Feb 13, 2014 - largest deal in the media & entertainment sector of all ... With this deal, Morgan Stanley jumps up s
February 13th, 2014
DAILY DEALS INSIGHT
Comcast’s Time Warner Takeover is 3rd Largest Deal Since Financial Crisis 450.0
398.6
400.0
368.7
35% 298.3
300.0 250.0 200.0
45%
391.1 40%
350.0 Value (US$ bil)
• Comcast’s offer to buy Time Warner Cable for US$70.2 billion is the largest M&A deal so far this year, the third largest since the financial crisis. It is the 10th largest US M&A deal on record and the 3rd largest deal in the media & entertainment sector of all time. • The deal pushed worldwide announced M&A activity in the media and entertainment sector to US$158.8 billion so far during 2014. Announced M&A across all sectors now totals US$391.1 billion so far during 2014, up 55% over last year at this time and the best annual start since 2007. Media & entertainment is the most active sector year-todate, accounting for 41% of worldwide M&A activity. • With this deal, Morgan Stanley jumps up six places to lead the 2014 worldwide announced M&A financial advisor ranking with US$124.1 billion for a 32% share. JP Morgan, Barclays, Centerview Partners and Citi are lifted to fill 2nd , 5th, 6th and 8th spots, and both Allen & Co. and former Morgan Stanley banker Paul Taubman enter the table in joint 10th spot for their work on the deal. •Time Warner’s financial advisors stand to share an estimated US$57-75 million, while Comcast’s could pick up $51-68 million.
270.4 246.7
30% 255.0
252.0 224.2
231.1
194.1
25% 20%
150.0
15%
100.0
10%
50.0
5%
.0
Number of Deals
FAST FACTS
Worldwide Announced M&A with % in Media & Entertainment Sector
0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
YTD Worldwide Announced M&A (US$ bln) % Deals in Media & Entertainment Sector
DEALS INTELLIGENCE
DAILY DEALS INSIGHT
February 13th, 2014
YTD Worldwide announced M&A financial advisor rankings before and after Time Warner Cable / Comcast 2014 Worldwide Announced M&A Financial Advisor League Table Current Ranking, includes Time Warner Cable / Comcast Financial Advisor Morgan Stanley JP Morgan Credit Suisse Goldman Sachs & Co Barclays Centerview Partners LLC Bank of America Merrill Lynch Citi Deutsche Bank Paul J Taubman Allen & Co Inc Guggenheim Securities LLC LionTree Advisors LLC Lazard Evercore Partners Perella Weinberg Partners LP ABN AMRO Bank BNP Paribas SA Rothschild UBS Industry Total (*):tie
Ranking Value inc. Mkt. Number of Net Debt Rank Share Deals of Target ($ Mil) 124,095.3 1 31.7 24 120,366.2 2 30.8 36 102,328.9 3 26.2 21 101,835.6 4 26.0 33 99,403.9 5 25.4 24 91,126.4 6 23.3 7 88,310.9 7 22.6 28 87,461.4 8 22.4 21 86,480.2 9 22.1 15 70,199.1 10* 18.0 1 70,199.1 10* 18.0 1 62,701.6 12 16.0 2 62,576.6 13 16.0 1 29,671.3 14 7.6 16 24,069.4 15 6.2 9 11,060.3 16 2.8 2 10,846.1 17 2.8 1 9,947.6 18 2.5 8 9,940.6 19 2.5 17 9,708.1 20 2.5 8 391,096.3 - 100.0 3,257
Ranking, prior to Time Warner Cable / Comcast Financial Advisor Full to Each Eligible Advisor Credit Suisse Goldman Sachs & Co Bank of America Merrill Lynch Deutsche Bank Guggenheim Securities LLC LionTree Advisors LLC Morgan Stanley JP Morgan Lazard Barclays Evercore Partners Centerview Partners LLC Citi Perella Weinberg Partners LP ABN AMRO Bank BNP Paribas SA Rothschild UBS RBC Capital Markets Scotiabank Industry Total
Ranking Value inc. Mkt. Number of Net Debt Rank Share Deals of Target ($ Mil) 102,328.9 1 31.9 21 101,835.6 2 31.7 33 88,310.9 3 27.5 28 86,480.2 4 27.0 15 62,701.6 5 19.5 2 62,576.6 6 19.5 1 53,896.3 7 16.8 23 50,167.1 8 15.6 35 29,671.3 9 9.3 16 29,204.9 10 9.1 23 24,069.4 11 7.5 9 20,927.4 12 6.5 6 17,262.4 13 5.4 20 11,060.3 14 3.5 2 10,846.1 15 3.4 1 9,947.6 16 3.1 8 9,940.6 17 3.1 17 9,708.1 18 3.0 8 7,030.9 19 2.2 6 5,300.8 20 1.7 4 320,897.3 - 100.0 3,256 Source: Thomson Reuters
DEALS INTELLIGENCE
DAILY DEALS INSIGHT
February 13th, 2014
Comcast's takeover of Time Warner Cable is the 3rd largest acquisition since the Financial Crisis Announced M&A: Largest Deals Since the Financial Crisis Value inc. Net Rank Date Status Debt of Target ($Mil) 130,546 09/02/13 Pending
112,955
Target Name
Target Nation
Verizon Wireless Inc
United States
Target Macro Industry Telecoms
Acquiror Name
Consumer Staples
Shareholders
Goldman Sachs & Co Verizon Communications Inc UBS Investment Bank
03/18/08 Completed Philip Morris Intl Inc
Switzerland
70,199
02/13/14 Pending
United States Media and Entertainment
66,606
12/10/12 Completed Abbott Laboratories- United States Research
Healthcare
Shareholders
64,480
01/26/09 Completed Wyeth
Healthcare
Pfizer Inc
Time Warner Cable Inc
United States
Target Advisors
Comcast Corp
Lehman Brothers Centerview Partners LLC Citi Deutsche Bank Credit Suisse Group Goldman Sachs & Co JP Morgan Morgan Stanley Allen & Co Inc Citi Centerview Partners LLC Barclays Morgan Stanley JP Morgan Goldman Sachs & Co Morgan Stanley Evercore Partners
Acquiror Advisors
Barclays Bank of America Merrill Lynch Guggenheim Partners LLC JP Morgan Morgan Stanley Paul J Taubman
JP Morgan Barclays Paul J Taubm an
Bank of America Merrill Lynch Goldman Sachs & Co JP Morgan Barclays PLC Citi
DEALS INTELLIGENCE
