Including league tables of financial advisors June 2017 An Acuris Company

82 Pages·2017·1.25 MB·English

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
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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, $45bn 89.7%
*The % value on the map indicates market share in global M&A Mining &
Utilities
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Mergermarket Global and regional Global 4
M&A: H1 2017
Global
Global M&A in the first half of 2017 has seen a 8.4% increase As companies look to pursue their strategies of restructuring,
by value despite 1,117 fewer deals on the same period last year. increase efficiency and upgrade technology, the Energy, Mining
H1 2017 recorded US$ 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).
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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 $210bn (1,542 deals) 5.8%
e
d
of
e
u
Val 100
50
0
EMU ConsumerIndustrials PMB Financial Tech Business Other
& Chemicals Services Services
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MMeerrggeerrmmaarrkkeett Global and regional Global 6
M&A: H1 2017
Top deals
Sector key
Deal
Ann. Bidder Bidder Target Target Target
valute
date company country company country sector
(US$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
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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 -
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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.
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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 $53.3bn (176 deals) 60.8%
0
Industrials Consumer EMU PMB Financial Business Tech Other
& Chemicals Services Services
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MMeerrggeerrmmaarrkkeett Global and regional Europe 10
M&A: H1 2017
Top deals
Sector key
Deal
Ann. Bidder Bidder Target Target Target Seller
value
date company country company country sector company
(US$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
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