Nordic M&A Review Q4 2017

Transcription

1 Nordic M&A Review Q4 2017

2 The following report details mergers and acquisitions activity in the Nordic region in Q 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. Nordic M&A at new highs in Q Mergers and acquisitions (M&A) targeting companies based in the Nordic region rebounded in Q to 1,093 deals worth a combined EUR 34,435 million, representing the best result by volume since Q (1,116 deals) and the second-highest aggregate quarterly value on record (Q4 2006: EUR 50,861 million). Nine deals each worth more than EUR 1,000 million were the main drivers of growth, as value rose 41 per cent year-on-year, from EUR 24,398 million in Q4 2016, and advanced 47 per cent over the three months under review from EUR 23,387 million in Q Value was almost double the EUR 17,742 million-worth of deals announced in Q4 2015, while volume was 15 per cent higher over the same timeframe (Q4 2015: 951 deals). Volume advanced at a faster rate of 58 per cent quarteron-quarter from 690 deals in Q However, it should be noted the increase comes against a low not recorded since Q (578). Deals by volume and value Announced date No of deals Q ,093 34,435 Q ,387 Q ,054 27,319 Q ,060 14,437 Q ,062 24,398 Q ,130 Q ,540 Q ,662 Q ,742 Total deal value Welcome to the business of certainty. We capture and treat private company and M&A information for better decision making and increased efficiency. The most comprehensive deal database The world s most powerful comparable data resource on private companies Combining deal and company data Page 1

3 Nordic deals by volume and value 40,000 1,200 Deal value 35,000 30,000 25,000 20,000 15,000 10,000 5,000 1, Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 2

4 Finnish energy deal edges ahead of Swedish car investment in the top 20 The top 20 deals were mainly intra-regional, though there were several M&A with acquirors based outside the region, including Q s largest deal by value. A consortium comprising Allianz Capital Partners, Macquarie Infrastructure and Real Assets and Valtion Elakerahasto announced an institutional buyout of Elenia, one of Finland s biggest power distributors, for EUR 3,000 million. Volvo accounted for the quarter s second-largest deal after Cevian Capital said it plans to sell its 8 per cent stake in the Swedish automotive manufacturer to Zhejiang Geely Holding of China. Copenhagen Airports mandatory offer for the remaining 42 per cent interest in Kobenhavns Lufthavne of Denmark for EUR 2,546 million was the third-biggest, though the government of Denmark, which has a 39 per cent stake in the airport, has rejected the bid. These were three of nine deals announced during the three months that were each worth more than EUR 1,000 million and which together accounted for 49 per cent of the quarter s total value (EUR 34,435 million). Sweden is a popular target by volume, Denmark by value Danish companies signed off of on EUR 12,885 million-worth of deals in Q4 2017, representing 37 per cent of the quarter s total value (EUR 34,435 million). High-value deals for Kobenhavns Lufthavne, Orsted s Walney extension offshore wind farm project, Stark Group and Nykredit helped push Denmark ahead of Sweden (EUR 12,276 million), despite the 15 per cent decline quarter-on-quarter from EUR 15,179 million. The sale of a minority stake in Volvo for EUR 2,699 million accounted for more than a fifth of the total value recorded for the country in Q4 2017, which was almost treble the EUR 4,528 million-worth of deals announced during Q In terms of volume, Swedish companies were the most prolific dealmakers with 688 deals announced over the three months under review, compared to 331 deals in Q In spite of leading by value, Danish companies only signed off on 120 deals in Q4 2017, indicating investors opted for individual deals with single high valuations over prolific dealmaking with higher aggregate valuations. The majority of the top deals targeted companies based in Denmark, including Stark Group, Alka Forsikring and DONG Energy, among others. While acquirors ranged from Aker BP and Tryg to Finda Telecoms and Statoil, international acquirors included Harris Associates, Lone Star Global Acquisitions and Lowell Financial. Page 3

5 Nordic Region top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1. 3,000 IBO 100% Elenia Oy FI Allianz Capital Partners GmbH; Macquarie Infrastructure and Real Assets (Europe) Ltd; Valtion Elakerahasto DE; GB; FI 13/12/ ,699 Minority stake 8% Volvo AB SE Zhejiang Geely Holding Group Co., Ltd CN 27/12/ ,546 Acquisition 58% to 100% Kobenhavns Lufthavne A/S DK Copenhagen Airports Denmark ApS DK 24/11/ ,258 Acquisition 50% Orsted A/S' Walney Extension offshore wind farm project DK Pensionskassernes Administration A/S; PFA Pension DK 01/11/ ,681 Acquisition 100% Hess Norge AS NO Aker BP ASA NO 24/10/ ,275 Minority stake 3% to 5% Hennes & Mauritz AB SE Harris Associates LP US 06/12/ ,215 Acquisition 40% and 51% Total SA's Martin Linge oil field; Total SA's Garantiana discovery oil field NO; NO Statoil ASA NO 27/11/ ,025 IBO 100% Stark Group A/S DK Lone Star Global Acquisitions Ltd BM 10/11/ ,008 Minority stake 11% Nykredit A/S DK Pensionskassernes Administration A/S; PFA Pension; MP Pension; PensionDanmark; Foreningen AP Pension Fmba DK; DK; DK; DK; DK 07/11/ Acquisition 100% Parry I Holding AB SE Owens Corning Finland Oy FI 29/10/ Acquisition 100% Alka Forsikring A/S DK Tryg A/S DK 04/12/ Acquisition 81% to 100% Dansk Supermarked A/S DK F Salling Invest A/S; F Salling Holding A/S DK; DK 07/11/ Acquisition 100% Lindorff AS's business in Denmark; Lindorff AS's business in Estonia; Lindorff AS's business in Finland; Lindorff AS's business in Sweden; Intrum Justitia AB's business in Norway DK; EE; FI; SE; NO Lowell Financial Ltd GB 02/11/ Minority stake 33% DNA Oyj FI Finda Telecoms Oy FI 19/12/ Minority stake 3% DONG Energy A/S DK Institutional Investors 11/10/ Minority stake 11% to 17% Nykredit A/S DK Pensionskassernes Administration A/S; PFA Pension; MP Pension; PensionDanmark; Foreningen AP Pension Fmba DK; DK; DK; DK; DK 07/11/ Capital Increase 9% Tryg A/S DK TryghedsGruppen smba; Investors DK 04/12/ Acquisition 93% to 100% Melker Schorling AB SE Goldcup AB SE 14/11/ Acquisition 25% to 70% Nordea Liv & Pension Livsforsikringsselskab A/S DK Norliv Foreningen For Kunder I Nordea Liv & Pension DK 21/12/ IBO 100% Norsk Gjenvinning Norge AS NO Summa Equity Fund I SE 21/12/2017 Page 4

6 Nordic Region top 20 private equity deals by value Deal value Deal type Target Target country Fund Manager/General Partner Announced date 1. 3,000 IBO 100% Elenia Oy FI Allianz Capital Partners GmbH; Macquarie Infrastructure and Real Assets (Europe) Ltd 13/12/ ,025 IBO 100% Stark Group A/S DK Lone Star Global Acquisitions Ltd 10/11/ IBO 100% Norsk Gjenvinning Norge AS NO Summa Equity AB 21/12/ Minority stake 19% Anticimex AB SE Cubera Private Equity AS 03/10/ IBO 100% Kraktorpet wind farm; Nylandsbergen wind farm SE; SE Aquila Capital Concepts GmbH 23/12/ IBO 100% NGF Nature Energy A/S; NGF Nature Energy Biogas A/S DK; DK Pioneer Point Partners LLP 22/12/ IBO Mountain Top Industries ApS DK Axcel Management A/S 31/10/ Minority stake Milvik AB SE Kinnevik AB 19/12/ IBO 100% KotiSun Group Oy FI Suomen Teollisuussijoitus Oy; CapMan Oyj 19/12/ Minority stake 16% to 29% Terrafame Oy FI Galena Asset Management SA 10/11/ IBO 51% Ganni A/S DK L Catterton 14/12/ IBO 100% T-Emballage Thureson AB SE Volati AB 24/10/ Minority stake Automile AB SE Insight Venture Management LLC; Dawn Capital LLP; Point Nine Management GmbH; Salesforce Ventures; Saastr Fund Management LLC 19/10/ Minority stake NaturalCycles Nordic AB SE Sunstone Capital A/S; e.ventures; Bonnier Growth Media AB; EQT Partners AB 09/11/ Minority stake MariaDB Corporation Ab FI Intel Capital Corporation; California Technology Ventures LLC; Suomen Teollisuussijoitus Oy; Alibaba.com Ltd; Open Ocean Capital Oy 01/11/ IBO 25% Royal Design Group AB SE Verdane Capital Advisors AS; eequity AB 30/10/ Minority stake Clavister AB SE European Investment Bank 18/12/ Minority stake HappyOrNot Oy FI Northzone Ventures Sweden AB; AirTree Ventures Pty Ltd 12/10/ Minority stake Canatu Oy FI Faurecia SA; Denso Corporation; Ascend Capital Partners 01/12/ Minority stake Quinyx AB SE Battery Management Corporation 18/12/2017 Page 5

7 Institutional buyouts of Elenia and Stark boosted PE and VC value in Q A lack of private equity and venture capital (PE and VC) investment worth more than EUR 1,000 million in companies based in the Nordic region suppressed overall value in Q as dealmaking fell from EUR 6,451 million in Q to EUR 6,089 million. On a positive note, despite the decline, this was still the third-highest value recorded for the two-year period under review and was up 9 per cent from EUR 5,609 million and triple the EUR 2,047 million recorded for Q PE and VC volume continued to fluctuate, rising to 112 deals from 79 deals quarter-onquarter, though this represented a decline of 38 per cent from 181 in Q and of 5 per cent from 118 in Q The top two PE and VC deals by value together accounted for two-thirds of the quarter s total EUR 6,089 million and featured Allianz Capital Partners, Macquarie Infrastructure and Real Assets and Valtion Elakerahasto announcing the institutional buyout of Elenia and Lone Star Global Acquisitions acquiring Stark Group. Private equity deals by volume and value Announced date No of deals Q ,089 Q ,451 Q ,135 Q Q ,609 Q ,076 Q ,964 Q Q ,047 Total deal value Backers of the top 20 ranged from Summa Equity, Axcel Management and Suomen Teollisuussijoitus to L Catterton, Insight Venture Management and Ascend Capital Partners. Page 6

8 Nordic private equity deals by volume and value Deal value 12,000 10,000 8,000 6,000 4,000 2, Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 7

9 Deal types by volume in Q Deal types by volume of deals Acquisition Minority stake Capital increase IBO Merger Deal type Q Q Q Acquisition Minority stake Capital increase IBO Merger Deal types by value in Q Deal types by value of deals Acquisition Deal type Q Q Q Minority stake IBO Capital increase Acquisition 11,365 12,758 14,311 Minority stake 4,774 3,538 12,963 IBO 5,212 6,006 5,202 Capital increase 3,047 1,085 3,173 Page 8

10 Target sector by volume Target sector by value Target sector Q Q Q Target sector Q Q Q Other services Wholesale & retail trade Machinery, equipment, furniture, recycling Publishing, printing Construction Chemicals, rubber, plastics Metals & metal products Transport Banks Education, health Primary sector Gas, water, electricity Food, beverages, tobacco Post and telecommunications Hotels & restaurants Insurance companies Wood, cork, paper Textiles, wearing apparel, leather Public administration and defence Gas, water, electricity 32 1,512 6,329 Other services 10,668 1,285 5,440 Wholesale & retail trade 2, ,056 Machinery, equipment, furniture, recycling 2,858 6,321 3,998 Primary sector 397 6,705 3,377 Transport 972 2,360 2,916 Banks ,903 Insurance companies ,883 Chemicals, rubber, plastics ,137 Post and telecommunications ,089 Publishing, printing 3,048 1, Construction Metals & metal products 2,297 1, Food, beverages, tobacco Education, health Wood, cork, paper 1, Hotels & restaurants Textiles, wearing apparel, leather Public administration and defence Page 9

11 Countries by volume Target country Q Q Q Q Q Sweden Finland Norway Denmark Countries by value Target country Q Q Q Q Q Denmark 3,049 2,354 3,627 15,179 12,885 Sweden 12,974 7,438 9,497 4,528 12,276 Finland 1,964 2,528 7,437 1,045 5,740 Norway 6,411 3,690 6,760 2,635 5,729 Page 10

12 Notes to editors Activity is based on the activity of the target company for firms in Sweden, Norway, Finland and Denmark. 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 is from 01/10/2017 to 31/12/2017 inclusive.