Dec 16, 2013 ... PRELIMINARY MERGERS & ACQUISITIONS REVIEW. Europe. E-mail: clare.
. Worldwide M&A Falls 2% Compared ...
DEALS INTELLIGENCE FULL YEAR 2013
PRELIMINARY MERGERS & ACQUISITIONS REVIEW DEALS CONTACTS Europe Clare Arber Tel: +44 207 542 6256
Worldwide M&A Falls 2% Compared to 2012; Slowest Year by Number of Deals Since 2005 Worldwide M&A totals US$2,310 billion so far this year, an decrease of 2.4% compared to year-to-date 2012, and is the slowest annual period for worldwide M&A since 2009 (US$2,315 billion). By number of deals, year-to-date M&A is down 8% compared to 2012 levels and is the slowest year-to-date period for deal making, by number of deals, since 2005.
E-mail:
[email protected]
Americas Lauren Herman Tel: +646 223 5985 E-mail:
[email protected]
Asia-Pacific Julie Wang Evans Tel: +852 2843 6367 E-mail:
[email protected]
Japan Yukiko Matsushima Tel: +813 6441 1617 E-mail:
[email protected]
Goldman Sachs Top Worldwide M&A Advisor for Full Year 2013 – Takes Top Spot in the US and Europe Goldman Sachs maintained the top position for worldwide announced M&A advisory work full year 2013, boosted by top rankings in US and European Any Involvement M&A during the year. JP Morgan moved up to second place from third, while Morgan Stanley fell to third place from second. Bank of America Merrill Lynch and UBS were the biggest movers within the top 10 during full year 2013. US Accounts for Highest Percentage of M&A since 2001; European Merger Activity Falls to 10-Year Low US targeted M&A announced so far during 2013 totaled US$1,006 billion, up 14% from year-to-date 2012 and marks the strongest year-to-date period for US deal making since 2007. US M&A accounts for 43.6% of worldwide activity, the highest percentage since 2001 (44.5%), while M&A in Europe has reached US$529.4 billion so far in 2013, down 23% from the previous year-to-date and the slowest period since 2003 (US$492.7 billion). Energy & Power, Real Estate, Telecom and Financials Lead All Sectors M&A targeting the energy & power sector reached US$340.5 billion so far in 2013, a decline of 26% compared to year-to-date 2012 and the slowest percentage for deal making in the sector since 2009. The telecommunications and real estate sectors have registered the strongest year-over-year gains, while materials and consumer staples activity has declined by a one-third. Buyside Financial Sponsor M&A Up 24%; US Accounts for 58% Global private equity backed M&A totaled US$358 billion during year-to-date 2013, a 24% increase over 2012 levels. Fourth quarter activity has registered a 26% increase over the third quarter of this year and a 4% increase compared to the fourth quarter of 2012. Emerging Markets M&A Falls 8%; Cross-Border Down 19% Year-to-date figures for M&A involving emerging markets have reached US$638.8 billion, accounting for 28% of total M&A, down 8% compared to full year 2012 levels. Chinese M&A activity accounted for approximately 34% of emerging markets acquirors during full year 2013. Registering a decrease of 19% from last year at this time, cross-border M&A totaled US$705.5 billion during 2013, accounting for 31% of total M&A activity this year compared to 37% during year-to-date 2012.
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions
M&A Rankings
Worldwide M&A Ranking 2013 YTD
2013 YTD Rank
2012 YTD Rank
1
1
Goldman Sachs & Co
616,723.6
2
3
JP Morgan
3
2
Morgan Stanley
4
Any US Involvement M&A Ranking 2013 YTD
2013 YTD Rank
2012 YTD Rank
386
1
1
Goldman Sachs & Co
462,476.8
558,538.0
288
2
2
JP Morgan
525,916.1
300
3
8
Bank of America Merrill Lynch 512,092.2
222
5
4
Barclays
355,847.4
6
10
UBS
7
5
8
Any Euro Involvement M&A Ranking 2013 YTD
2013 YTD Rank
2012 YTD Rank
236
1
1
Goldman Sachs & Co
325,232.9
162
431,512.7
164
2
2
Morgan Stanley
321,054.5
117
7
Bank of America Merrill Lynch 391,769.6
145
3
6
JP Morgan
298,504.3
114
4
3
Morgan Stanley
331,063.8
162
4
7
Bank of America Merrill Lynch 262,035.0
93
196
5
4
Barclays
283,498.1
119
5
4
Barclays
216,279.6
99
301,984.4
187
6
12
UBS
198,905.1
82
6
13
UBS
200,619.0
90
Citi
249,582.7
215
7
6
Citi
174,967.9
126
7
131,149.1
3
6
Deutsche Bank
247,528.0
185
8
8
Deutsche Bank
159,346.7
99
8
-
Paul J Taubman
130,100.0
1
9
7
Credit Suisse
210,147.3
228
9
37
Guggenheim Securities LLC
141,077.2
14
9
5
Citi
118,498.9
100
10
11
Lazard
191,964.1
243
10
-
Paul J Taubman
130,100.0
1
10
3
Deutsche Bank
116,029.4
92
-
-
-
-
Industry Total
-
-
Industry Total
879,735.2
Financial Advisor
Industry Total
Rank No. Value US$ Deals
2,310,102.2 34,776
Financial Advisor
Rank No. Value US$ Deals
1,210,999.4 10,772
Financial Advisor
106* Guggenheim Securities LLC
Rank No. Value US$ Deals
13,745
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions
M&A Volumes GLOBAL M&A VOLUMES ANNUALLY $4,500
WW M&A Falls 2%
$3,500
Europe Target ($bln)
2011
1,007
964 704 442
2010
529 430
785 628 474
418
754 566 319
930 1,156 452
358
1,129 979 231
133
136
167
796 713
539 503
439 480
752 550 164
2000
2001
2002
2003
2004
2005
2006
2007
2008
2012
2013
GLOBAL M&A VOLUMES QUARTERLY US Target ($bln)
European Target ($bln)
Asia Pac. ex Japan ($bln)
706 $700
736
716 679
665
641
614 493
151 133
212
347 154 111
74
104 111
219
228 120
107
254 111 118
84
3Q 11
142 164
2Q 11
194 153
1Q 11
94
142 101
208
130
245 207
316 203
211 199 177
205 175 113
99
201 148
106 85
169
242 140 103
133 136
202
177 180
111
92
$100
53
$200
498
490
522
450
$400 $300
574
564
550
336 279
442
556
544
117
$500
514
70
Value US$bln
$600
200 229
$800
US M&A Up 14%; Tops $1 trillion
847
Global ($bln)
97
$900
M&A in Europe has reached US$529.4 billion so far in 2013, down 23% from the previous year-to-date period and the slowest annual period for European deal making since 2003. (US$492.7 billion)
2009
$0
Fourth quarter M&A activity has reached US$574 billion, down 20% from the third quarter of 2013 (US$716 billion). Compared to the fourth quarter of 2012, this quarter's activity is down 32%,.
Europe Slides to Decade Low
1,343
1,204
238
$500
1,486 1,318
1,882 1,688
2,310
1,999
1,569 1,578
1,705
$2,000
2,542
2,520
2,430
$2,500
$1,500
Q4 M&A Down 32% From a Year Ago
2,878 2,673
407
Asia Pac. ex Japan Target ($bln)
933 783
$3,000
$1,000
US M&A announced so far during 2013 totaled US$1.0 trillion, up 14% from year-to-date 2012 and is the strongest year-to-date period for US deal making since 2007. US M&A accounts for 43.6% of worldwide activity, the highest percentage since 2001 (44.5%).
3,616
US Target ($bln)
3,395
999
M&A targets in the Americas accounted for 52% of global activity this year, ahead of Europe (US$529.4 billion, 23%) and Asia Pacific (US$430.1 billion, 19%). Japan and Africa/Middle East each accounted for 3% of activity this year.
4,140 Global ($bln)
$4,000
Value US$Bln
Worldwide M&A totals US$2,310 billion so far this year, a decrease of 2.4% compared to year-to-date 2012, and is the slowest annual period for worldwide M&A since 2009 (US$2,315 billion). By number of deals, year-to-date M&A is down 8% compared to 2012 levels and is the slowest year-to-date period for deal making, by number of deals since 2005.
$0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10
4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
THOMSON FINANCIAL
THOMSON FINANCIAL
DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions
Global M&A Top 10 Deals List Date Target Name 09/02/13 Verizon Wireless Inc
Target Nation United States
Acquiror Name Verizon Communications Inc
Value ($mil) Target Advisors 130,100.0 Goldman Sachs & Co UBS Investment Bank
02/14/13 HJ Heinz Co
United States
Investor Group
02/05/13 Virgin Media Inc
United States
Liberty Global Inc
07/28/13 Omnicom Group Inc
United States
Publicis Groupe SA
02/05/13 Dell Inc
United States
Investor Group
19,283.8 JP Morgan Evercore Partners Goldman Sachs & Co
02/12/13 NBCUniversal Media LLC
United States
Comcast Corp
10/02/13 Portugal Telecom SGPS SA
Portugal
Oi SA
04/15/13 Life Technologies Corp
United States
Thermo Fisher Scientific Inc
12/04/13 Westfield Group-Australian/NZ
Australia
Westfield Retail Trust
05/22/13 Zoetis Inc
United States
Zoetis Inc
16,700.0 JP Morgan Goldman Sachs & Co Centerview Partners LLC 15,717.5 Bank of America Merrill Lynch Morgan Stanley Banco Espirito Santo SA Barclays 15,367.6 Deutsche Bank Moelis & Co 14,029.9 JP Morgan Rothschild 13,248.5
27,361.7 Centerview Partners LLC Bank of America Merrill Lynch Moelis & Co 25,531.0 Goldman Sachs & Co JP Morgan 19,331.1 Moelis & Co Morgan Stanley JP Morgan
Acquiror Advisors Barclays Bank of America Merrill Lynch Guggenheim Partners LLC JP Morgan Morgan Stanley Paul J Taubman Lazard JP Morgan Wells Fargo Securities LLC LionTree Advisors LLC Credit Suisse Group Rothschild Bank of America Merrill Lynch BNP Paribas SA Citi Deutsche Bank JP Morgan Bank of America Merrill Lynch Barclays Credit Suisse RBC Capital Markets LionTree Advisors LLC Citi Deutsche Bank UBS Investment Bank Centerview Partners LLC GCA Savvian Group Corp Morgan Stanley Bank of America Merrill Lynch Banco BTG Pactual SA BNP Paribas SA Santander JP Morgan Barclays Morgan Stanley UBS Investment Bank Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley JP Morgan
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions
M&A Industry Analysis TARGET INDUSTRY BREAKDOWN ($ MLN) - GLOBAL M&A 2013 YTD 72,802.4 3%
Energy & Power M&A targeting the energy & power sector reached US$340.5 billion so far in 2013, a decline of 26% compared to year-to-date 2012. Activity was concentrated in the US, with US$139.1 billion from US energy M&A, or 41% of year-to-date volume. This marks the slowest year-to-date period for M&A in the sector since 2009 (US$337.8 billion).
US (41%)
86,180.9 4% 1057.0 0%
128,538.5 6%
139,087
Deal making in the real estate sector accounted for 14% of global M&A so far this year with US$322.5 billion of deals announced, up 39% compared to full year 2012 and the strongest year-to-date for merger activity in the sector since 2007 (US$426.4 billion).
M&A in the telecommunications sector totaled US$263.7 billion in 2013, more than double activity seen last year at this time. Verizon's $130.1 billion acquisition of the remaining stake in Verizon Wireless pushed US telecom activity to 68% of worldwide dollar value.
84,844
0%
10%
20%
30%
US (41%)
Announced acquisitions of financial targets totaled US$221.5 billion this year, down 42% from full year 2012. Activity was evenly balanced across regions with Europe accounting for 35%, and Asia Pacific and the Americas accounting for 27% and 23%, respectively.
40%
156,972.3 7%
Europe (17%)
133,244
322,484.6 14%
50%
60%
70%
0%
10%
20%
Asia Pacific (24%)
54,091
30%
80%
90%
100%
40%
50%
Rest of the World (18%)
77,132
60%
70%
58,018
80%
90%
100%
TELECOMMUNICATIONS US (68%)
0%
219,286.2 9%
221,538.2 10%
Energy and Power (-28% Chg YoY)
Real Estate (39% Chg YoY)
Telecommunications (119% Chg YoY)
Financials (-42% Chg YoY)
Industrials (-6% Chg YoY)
Healthcare (-9% Chg YoY)
High Technology (8% Chg YoY)
Materials (-36% Chg YoY)
Media and Entertainment (11% Chg YoY)
Consumer Staples (-33% Chg YoY)
Retail (-10% Chg YoY)
Consumer Products and Services (-6% Chg YoY)
Government and Agencies (84% Chg YoY)
Asia Pacific (5%)
Rest of the World (6%)
179,365
263,678.4 11%
194,338.0 8%
Europe (20%)
10%
20%
30%
40%
53,818
50%
60%
70%
13,610 16,886
80%
90%
100%
FINANCIALS US (23%)
Europe (35%)
49,987
Financials
47,449
REAL ESTATE
173,671.7 7%
Telecom
Europe (25%)
340,498.3 15%
129,055.8 6%
Real Estate
TOP 5 SECTORS - TARGET REGION BREAKDOWN (MLN) ENERGY & POWER
0%
10%
Asia Pacific (27%)
76,761
20%
30%
40%
Rest of the World (15%)
60,774
50%
60%
70%
34,017
80%
90%
100%
INDUSTRIALS US (23%)
Europe (35%)
50,551
0%
10%
Asia Pacific (22%)
75,904
20%
30%
40%
Rest of the World (20%)
48,442
50%
60%
70%
44,390
80%
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
THOMSON FINANCIAL
90%
100%
THOMSON FINANCIAL
DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions
Global Buyside Financial Sponsor Analysis GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES ANNUALLY
PE-Backed M&A Up 24% over 2012
$800
US Target ($bln)
Asia Pac. ex Japan ($bln)
$600
3Q 2000
209 101
77
24
28
32
24
53 42 14
167
110 88
120 24
34
70
126
111 99
258
267
6
12
34
107
77 7
60
44 5
5
3
$100
147
118
95
307
283
246
252
173
243
$200
$0
Tech, Consumer Staples & Energy Lead Buyouts
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES QUARTERLY $120 110 US Target ($bln)
$100
72.9
73
59.1 6.2
27.0
44.5 20.0 5.9
3.5
32.3 30.5
34.3 19.8 7.0
5.6
25.9 17.3
27.6 21.0 7.3
26.5 21.4 8.0
30.3 36.1 7.7
26.7 20.8 9.4
4.2
9.2
20.6
39.1
37.0 27.2
33.3 15.5 7.3
10.7 14.9
31
3.3
3.3
5.6
16
13.2 13.1
25
24.2 17.1
36
$40
77
56.8
49.6
58
49
22.8
64
73
68
67
17.4 12.2
68
60
$60
9.4 8.3 4.5
Value US$Bln
$80
88 83
82
23.8
Asia Pac. ex Japan ($bln)
6.3
Europe Target ($bln)
$20
97
93
5.7
Global ($bln)
6.4 3.6 1.0
Private equity-backed M&A activity in Europe totaled US$101.2 billion, an increase of 34% compared to 2012. while Buyout activity in Asia Pacific totaled US$24.1 billion, down 14% from full year 2012.
358
353
4Q 2000
121
412
2Q 2000
$400
2000
Europe PE Up 34%; Asia Down 14%
427
1Q 2000
$500
$300
Private equity-backed M&A targeting the US reached US$209.4 billion so far during 2013, an increase of 39% compared to year-to-date 2012 (US$150.2 billion). Germany, the United Kingdom and the Netherlands account for a combined 16% of private equity-backed M&A so far this year.
High technology, consumer staples and energy & power buyouts accounted for 45% of year-to-date activity, compared to 31% during year-to-date 2012. Private equity buyouts in the materials sector have seen a 47% decrease compared to the same time last year.
779
768
Europe Target ($bln)
47
US Accounts for 58% of WW PE M&A
Global ($bln)
$700
Value US$Bln
Global private equity backed M&A totaled US$358 billion during year-to-date 2013, a 24% increase over the year ago period. Fourth quarter activity has registered a 26% increase over the third quarter of this year and a 4% increase compared to the fourth quarter of 2012.
$900
$0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
THOMSON FINANCIAL
THOMSON FINANCIAL
DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions
Global Buyside Financial Sponsor M&A Top 10 Deals List Date Target Name 02/14/13 HJ Heinz Co
Target Nation United States
Acquiror Name Investor Group
02/05/13 Dell Inc
United States
Investor Group
03/28/13 DE Master Blenders 1753 BV
Netherlands
12/16/13 KKR Financial Holdings LLC
Value ($mil) Target Advisors 27,361.7 Centerview Partners LLC Bank of America Merrill Lynch Moelis & Co
Acquiror Advisors Lazard JP Morgan Wells Fargo Securities LLC
19,283.8 JP Morgan Evercore Partners Goldman Sachs & Co
Bank of America Merrill Lynch Barclays Credit Suisse RBC Capital Markets LionTree Advisors LLC Citi Deutsche Bank UBS Investment Bank Centerview Partners LLC GCA Savvian Group Corp
Oak Leaf BV
8,619.5 Lazard Goldman Sachs & Co JP Morgan
Leonardo & Co Citi Morgan Stanley Bank of America Merrill Lynch Rabobank NV Rothschild BDT & Co LLC
United States
KKR & Co LP
7,669.4 Sandler O'Neill Partners
05/29/13 Smithfield Foods Inc
United States
Shuanghui Intl Hldg Ltd
6,977.3
05/06/13 BMC Software Inc
United States
BMC Software Inc SPV
6,530.2
09/09/13 Neiman Marcus Group Inc
United States
Investor Group
6,000.0
12/16/13 LSI Corp
United States
Avago Technologies Ltd
5,714.0
United States
AerCap Holdings NV
5,432.2
United States
Regency Energy Partners LP
5,337.1 Citi Evercore Partners
International Lease Finance
12/16/13 PVR Partners LP
Goldman Sachs & Co Lazard Barclays Morgan Stanley BOC International Holdings CITIC Securities Co Ltd Morgan Stanley Credit Suisse Group Bank of America Merrill Lynch RBC Capital Markets Moelis & Co Barclays Qatalyst Partners Credit Suisse Group Deutsche Bank RBC Capital Markets Qatalyst Partners Deutsche Bank Barclays Morgan Stanley UBS Investment Bank Citi Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Credit Agricole CIB Bank of America Merrill Lynch Union Bank of Switzerland
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions
Cross-Border Analysis
US Most Acquisitive & Targeted Nation The US initiated 20% of all acquisitions abroad so far in 2013 ahead of China and France (8%). While the US, Germany and the United Kingdom were the target of 36% of all cross-border acquisitions during full year 2013.
35%
$131
20% 15%
5% $0
0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13
18,314.4 18,449.1 21,788.3
CROSS-BORDER - TOP 10 MOST TARGETED NATIONS 2013 YTD ($MLN) United States of America
15,469.6 17,360.3 19,611.5
China
138,789.6
France
Germany
United Kingdom
21,059.7 145,122.9
China
United Kingdom
29,138.6 46,969.5
Netherlands
Canada Japan
Australia
29,302.2
Brazil
Hong Kong
48,709.8 58,815.7
Germany
34,873.8
Canada
61,766.4 58,163.2
25%
10%
United States of America
57,868.9
30%
$163
26%
$198
$202
35% 30% $214
31%
$50
CROSS BORDER - TOP 10 MOST ACQUISITIVE NATIONS 2013 YTD ($MLN)
30,425.1
$259
$271
40% 36%
31% $201
$247
$203
36%
$177
$149 $100
36%
$174
25%
23% $150
$170
28%
37% 36%
$204
$200
32% $233
33%
37% $263
34%
$272
37%
% of Total M&A
$250
45%
42%
41%
Value (US$bln)
$112
Cross-border M&A totaled US$705.5 billion during year-to-date 2013, a 19% decrease over the year ago period. Cross-border activity accounts for 31% of total M&A activity this year, a marked decrease from the year ago period (37%).
GLOBAL CROSS BORDER M&A VOLUMES
$300
$113
Cross-Border M&A Accounts for 31% Down 19% from '12
Brazil Spain
49,403.8
Portugal
Japan
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions
Global Cross Border M&A Top 10 Deals List Date Target Name 07/28/13 Omnicom Group Inc
Target Nation United States
Acquiror Name Publicis Groupe SA
Value ($mil) Target Advisors 19,331.1 Moelis & Co Morgan Stanley JP Morgan
10/02/13 Portugal Telecom SGPS SA
Portugal
Oi SA
15,717.5 Bank of America Merrill Lynch Banco BTG Pactual SA Morgan Stanley BNP Paribas SA Banco Espirito Santo SA Santander Barclays
07/23/13 E-Plus Mobilfunk GmbH & Co KG Germany
Telefonica Deutschland Holding
11,435.1 Goldman Sachs & Co JP Morgan ABN AMRO Bank ING Rothschild
UBS Investment Bank Morgan Stanley Citi Bank of America Merrill Lynch HSBC Holdings PLC
03/28/13 DE Master Blenders 1753 BV
Netherlands
Oak Leaf BV
8,619.5 Lazard Goldman Sachs & Co JP Morgan
Leonardo & Co Citi Morgan Stanley Bank of America Merrill Lynch Rabobank NV Rothschild BDT & Co LLC
06/24/13 Kabel Deutschland Holding AG
Germany
Vodafone Vierte
Goldman Sachs & Co UBS Investment Bank
09/24/13 Tokyo Electron Ltd
Japan
Applied Materials Inc
05/29/13 Smithfield Foods Inc
United States
Shuanghui Intl Hldg Ltd
7,740.9 Morgan Stanley Perella Weinberg Partners LP Deutsche Bank 6,986.7 Mitsubishi UFJ Morgan Stanley 6,977.3 Barclays
07/29/13 Elan Corp PLC
Ireland-Rep
Perrigo Co
09/09/13 Neiman Marcus Group Inc
United States
Investor Group
07/26/13 Activision Blizzard Inc
United States
Activision Blizzard Inc
6,535.0 Citi Davy Corporate Finance Morgan Stanley Ondra Partners 6,000.0 Credit Suisse Group 5,834.4 Deutsche Bank Goldman Sachs & Co Barclays PLC
Acquiror Advisors Rothschild Bank of America Merrill Lynch BNP Paribas SA Citi Deutsche Bank JP Morgan
Goldman Sachs & Co Morgan Stanley BOC International Holdings CITIC Securities Co Ltd Barclays
Deutsche Bank RBC Capital Markets JP Morgan Centerview Partners LLC
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013
DEALS INTELLIGENCE Global M&A Top 10 Deals List
Emerging Markets Analysis
% of Total M&A
32%
30%
28% $200
26%
26%
30% 24%
25%
23% 20%
18%
15% $100 10%
$181
$170
$156
$132
$245
$145
$167
$135
$163
$145
$155
$192
$238
$213
$166
$191
$50
$0
TOP 10 MOST AQUISITIVE NATIONS 2013 YTD ($MLN) - ANY INVOLVEMENT
China
China
196817.5 31%
Brazil
Russian Federation
219586.3 34% Brazil
291075 46%
272118.6 43%
Russian Federation
United States of America
United States of America
52051.6 8%
5% 0%
1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13
TOP 10 MOST TARGETED NATIONS 2013 YTD ($MLN) - ANY INVOLVEMENT
51400.2 19773.3 24241.4 8% 3% 4%
35%
26%
26%
23%
24%
31%
30%
29%
28%
26%
$139
Based on Any Emerging Markets Involvement, China is the most targeted nation in the Emerging Markets with 31% of total emerging market activity, followed by Russia with 8%. China is also the most acquisitive nation in the Emerging Markets with 34% of this year's activity.
31%
$87
China Most Active Nation
Value (US$bln)
34% $250
$150
40%
37%
$124
Year-to-date figures for M&A involving emerging markets have reached US$638.8 billion, accounting for 28% of total M&A. Year-to-date 2013 emerging markets M&A activity is down 8% compared to full year 2012, when emerging market countries also accounted for 30% of worldwide M&A.
EMERGING MARKETS TARGET M&A VOLUMES
$300
$106
Emerging Markets M&A Down 8%
India
Other
48768.8 8% 24252.2 28505.6 45335.7 4% 7% 4%
Hong Kong
Other
For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013