 IBO 100% Safeway Inc. US AB Acquisition LLC US 06/03/2014

13. 10,605 Acquisition 100% Greenland Holding Group Co., Ltd CN Shanghai Jinfeng Investment Co., Ltd CN 18/03/2014

14. 10,013 Acquisition 100% Grupo Corporativo ONO SA ES Vodafone Holdings Europe SL ES 17/03/2014

15. 9,633 Minority stake Bank of China Ltd CN Investors 14/05/2014

16. 9,237 Minority stake 23% Deutsche Bank AG DE 18/05/2014

17. 9,152 Acquisition increased 63% to 100% Scania AB SE Volkswagen AG DE 21/02/2014

18. 8,387 Acquisition 100% Westfield Retail Trust AU Scentre Group AU 14/04/2014

19. 7,280 Acquisition 100% TW Telecom Inc. US Level 3 Communications Inc. US 16/06/2014

20. 7,100 Acquisition 100% Novartis AG's vaccine business CH GlaxoSmithKline plc GB 22/04/2014









Page 5 © Zephyr

Target country by volume - global deals

Target country H1 2013 H2 2013 H1 2014

US 5,890 5,813 6,274

UK 3,187 3,479 2,790

China 1,987 2,533 2,044

Bulgaria 422 1,827 1,683

Canada 1,815 1,975 1,621

Australia 2,530 2,484 1,494

Japan 1,442 1,608 1,396

India 753 1,146 1,290

Russia 1,313 1,564 1,233

South Korea 1,392 1,509 1,148

Spain 1,089 1,330 1,019

France 881 978 955

Germany 826 1,009 859

Poland 777 891 667

Sweden 723 706 660

Netherlands 567 894 649

Italy 663 586 628

Malaysia 558 660 597

Ukraine 784 528 565

Finland 660 975 557

Target country by value - global deals

Target country H1 2013 (mil USD)

H2 2013 (mil USD)

H1 2014 (mil USD)

US 507,744 697,654 702,052

China 85,913 176,799 185,949

UK 87,848 104,442 106,667

Germany 55,571 60,920 73,869

Canada 55,731 59,822 69,121

Australia 56,191 58,015 68,407

Ireland 14,038 11,958 53,113

Italy 27,913 35,901 49,815

France 35,747 33,720 47,900

Russia 95,662 96,155 46,902

South Korea 30,217 42,658 46,636

Japan 62,204 70,670 42,107

Brazil 20,925 23,448 40,417

Spain 56,830 28,767 40,108

Netherlands 64,133 75,860 37,453

India 22,109 30,211 36,291

Switzerland 8,182 10,500 30,854

Cayman Islands 20,238 23,697 28,428

Hong Kong 6,605 12,348 25,014

Sweden 18,539 14,184 20,461









Page 6 © Zephyr

Top five global target countries by deal volume in H1 2014 Top five global target countries by deal value in H1 2014

US

UK

China

Bulgaria

Canada

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Page 7 © Zephyr

Top five global target countries by deal volume in H1 2014 Deal volume between H1 2010 and H1 2014

Top five global target countries by deal value in H1 2014 Deal value between H1 2010 and H1 2014

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Page 8 © Zephyr

Target sector by volume - global deals

Target sector H1 2013 H2 2013 H1 2014

Other services 13,704 15,816 13,623

Machinery, equipment, furniture, recycling 4,482 4,890 4,085

Wholesale & retail trade 2,959 3,506 2,883

Banks 2,994 3,228 2,730

Chemicals, rubber, plastics 2,159 2,315 2,032

Construction 1,657 1,929 1,628

Publishing, printing 869 1,133 1,176

Food, beverages, tobacco 1,043 1,091 1,014

Primary sector 1,013 1,100 998

Transport 1,046 1,195 982

Metals & metal products 1,207 1,315 976

Education, health 960 862 784

Gas, water, electricity 826 1,006 715

Hotels & restaurants 582 730 645

Textiles, wearing apparel, leather 385 466 408

Insurance companies 398 405 378

Wood, cork, paper 305 296 268

Post and telecommunications 35 62 48

Public administration and defence 18 21 10

Target sector by value - global deals

Target sector H1 2013 (mil USD)

H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 443,568 647,964 675,133

Banks 280,697 249,661 260,062




Primary sector 70,247 91,431 81,387

Construction 62,300 84,884 80,929


Gas, water, electricity 97,853 94,274 70,825

Transport 79,719 68,728 64,422

Metals & metal products 68,580 58,099 51,835

Insurance companies 30,234 36,774 40,533

Publishing, printing 14,734 21,929 32,706

Education, health 18,228 31,776 28,162

Hotels & restaurants 12,396 15,196 20,403

Wood, cork, paper 9,979 10,481 10,761

Textiles, wearing apparel, leather 11,428 16,675 7,256

Post and telecommunications 183 4,032 1,203

Public administration and defence 2,940 56 81









Page 9 © Zephyr

Global private equity deals by volume and value

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

H1 2014 4,758 227,438

H2 2013 4,955 208,099

H1 2013 4,476 191,111

H2 2012 4,639 182,538

H1 2012 4,529 140,088

H2 2011 4,261 148,835

H1 2011 4,211 162,973

H2 2010 3,683 177,192

H1 2010 3,646 97,346









Page 10 © Zephyr

Global private equity deals by volume and value

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Page 11 © Zephyr

Top 20 global private equity deals by value


country Equity provider Announced date

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

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

3. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP 04/04/2014

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

5. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP 16/06/2014

6. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP 16/01/2014

7. 3,750 Minority stake X2 Resources TopCo LLP GB Noble Group Ltd; TPG Capital LP 31/03/2014

8. 3,500 Minority stake First Data Holdings Inc. US Kohlberg Kravis Roberts & Company LP 19/06/2014

9. 3,494 IBO Visma AS NO Cinven Group Ltd; Storebrand ASA; HgCapital LLP; Ilmarinen Mutual Pension Insurance Company

28/04/2014

10. 3,200 IBO 100% Industrial Packaging Group Inc. US Carlyle Group LP 06/02/2014

11. 3,141 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

12. 3,048 IBO 100% Flint Group SA LU Goldman Sachs Group Inc.; Koch Equity Development LLC 10/04/2014

13. 3,000 Acquisition increased 49% to 100% Giant Interactive Group Inc. KY Baring Private Equity Partners Asia; Hony Capital Co., Ltd 16/03/2014

14. 2,787 IBO 52% - Acting in concert Olam International Ltd SG Temasek Holdings Pte Ltd 04/04/2014

15. 2,400 IBO majority stake Sedgwick Claims Management Services Inc. US Kohlberg Kravis Roberts & Company LP 27/01/2014

16. 2,385 Acquisition increased 15% to 100% DEXUS CPA Trust AU Canada Pension Plan Investment Board 06/01/2014

17. 2,300 IBO 100% SkillSoft Ltd IE Charterhouse Capital Partners LLP 14/03/2014

18. 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

19. 2,167 Minority stake 28% Gecina SA FR Natexis Investissement SA; The Blackstone Group LP 31/01/2014

20. 2,113 Minority stake 27% Gecina SA FR The Blackstone Group LP 06/06/2014









Page 12 © Zephyr

Target country by volume - global private equity deals


US 2,225 2,134 2,168

UK 387 428 409

France 243 198 258

China 72 168 187

India 167 217 183

Germany 166 189 170

Spain 91 114 143

Canada 150 169 113

Russia 51 142 111

Japan 59 93 75

Italy 75 108 74

Sweden 58 51 70


Israel 72 82 63

Finland 58 62 61

Bulgaria 28 51 45

Brazil 43 55 40

Ireland 20 29 35

Denmark 31 34 35

Singapore 26 25 32

Target country by value - global private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)

US 87,060 104,841 107,632

UK 15,568 19,438 17,287

France 8,427 4,813 12,770

Germany 13,863 6,296 10,340

Hong Kong 1 6 8,003

Netherlands 1,403 2,643 6,292

Australia 5,741 2,046 5,249

Cayman Islands 1,724 3,319 4,637

Spain 2,193 2,093 4,356

Norway 1,414 1,473 4,122

China 556 5,091 4,032

Denmark 1,632 2,795 3,903

Brazil 1,781 3,086 3,792

Ireland 317 112 3,403

Singapore 94 86 3,225

Luxembourg 1,929 2,432 3,049

Bermuda 2,029 2,424 2,848

Italy 3,625 4,761 2,547

South Korea 691 3,410 2,402

Canada 3,313 3,982 2,359









Page 13 © Zephyr

Target sectors by volume - global private equity deals


Other services 2,802 3,084 2,914

Machinery, equipment, furniture, recycling 508 528 492

Publishing, printing 132 203 296

Wholesale & retail trade 259 262 220

Chemicals, rubber, plastics 156 183 169


Food, beverages, tobacco 86 86 91

Banks 78 71 69


Transport 41 54 56

Construction 52 64 46

Gas, water, electricity 57 59 44


Primary sector 29 30 40

Metals & metal products 48 65 39





Target sectors by value - global private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 68,077 72,880 87,386




Banks 11,187 5,160 15,229


Primary sector 1,921 3,222 8,239


Transport 9,343 7,696 6,210


Insurance companies 233 6,062 5,661





Wood, cork, paper 950 817 1,754


Post and telecommunications 6 1,349 137









Zephyr Half Year M&A ReportWestern Europe, H1 2014

Page 14 © Zephyr

Western European M&A value hits five-year high

The value of mergers and acquisitions (M&A) with Western European targets rose to USD 553,163 million in H1 2014, its highest level in the nine periods under review dating back to H1 2010, and accounted for 27 per cent of the USD 2,034 billion global total during the first six months of the year.

However, this increase came against a 19 per cent decrease in volume from 12,154 transactions in H2 2013 to 9,870 and marked the lowest point since 9,561 deals in H2 2010. This disparity between weaker volume and increased value suggests a greater number of high-value transactions in H1 2014. Indeed, although just four deals each exceeded USD 10,000 million in value during the first six months of the year, the highest of these was worth USD 42,900 million.

Western Europe deals by volume and value


H1 2014 9,870 553,163

H2 2013 12,154 464,286

H1 2013 10,607 470,478

H2 2012 10,521 414,159

H1 2012 10,421 404,270

H2 2011 10,468 340,322

H1 2011 10,626 499,424

H2 2010 9,561 414,590

H1 2010 9,407 369,979









Page 15 © Zephyr

Western Europe deals by volume and value

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Page 16 © Zephyr

Healthcare takeover is number one Western European deal

The region’s top M&A transaction by value in H1 2014 was a public takeover involving Irish healthcare and medical supplier Covidien, which is being acquired by US medical technology group Medtronic in a transaction worth USD 42,900 million. This single deal accounted for 8 per cent of the region’s total M&A value for the six months under review (H1 2014: USD 553,163 million).

It was also worth almost three-times as much as the number two deal by value during the period, which was the acquisition of GlaxoSmithKline’s oncological product portfolio by Swiss drug maker Novartis for USD 16,000 million.

Another pharmaceutical transaction ranked at number three in the top 20 M&A deals by value targeting Western Europe. This was Bayer acquiring Merck & Company’s consumer health business based in Germany for USD 14,200 million. These three transactions are indicative of a wave of consolidation that is currently sweeping the global healthcare and pharmaceutical industry.

UK companies the favoured targets

UK-based targets attracted the most investment in H1 2014: some USD 106,667 million, representing around a fifth of Western Europe’s total of USD 553,163 million, was ploughed into the country’s companies.

The result was a 2 per cent improvement on USD 104,442 million in H2 2013 and marked the second increase in a row for the UK (H1 2013: USD 87,848 million). It was also 44 per cent higher than the USD 73,869 million-worth of M&A targeting German companies, which was ranked second.

The country also took top spot in the rankings by volume with 2,790 deals, but this was down by a fifth on 3,479 transactions in H2 2013 and 12 per cent lower than 3,187 in H1 2013. However, it was still more than double the 1,019 transactions targeting companies based in Spain, the number two country in the rankings by volume.

Strong Western European PE value

PE investment in Western Europe totalled USD 70,860 million in H1 2014, a 24 per cent increase on USD 57,309 million in H2 2013 and the highest recorded for the period under review. Companies based in the UK attracted the lion’s share of investment, with a total USD 17,287 million ploughed into 409 transactions.

Western European PE volume dipped slightly from 1,459 in H2 2013 to 1,449 but this was still the second-highest level of the last five years.

The region’s highest-value PE deal in H1 2014 was Blackstone buying US power products manufacturer Gates Corporation, owned by Onex Corporation and Canada Pension Plan Investment Board through an entity called Pinafore Holdings, for USD 5,400 million. This was one of 18 transactions worth more than USD 1,000 million in H1 2014.









Page 17 © 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. 16,000 Acquisition 100% GlaxoSmithKline plc's oncology products unit GB Novartis AG CH 22/04/2014

3. 14,200 Acquisition 100% Merck & Company Inc.'s consumer health business DE Bayer AG DE 06/05/2014

4. 10,013 Acquisition 100% Grupo Corporativo ONO SA ES Vodafone Holdings Europe SL ES 17/03/2014

5. 9,237 Minority stake 23% Deutsche Bank AG DE 18/05/2014

6. 9,152 Acquisition increased 63% to 100% Scania AB SE Volkswagen AG DE 21/02/2014

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

8. 7,094 Acquisition 100% RWE Dea AG DE L1 Energy LU 16/03/2014

9. 6,935 Minority stake 8% Lloyds Banking Group plc GB Institutional Investors GB 26/03/2014

10. 6,906 Acquisition 64% Banca Monte dei Paschi di Siena SpA IT Shareholders; Fondazione Monte dei Paschi di Siena SpA; BlackRock Inc.

IT; US 18/04/2014

11. 5,400 IBO 100% Pinafore Holdings BV NL The Blackstone Group LP US 04/04/2014

12. 5,400 Acquisition 100% Novartis AG's animal health unit CH Eli Lilly and Company US 22/04/2014

13. 5,000 Acquisition 100% Mondelez International Inc.'s coffee business in France FR Acorn Holdings BV NL 07/05/2014

14. 4,375 Acquisition 64% Eurobank Ergasias SA GR Investors; Institutional Investors; Qualified investors 12/04/2014

15. 4,230 Acquisition increased 50% to 100% Galderma Pharma SA CH Nestle SA CH 11/02/2014

16. 4,009 Acquisition 74% Celesio AG DE Dragonfly GmbH & Co. KGaA DE 23/01/2014

17. 3,799 Minority stake 33% Raiffeisen Bank International AG AT Raiffeisen Zentralbank Österreich AG; Existing shareholders; Institutional Investors

AT 21/01/2014

18. 3,750 Minority stake X2 Resources TopCo LLP GB Investors; Noble Group Ltd; TPG Capital LP BM; US 31/03/2014

19. 3,494 IBO Visma AS NO Management; Cinven Group Ltd; Storebrand ASA; HgCapital LLP; Ilmarinen Mutual Pension Insurance Company; Institutional Investors

GB; NO; GB; FI

28/04/2014

20. 3,429 Minority stake 32% National Bank of Greece SA GR Investors; Institutional Investors 16/04/2014









Page 18 © Zephyr

Target country by volume - Western Europe deals


UK 3,187 3,479 2,790

Spain 1,089 1,330 1,019

France 881 978 955

Germany 826 1,009 859

Sweden 723 706 660


Italy 663 586 628

Finland 660 975 557

Turkey 457 438 318

Norway 426 401 289

Denmark 265 313 283

Belgium 212 266 225

Switzerland 230 262 215

Ireland 113 131 140

Austria 83 112 93

Portugal 90 96 92

Luxembourg 51 90 61

Cyprus 50 65 32

Greece 34 45 30

Malta 9 4 17

Target country by value - Western Europe deals


H2 2013 (mil USD)

H1 2014 (mil USD)

UK 87,848 104,442 106,667

Germany 55,571 60,920 73,869

Ireland 14,038 11,958 53,113

Italy 27,913 35,901 49,815

France 35,747 33,720 47,900

Spain 56,830 28,767 40,108

Netherlands 64,133 75,860 37,453

Switzerland 8,182 10,500 30,854

Sweden 18,539 14,184 20,461

Norway 11,575 12,828 19,236

Denmark 5,572 7,608 13,410

Greece 28,606 4,127 13,234

Finland 3,187 19,754 10,274

Portugal 10,734 1,605 9,986

Luxembourg 10,060 11,982 9,179

Austria 4,434 5,490 8,878

Belgium 19,187 12,652 4,623

Turkey 8,857 9,859 3,693

Cyprus 3,074 7,153 1,671

Malta 253 37 721









Page 19 © Zephyr

Target sector by volume - Western Europe deals




Wholesale & retail trade 1,045 1,188 923

Banks 779 902 729





Transport 308 340 277











Target sector by value - Western Europe deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 109,898 143,526 137,135

Banks 126,195 63,996 107,246




Primary sector 9,601 13,192 15,372

Construction 12,275 16,544 14,305




Transport 26,069 13,583 9,568





Wood, cork, paper 1,677 2,559 3,183



Public administration and defence 2,612 20 35









Page 20 © Zephyr

Western Europe private equity deals by volume and value


H1 2014 1,449 70,860

H2 2013 1,459 57,309

H1 2013 1,315 65,952

H2 2012 1,266 50,087

H1 2012 1,353 41,065

H2 2011 1,201 36,028

H1 2011 1,283 47,346

H2 2010 1,254 69,178

H1 2010 1,216 31,778









Page 21 © Zephyr

Western Europe private equity deals by volume and value

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

3. 3,494 IBO Visma AS NO Cinven Group Ltd; Storebrand ASA; HgCapital LLP; Ilmarinen Mutual Pension Insurance Company

28/04/2014

4. 3,141 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. 3,048 IBO 100% Flint Group SA LU Goldman Sachs Group Inc.; Koch Equity Development LLC 10/04/2014

6. 2,300 IBO 100% SkillSoft Ltd IE Charterhouse Capital Partners LLP 14/03/2014

7. 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

8. 2,167 Minority stake 28% Gecina SA FR Natexis Investissement SA; The Blackstone Group LP 31/01/2014

9. 2,113 Minority stake 27% Gecina SA FR The Blackstone Group LP 06/06/2014

10. 2,003 Acquisition 75% Vinci Park SA FR Ardian France 04/06/2014

11. 1,809 IBO 74% Bourbon SA FR Jaccar Holdings SA 19/05/2014

12. 1,796 IBO 100% GEA Heat Exchangers GmbH DE Triton Advisers Ltd 16/04/2014

13. 1,759 IBO majority stake Minimax Viking GmbH DE Intermediate Capital Group plc; Kirkbi A/S 12/06/2014

14. 1,651 IBO 100% Mauser AG DE Clayton Dubilier & Rice Inc. 12/05/2014

15. 1,387 IBO 50% Aurelis Real Estate GmbH & Co. KG DE Grove International Partners LLP 03/02/2014

16. 1,168 IBO 50% Trader Media Group Ltd GB Apax Partners LLP 21/01/2014

17. 1,060 Minority stake 25% London Array 1 offshore wind farm GB Caisse de Depots et Placement du Quebec 31/01/2014

18. 1,006 IBO 100% Alstom SA's air preheaters and gas heaters units in Mannheim and Dusseldorf

DE Triton Advisers Ltd 01/04/2014

19. 965 IBO 100% Cabb GmbH DE Permira Advisers LLP 22/04/2014

20. 907 IBO 85% Altamira Asset Management SL ES Apollo Management LP 03/01/2014









Page 23 © Zephyr

Target country by volume - Western Europe private equity deals


UK 387 428 409

France 243 198 258

Germany 166 189 170

Spain 91 114 143

Italy 75 108 74

Sweden 58 51 70


Finland 58 62 61

Denmark 31 34 35

Ireland 20 29 35

Switzerland 30 43 31

Norway 26 17 27

Belgium 25 31 23

Portugal 9 29 16

Austria 10 17 14

Turkey 13 12 6

Greece 4 9 6

Luxembourg 3 7 4

Cyprus 2 4 2

Target country by value - Western Europe private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)

UK 15,568 19,438 17,287

France 8,427 4,813 12,770

Germany 13,863 6,296 10,340

Netherlands 1,403 2,643 6,292

Spain 2,193 2,093 4,356

Norway 1,414 1,473 4,122

Denmark 1,632 2,795 3,903

Ireland 317 112 3,403

Luxembourg 1,929 2,432 3,049

Italy 3,625 4,761 2,547

Sweden 5,016 1,870 1,013

Greece 150 1,053 667

Finland 363 4,502 345

Switzerland 502 1,326 253

Turkey 105 26 201

Belgium 9,188 235 148

Austria 34 1,272 128

Gibraltar 34 0 18

Cyprus 161 164 10

Portugal 70 30 8









Page 24 © Zephyr

Target sectors by volume - Western Europe private equity deals


Other services 669 794 773







Banks 17 18 25



Transport 16 25 21









Target sectors by value - Western Europe private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 21,197 17,663 23,382


Banks 9,503 3,013 10,051



Transport 8,164 3,266 2,410

Wood, cork, paper 24 797 1,711


Gas, water, electricity 735 8,499 1,376



Food, beverages, tobacco 1,428 2,178 849


Construction 1,021 1,389 651

Insurance companies 92 2,958 284












Zephyr Half Year M&A ReportNorth America, H1 2014

Page 25 © Zephyr

North American M&A improves in H1 2014

M&A targeting companies based in North America in H1 2014 improved for the second consecutive period to 7,885 deals worth a combined USD 769,914 million, supported by two blockbusters each worth more than USD 65,000 million.

The value of North American M&A was at the highest recorded for the nine periods under review after advancing 2 per cent from USD 757,406 million in H2 2013, driven by an 8 per cent growth in Canadian dealmaking over the six months (H2 2013: USD 64,222 million; H1 2014: USD 69,121 million) and a 1 per cent increase in US activity (H2 2013: USD 693,254 million; H1 2014: USD 702,052 million).

Volume rose 1 per cent over the six months to a high not recorded since H2 2012 (8,485 deals), as US M&A advanced 8 per cent to help combat the 18 per cent decline by volume recorded in Canada (H2 2013: 1,976 deals; H1 2014: 1,621 deals).

North American dealmaking in H1 2014 accounted for 38 per cent of the total global M&A value of USD 2,034 billion and more than a fifth of overall volume (H1 2014: 35,429 deals).

North America deals by volume and value


H1 2014 7,885 769,914

H2 2013 7,788 757,406

H1 2013 7,703 563,857

H2 2012 8,485 613,202

H1 2012 7,932 421,596

H2 2011 7,558 521,319

H1 2011 7,726 596,685

H2 2010 7,347 467,184

H1 2010 7,139 463,499









Page 26 © Zephyr

US deals by volume and value


H1 2014 6,274 702,052

H2 2013 5,812 693,254

H1 2013 5,890 507,744

H2 2012 6,403 532,442

H1 2012 5,929 351,257

H2 2011 5,497 460,637

H1 2011 5,520 518,706

H2 2010 4,846 401,295

H1 2010 4,936 408,977

Canada deals by volume and value


H1 2014 1,621 69,121

H2 2013 1,976 64,222

H1 2013 1,815 55,731

H2 2012 2,086 80,774

H1 2012 2,002 70,133

H2 2011 2,063 61,538

H1 2011 2,206 77,938

H2 2010 2,505 66,393

H1 2010 2,202 54,514









Page 27 © Zephyr

North America deals by volume and value

6,000

6,500

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Page 28 © Zephyr

North America dealmaking boosted by Time Warner, DirecTV

There were seven North American deals each worth more than USD 10,000 million in H1 2014, of which the largest by value was the acquisition of Time Warner Cable by Comcast for USD 68,946 million followed by AT&T buying DirecTV for USD 67,100. Respectively, they accounted for the largest and second largest deals by value in the world over the six month period.

Once again, US dealmaking dominated the top 20 highest value deals for the six months and there was just one transaction which featured a Canadian target, which was Bermuda-based Brookfield Property Partners offering to acquire the remaining shares it does not currently hold in commercial real estate developer Brookfield Office Properties for USD 4,475 million.

This was one of seven deals which featured companies based outside North America acquiring companies within the region. Buyers included Actavis, Suntory Holdings, Dai-ichi Life Insurance, Mallinckrodt and CVC Capital Partners teaming up with US-based Leonard Green & Partners.

There was only one North American deal in the top 20 which crossed the US-Canada border in H1 2014 and it involved Toronto-headquartered Element Financial acquiring PHH Vehicle Management Services for USD 4,903 million.

Cerberus backs North America’s largest PE deal by value

Cerberus Capital Management backed the largest PE and VC deal by value targeting North American companies in H1 2014 after announcing the acquisition of Safeway for USD 11,185 million.

However, the most prolific dealmakers were Kohlberg Kravis Roberts (KKR), Carlyle Group and TPG Captial. Carlyle took part in two of H1 2014’s top 20 deals by value, namely the institutional buyouts of First Data and Industrial Packaging Group.

KKR backed three of the period’s biggest transactions; it bought a minority stake in First Data Holdings for USD 3,500 million; led the institutional buyout of Sedgwick Claims Management for USD 2,400; and acquired Internet Brands for USD 1,100 million.

North America PE value advances, boosted by US dealmaking

The value of PE and VC investment targeting North American companies marginally rose in H1 2014 from USD 108,832 million to USD 109,991 million, the highest recorded in the nine periods under review. The result was driven by a 7 per cent increase in the value of US dealmaking over the period (H2 2013: USD 100,441 million; H1 2014: USD 107,632 million). However, value was negatively impacted by Canadian investment activity, which failed to sustain growth in H2 2013 by slumping 72 per cent over the six months to USD 2,359 million (H2 2013: USD 8,382 million).









Page 29 © Zephyr

Top 20 North America deals by value



Announced date

1. 68,946 Acquisition 100% Time Warner Cable Inc. US Comcast Corporation US 13/02/2014

2. 67,100 Acquisition 100% DIRECTV LLC US AT&T Inc. US 18/05/2014

3. 24,245 Acquisition 100% Forest Laboratories Inc. US Actavis plc IE 18/02/2014

4. 19,000 Acquisition 100% WhatsApp Inc. US Facebook Inc. US 19/02/2014

5. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP 13/01/2014

6. 13,350 Acquisition 100% Biomet Inc. US Zimmer Holdings Inc. US 24/04/2014

7. 11,185 IBO 100% Safeway Inc. US AB Acquisition LLC US 06/03/2014

8. 7,280 Acquisition 100% TW Telecom Inc. US Level 3 Communications Inc. US 16/06/2014

9. 6,829 Acquisition 100% Pepco Holdings Inc. US Exelon Corporation US 30/04/2014

10. 6,600 Acquisition 100% Pinnacle Foods Inc. US The Hillshire Brands Company US 12/05/2014

11. 6,250 Acquisition 100% Nuveen Investments Inc. US TIAA-CREF Investment Management LLC US 14/04/2014

12. 5,995 Acquisition Access Midstream Partners LP; Access Midstream Partners GP LLC

US; US The Williams Companies Inc. US 15/06/2014

13. 5,738 Acquisition 100% Protective Life Corporation US The Dai-ichi Life Insurance Co., Ltd JP 04/06/2014

14. 5,600 Acquisition 100% Questcor Pharmaceuticals Inc. US Mallinckrodt plc IE 07/04/2014

15. 4,903 Acquisition 100% PHH Vehicle Management Services LLC US Element Financial Corporation CA 02/06/2014

16. 4,475 Acquisition Brookfield Office Properties Inc. CA Brookfield Property Partners LP BM 11/02/2014

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

18. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP GB; US 16/06/2014

19. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP US 16/01/2014

20. 3,850 Acquisition 100% Idenix Pharmaceuticals Inc. US Merck & Company Inc. US 09/06/2014









Page 30 © Zephyr

Target sector by volume - North America deals




Banks 570 446 426

















Target sector by value - North America deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 222,452 353,120 360,238



Banks 67,583 77,378 45,286


Primary sector 23,266 29,318 34,009



Transport 23,671 21,901 19,100






Publishing, printing 686 2,002 6,652

Wood, cork, paper 5,108 4,042 3,807












Page 31 © Zephyr

North America private equity deals by volume and value


H1 2014 2,282 109,991

H2 2013 2,305 108,832

H1 2013 2,376 90,373

H2 2012 2,465 96,316

H1 2012 2,391 69,594

H2 2011 2,213 75,495

H1 2011 2,093 75,470

H2 2010 1,664 76,828

H1 2010 1,823 49,716

US private equity deals by volume and value


H1 2014 2,168 107,632

H2 2013 2,133 100,441

H1 2013 2,225 87,060

H2 2012 2,311 93,372

H1 2012 2,246 66,005

H2 2011 2,065 70,942

H1 2011 1,983 65,879

H2 2010 1,562 74,894

H1 2010 1,730 48,296

Canada private equity deals by volume and value


H1 2014 113 2,359

H2 2013 170 8,382

H1 2013 150 3,313

H2 2012 155 2,944

H1 2012 144 3,414

H2 2011 148 4,553

H1 2011 111 9,591

H2 2010 101 1,894

H1 2010 93 1,420









Page 32 © Zephyr

North America private equity deals by volume and value

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Page 33 © Zephyr

Top 20 North America private equity deals by value



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

2. 4,400 IBO 100 MultiPlan Inc. US Partners Group Holding AG; Starr International Company Inc. 17/02/2014

3. 4,200 IBO majority stake Advantage Sales & Marketing LLC US CVC Capital Partners Ltd; Leonard Green & Partners LP 16/06/2014

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

5. 3,500 Minority stake First Data Holdings Inc. US Kohlberg Kravis Roberts & Company LP 19/06/2014

6. 3,200 IBO 100% Industrial Packaging Group Inc. US Carlyle Group LP 06/02/2014

7. 2,400 IBO majority stake Sedgwick Claims Management Services Inc. US Kohlberg Kravis Roberts & Company LP 27/01/2014

8. 2,100 IBO 100% Red Lobster Seafood Restaurants US Golden Gate Capital LP 16/05/2014

9. 1,800 IBO 100% Encana Oil & Gas (USA) Inc.'s certain natural gas properties in the Jonah field based in Wyoming

US TPG Capital LP 31/03/2014

10. 1,800 IBO 100% Ashland Water Technologies Inc. US Clayton Dubilier & Rice Inc. 18/02/2014

11. 1,750 Acquisition East Resources Inc.'s and unnamed company’s producing assets in Ohio; East Resources Inc.’s and unnamed company’s producing assets in West Virginia

US First Reserve Corporation LLC; The Energy & Minerals Group 09/06/2014

12. 1,730 IBO 100% Nevada Property 1 LLC US The Blackstone Group LP 15/05/2014

13. 1,570 IBO 100% Calpine Corporation's six power plants in Southeast region US LS Power Equity Advisors LLC 18/04/2014

14. 1,500 IBO 100% The Warranty Group Inc. US TPG Capital LP 21/03/2014

15. 1,400 IBO majority stake The Hillman Companies Inc. US CCMP Capital Advisors LLC 19/05/2014

16. 1,300 IBO 100% DFC Global Corporation US Lone Star Funds 02/04/2014

17. 1,300 IBO 100% CEC Entertainment Inc. US Apollo Global Management LLC 16/01/2014

18. 1,200 Minority stake Uber Technologies Inc. US Menlo Ventures; Kleiner Perkins Caufield & Byers; Wellington Management Company LLP; Summit Partners LP; BlackRock Inc.; FMR LLC; Google Ventures

06/06/2014

19. 1,100 IBO 100% Internet Brands Inc. US Kohlberg Kravis Roberts & Company LP 03/06/2014

20. 1,100 IBO majority stake Renaissance Learning Inc. US Hellman & Friedman LLC; Google Capital 13/03/2014









Page 34 © Zephyr

Target sectors by volume - North America private equity deals













Banks 28 29 17


Transport 12 12 15






Target sectors by value - North America private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 36,048 39,772 52,451



Hotels & restaurants 264 337 6,645


Metals & metal products 221 765 4,681

Primary sector 1,611 1,990 4,236

Education, health 733 2,455 2,925

Gas, water, electricity 1,395 923 2,597

Banks 800 1,696 2,134

Food, beverages, tobacco 1,084 60 2,050

Insurance companies 15 68 1,654


Textiles, wearing apparel, leather 876 2,727 833


Transport 243 1,761 169











Zephyr Half Year M&A ReportAsia and Asia Pacific, H1 2014

Page 35 © Zephyr

Asia and Asia Pacific M&A value improves in H1 2014

The value of M&A targeting companies based in Asia and Asia Pacific grew for the second consecutive half year period in H1 2014, advancing by a marginal percentage to the highest figure recorded since H2 2010 (USD 499,329 million).

There were 10,189 deals worth USD 478,226 million signed off in H1 2014, which accounted for 29 per cent of total global M&A volume (35,429 deals) and 24 per cent of overall value (USD 2,034 billion).

M&A value was boosted by a blockbuster deal valued at USD 36,474 million but volume continued to form a series of peaks and troughs after dealmaking slipped by more than a fifth in H1 2014 (H2 2013: 12,971 transactions) to a new low recorded for the nine periods under review.

Asia and Asia Pacific deals by volume and value


H1 2014 10,189 478,226

H2 2013 12,971 476,751

H1 2013 11,651 356,632

H2 2012 12,421 419,275

H1 2012 11,958 388,768

H2 2011 12,758 426,794

H1 2011 12,262 454,219

H2 2010 12,845 499,329

H1 2010 12,417 424,935









Page 36 © Zephyr

Asia and Asia Pacific deals by volume and value

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Page 37 © Zephyr

Chinese companies main M&A targets in H1 2014

Chinese companies were the main targets of M&A in H1 2014 with a total of 2,044 deals worth a combined USD 185,949 million, up from 1,987 transactions valued at USD 85,913 million in H1 2013, and they accounted for the four largest deals by value in Asia and Asia Pacific in H1 2014.

The highest value deal of the six months was Hong Kong steel-to-property conglomerate Citic Pacific acquiring Citic for USD 36,474 million, which alone accounted for 8 per cent of Asia and Asia Pacific’s overall M&A value for the period (USD 478,226 million).

All the top 20 deals by value were worth more than USD 2,000 million and targeted companies based in Australia, China, South Korea, Hong Kong, India, Japan and Singapore. Dealmaking was not kept within the region as there were acquirors or investors from Saudi Arabia, Belgium and Switzerland, among others.

Temasek backs the region’s two largest PE deals by value

Temasek Holdings was involved in the region’s two largest deals by value in H1 2014; it bought a quarter of AS Watson for USD 5,674 million and led the institutional buyout of a 52 per cent stake Olam International worth USD 2,787 million.

Carlyle Group and Hopu Investment Management each backed two of the half year’s top 20 deals by value. Carlyle acquired Tyco Fire & Security Services of South Korea for USD 1,930 million and a 51 per cent stake in Oyatsu Company of Japan for USD 246 million. Hopu took part in a share subscription by Iowa China Offshore Holdings valued at USD 2,104 million and, along with three partners, injected cash into Cofco Meat Investment via a funding round worth USD 270 million.

PE value at new high

The value of PE and VC investment in companies based in Asia and Asia Pacific continued to grow in H1 2014, jumping 64 per cent to USD 28,246 million from USD 17,197 million in H2 2013. The result was the highest recorded for the nine periods under review and was driven by six blockbuster PE deals each worth more than USD 1,000 million and which together accounted for 58 per cent of the region’s overall PE value for the six months.

The volume of PE investment in companies based in Asia and Asia Pacific failed to sustain growth in H2 2013 when dealmaking jumped 50 per cent to 620 deals from 413 in H1 2013. However, the 563 transactions signed off in H1 2014 still remains one of the highest recorded for the nine periods under review.









Page 38 © Zephyr

Top 20 Asia and Asia Pacific deals by value



Announced date

1. 36,474 Acquisition 100% CITIC Ltd CN CITIC Pacific Ltd HK 16/04/2014

2. 12,826 Minority stake Agricultural Bank of China Ltd CN Qualified investors 08/05/2014

3. 10,605 Acquisition 100% Greenland Holding Group Co., Ltd CN Shanghai Jinfeng Investment Co., Ltd CN 18/03/2014

4. 9,633 Minority stake Bank of China Ltd CN Investors 14/05/2014

5. 8,387 Acquisition 100% Westfield Retail Trust AU Scentre Group AU 14/04/2014

6. 6,613 Acquisition 100% Queensland Motorways Pty Ltd AU Transurban Group; Tawreed Investments Ltd; AustralianSuper Pty Ltd

AU; SA; AU 24/04/2014

7. 5,800 Acquisition 100% Oriental Brewery Co., Ltd KR Anheuser-Busch InBev NV BE 20/01/2014

8. 5,674 Minority stake 25% AS Watson & Company Ltd HK Mayon Investments Pte Ltd 21/03/2014

9. 5,100 Minority stake 13% CITIC Pacific Ltd HK Temasek Holdings Pte Ltd; Tokio Marine & Nichido Fire Insurance Co., Ltd; China Life Insurance Co., Ltd; Fubon Life Assurance Co., Ltd; 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

SG; JP; TW:TW; CN; QA; HK; HK; HK; HK; JP; TW; HK; HK; HK; HK; VG

14/05/2014

10. 4,808 Minority stake China State Construction Engineering Corporation Ltd CN 27/05/2014









Page 39 © Zephyr

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



Announced date

11. 4,794 Minority stake Shanghai Pudong Development Bank Co., Ltd CN 30/04/2014

12. 3,295 Acquisition 100% Cheil Industries Inc. KR Samsung SDI Co., Ltd KR 31/03/2014

13. 3,278 Acquisition 100% Kakao Corporation KR Daum Communications Corporation KR 26/05/2014

14. 3,223 Acquisition 100% Ranbaxy Laboratories Ltd IN Sun Pharmaceutical Industries Ltd IN 07/04/2014

15. 3,078 Minority stake 10% Mitsui Fudosan Co., Ltd JP 27/05/2014

16. 3,070 Minority stake 33% Bangkok Dusit Medical Services PCL TH 13/03/2014

17. 3,022 Minority stake 10% Woodside Petroleum Ltd AU Mitsui & Co., Ltd; Mitsubishi Corporation; BHP Billiton Ltd; Undisclosed bidders; Sovereign Wealth Funds

JP; JP; AU 18/06/2014

18. 2,787 IBO 52% - Acting in concert Olam International Ltd SG Breedens Investments Pte Ltd SG 04/04/2014

19. 2,613 Acquisition 100% Royal Dutch Shell Plc's refining and retail business in Australia

AU Vitol SA; Abu Dhabi Investment Council CH; AE 21/02/2014

20. 2,606 Minority stake Mitsubishi Motors Corporation JP 07/01/2014









Page 40 © Zephyr

Target country by volume - Asia and Asia Pacific deals


China 1,987 2,533 2,044

Australia 2,530 2,484 1,494

Japan 1,442 1,608 1,396

India 753 1,146 1,290

South Korea 1,392 1,509 1,148

Malaysia 558 660 597

Taiwan 1,106 1,183 501

Vietnam 407 410 460

Singapore 368 332 289

Thailand 121 143 178

Hong Kong 156 180 168

New Zealand 180 196 168

Indonesia 321 235 161

Philippines 92 102 90

Sri Lanka 47 44 45

Kyrgyzstan 27 37 37

Kazakhstan 44 35 32

Marshall Islands 15 23 25

Samoa 7 19 22

Azerbaijan 26 27 18

Target country by value - Asia and Asia Pacific deals


H2 2013 (mil USD)

H1 2014 (mil USD)

China 85,913 176,799 185,949

Australia 56,191 58,015 68,407

South Korea 30,217 42,658 46,636

Japan 62,204 70,670 42,107

India 22,109 30,211 36,291

Hong Kong 6,605 12,348 25,014

Taiwan 27,382 26,930 15,399

Singapore 20,592 7,817 15,089

Malaysia 6,069 10,211 14,953

Thailand 6,283 7,075 8,714

Indonesia 12,670 13,802 8,009

New Zealand 5,595 5,381 4,693

Marshall Islands 744 2,607 3,604

Vietnam 2,798 2,122 3,002

Philippines 7,000 7,087 2,808

Papua New Guinea 329 226 1,130

Kazakhstan 3,335 4,357 901

Armenia 2 0 340

Uzbekistan 17 1 232

Sri Lanka 279 427 208









Page 41 © Zephyr

Target sector by volume - Asia and Asia Pacific deals




Chemicals, rubber, plastics 1,030 1,140 894


Banks 826 1,021 758















Target sector by value - Asia and Asia Pacific deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 75,606 84,950 119,876

Banks 47,878 73,687 79,008


Construction 26,114 44,876 42,893



Transport 19,594 19,753 24,942



Primary sector 10,741 13,842 14,813






Wood, cork, paper 1,251 1,995 3,441












Page 42 © Zephyr

Asia and Asia Pacific private equity deals by volume and value


H1 2014 563 28,246

H2 2013 620 17,197

H1 2013 413 12,413

H2 2012 518 13,381

H1 2012 482 14,893

H2 2011 549 17,486

H1 2011 538 24,261

H2 2010 464 14,586

H1 2010 379 9,510









Page 43 © Zephyr

Asia and Asia Pacific private equity deals by volume and value

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Page 44 © Zephyr

Top 20 Asia and Asia Pacific private equity deals by value



1. 5,674 Minority stake 25% AS Watson & Company Ltd HK Temasek Holdings Pte Ltd 21/03/2014

2. 2,787 IBO 52% - Acting in concert Olam International Ltd SG Temasek Holdings Pte Ltd 04/04/2014

3. 2,385 Acquisition increased 15% to 100% DEXUS CPA Trust AU Canada Pension Plan Investment Board 06/01/2014

4. 2,104 Minority stake 30% Iowa China Offshore Holdings (Hong Kong) Ltd HK CLH Ltd; Hopu Investment Management Co., Ltd 18/02/2014

5. 1,930 IBO 100% Tyco Fire & Security Services Korea Co., Ltd KR Carlyle Group LP 03/03/2014

6. 1,622 IBO 100% Port of Newcastle project company AU Hastings Funds Management Ltd 30/04/2014

7. 794 IBO 100% Transpacific Industries Group Ltd's New Zealand waste management business

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

8. 681 IBO 78% NEC BIGLOBE Ltd JP Japan Industrial Partners, Inc. 30/01/2014

9. 407 IBO 100% Roland Corporation JP Taiyo Pacific Partners LP 14/05/2014

10. 406 IBO 70% Sensis Pty Ltd AU Platinum Equity LLC 13/01/2014

11. 351 IBO 100% Kreuz Holdings Ltd SG Headland Capital Partners Ltd 13/01/2014

12. 320 IBO 60% Inner Mongolia Yili Livestock Development Co., Ltd CN CITIC Private Equity Funds Management Co., Ltd; Yunfeng Capital Ltd 06/06/2014

13. 301 Minority stake 10% Shanghai Chengtou Holding Co., Ltd CN Hony Capital Co., Ltd 22/01/2014

14. 300 IBO 69% Beijing South Beauty Restaurants Co., Ltd CN CVC Capital Partners Ltd 11/01/2014

15. 270 IBO COFCO Meat Investment Co., Ltd CN Kohlberg Kravis Roberts & Company LP; Baring Private Equity Partners Asia; Hopu Investment Management Co., Ltd; Boyu Capital Consultancy Co., Ltd

05/06/2014

16. 260 IBO 100% Aditya Birla Minacs Worldwide Ltd IN CX Partners Pte Ltd; Capital Square Partners 30/01/2014

17. 256 Minority stake Nippon Renewable Energy KK JP Partners Group AG; Equis Funds Group Pte Ltd 27/01/2014

18. 250 Minority stake Campaign Monitor Pty Ltd AU Insight Venture Partners 16/04/2014

19. 250 Minority stake Shanghai Yupei Group Co., Ltd CN RRJ Management (HK) Ltd; SeaTown Holdings International Pte Ltd 10/04/2014

20. 246 IBO 51% Oyatsu Company, KK JP Carlyle Group LP 29/05/2014









Page 45 © Zephyr

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


China 72 168 187

India 167 217 183

Japan 59 93 75

Singapore 26 25 32

Australia 29 50 23

South Korea 10 20 17

Hong Kong 2 6 9

Vietnam 5 5 6

New Zealand 5 7 6

Indonesia 11 8 5

Thailand 2 4 5

Malaysia 11 9 5

Philippines 3 3 4

Pakistan 0 0 2

Taiwan 5 3 2

Kazakhstan 0 1 1

Bangladesh 1 0 1

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


H2 2013 (mil USD)

H1 2014 (mil USD)

Hong Kong 1 6 8,003

Australia 5,741 2,046 5,249

China 556 5,091 4,032

Singapore 94 86 3,225

South Korea 691 3,410 2,402

India 1,609 2,750 2,262

Japan 1,381 2,691 1,982

New Zealand 12 638 817

Philippines 321 61 86

Malaysia 137 350 60

Taiwan 27 0 60

Indonesia 1,435 5 20

Vietnam 405 54 17

Kazakhstan 0 6 15

Thailand 0 2 11

Bangladesh 2 0 5









Page 46 © Zephyr

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







Banks 20 16 17




Transport 6 7 11


Construction 6 10 3







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


H2 2013 (mil USD)

H1 2014 (mil USD)


Wholesale & retail trade 1,857 752 6,507

Primary sector 0 124 3,257

Banks 422 371 2,581

Transport 448 1,486 2,174

Publishing, printing 328 229 1,196


Food, beverages, tobacco 1,259 323 700




Chemicals, rubber, plastics 690 1,331 135

Construction 126 2,467 88




Insurance companies 0 1,719 0









Zephyr Half Year M&A ReportMiddle East, H1 2014

Page 47 © 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 back to growth

The value of M&A targeting Middle Eastern companies (excluding Israel) was robust in H1 2014 in spite of rising tension in the region. After a dip in H2 2013, M&A value rebounded to USD 7,127 million although volume continued to slide from 160 deals to 136, the lowest point in the nine periods under review.

Year-on-year, both and value and volume were down compared to the 206 transactions worth a collective USD 11,741 million announced in H1 2013, but the current situation in Iraq, added to continuing political uncertainty in Syria and Egypt, could be potential factors in this decrease.

M&A results were buoyed by strong PE and VC investment in the region as value leapt to a high of USD 833 million, despite weaker volume. Almost two-thirds of this amount was attributable to a single transaction: a consortium of investors led by Fajr Capital agreed to buy Dubai-based oilfield services company National Petroleum for USD 500 million.

Middle East deals by volume and value


H1 2014 136 7,127

H2 2013 160 3,537

H1 2013 206 11,741

H2 2012 201 16,752

H1 2012 141 9,476

H2 2011 174 4,240

H1 2011 250 11,153

H2 2010 485 8,340

H1 2010 456 9,708









Page 48 © Zephyr


Middle East deals by volume and value

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Top three M&A deals are minority stakes

The two highest-valued M&A transactions targeting Middle Eastern companies were each worth USD 1,000 million and involved minority stakes. In the first of these, the chief executive of Arabtec Holding Company, a publicly-listed real estate company based in the United Arab Emirates (UAE), increased his shareholding in the business from 8 to 22 per cent for around USD 1,000 million. This was followed at number two by Dubai-headquartered marine terminals operator DP World issuing convertible bonds worth USD 1,000 million.

The number three deal by value also involved the transfer of a minority interest. Barwa Real Estate sold its 37 per cent stake in Qatari lender Barwa Bank to Qatari Diar Real Estate Company for USD 656 million. While the majority of M&A activity was kept within the region, acquirors from the Cayman Islands, the Netherlands, the UK and South Africa were also involved in transactions targeting Middle Eastern companies.

Significant growth in construction, transport

The Arabtec Holding transaction lifted overall deal value targeting the construction sector to USD 1,345 million, more than double the USD 583 million-worth of dealmaking announced in H2 2013.

This was followed by the transport industry, which was ranked second by value with USD 1,078 million and the sector’s second-highest result of the nine periods under review (H2 2012: USD 1,477 million).

Banking, which normally takes top spot in the value table, attracted M&A investment totalling USD 1,051 million in H1 2014, but this was two-thirds higher than the USD 630 million recorded in H2 2013.

Banking maintained its leading position by volume with 37 transactions, although this represented the third decrease in a row (H1 2013: 59; H2 2013: 48). The industry was targeted in three of the top 20 deals by value, proving it is still one of the region’s key industries.

UAE leads by value, Jordan top by volume

Companies based in the UAE accounted for the highest proportion of M&A transaction value in H1 2014 with USD 4,166 million, some 58 per cent of the region’s total for the six months. This was a significant improvement on USD 1,592 million in H2 2013 and more than three-times as much as second-placed Qatar with USD 1,296 million.

Jordan was the leading country in terms of volume with 49 transactions, but these were not high-value deals, or else were deals for which the values were not disclosed. The total value of transactions with Jordanian targets was USD 212 million, equivalent to just 3 per cent of overall M&A value for the region.









Page 50 © Zephyr


Top 20 Middle East deals by value



Announced date

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

2. 1,000 Minority stake DP World Ltd AE 12/06/2014

3. 656 Minority stake 37% Barwa Bank QSC QA Qatari Diar Real Estate Investment Company QA 20/01/2014

4. 500 Acquisition 100% Palm Utilities LLC AE Emirates Central Cooling Systems Corporation AE 20/01/2014

5. 500 IBO majority stake National Petroleum Services AE Investors; Arab Petroleum Investments Corporation; Fajr Capital Ltd

SA; AE 22/04/2014

6. 446 Minority stake 20% Qatari Investors Group QSC QA Ezdan Holding Group QSC QA 13/05/2014

7. 265 Minority stake 31% Ras Al Khaimah Ceramics AE Samena Limestone Company KY 28/04/2014

8. 263 Minority stake 10% Oman Telecommunications Company SAOG OM Local investors; Omani citizens OM 17/03/2014

9. 235 Acquisition 51% General Lighting Company JSC SA Koninklijke Philips NV NL 17/03/2014

10. 213 Minority stake 18% National Petroleum Services Company KSCC KW 22/01/2014

11. 209 Minority stake 3% Arabtec Holding Company PJSC AE 08/06/2014

12. 177 Acquisition 100% Barclays Plc's retail banking operations in the UAE AE Abu Dhabi Islamic Bank PJSC AE 06/04/2014

13. 163 Acquisition 100% Byrne Investments Ltd AE Al-Tala'a International Transportation Company Ltd; Venture Capital Bank BSC

SA; BH 25/03/2014

14. 122 Acquisition 51% United Arab Can Manufacturing Company Ltd SA Rexam plc GB 13/02/2014

15. 120 Minority stake 49% Doha Insurance Company QSC QA 06/01/2014

16. 99 Minority stake 30% Noor Financial Investment Company KSCC KW Investor 05/04/2014

17. 80 Acquisition increased 20% to 80% Tamdeen Imtiaziat Holding Company KW Al-Tamdeen Investment Company KSCC KW 11/06/2014

18. 77 Minority stake 39% KGL Logistics Company KSCC KW 08/01/2014

19. 75 Minority stake Souq.com FZ LLC AE Naspers Ltd ZA 24/03/2014

20. 71 Minority stake Arab Jordan Investment Bank JO 21/01/2014









Page 51 © Zephyr


Target country by volume - Middle East deals


Jordan 97 62 49

UAE 47 45 36

Kuwait 13 9 17

Saudi Arabia 20 20 8

Qatar 8 2 8

Oman 13 9 7

Bahrain 4 6 7

Lebanon 4 1 3

Iraq 0 4 2

Syria 0 0 0

Yemen 0 0 0

Iran 0 2 0

Target country by value - Middle East deals


H2 2013 (mil USD)

H1 2014 (mil USD)

UAE 5,495 1,592 4,166

Qatar 2,186 0 1,296

Kuwait 1,334 392 647

Saudi Arabia 844 804 394

Oman 578 121 345

Jordan 949 121 212

Bahrain 352 290 41

Iraq 0 42 26

Yemen 0 0 0

Syria 0 0 0

Iran 0 165 0

Lebanon 1 10 0









Page 52 © Zephyr


Target sector by volume - Middle East deals


Banks 59 48 37







Transport 9 5 4












Target sector by value - Middle East deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Construction 1,843 583 1,345

Transport 20 2 1,078

Banks 4,571 630 1,051





Wholesale & retail trade 1,334 42 274



Metals & metal products 1,974 1 123

















Page 53 © Zephyr


Middle East private equity deals by volume and value


H1 2014 9 833

H2 2013 11 3

H1 2013 18 247

H2 2012 4 0

H1 2012 10 805

H2 2011 9 97

H1 2011 10 30

H2 2010 12 656

H1 2010 12 157









Page 54 © Zephyr


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Middle East private equity deals by value



1. 500 IBO majority stake National Petroleum Services AE Khazanah Nasional Bhd 22/04/2014

2. 163 Acquisition 100% Byrne Investments Ltd AE Venture Capital Bank BSC 25/03/2014

3. 75 Minority stake Souq.com FZ LLC AE Naspers Ltd 24/03/2014

4. 60 Minority stake Aster DM Healthcare AE India Value Fund Advisors Pvt Ltd; Olympus Capital Asia Investments Ltd 28/05/2014

5. 34 IBO 100% Undisclosed American curriculum private school in Dubai AE GFH Capital Ltd 17/05/2014

6. 0 Minority stake FishFishMe Inc. AE 06/01/2014

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

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

9. n.a. Minority stake Shamsuna Power; Nafith Logistics; National Bank of Iraq JO; JO; IQ Foursan Group 06/05/2014









Page 56 © Zephyr


Target country by volume - Middle East private equity deals


UAE 11 8 8

Iraq 0 0 1

Jordan 2 0 1

Oman 1 0 0

Qatar 0 1 0

Saudi Arabia 1 2 0

Bahrain 0 0 0

Kuwait 0 0 0

Lebanon 3 0 0

Target country by value - Middle East private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)

UAE 216 3 833

Oman 30 0 0

Qatar 0 0 0

Saudi Arabia 0 0 0

Bahrain 0 0 0

Iraq 0 0 0

Kuwait 0 0 0

Lebanon 1 0 0

Jordan 0 0 0









Page 57 © Zephyr


Target sectors by volume - Middle East private equity deals







Banks 0 0 1

Transport 0 1 1

Construction 0 0 0












Target sectors by value - Middle East private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)





Banks 0 0 0

Transport 0 2 0

Construction 0 0 0




















Zephyr Half Year M&A ReportRussia/CEE, H1 2014

Page 58 © Zephyr

Russia and CEE deal value plummets, volume also down

The total value of deals with targets based in Russia and Central and Eastern Europe (CEE) declined in H1 2014, sliding 45 per cent from USD 124,102 million to USD 68,727 million. The result was also disappointing when compared to USD 122,359 million in H1 2013.

The drop in value was mirrored by declining volume, which slid over the six months to 5,375 transactions compared to 6,093 in H2 2013. However, the result is up on H1 2013, when 4,438 deals were signed off.

Russia/CEE deals by volume and value


H1 2014 5,375 68,727

H2 2013 6,093 124,102

H1 2013 4,438 122,359

H2 2012 3,981 79,343

H1 2012 3,751 48,359

H2 2011 3,829 104,753

H1 2011 3,817 118,790

H2 2010 4,437 102,740

H1 2010 5,215 108,582









Page 59 © Zephyr

Russia/CEE deals by volume and value

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Capital increase is the region’s most valuable deal

The largest deal involving a Russian or CEE target in H1 2014 was a private placement by Moscow-based Bank VTB 24, which committed to issuing 85,547 million shares to raise USD 5,707 million. This deal alone accounted for 8 per cent of total regional value for the six months (USD 68,727 million).

That deal was closely followed by a stake purchase in Moscow-headquartered Stroigazkonsalting. Ruslan Baisarov has agreed to increase his holding in the company by 44 per cent in a transaction worth USD 5,000 million.

Russian companies dominated the region’s top 20 deals by value in H1 2014. In all, companies in the country were targeted in 14 of the top 20 transactions.

PE value also slumps, volume declines at slower rate

PE and VC investment in Russia and CEE plummeted in H1 2014 to just USD 691 million from USD 10,484 million in H2 2013. The result is lower than at any time in the entire nine half-year periods under review,.

Volume also weakened but at a slower rate of 10 per cent. There were 243 deals in the first six months of this year, compared to 270 in H2 2013. Although this represents a decrease, it is still the second highest result in the entire period under review.

The region’s largest private equity deal was a USD 100 million buyout of Moscow-headquartered fitness club operator Kompaniya Russkaya Fitnes Gruppa by VTB Kapital and Goldman Sachs. This deal alone accounted for 15 per cent of total PE investment in the region over the six months, thereby highlighting the disappointing value result.

Russia leads the way by value, Bulgaria by volume

Russian targets attracted the most investment in H1 2014, with USD 46,902 million ploughed into the country over the six months, although this is some way behind the USD 96,155 million in H2 2013 and USD 95,662 million in H1 2013.

In an unusual occurrence, Bulgaria led by volume with 1,683 deals. However, companies based in country were involved in USD 1,278 million-worth of deals, suggesting individual transactions had lower considerations. By contrast, Russia’s USD 46,902 million was invested across 1,233 deals, suggesting higher individual considerations.

Companies based in the Ukraine were the next significant targets of M&A, attracting investment of USD 6,680 million in H1 2014.









Page 61 © Zephyr

Top 20 Russia/CEE deals by value



Announced date

1. 5,707 Acquisition increased to 100% Bank VTB 24 ZAO RU Bank VTB OAO RU 17/06/2014

2. 5,000 Acquisition increased 30% to 74% Stroigazkonsalting OOO RU Mr Ruslan Baisarov RU 03/06/2014

3. 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 Rus Kholding OOO RU 28/03/2014

4. 2,366 Minority stake 18% Aktsionernaya Neftyanaya Kompaniya Bashneft OAO RU 14/05/2014

5. 1,904 Acquisition increased to 100% Natsionalna Aktsionerna Kompaniya Naftohaz Ukrayiny PAT UA Ministerstvo Vuhilnoyi Promyslovosti Ukrayiny UA 29/05/2014

6. 1,629 Acquisition 78% Pivnichnyy Hirnycho-Zbahachuvalnyy Kombinat PAT UA MetInvest BV NL 12/02/2014

7. 1,568 Acquisition increased 51% to 100% Yugragazpererabotka OOO RU Sibur Kholding OAO RU 21/02/2014

8. 1,252 Acquisition increased to 100% Mobitel OOO RU Otkrytoe Aktsionernoe Obshchestvo Mezhdugorodnoi i Mezhdunarodnoi Elektricheskoi Svyazi Rostelekom

RU 03/04/2014

9. 1,128 Acquisition increased 61% to 100% T-Mobile Czech Republic AS CZ Deutsche Telekom AG DE 10/02/2014

10. 1,050 Acquisition 82% Grazhdanskie Samolety Sukhogo ZAO RU Aviatsionnaya Kholdingovaya Kompaniya Sukhoi OAO RU 19/05/2014









Page 62 © Zephyr

Top 20 Russia/CEE deals by value (cont’d)



Announced date

11. 1,000 Acquisition 100% Burneftegaz OOO RU Aktsionernaya Neftyanaya Kompaniya Bashneft OAO RU 27/03/2014

12. 999 Acquisition 99% Tsentralnyy Hirnicho-Zbahachuvalnyy Kombinat PAT UA MetInvest BV NL 12/02/2014

13. 892 Acquisition 100% Stankoprom OAO RU Obyedinennaya Promyshlennaya Korporatsiya Oboronprom OAO; Rostekh

RU; RU 20/01/2014

14. 869 Acquisition 65% Grupa Zywiec SA PL Heineken CEE Beteiligungs GmbH AT 06/06/2014

15. 820 Acquisition 100% Cinema City Romania SRL RO Cineworld Group plc GB 13/01/2014

16. 788 Acquisition 100% Promobyekt OOO RU LSR Nedvizhimost-M ZAO RU 21/04/2014

17. 778 Minority stake Otkrytoe Aktsionernoe Obshchestvo Mezhdugorodnoi i Mezhdunarodnoi Elektricheskoi Svyazi Rostelekom

RU Mobitel OOO RU 03/04/2014

18. 688 Minority stake 47% Nauchno-Proizvodstvennoe Obyedinenie Saturn OAO RU Obyedinennaya Promyshlennaya Korporatsiya Oboronprom OAO; Federalnoe Agentstvo Po Upravleniyu Gosudarstvennym Imushchestvom; Upravlyayushchaya Kompaniya Obyedinennaya Dvigatelestroitelnaya Korporatsiya OAO; Rostekh

RU; RU; RU; RU

14/05/2014

19. 680 Acquisition increased to 100% Rusatom Oversiz ZAO RU Atomnyi Energopromyshlennyi Kompleks OAO RU 28/02/2014

20. 678 Acquisition 100% Territorialnaya Generiruyushchaya Kompaniya N 9 OAO RU Volzhskaya Territorialnaya Generiruyushchaya Kompaniya OAO

RU 19/05/2014









Page 63 © Zephyr

Target country by volume - Russia/CEE deals


Bulgaria 422 1,827 1,683

Russia 1,313 1,564 1,233

Poland 777 891 667

Ukraine 784 528 565

Romania 239 204 312

Estonia 154 190 163

Belarus 152 169 121

Latvia 88 126 116

Moldova 94 91 102

Hungary 77 125 86

Serbia 79 72 77

Czech Republic 100 97 74

Lithuania 48 89 54

Bosnia And Herzegovina 35 37 46

Slovakia 24 19 31

Croatia 26 28 21

Macedonia 15 17 20

Slovenia 17 25 13

Montenegro 4 2 2

Target country by value - Russia/CEE deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Russia 95,662 96,155 46,902

Ukraine 8,074 5,910 6,680

Poland 9,296 11,078 5,323

Czech Republic 3,248 5,492 2,652

Romania 1,194 1,940 2,389

Bulgaria 1,783 1,372 1,278

Lithuania 1,204 89 935

Hungary 327 2,839 885

Croatia 89 1,541 310

Slovakia 559 184 303

Estonia 107 287 226

Latvia 70 60 210

Belarus 342 295 192

Serbia 65 428 131

Bosnia And Herzegovina 86 32 112

Moldova 37 41 102

Slovenia 391 232 67

Montenegro 18 0 42

Macedonia 12 10 24









Page 64 © Zephyr

Target sector by volume - Russia/CEE deals




Banks 536 562 546

















Target sector by value - Russia/CEE deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 9,909 22,989 15,972

Banks 16,750 15,860 11,840

Primary sector 15,869 20,695 8,526

Construction 3,581 10,359 7,706






Transport 3,024 5,437 1,648

Insurance companies 601 629 1,489

Food, beverages, tobacco 618 974 1,110
















Page 65 © Zephyr

Russia/CEE private equity deals by volume and value


H1 2014 243 691

H2 2013 270 10,484

H1 2013 145 5,104

H2 2012 172 1,954

H1 2012 116 2,076

H2 2011 121 3,664

H1 2011 126 5,505

H2 2010 123 2,897

H1 2010 87 2,542









Page 66 © Zephyr

Russia/CEE private equity deals by volume and value

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Top 20 Russia/CEE private equity deals by value



1. 100 IBO 50% Kompaniya Russkaya Fitnes Gruppa RU Goldman Sachs Group Inc.; VTB Kapital ZAO 03/02/2014

2. 98 IBO 75% Fashion Arena Centre Management SRO CZ Meyer Bergman Ltd 26/02/2014

3. 60 Acquisition increased to 100% Krokus Nanoelektronika OOO RU Rosnano OAO 28/04/2014

4. 54 Minority stake Kotton Vei OOO RU Upravlyayushchaya Kompaniya RFPI OOO 17/01/2014

5. 33 IBO 100% Rieber Foods Polska SA PL Innova Phoenix Sarl 23/05/2014

6. 32 Acquisition 100% Kujawskie Zaklady Poligraficzne Druk-Pak SA PL Highlander Partners LP 06/06/2014

7. 30 Minority stake 40% Santens Logistik Group OOO RU UFG Asset Management 07/04/2014

8. 26 Minority stake SocialBakers AS CZ Earlybird VC Management GmbH & Co. KG; Index Venture Management LLP 18/02/2014

9. 23 IBO 100% Ecoservice UAB LT BaltCap AS 21/02/2014

10. 16 Minority stake Softklub OOO BY Zubr Kapital OOO 06/02/2014

11. 14 Minority stake Eurakras UAB LT BaltCap AS 16/04/2014

12. 14 Minority stake 48% Primekss SIA LV Wermuth Asset Management GmbH 23/01/2014

13. 12 Minority stake Ostrovok.ru OOO RU 18/06/2014

14. 11 Acquisition increased to 100% Nueve 2 Sp zoo XXVI Sp kA PL Magna Polonia SA 03/04/2014

15. 11 Minority stake Ell Ru OOO RU Investment AB Kinnevik; Vostok Gas Ltd 18/06/2014

16. 10 IBO 100% Media Mir OOO RU EDevelopment 05/03/2014

17. 10 Minority stake Mobile Finance Management Solutions RU iTech Capital 29/04/2014

18. 10 Minority stake Mango Telekom OOO RU Intel Capital Corporation 03/02/2014

19. 10 Minority stake 30% Aviasales.ru RU iTech Capital 11/02/2014

20. 10 Minority stake Kupishuz OOO RU The International Finance Corporation 28/01/2014









Page 68 © Zephyr

Target country by volume - Russia/CEE private equity deals


Russia 51 142 111

Bulgaria 28 51 45

Hungary 14 11 18

Ukraine 4 14 16

Poland 11 13 12

Estonia 8 8 9

Romania 3 2 9

Lithuania 11 7 9

Czech Republic 4 9 7

Latvia 4 9 3

Slovenia 1 2 2

Belarus 0 2 1

Serbia 0 0 1

Target country by value - Russia/CEE private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Russia 2,704 4,769 356

Czech Republic 2,152 4,225 136

Poland 167 2,135 83

Lithuania 12 1 38

Hungary 4 731 23

Latvia 3 4 16

Belarus 0 1 16

Estonia 50 5 9

Romania 1 0 7

Ukraine 1 12 4

Bulgaria 10 51 2









Page 69 © Zephyr

Target sectors by volume - Russia/CEE private equity deals







Construction 2 3 5

Banks 3 6 3








Transport 2 2 1




Target sectors by value - Russia/CEE private equity deals


H2 2013 (mil USD)

H1 2014 (mil USD)

Other services 1,556 4,844 442





Transport 216 0 30



Chemicals, rubber, plastics 95 4,446 2


Banks 71 77 0






Gas, water, electricity 2,114 127 0









Page 70 © Zephyr


Zephyr Half Year 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 - 22/06/2014 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 71 © Zephyr


Zephyr Half Year 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





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Zephyr Half Year M&A Report reports...3. 42,900 Acquisition 100% Covidien plc IE Medtronic Inc. US...

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