Nordics trend report YTD 2015

Transcription

1 Nordics trend report 215 Mergermarket Regional Trend Report: Nordics,

2 Nordics trend report, 215 Overview A post crisis high deal value and deal in 214 set the bar high for Nordic M&A in deals worth 62.1bn were announced in 214, the highest yearly deal value since 27 and the highest deal on Mergermarket record. This high level of deal activity has not yet filtered into 215, with the 257 deals worth 17.8bn announced to date showing a 41.2% decrease by deal value compared to the same period in 214. activity targeting the Nordic region has been bolstered by large scale deals by foreign acquirers, such as the 6.6bn acquisition of Sweden-based Fortum Distribution by Canada-based Borealis Infrastructure Management, and the 2.4bn acquisition of Swedenbased Axis by Japan-based Canon. Despite the increase of deals targeting Sweden, inbound activity for the Nordic region as a whole decreased by 21% compared to 214, with 71 deals worth 11.3bn announced so far this year, compared to 89 deals worth 14.2bn for the same period in 214. The majority of inbound activity has targeted Sweden, attracting 25 deals worth 1.1bn to date, and acing for 9% of total deal value targeting the Nordic region. The 9.3bn worth of deals Industry analysis 8.% 2.3% 5.7% 16.6% 9.3% 1.7% 21.% % % 1.3% 36.2% 23.9% of deals ( bn) M&A trend Denmark deal value Finland deal value Norway deal value Sweden deal value Denmark deal Finland deal Norway deal Sweden deal targeting Sweden in Q1 215 alone was the highest quarterly deal value since Q1 28. As a result of this influx of inbound deals, Sweden has attracted the highest levels of M&A so far in 215, with the 8 deals worth 1.8bn announced representing a 28.3% year-on-year increase by deal value, despite acing for 18 less deals. Norway, on the other hand, has seen a dramatic year-on-year fall in deal value, from 69 deals worth 9.1bn to 58 deals worth 451m. According to Christel Thunell, Nordics correspondent, Mergermarket: the huge slowdown in Norwegian M&A activity should be largely attributable to the fall in oil price, which has consequences across all sectors. The recent recovery of the oil price might help M&A levels to pick up again. This retrenchment of investment in the energy sector is in line with the global trend of oil and gas companies delaying or abandoning projects in face of falling returns. Noteable was the dramatic decrease in Western European investment targeting the region, with 34 deals worth 965m announced to date in 215 down from 46 deals worth 1.1bn in Cross-border trend of deals ( bn) Energy, Mining & Utilities TMT Consumer Financial Services Industrials & Chemicals Other Nordic outbound M&A activity has been extremely strong this year, with the 58 deals worth 16.3bn announced already exceeding the 232 deals worth 14.5bn announced in the whole of 214 by 12.5%, pushing up average deal size from 62.5m to 281.4m. In contrast 3 to inbound activity from Western Europe, which saw a dramatic decrease in deal value to date, this region has attracted 91.9% of 25 total outbound Nordic activity this year, with 16.2bn worth of deals announced to 2 date. This deal value was dominated by the 14.4bn acquisition of France-based Alcatel- 15 Lucent by Finland-based Nokia Oyj within the telecommunications sector Inbound value Outbound value Inbound deal Outbound deal Mergermarket Regional Trend Report: Nordics,

3 Nordics trend report, 215 Top deals details Advisory details 6,636 Announcement date: 13-Mar-15 Target: Fortum Distribution AB (Sweden) Bidder: Consortium led by Borealis Infrastructure Management Inc (Canada) FA to sell-side: Danske Bank Corporate Finance LA to sell-side: Avance Attorneys Ltd; Vinge FA to buy-side: Deutsche Bank AG; Lenner & Partners LA to buy-side: Advokatfirman Torngren Magnell KB; Hammarskiold & Co.; Linklaters; Mannheimer Swartling Seller: Fortum Oyj AB (Finland) 4,8 Announcement date: 25-Feb-215 Target: Danske Bank A/S (15% stake) (Denmark) Bidder: A.P. Moller Holding A/S (Denmark) FA to sell-side: SEB LA to sell-side: - FA to buy-side: - LA to buy-side: - Seller: A.P. Moller - Maersk A/S (Denmark) 2,436 Announcement date: 1-Feb-215 Target: Axis AB (Sweden) Bidder: Canon Inc (Japan) FA to sell-side: Deloitte; Morgan Stanley LA to sell-side: Gernandt & Danielsson; Vinge FA to buy-side: Lazard LA to buy-side: Mannheimer Swartling 5 Announcement date: 28-Apr-215 Target: Nordic Cinema Group AB (Sweden) Bidder: Bridgepoint Advisers Limited (UK) FA to sell-side: Nordea LA to sell-side: Dittmar & Indrenius; Linklaters; Mannheimer Swartling; Roschier FA to buy-side: Access Partners; Nomura Holdings LA to buy-side: Hannes Snellman; SORAINEN; Travers Smith; Wiersholm Seller: Ratos AB and Bonnier AB (Sweden) 354 Announcement date: 9-Apr-215 Target: Transmode Holding AB (Sweden) Bidder: Infinera Corporation (US) FA to sell-side: - LA to sell-side: - FA to buy-side: Morgan Stanley LA to buy-side: Mannheimer Swartling, Wilson Sonsini Goodrich & Rosati PC Mergermarket Regional Trend Report: Nordics,

4 Nordics trend report, 215 Financial advisor league table by deal value Ranking % 1= 8 JPMorgan 14, % 1= - Zaoui & Co 14, Danske Bank Corporate Finance 6, ,228.3% 4 4 SEB 6, % 5= 21 Citi 6, % 5= 1 Deutsche Bank 6, % 7 3 Morgan Stanley 3, % 8 39 Lazard 2, ,149.8% 9 42 Deloitte 2, ,491.3% 1 7 Lenner & Partners 1, % Financial advisor league table by deal Ranking PwC Deloitte 2, Carnegie Investment Bank SEB 6, Goldman Sachs Nordea EY ABG Sundal Collier Holding Grant Thornton Morgan Stanley 3, Count Legal advisor league table by deal value Ranking % 1 36 Dittmar & Indrenius 15, % 2 1 Roschier 15, % 3= 74 Latham & Watkins 14, ,98.4% 3= 79 Skadden Arps Slate Meagher & Flom 14, ,624.4% 5 7 Sullivan & Cromwell 14, % 6 3 Mannheimer Swartling 1, % 7 4 Vinge 7, % 8 2 Linklaters 7, % 9 38 Avance Attorneys 6, % 1 47 Kromann Reumert 4, % Legal advisor league table by deal Ranking Q Vinge 7, Mannheimer Swartling 1, Plesner Schjodt Roschier 15, Wiersholm Bech-Bruun Ronne & Lundgren Kromann Reumert 4, Accura Count Mergermarket Regional Trend Report: Nordics,

5 Nordics trend report, 215 Mergermarket criteria All data is based on transactions over US$ 5m and is based on the Mergermarket s M&A deals database. s with undisclosed deal values are included where the target s turnover exceeds US$ 1m. s where the stake acquired is less than 3% will only be included if the value is greater than US$ 1m. Click here for the full deal criteria. M&A trend: Based on the dominant geography of the target company being Nordics. Excludes lapsed and withdrawn bids. Cross-border M&A: Inbound refers to cross-border M&A where the dominant geography of the target company is Nordics, and the dominant geography of the bidder are any other ries excluding the Nordics. Outbound refers to cross-border M&A where the dominant geography of the bidder company is the Nordics, and the dominant geography of the target are any other ries excluding the Nordics. Excludes lapsed and withdrawn bids. Top deals: Based on the dominant geography of the target company being Nordics. FA refers to financial advisor and LA refers to legal advisor. Excludes lapsed and withdrawn bids. Industry analysis: Based on the dominant geography of the target company being Nordics. Industry sectors represent the dominant industry sector of the target company only. Excludes lapsed and withdrawn bids. League tables: Based on the dominant geography of the target, bidder or seller company being Nordics. The financial advisor tables exclude lapsed and withdrawn bids, and the legal advisor tables include lapsed and withdrawn bids. : Based on deals announced between 1-Jan-215 and 15-May-215 All values are in. Data correct as of 18-May-215. Contacts PR Flora Wilke T: Research Insight Analyst Katharine Dennys Global research editor Kirsty Wilson submissions Peter Czempas T: Commercial Ben Rumble T: About Mergermarket Mergermarket is a mergers & acquisitions (M&A) intelligence service. Mergermarket is part of the Mergermarket Group which has nearly 1 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, Mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time alerts to subscribers. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 15 of the world s foremost advisory firms to assist in their origination process. Part of The Mergermarket Group 1 Queen Street Place London, EC4R 1QS United Kingdom 33 Hudson St. 4th Floor New York NY 113. USA Suite Grand Millennium Plaza 181 Queen s Road, Central Hong Kong T: sales@mergermarktet.com T: sales.us@mergermarket.com T: sales.asia@mergermarket.com Mergermarket Regional Trend Report: Nordics,