Zephyr Monthly M&A Report

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2 The following report details mergers and acquisitions activity in Western Europe in April 2012 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. Disappointing figures for Western Europe M&A activity this month The value of deals targeting companies based in Western Europe was down again in April, slipping to EUR 43,954 million, a drop of 8 per cent on the EUR 47,718 million recorded for March. This in turn was 24 per cent less than February s figure of EUR 62,705 million, the highest of the year so far. The number does compare favourably with January, however, when only EUR 35,898 million of deal-making was recorded. Volume also slid 30 per cent over the fourweek period, from 1,537 transactions in March to 1,070. This is almost half the 2,021 deals recorded in June 2011, the year s high point. Deal value was boosted by the fact that there were 10 transactions valued at EUR 1,000 million or above in April, and one which exceeded EUR 5,000 million. Deals by volume and value Announced date No of deals Total deal value Apr-12 1,070 43,954 Mar-12 1,537 47,718 Feb-12 1,488 62,705 Jan-12 1,666 35,898 Dec-11 1,817 70,103 Nov-11 1,770 49,770 Oct-11 1,605 26,073 Sep-11 1,680 31,486 Aug-11 1,520 31,089 Jul-11 1,733 48,837 Jun-11 2,021 51,534 May-11 1,979 68,475 Apr-11 1,561 65,985 Page 1

3 Deals by volume and value 80,000 2,500 Deal value 70,000 60,000 50,000 40,000 30,000 20,000 10,000 2,000 1,500 1, Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 0 Total deal value Number of deals Page 2

4 Expanded EU of 27 countries deals by volume and value Announced date No of deals Total deal value Apr-12 1,119 39,165 Mar-12 1,553 45,580 Feb-12 1,518 62,499 Jan-12 1,701 36,111 Dec-11 1,837 51,110 Nov-11 1,825 48,466 Oct-11 1,669 27,497 Sep-11 1,731 30,262 Aug-11 1,552 32,145 Jul-11 1,740 47,935 Jun-11 2,047 53,508 May-11 1,989 58,358 Apr-11 1,542 63,544 Page 3

5 Electrabel s takeover of International Power is the month s highest-value deal Electrabel s bid to take over UK-based International Power was the biggest deal in April, with a EUR 7,750 million price tag. The GDF Suez subsidiary is offering shareholders GBP 4.18 in cash, a premium of 4 per cent. The deal is expected to be completed in July. Watson s EUR 4,500 million acquisition of Swiss drug company Actavis takes second place in the deal value rankings. The purchase price includes a EUR 250 million earn out component, dependent on the target s performance in Subject to approval by the US Federal Trade Commission, the deal will make Watson the third largest global generics company. Luxembourg-based Starbev is being acquired by Molson Coors in the third highest-value deal of the month at EUR 2,650 million. Utilities sector attracts the most investment The International Power acquisition did much to boost the sector s value in April, chalking up EUR 9,206 million of investment to make it the top-placed industry for the month. The result was also significantly higher than March s figure of EUR 365 million. Chemicals, rubber and plastics came second with EUR 6,403 million of deal making recorded, and banking was third with EUR 6,152 million. Sectors which lost ground in April included transport, insurance and construction. Machinery, equipment, furniture and recycling performed well again in volume this month, but the figure of 115 transactions recorded in the sector was down 35 per cent on the previous month s 177. Wholesale and retail also maintained a strong performance with 105 deals, but again this was a decline of 34 per cent on March s figure of 105. Page 4

6 Top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Deal status 1. 7,750 Acquisition increased from 70% to 100% International Power plc GB Electrabel SA BE Pending 2. 4,500 Acquisition 100% Actavis Group hf IS Watson Pharmaceuticals Inc. US Announced 3. 2,650 Acquisition 100% Starbev Sàrl LU Molson Coors Brewing Company US Pending 4. 1,800 Acquisition 79% Marfin Popular Bank Public Co., Ltd CY Announced 5. 1,748 Minority stake 5% Anglo American plc GB Completed 6. 1,324 Acquisition 100% Cove Energy plc GB Shell Exploration and Production (XL) BV NL Pending 7. 1,276 Acquisition 100% Cable & Wireless Worldwide plc GB Vodafone Europe BV NL Pending 8. 1,075 Acquisition 100% Ducati Motor Holding SpA IT Audi AG DE Pending 9. 1,010 Acquisition 64% Banco Espírito Santo SA PT Announced 10. 1,000 IBO 86% Smeralda Holding Srl IT Qatar Holding LLC QA Announced IBO 100% Edinburgh Airport Ltd GB Global Infrastructure Management LLC US Announced Minority stake increased from 2% to 3% Total SA FR Qatar Holding LLC QA Completed Acquisition increased from 50% to 100% RBC Dexia Investor Services Ltd GB Royal Bank of Canada CA Pending Minority stake 4% Iberdrola SA ES Qualified investors; Professional Investors Announced Acquisition 100% Banque Internationale à Luxembourg LU Luxembourg Government; Precision Capital Acquisition increased from 47% to 96% Secil - Companhia Geral de Cal e Cimento SA PT Semapa - Sociedade de Investimento e Gestão SGPS SA LU PT Pending Announced Minority stake 25% Hamburg energy network systems DE Freie und Hansestadt Hamburg DE Announced Minority stake increased from 5% to 6% Xstrata plc GB Qatar Holding LLC QA Completed Acquisition 96% Mustafa Nevzat Ilaç Sanayii AS TR Amgen Inc. US Announced Acquisition 53% Espírito Santo Financial Group SA LU Institutional Investors Completed Page 5

7 Top 20 private equity deals by value Deal value Deal type Target Target country Equity provider Deal status 1. 1,000 IBO 86% Smeralda Holding Srl IT Qatar Holding LLC Announced IBO 100% Edinburgh Airport Ltd GB Global Infrastructure Management LLC Announced M i n o r i t y s t a k e increased from 5% to 6% Xstrata plc GB Qatar Holding LLC Completed Acquisition 100% Anticimex AB SE EQT Partners AB Pending IBO 100% The College of Law Ltd GB Montagu Private Equity LLP Announced Minority stake 30% ZV France FR TA Associates Inc. Announced MBO 100% Bifold Group Ltd GB Lloyds TSB Development Capital Ltd Completed IBO 100% The Game Group plc s 333 UK stores GB OpCapita LLP Completed IBO 100% Buffet Groupe SA FR CDC Entreprises; Fondations Capital SA Completed IBO 100% LM Funerals (Holdings) Ltd GB Duke Street Capital Ltd; Babson Capital Management LLC; Metric Capital Partners LLP Completed Minority stake Rex Restaurant Associates Ltd GB Graphite Capital Management LLP Completed Minority stake Delivery Hero Holding GmbH DE Hasso Plattner Ventures Management GmbH; Holtzbrinck Ventures GmbH; Internet Search Investments Ltd; Team Europe Ventures Management GmbH; Kait Venchurs OOO; Point Nine Management GmbH; Tengelmann Ventures GmbH IBO 100% Austria Pet Food GmbH AT Pangea Investors LLP; BRM Burgenländische Risikokapital Management AG Completed Completed Minority stake Beneq Oy FI Rosnano OAO Completed Minority stake Viadeo SA FR VenTech; Jefferies & Company Inc.; CDC Entreprises; IDInvest Partners Completed IBO 90% Jaeger Group Ltd GB Better Capital LLP Completed Minority stake Loungers Ltd GB Piper PE LLP Completed IBO 42% IFIM Srl IT DeA Capital SpA Completed Minority stake Funding Circle Ltd GB Union Square Ventures LLC; Index Venture Management LLP Completed Minority stake Farmol SpA IT Fondo Italiano d'investimento SGR SpA Announced Page 6

8 Private equity activity continues to see-saw Private equity investment targeting Western European businesses fell 34 per cent this month to EUR 3,849 million, compared with EUR 5,794 million in March. However, it mirrored the month-on-month activity between January and February, when the figures stood at EUR 5,109 million and EUR 3,532 million, respectively. One deal accounted for 26 per cent of April s total value, which was the EUR 1,000 million IBO of Smeralda by Colony Capital. The number of private equity transactions recorded in April was also down, falling 29 per cent from 200 to 142. Again, this continued the see-saw trend seen in the year so far, as February s figures were down on January. Private equity deals by volume and value Announced date No of deals Apr ,849 Mar ,794 Feb ,532 Jan ,109 Dec ,075 Nov ,022 Oct ,940 Sep ,835 Aug ,635 Jul ,864 Jun ,529 Total deal value May ,101 Apr ,985 Page 7

9 Private equity deals as a percentage of total volume Announced date Private equity volume Total volume Percentage Apr , Mar , Apr , Private equity deals as a percentage of total value Announced date Private equity value Total value Percentage Apr-12 3,849 43,954 9 Mar-12 5,794 47, Apr-11 5,985 65,985 9 Page 8

10 Private equity deals by volume and value 12, Deal value 10,000 8,000 6,000 4, , Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 0 Total deal value Number of deals Page 9

11 Deal types by volume in April Deal types by volume Acquisition Minority stake IBO Merger MBO Demerger MBI MBI / MBO Deal type Apr-11 Mar-12 Apr-12 Acquisition Minority stake IBO Merger MBO Demerger MBI MBI / MBO Deal types by value in April Deal types by value Deal type Apr-11 Mar-12 Apr-12 Acquisition Minority stake IBO MBO Acquisition 38,406 19,623 30,336 Minority stake 23,399 24,028 11,058 IBO 4,177 2,578 2,435 MBO 3 1, MBI MBI Page 10

12 Target sectors by volume Target sectors by value Target sector Apr-11 Mar-12 Apr-12 Target sector Apr-11 Mar-12 Apr-12 Other services Machinery, equipment, furniture, recycling Wholesale & retail trade Banks Construction Chemicals, rubber, plastics Metals & metal products Publishing, printing Food, beverages, tobacco Education, health Transport Hotels & restaurants Gas, water, electricity Primary sector Wood, cork, paper Textiles, wearing apparel, leather Insurance companies Post and telecommunications Public administration and defence Gas, water, electricity 4, ,206 Chemicals, rubber, plastics 5,695 4,904 6,403 Banks 19,215 3,499 6,152 Other services 14,873 8,413 5,792 Machinery, equipment, furniture, recycling 4,662 4,378 3,311 Food, beverages, tobacco 7,523 2,611 3,034 Metals & metal products 947 2,446 2,537 Primary sector 620 4,174 1,591 Transport 449 6,600 1,259 Wholesale & retail trade 3,674 3,188 1,093 Hotels & restaurants ,084 Wood, cork, paper Publishing, printing Insurance companies 1,267 3, Construction 590 2, Education, health 1, Textiles, wearing apparel, leather Post and telecommunications Public administration and defence Page 11

13 Top countries by volume Top countries by value Target country Apr-11 Mar-12 Apr-12 Target country Apr-11 Mar-12 Apr-12 UK Finland France Netherlands Sweden Germany Spain Italy Norway Switzerland Turkey Denmark Belgium Portugal Ireland Luxembourg Austria Cyprus Iceland Liechtenstein Malta Greece UK 7,095 10,114 19,142 Iceland ,503 Luxembourg 1,674 1,164 4,055 Italy 13,082 3,385 2,631 Portugal 902 3,339 1,964 Spain 4,790 2,072 1,958 Cyprus ,930 France 16,312 9,835 1,713 Germany 8,058 1,759 1,601 Netherlands 2,578 7, Finland Norway Turkey 828 2, Sweden 1,551 1, Denmark 5, Switzerland 1, Belgium 1, Malta Austria Ireland 63 2, Greece Liechtenstein Page 12

14 Notes to editors Activity is based on the activity of the target company Deal status is announced within the time period The sector breakdown uses targets activities as defined to be Major Sectors by Zephyr The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the United Kingdom Data refers to target companies based in Western Europe except where specified as expanded EU of 27 countries on page 3 The date range is 01/04/ /04/2012 inclusive Page 13