Including league tables of financial advisors June 2017 An Acuris Company PDF
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An Acuris Company Including league tables of financial advisors June 2017 Global and regional M&A: H1 2017 Mergermarket.com An Acuris Company Table of contents Regional M&A comparison 3 - Global 4 - Europe 8 - US 12 - Central & South America 16 - Asia -Pacific (excl. Japan) 20 - Japan 24 - Africa & Middle East 28 Global league tables 32 Europe league tables 33 Americas league tables 52 Asia-Pacific league tables 60 Africa & Middle Easter league tables 68 Private equity league tables 69 Criteria 81 Mergermarket.com Mergermarket Global and regional Regional M&A comparison 3 M&A: H1 2017 Regional M&A comparison Below is a break down of each region’s cross border activity, together with the top sector Global M&A C & S America $1.492tn, 8.4% vs. H1 2016 $25.2bn, -3.6% vs. H1 2016 Cross -b order $703.8bn 27.8% Inbound $12.7bn -17.3% Energy, $267.9bn 51.9% Outbound $5.1bn -34% Mining & Utilities Cons um er $6.3bn 124.8% US Africa & Middle East $481.9bn32.3% $602.6bn, 2.4% vs. H1 2016 $38.4bn, 12.7% vs. H1 2016 $654.4bn 44% Inbound $213bn 27.4% Inbound $32bn 36% 1% $14.4bn Outbound $199.7bn 101.5% Outbound $33.9bn 258.2% Cons um er $141.6bn 5.3x Indust r ials $19.5bn 48x & Chemicals Europe Japan $272.9bn 18.3% $481.9bn, 30.1% vs. H1 2016 $14.4bn, -53.5% vs. H1 2016 $38.4bn 2.6% Inbound $211.1bn 14.4% Inbound $5.6bn 57.9% Outbound $150.7bn 99.8% Outbound $33bn 95.2% $25.2bn 1.7% Indus tr ials &$87.7bn -19.2% Industrials $4bn 58.5% Chemicals & Chemica ls Asia-Pacific (excl. Japan) $272.9bn, -7% vs. H1 2016 Inbound $38bn 5.7% Outbound $55.7bn 58.1% Energy, $45bn 89.7% *The % value on the map indicates market share in global M&A Mining & Utilities Mergermarket.com Mergermarket Global and regional Global 4 M&A: H1 2017 Global Global M&A in the first half of 2017 has seen a 8.4% increase As companies look to pursue their strategies of restructuring, by value despite 1,117 fewer deals on the same period last year. increase efficiency and upgrade technology, the Energy, Mining H1 2017 recorded US$ 1.49tn across 8,052 deals, compared to & Utilities sector has been the most targeted industry globally US$ 1.38tn with 9,169 deals. Companies have been looking at by value with US$ 267.9bn across 662 deals. This represents ‘future-proofing’ in the wake of rapid changes to technology a 51.9% growth over the equivalent period in 2016, which saw and politics to keep ahead of rivals. There have been 17 US$ 176.3bn (723 deals). An increase in larger deals, with 55 megadeals (> US$ 10bn) announced since the beginning of transactions above US$ 1bn announced in 2017 compared to the year, versus 14 such deals in H1 2016. 31 in H1 2016, formed the main reason for such lift, partially fuelled by some stabilisation of the oil prices. As faith in the market continues to grow, European M&A has surged ahead, securing a 32.3% share of the global value. With an abundance of ‘dry powder’ at hand, private equity Both the US (US$ 602.6bn, 2,446 deals) and Asia Pacific (exc. has had a stellar year. Buyouts are up 26.7% by value to US$ Japan) (US$ 272.9bn, 1,585 deals) saw their share drop to 240bn (1,420 deals) on this time last year and exits up 19.4% 40.4% and 18.3% from 42.8% and 21.3% respectively. Following to US$ 253.5bn (1,106 deals), following announcements political uncertainty across the continent earlier in the year, such as LogiCor (US$ 13.8bn) and Pharmaceutical Product European activity rose by 28.7% in Q2 to US$ 271.2bn (1,450 Development (US$ 9bn). The second quarter has been deals) compared to Q1 2017 (US$ 210.7bn, 1,641 deals). With particularly strong with the highest quarterly buyout value 3,091 announcements in H1 2017, dealmakers generated a (US$ 153.3bn) since Q2 2007 (US$ 362.9bn) and the highest substantial US$ 481.9bn-worth of deals in Europe representing exit value (US$ 166.1bn) on Mergermarket record (since 2001). a 30.1% increase on the same point in 2016 (US$ 370.5bn 3,732 deals). Mergermarket.com Mergermarket Global and regional Global 5 M&A: H1 2017 Quarterly M&A activity H1 2017: $1.492tn 2007 Q1 Up in value; quarterly deal count (3,788) drops below 2008 Q2 H1 2017 VS. H1 2016 8.4% 4,000 for the first time since Q3 2013 (3,713) 2009 Q3 Q2 2017 vs. Q1 2017 0.9% Lowest quarterly value since Q1 2016 (US$ 622.9bn) 2010 2011 Q4 Number of megadeals 17 Worth US$ 375.2bn. Three more than in H1 2016 2012 (> US$ 10bn) 2013 Regional Breakdown 2014 2015 Europe Q2 vs. Q1‘17 Highest H1 figure (US$481.9bn) $271.2bn (1,450 deals) 28.7% in Europe since 2014 2016 2017 US Q2 vs. Q1‘17 Lowest Q2 value in the US since 2013 (US$ 176bn) $290.6bn (1,130 deals) 6.9% 0 500 1000 1500 2000 2500 3000 3500 4000 Value of deals (US$ bn) APac (exc. Japan) Q2 vs. Q1‘17 Lowest quarterly value since Q1 2014 (US$ 114bn) $134.8bn (771 deals) 2.3% Sector Breakdown H1 2017 vs H1 2016 Most active sectors 300 EMU H1 vs. H1‘16 38% decrease compared to H2 2016 $267.9bn (662 deals) 51.9% (US$ 432.3bn, 831 deals) 250 Consumer H1 vs. H1‘16 As a result of six megadeals $253.1bn (894 deals) 162.7% (> US$ 10bn)this year n) 200 b S$ Industrials & Chemicals H1 vs. H1‘16 Lowest half-year value since H1 2015 (US$161bn) U als ( 150 $210bn (1,542 deals) 5.8% e d of e u Val 100 50 0 EMU ConsumerIndustrials PMB Financial Tech Business Other & Chemicals Services Services Mergermarket.com MMeerrggeerrmmaarrkkeett Global and regional Global 6 M&A: H1 2017 Top deals Sector key Deal Ann. Bidder Bidder Target Target Target valute date company country company country sector (US$bn) Chemicals Pharma, Medical, Biotech Consumer Construction British United Reynolds American 60.6 17-Jan American USA Kingdom Inc (57.83% Stake) Tobacco Plc 45.5 01-Jun Praxair Inc USA Linde AG Germany Abertis 33.2 15-May Atlantia SpA Italy Spain Infraestructuras SA Johnson & Actelion 29.6 26-Jan USA Switzerland Johnson Pharmaceuticals Ltd Essilor 25.4 16-Jan International France Luxottica Group SpA Italy SA MMeerrggeerrmmaarrkkeett..ccoomm MMeerrggeerrmmaarrkkeett Global and regional Global 7 M&A: H1 2017 League tables by value Rank Company name H1 2017 H1 2016 Regional ranking comparison Value Value % Value Africa & H1 2017 H1 2016 Deal Count Europe US Asia-Pacific Japan (US$m) (US$m) change Middle East 1 1 Goldman Sachs & Co 449,448 148 417,465 7.7% 1 1 3 3 1 2 2 Morgan Stanley 296,754 128 309,844 -4.2% 5 2 1 2 4 Bank of America Merrill 3 4 283,848 93 202,415 40.2% 2 3 4 8 8 Lynch 4 5 Citi 277,485 102 186,999 48.4% 3 5 6 14 2 5 3 JPMorgan 264,069 150 212,372 24.3% 6 4 18 1 6 6 7 Credit Suisse 197,178 91 161,088 22.4% 7 6 20 11 13 7 11 Lazard 190,565 114 114,239 66.8% 4 7 26 7 10 8 10 UBS Investment Bank 156,373 67 122,777 27.4% 8 9 2 22 9 9 8 Deutsche Bank 155,965 58 137,361 13.5% 9 8 17 15 26 10 13 Rothschild 124,031 134 84,716 46.4% 10 17 8 55 3 11 6 Barclays 120,130 67 168,001 -28.5% 25 10 31 - 30 12 22 Centerview Partners 101,098 22 39,973 152.9% 12 11 43 - 7 13 63 Perella Weinberg Partners 85,611 17 8,187 945.7% 14 12 - - 28 14 9 Evercore Partners 82,357 79 134,039 -38.6% - 13 254 5 45 15 34 Macquarie Group 72,952 37 20,733 251.9% 13 14 7 - 17= 16 55 Mediobanca 68,239 15 9,958 585.3% 11 370 - - - 17 14 RBC Capital Markets 60,870 63 76,273 -20.2% 30 15 21 - 19= 18 35 Moelis & Company 44,115 45 19,691 124.0% 21 16 84 23 43 19 15 HSBC 42,916 25 72,142 -40.5% 15 21 89 - 11 20 17 ALANTRA 35,875 33 50,576 -29.1% 16 18 223 42 - MMeerrggeerrmmaarrkkeett..ccoomm Mergermarket Global and regional Europe 8 M&A: H1 2017 Europe European M&A in H1 has mirrored the global trend, with this Inbound investment has been a key driver of activity in H1 with year’s value up 30.1% to US$ 481.9bn (3,091 deals), despite 593 deals worth US$ 211.1bn announced so far this year – the 641 fewer deals compared to the same period last year when highest year-to-date value on Mergermarket record (since 3,732 deals worth US$ 370.5bn were announced. Confidence 2001) and 43.8% of total European M&A. Activity from outside appears to be growing in the European market following Europe has grown 14.4% by value with 34 deals valued at over the elections in France and the Netherlands, where populist US$ 1bn each. Following the introduction of regulations on candidates were beaten. The second quarter of the year has capital flight, Chinese investment into Europe has fallen to been particularly active, with Q2’s value (US$ 271.2bn) 28.7% US$ 25.6bn (59 deals), a 65.7% drop in value compared to the higher than in Q1 (US$ 210.7bn). The region now represents same period last year (86 deals, US$ 74.8bn). With 342 deals 32.3% of global M&A value, which stands at US$ 1.49tn, up from worth US$ 146bn, the US has been the most active investor, a 26.9% share at this point in 2016. accounting for a 69.2% of inbound activity by value. The ‘fewer but larger deals’ trend seen in 2017 – particularly in Industrials & Chemicals once again led the way in Europe as Q2 – has been one of the main causes of the value increase. it became the most targeted sector by both value and deal Europe has received seven megadeals (> US$ 10bn) year-to- count. However, despite the tie-up between Praxair and Linde date, including four deals above US$ 20bn. This compares to (US$ 45.5bn), the largest European deal across all sectors in just four megadeals in the first half of 2016, which included the 2017, the industry stands 19.2% behind last year’s value of US$ US$ 45.9bn takeover of Syngenta by ChemChina. Four of the 108.6bn. With 648 deals worth US$ 87.7bn announced in H1 top five deals globally in 2017 targeted Europe, two of which 2017, the sector represents 18.2% of the region’s total value. were announced in Q2. Mergermarket.com Mergermarket Global and regional Europe 9 M&A: H1 2017 Quarterly M&A activity H1 2017: $481.9bn 2007 Q1 2008 vs. H1 ‘16 Due to seven megadeals (> US$ 10bn) compared Q2 H1 2017 vs.H1 2016 30.1% to four in H1 2016 2009 Q3 2010 vs. Q1 ‘16 Following the takeovers of Linde Q2 2017 vs. Q1 2017 Q4 28.7% (US$ 45.5bn) and Abertis (US$ 33.2bn) 2011 2012 Highest European average deal value on Average deal size $453 Mergermarket record (since 2001) 2013 2014 European Inbound Activity 2015 2016 Overall vs. H1 ‘16 Highest year-to-date figure on Mergermarket $211.1bn (593 deals) 14.4% record, eclipsing 2008’s US$ 199.2bn 2017 0 500 1000 1500 2000 From China vs. H1 ‘16 The second highest year-to-date value and Value of deals (US$ bn) $25.6bn (59 deals) 65.7% deal count on record Sector Breakdown H1 2017 vs H1 2016 From USA vs. H1 ‘16 Highest H1 deal value since 2008 (US$ 152.2bn) 150 $146bn (342 deals) 97.3% 120 Sectors n) b $ US Industrials & Chemicals vs. H1‘16 Third highest YTD value behind 2006 als ( 90 $87.7bn(648 deals) 19.2% (US$109.5bn) and 2016 (US$108.6bn) e d of e alu Consumer vs. H1‘16 Following three V 60 $80.5bn (397 deals) 3.6x megadeals in 2017 EMU vs. H1‘16 As a result of 17 deals worth over US$ 1bn in the sector 30 $53.3bn (176 deals) 60.8% 0 Industrials Consumer EMU PMB Financial Business Tech Other & Chemicals Services Services Mergermarket.com MMeerrggeerrmmaarrkkeett Global and regional Europe 10 M&A: H1 2017 Top deals Sector key Deal Ann. Bidder Bidder Target Target Target Seller value date company country company country sector company (US$bn) Chemicals Pharma, Medical, Biotech Consumer Construction 45.5 01-Jun Praxair Inc USA Linde AG Germany Abertis 33.2 15-May Atlantia SpA Italy Infraestructuras Spain SA Actelion 29.6 26-Jan Johnson & USA Pharmaceuticals Switzerland Johnson Ltd Essilor Luxottica Group 25.4 16-Jan International SA France SpA Italy Svenska Svenska Cellulosa Cellulosa Aktie- Essity Aktiebolag 19.3 23-Feb bolaget SCA Sweden (publ) Sweden Aktie- bolaget (Shareholders) SCA MMeerrggeerrmmaarrkkeett..ccoomm
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